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Investment Type First Lien Secured Debt Interest Rate S+400, 0.00% Floor Maturity Date 10/22/20292024-03-310001837532Commercial Services & Supplies Allied Universal Allied Universal Holdco LLC2023-12-310001837532IW Buyer LLC2023-12-310001837532us-gaap:ValuationTechniqueDiscountedCashFlowMemberck0001837532:FirstLienSecuredDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-12-310001837532Health Care Providers & Services Public Partnerships PPL Acquisition LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+635, 0.75% Floor Maturity Date 7/1/20282023-12-310001837532Personal Care Products Heat Makes Sense Amika OpCo LLC Investment Type First Lien Secured Debt Interest Rate S+575, 0.75% Floor Maturity Date 7/1/20292023-12-310001837532us-gaap:PreferredStockMemberck0001837532:HealthCareProvidersServicesMember2023-12-310001837532ck0001837532:StateStreetBankAndTrustCompanyFourMemberus-gaap:ForeignExchangeForwardMember2024-01-012024-03-310001837532Electrical Equipment International Wire Group IW Buyer LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+685, 1.00% Floor Maturity Date 6/28/20292023-12-310001837532us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberck0001837532:InterestAndOtherDebtExpensesMember2024-01-012024-03-310001837532Chemicals AOC LSF11 A5 HoldCo LLC2024-03-310001837532Vensure Employer Services, Inc.2023-12-310001837532Insurance Alera Group Alera Group, Inc. Investment Type First Lien Secured Debt Interest Rate S+585, 0.75% Floor Floor Maturity Date 10/2/20282024-03-310001837532ck0001837532:CommonClassSMember2023-02-280001837532Food Products Nutpods Green Grass Foods, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+650, 1.00% Floor Maturity Date 12/26/20292024-03-310001837532Food Products Nutpods Nutpods Holdings, Inc. Investment Type Common Equity - Stock2024-03-310001837532Chemicals RMC RMC Topco LLC Investment Type Common Equity - Equity Unit2024-03-310001837532ck0001837532:SeptemberTwoThousandTwentySixNotesMember2024-03-310001837532ck0001837532:SeniorSecuredFacilityAndSpvFinancingFacilitiesMember2024-03-310001837532ck0001837532:CommonClassIMemberck0001837532:DistributionsDeclarationDateFourMember2024-01-012024-03-310001837532Software Mitchell Mitchell International, Inc. Investment Type First Lien Secured Debt Interest Rate S+386, 0.50% Floor Maturity Date 10/15/20282023-12-310001837532Media McGraw Hill McGraw-Hill Education, Inc. Investment Type First Lien Secured Debt Interest Rate S+486, 0.50% Floor Maturity Date 7/28/20282024-03-310001837532ck0001837532:CommonClassIMember2023-12-310001837532ck0001837532:CommonClassIMemberck0001837532:DistributionsDeclarationDateElevenMember2023-01-012023-03-310001837532Evergreen IX Borrower 2023, LLC2023-12-310001837532Special Purpose Entity 48forty Solutions Alpine Acquisition Corp II Investment Type First Lien Secured Debt Interest Rate S+610, 1.00% Floor Maturity Date 11/30/20262024-03-310001837532Commercial Services & Supplies BDO USA BDO USA, P.A. Investment Type First Lien Secured Debt Interest Rate S+600, 2.00% Floor Maturity Date 8/31/20282024-03-310001837532ck0001837532:CommonClassSMemberck0001837532:DistributionsDeclarationDateThreeMember2024-01-012024-03-310001837532ck0001837532:CommunicationsEquipmentMemberck0001837532:SecondLienSecuredDebtMember2024-03-310001837532ck0001837532:CommonClassIMember2023-02-280001837532us-gaap:InterestRateSwapMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0001837532:UnsecuredNotesDueTwoThousandTwentySixMember2023-08-100001837532Health Care Providers & Services US Fertility US Fertility Enterprises, LLC Investment Type First Lien Secured Debt Interest Rate S+ 610, 1.00% Floor Maturity Date 12/21/20272024-03-310001837532ck0001837532:CommonClassSMember2024-03-310001837532Diversified Consumer Services Accelerate Learning Eagle Purchaser, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+675, 1.00% Floor Maturity Date 3/22/20292023-12-310001837532Special Retail Carvana Carvana Co. Investment Type First Lien secured Debt - Corporate Bond Interest Rate 13.00% PIK , Maturity Date 6/1/20302023-12-310001837532Textiles, Apparel & Luxury Goods Gruppo Florence Made in Italy 2 S.P.A. Investment Type First Lien Secured Debt Corporate Bond Interest Rate E+675, 0.00% Floor Maturity Date 10/17/20302024-03-310001837532Health Care Health Care Providers & Services Dental Care Alliance DCA Investment Holding LLC Investment Type First Lien Secured Debt Rate S+641, 0.75% Floor Maturity Date 4/3/20282024-03-310001837532Commercial Services & Supplies United Site Services PECF USS Intermediate Holding III Corporation Investment Type First Lien Secured Debt Interest Rate S+451, 0.50% Floor Maturity Date 12/15/20282024-03-310001837532Financial Services Acuity Trident Bidco Limited Investment Type First Lien Secured Debt Interest Rate S+500, 0.00% Floor Maturity Date 6/7/20292023-12-310001837532Containers & Packaging Tekni-Plex Trident TPI Holdings, Inc. Investment Type First Lien Secured Debt Interest Rate S+525, 0.50% Floor Maturity Date 9/15/20282023-12-310001837532Communications Equipment MCA Mobile Communications America, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+600, 1.00% Floor Maturity Date 10/16/20292023-12-310001837532ck0001837532:DistributionsDeclarationDateEightMember2023-01-012023-03-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:HouseholdDurablesMember2023-12-310001837532ck0001837532:PersonalCareProductsMember2023-12-310001837532Health Care Equipment & Supplies2023-12-310001837532Health Care Providers & Services Eating Recovery Center ERC Topco Holdings, LLC Investment Type First Lien Secured Debt Interest Rate S+576, 0.75% Floor Maturity Date 11/10/20282023-12-310001837532us-gaap:BaseRateMembersrt:MaximumMemberck0001837532:SeniorSecuredFacilityMember2024-01-012024-03-310001837532srt:MinimumMember2024-01-012024-03-310001837532Insurance2023-12-310001837532Construction & Engineering Pave America Pave America Interco, LLC Investment Type First Lien Secured Debt Interest Rate S+690, 1.00% Floor Maturity Date 2/7/20282024-03-310001837532Accelerate360 Holdings, LLC2023-12-310001837532Coretrust Purchasing Group LLC (HPG Enterprises LLC)2023-12-310001837532Software Consilio Skopima Consilio Parent LLC Investment Type First Lien Secured Debt Interest Rate S+411, 0.50% Floor Maturity Date 5/12/20282024-03-310001837532PPL Acquisition LLC2023-12-310001837532Software Medallia Medallia, Inc. Investment Type First Lien Secured Debt Interest Rate S+660 (includes 4.00% PIK) Maturity Date 10/29/20282024-03-310001837532country:AU2024-03-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:ContainersPackagingMember2024-03-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:TechnologyHardwareStorageAndPeripheralsMember2024-03-310001837532ck0001837532:SwissAverageRateOvernightSaronMember2023-12-310001837532Pharmaceuticals Alcresta Therapeutics Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+575, 1.00% Floor Maturity Date 3/31/20292024-03-310001837532Interest Rate Swap Company Receives 6.90% Company Pays S+270 Maturity Date 4/13/2029 One2024-03-310001837532ck0001837532:CommunicationsEquipmentMember2023-12-310001837532ck0001837532:GroundTransportationMember2023-12-310001837532Interest Rate Swap Company Receives 8.62% Company Pays S+456 Maturity Date 9/28/20282023-12-310001837532Health Care Equipment & Supplies Zeus Zeus Company LLC Investment Type First Lien Secured Debt Interest Rate S+550, 0.75% Floor Maturity Date 2/28/20312024-03-310001837532Capital Markets True Potential Kane Bidco Limited Investment Type First Lien Secured Debt - Corporate Bond Interest Rate SONIA+625, 0.00% Floor Maturity Date 2/15/20282023-12-310001837532Chemicals Heubach2024-03-310001837532Interest Rate Swap Company Receives 4.02% Company Pays 3-month SOFR Maturity Date 12/21/20252023-01-012023-12-310001837532Insurance Higginbotham2023-12-310001837532us-gaap:InterestRateSwapMemberck0001837532:GoldmanSachsInternationalFourMember2023-01-012023-12-310001837532Insurance April Athena Bidco S.A.S. Investment Type First Lien Secured Debt-Delayed Draw Note Interest Rate E+625, 0.00% Floor Maturity Date 4/18/20302023-12-310001837532Chemicals Heubach Heubach Holdings USA LLC Investment Type First Lien Secured Debt Interest Rate S+1000 (includes 2.00% PIK) Maturity Date 4/30/20242023-12-310001837532Health Care Providers & Services Tivity Health Tivity Health, Inc. Investment Type First Lien Secured Debt Interest Rate S+600, 0.75% Floor Maturity Date 6/28/20292023-12-310001837532us-gaap:InterestRateSwapMemberck0001837532:GoldmanSachsInternationalFiveMember2023-01-012023-12-310001837532Health Care Equipment & Supplies Treace Medical Concepts Treace Medical Concepts, Inc.2023-12-310001837532Avalara, Inc.2024-03-310001837532Textiles, Apparel & Luxury Goods Gruppo Florence Made in Italy 2 S.P.A. Investment Type First Lien Secured Debt Corporate Bond Interest Rate E+675, 0.00% Floor Maturity Date 10/17/20302023-12-310001837532Software Avalara Avalara, Inc.2024-03-310001837532Software Alteryx Azurite Intermediate Holdings, Inc.2024-03-310001837532ck0001837532:SpecialPurposeEntityMemberck0001837532:FirstLienSecuredDebtMember2024-03-310001837532Insurance April Athena Bidco S.A.S.2023-12-310001837532ck0001837532:CommonClassSMemberck0001837532:DistributionsDeclarationDateSevenMember2023-01-012023-03-310001837532us-gaap:SeniorNotesMemberus-gaap:PrivatePlacementMember2022-11-152022-11-150001837532Investment Company 24 Bidco Limited2024-03-310001837532Household Products Advantice Health Jazz AH Holdco, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+510, 0.75% Floor Maturity Date 4/3/20282024-03-310001837532ck0001837532:StateStreetBankAndTrustCompanyFourMemberus-gaap:ForeignExchangeForwardMember2023-12-310001837532Interest Rate Swap Company Receives 8.54% Company Pays S+418 Maturity Date 9/28/20262024-01-012024-03-310001837532ck0001837532:FoodProductsMember2023-12-310001837532Chemicals RMC2024-03-310001837532ck0001837532:BuildingProductsMember2023-12-310001837532ck0001837532:HouseholdProductsMemberck0001837532:FirstLienSecuredDebtMember2024-03-310001837532Health Care Providers & Services Allied Benefit Systems Allied Benefit Systems Intermediate LLC Investment Type First Lien Secured Debt Interest Rate S+525, 0.75% Floor Maturity Date 10/31/20302023-12-310001837532ck0001837532:AutoComponentsMember2023-12-310001837532ck0001837532:LeisureProductsMember2023-12-310001837532Insurance April Athena Bidco S.A.S. Investment Type First Lien Secured Debt-Delayed Draw Note Interest Rate E+650, 0.00% Floor Maturity Date 4/18/20302023-12-310001837532us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2024-03-310001837532Independent Power & Renewable Electricity Producers Esdec Esdec Solar Group B.V. 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Investment Type First Lien Secured Debt Interest Rate SONIA+690, 0.00% Floor Maturity Date 5/16/20292024-03-310001837532Leisure Products Peloton Peloton Interactive, Inc. Investment Type First Lien Secured Debt Interest Rate S+710, 0.50% Floor Maturity Date 5/25/20272023-12-310001837532Commercial Services & Supplies LABL LABL, Inc. Investment Type First Lien Secured Debt Interest Rate S+510, 0.50% Floor Maturity Date 10/29/20282024-03-310001837532us-gaap:ForeignExchangeForwardMemberck0001837532:StateStreetBankAndTrustCompanyOneMember2024-03-310001837532ck0001837532:TextilesApparelAndLuxuryGoodsMember2023-12-310001837532Software New Relic Crewline Buyer, Inc.2023-12-310001837532Technology Hardware, Storage & Peripherals Forterro Yellow Castle AB Investment Type First Lien Secured Debt Interest Rate E+475,0.00% Floor Maturity Date 7/9/20292024-03-310001837532Media Gannett Holdings2024-03-310001837532ck0001837532:TextilesApparelAndLuxuryGoodsMemberck0001837532:FirstLienSecuredDebtMember2024-03-310001837532ck0001837532:OilGasAndConsumableFuelsMemberck0001837532:FirstLienSecuredDebtMember2024-03-310001837532Technology Hardware, Storage & Peripherals2023-12-310001837532Specialty Retail Golden Hippo Altern Marketing, LLC2024-03-310001837532Investments after Cash Equivalents2023-12-310001837532ck0001837532:ContainersPackagingMember2023-12-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:SoftwareMember2024-03-310001837532Health Care Providers & Services Team Select TS Investors, LLC2023-12-310001837532Interest Rate Swap Company Receives 7.02% Company Pays ESTR+372 Maturity Date 9/28/20262023-01-012023-12-310001837532Health Care Health Care Providers & Services CNSI Acentra Holdings, LLC. Investment Type First Lien Secured Debt Interest Rate S+575, 0.50% Floor Maturity Date 12/17/20282024-03-310001837532Rochester Midland Corporation2024-03-310001837532country:US2023-12-310001837532Semiconductors & Semiconductor Equipment2024-03-310001837532Independent Power & Renewable Electricity Producers Esdec Solar Group B.V.2024-03-310001837532Textiles, Apparel & Luxury Goods Claires Claires Stores, Inc. Investment Type First Lien Secured Debt S+660, 0.00% Floor, Maturity Date 12/18/20262024-03-310001837532Diversified Consumer Services Greencross Vermont Aus Pty Ltd Investment Type First Lien Secured Debt Interest Rate BBSW+575, 0.75% Floor Maturity Date 3/23/20282023-12-310001837532ck0001837532:CommonClassSMember2024-01-012024-03-310001837532Communications Equipment Mitel Networks MLN US Holdco LLC2023-12-310001837532ck0001837532:CommonClassIMemberck0001837532:DistributionsDeclarationDateNineMember2023-01-012023-03-310001837532Software Solera Polaris Newco, LLC Investment Type First Lien Secured Debt Interest type S+426, 0.50% Floor Maturity Date 6/2/20282024-03-310001837532Software Stamps.com Auctane, Inc. Investment Type First Lien Secured Debt Interest Rate S+585, 0.75% Floor Maturity Date 10/5/20282024-03-310001837532Azurite Intermediate Holdings, Inc.2024-03-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:AirFreightLogisticsMember2024-03-310001837532Automobile Components Mavis Tire Express Services Mavis Tire Express Services Corp. Investment Type First Lien Secured Debt Interest Rate S+375, 0.75% Floor Maturity Date 5/4/20282024-03-310001837532Construction & Engineering Trench Plate Rental Co. Trench Plate Rental Co. Investment Type First Lien Secured Debt Interest Rate S+560, 1.00% Floor Maturity Date 12/3/20262023-12-310001837532HEF Safety Ultimate Holdings, LLC2024-03-310001837532Health Care Equipment & Supplies CINC Systems 1475 Holdings, LLC Investment Type First Lien Secured Debt Interest Rate S+575, 0.75% Floor Maturity Date 1/19/20302024-03-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:SpecialtyRetailMember2023-12-310001837532us-gaap:InterestRateSwapMember2024-03-310001837532Personal Care Products2023-12-310001837532Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)2023-12-310001837532IT Services Peraton Peraton Corp. 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Investment Type First Lien Secured Debt - Revolver Interest Rate S+600, 1.00% Floor Maturity Date 11/6/20292024-03-310001837532ck0001837532:SpecialPurposeEntityMember2023-12-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:CapitalMarketsMember2023-12-310001837532Insurance Asurion Asurion, LLC Investment Type First Lien Secured Debt Interest Rate S+336, 0.00% Floor Maturity Date 7/31/20272024-03-310001837532Capital Markets2024-03-310001837532Capital Markets Arrowhead Engineered Products Arrowhead Holdco Company Investment Type First Lien Secured Debt Interest Rate S+540 Cash (includes 2.75% PIK) Maturity Date 8/31/20282024-03-310001837532ck0001837532:CommonEquityInterestsMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-03-310001837532Camin Cargo Control Holdings, Inc.2024-03-310001837532ck0001837532:DistributionsDeclarationDateFiveMemberck0001837532:CommonClassSMember2024-01-012024-03-310001837532ck0001837532:FirstLienSecuredDebtMember2023-12-310001837532Personal Care Products Heat Makes Sense2023-12-310001837532Interest Rate Swap Company Receives 4.02% Company Pays 3-month SOFR Maturity Date 12/21/20252023-12-310001837532Capital Markets Edelman Financial Services The Edelman Financial Engines Centre, LLC Investment Type First Lien Secured Debt Interest Rate S+361 0.75% Floor Maturity Date 4/07/20282024-03-310001837532ck0001837532:IndependentPowerAndRenewableElectricityProducersMember2024-03-310001837532Personal Care Products Heat Makes Sense Amika OpCo LLC Investment Type First Lien Secured Debt Interest Rate S+540, 0.75% Floor Maturity Date 7/1/20292024-03-310001837532us-gaap:FairValueInputsLevel1Member2023-12-310001837532us-gaap:PreferredStockMember2024-03-310001837532Specialty Retail Carvana Carvana Co. 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Investment Type First Lien Secured Debt Interest Rate S+675, 1.00% Floor Maturity Date 6/30/20282023-12-310001837532Interest Rate Swap Company Receives 3.67% Company Pays 3-month SOFR Maturity Date 12/21/20272024-03-310001837532Health Care Providers & Services CNSI Acentra Holdings, LLC. Investment Type First Lien Secured Debt - Revolver Interest Rate S+650, 0.50% Floor Maturity Date 12/17/20272023-12-310001837532ck0001837532:CommonClassIMemberus-gaap:InvestmentIncomeMember2024-01-012024-03-310001837532Specialty Retail2023-12-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:ConsumerStaplesDistributionAndRetailMember2023-12-310001837532Commercial Services & Supplies Fortis Fire Fortis Fire & Safety Inc. Investment Type First Lien Secured Debt Interest Rate S+600, 1.00% Floor Maturity Date 7/21/20292024-03-310001837532us-gaap:UnsecuredDebtMemberck0001837532:TwoThousandTwentyNineNotesMember2024-03-210001837532Insurance April Athena Bidco S.A.S. 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Unlimited Liability Company Investment Type First Lien Secured Debt Interest Rate S+225, 0.00% Floor Maturity Date 9/20/20302024-03-310001837532Health Care Equipment & Supplies TerSera Therapeutics TerSera Therapeutics LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+675, 1.00% Floor Maturity Date 4/4/20292024-03-310001837532Chemicals Vita Global Vita Global FinCo Limited Investment Type First Lien Secured Debt Interest Rate SONIA+700, 0.00% Floor Maturity Date 7/6/20272024-03-310001837532Containers & Packaging Tekni-Plex Trident TPI Holdings, Inc.2023-12-310001837532us-gaap:DesignatedAsHedgingInstrumentMemberck0001837532:HedgedItemsMemberck0001837532:InterestAndOtherDebtExpensesMember2024-01-012024-03-310001837532Electrical Equipment Antylia Scientific CPI Buyer, LLC2024-03-310001837532ck0001837532:MediaMember2023-12-310001837532ck0001837532:CommonClassDMember2024-02-290001837532Biotechnology Azurity Pharmaceuticals Azurity Pharmaceuticals, Inc. Investment Type First Lien Secured Debt Interest Rate S+673, 0.75% Floor Maturity Date 9/20/20272024-03-310001837532Asset Backed Securities2023-12-310001837532Software Consilio Skopima Consilio Parent LLC2024-03-310001837532Health Care Equipment & Supplies Treace Medical Concepts Treace Medical Concepts, Inc. Investment Type First Lien Secured Debt Interest Rate S+610, 1.00% Floor Maturity Date 4/1/20272024-03-310001837532Independent Power & Renewable Electricity Producers2023-12-310001837532ck0001837532:RealEstateManagementAndDevelopmentMember2024-03-310001837532ck0001837532:CommonClassDMember2024-01-012024-03-3100018375322022-01-012022-01-310001837532ck0001837532:AprilFinancialUpdateAndDistributionDeclarationMemberck0001837532:CommonClassSMemberus-gaap:SubsequentEventMember2024-04-012024-04-010001837532Consumer Staples Distribution & Retail ASDA Bellis Acquisition Company PLC2023-12-310001837532us-gaap:StandbyLettersOfCreditMember2024-03-310001837532Coretrust Purchasing Group LLC (HPG Enterprises LLC)2024-03-310001837532IT Services Version 1 Investment Company 24 Bidco Limited Investment Type First Lien Secured Debt Interest Rate E+540, 0.00% Floor Maturity Date 7/11/20292024-03-310001837532Leisure Products Varsity Brands Varsity Brands Holding Co., Inc. Investment Type First Lien Secured Debt Interest Rate S+511, 1.00% Floor Maturity Date 12/15/20262023-12-310001837532ck0001837532:DecemberTwoThousandTwentySevenNotesMember2024-03-310001837532ck0001837532:IncentiveFeeBasedOnCumulativeNetRealizedGainsMember2024-03-310001837532us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2023-03-310001837532ck0001837532:ThreeMonthsBBSWInterestRateMember2024-03-310001837532ck0001837532:FirstLienSecuredDebtMemberck0001837532:HealthCareTechnologyMember2023-12-310001837532Health Care Providers & Services Advarra Advarra Holdings, Inc. Investment Type First Lien Secured Debt Interest Rate S+525, 0.75% Floor Maturity Date 8/24/20292023-12-310001837532RoC Holdco LLC2024-03-310001837532Software Instem Ichor Management Limited Investment Type First Lien Secured Debt Interest Rate S+550, 1.00% Floor Maturity Date 12/8/20292024-03-310001837532Software New Relic Crewline Buyer, INC. Investment Type First Lien Secured Debt - Revolver Interest Rate S+675, 1.00% Floor Maturity Date 11/8/20302023-12-310001837532Health Care Providers & Services Gateway Services Gateway US Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+665, 0.75% Floor Maturity Date 9/22/20262023-12-310001837532Software Ping Identity Ping Identity Holding Corp.2023-12-310001837532TS Investors, LLC2023-12-310001837532us-gaap:InterestRateSwapMemberck0001837532:GoldmanSachsInternationalTwoMember2024-03-310001837532us-gaap:DebtInstrumentRedemptionPeriodThreeMembersrt:MaximumMemberus-gaap:SeniorNotesMemberck0001837532:UnsecuredNotesDueTwoThousandTwentySixEuroMemberus-gaap:PrivatePlacementMember2023-08-100001837532Health Care Health Care Providers & Services Omega Healthcare OMH-Healthedge Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Rate S+600, 1.00% Floor Maturity Date 10/8/20292024-03-310001837532Investments2024-03-310001837532ck0001837532:CardinalFundingLlcMember2023-12-310001837532Specialty Retail Golden Hippo Altern Marketing, LLC Investment Type First Line Secured Debt - Revolver Interest Rate S+600, 2.00% Floor Maturity Date 6/13/20282023-12-31iso4217:AUDiso4217:EURxbrli:pureiso4217:USDxbrli:sharesiso4217:SEKxbrli:sharesck0001837532:Installmentiso4217:CHFiso4217:GBPiso4217:USD

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2024

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ________ to ___________

Commission File Number: 814-01424

 

APOLLO DEBT SOLUTIONS BDC

(Exact name of Registrant as specified in its charter)

 

 

Delaware

86-1950548

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

9 West 57th Street

New York, New York

10019

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (212) 515-3450

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

None

None

None

 

Securities registered pursuant to Section 12(g) of the Act:

Class S Common shares of beneficial interest, par value $0.01

Class D Common shares of beneficial interest, par value $0.01

Class I Common shares of beneficial interest, par value $0.01

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” , “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Smaller reporting company

Accelerated filer

Emerging growth company

Non-accelerated filer

 

 

 

(Do not check if a smaller reporting company)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of March 31, 2023, there was no established public market for the Registrant’s common shares of beneficial interest (“Common Shares”).

The number of shares of the Registrant’s Common Shares, $0.01 par value per share, outstanding as of May 13, 2024 was 50,769,429 Class S common shares, 569,408 Class D common shares and 184,493,323 Class I common shares. Common shares outstanding exclude May 1, 2024 subscriptions since the issuance price is not yet finalized at this time.

 

 

 


 

APOLLO DEBT SOLUTIONS BDC

Table of Contents

 

 

Page

PART I - FINANCIAL INFORMATION

Item 1.

Consolidated Financial Statements

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2024 (Unaudited) and December 31, 2023

3

 

Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)

4

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 and 2023 (Unaudited)

5

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)

6

 

Consolidated Schedule of Investments as of March 31, 2024 (Unaudited)

7

 

Consolidated Schedule of Investments as of December 31, 2023

41

 

Notes to Consolidated Financial Statements (Unaudited)

70

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

103

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

118

Item 4.

Controls and Procedures

119

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

120

Item 1A.

Risk Factors

120

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

121

Item 3.

Defaults Upon Senior Securities

122

Item 4.

Mine Safety Disclosures

122

Item 5.

Other Information

122

Item 6.

Exhibits

123

 

Signatures

124

 

 

 

 


Table of Contents

 

PART I. FINANCIAL INFORMATION

 

In this report, the terms the “Company,”, “ADS,” “we,” “us,” and “our” refer to Apollo Debt Solutions BDC unless the context specifically states otherwise.

 

Item 1. Consolidated Financial Statements

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

December 31, 2023

 

 

(Unaudited)

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

Non-controlled/non-affiliated investments (cost — $8,420,468 and $6,683,052 at March 31, 2024 and December 31, 2023, respectively)

 

$

8,474,656

 

$

6,719,588

Cash and cash equivalents

 

 

189,008

 

 

258,594

Foreign currencies (cost — $71,546 and $12,528 at March 31, 2024 and December 31, 2023, respectively)

 

 

71,353

 

 

12,581

Receivable for investments sold

 

 

27,027

 

 

102,861

Interest receivable

 

 

69,725

 

 

55,472

Unrealized appreciation on foreign currency forward contracts

 

 

10,912

 

 

Other assets

 

 

54,812

 

 

4,771

Total assets

 

$

8,897,493

 

$

7,153,867

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt (net of deferred financing costs and unamortized original issue discount of $35,649 and $27,534 at March 31, 2024 and December 31, 2023, respectively)

 

$

2,933,032

 

$

2,639,099

Payable for investments purchased

 

 

401,154

 

 

245,242

Payable for share repurchases (Note 7)

 

 

126,162

 

 

43,291

Distributions payable

 

 

43,112

 

 

33,228

Interest payable

 

 

29,060

 

 

36,621

Management and performance-based incentive fees payable

 

 

25,615

 

 

19,073

Accrued administrative services expense payable

 

 

294

 

 

384

Unrealized depreciation on foreign currency forward contracts

 

 

 

 

3,681

Other liabilities and accrued expenses

 

 

5,188

 

 

9,552

Total liabilities

 

$

3,563,617

 

$

3,030,171

Commitments and contingencies (Note 8)

 

 

 

 

 

 

Total Net Assets

 

$

5,333,876

 

$

4,123,696

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

Common shares, $0.01 par value (214,668,934 and 167,451,987 shares issued and outstanding, respectively)

 

$

2,197

 

$

1,675

Capital in excess of par value

 

 

5,194,684

 

 

4,075,968

Accumulated distributed earnings (losses)

 

 

136,994

 

 

46,053

Total Net Assets

 

$

5,333,876

 

$

4,123,696

 

 

 

 

 

 

 

Net Asset Value Per Share

 

 

 

 

 

 

Class S Shares:

 

 

 

 

 

 

Net assets

 

$

1,151,671

 

$

851,296

Common shares outstanding ($0.01 par value, unlimited shares authorized)

 

 

46,350,529

 

 

34,568,776

Net asset value per share

 

$

24.85

 

$

24.63

Class D Shares:

 

 

 

 

 

 

Net assets

 

$

12,775

 

$

7,346

Common shares outstanding ($0.01 par value, unlimited shares authorized)

 

 

514,158

 

 

298,321

Net asset value per share

 

$

24.85

 

$

24.63

Class I Shares:

 

 

 

 

 

 

Net assets

 

$

4,169,430

 

$

3,265,054

Common shares outstanding ($0.01 par value, unlimited shares authorized)

 

 

167,804,247

 

 

132,584,890

Net asset value per share

 

$

24.85

 

$

24.63

 

 

See notes to consolidated financial statements

3


Table of Contents

 

 

 

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

2024

 

2023

Investment Income

 

 

 

 

 

Non-controlled/non-affiliated investments:

 

 

 

 

 

Interest income

$

215,327

 

 $

116,771

Payment-in-kind interest income

 

5,205

 

 

916

Dividend income

 

482

 

 

Other income

 

3,681

 

 

725

Total Investment Income

$

224,695

 

 $

118,412

Operating Expenses

 

 

 

 

 

Management fees

$

15,337

 

 $

7,115

Performance-based incentive fees

 

19,876

 

 

8,562

Interest and other debt expenses

 

55,036

 

 

38,201

Offering costs

 

 

 

38

Trustees' fees

 

121

 

 

108

Shareholder servicing fees

 

2,202

 

 

590

Administrative service expenses

 

1,025

 

 

655

Other general and administrative expenses

 

2,708

 

 

2,364

Total expenses

 

96,305

 

 

57,633

Expense support reimbursement

 

 

 

1,461

Net Expenses

$

96,305

 

$

59,094

Net Investment Income

$

128,390

 

$

59,318

Net Realized and Change in Unrealized Gains (Losses)

 

 

 

 

 

Net realized gains (losses):

 

 

 

 

 

Non-controlled/non-affiliated investments

$

1,166

 

$

(2,181)

Foreign currency transactions

 

(21,026)

 

 

(266)

Foreign currency forward contracts

 

(6,364)

 

 

353

Net realized gains (losses)

 

(26,224)

 

 

(2,094)

Net change in unrealized gains (losses)

 

 

 

 

 

Non-controlled/non-affiliated investments

 

17,652

 

 

58,417

Foreign currency forward contracts

 

14,592

 

 

(698)

Foreign currency translations

 

31,362

 

 

(5,264)

Net unrealized gains (losses)

 

63,606

 

 

52,455

Net Realized and Change in Unrealized Gains (Losses)

$

37,382

 

$

50,361

Net Increase (Decrease) in Net Assets Resulting from Operations

$

165,772

 

$

109,679

 

 

 

See notes to consolidated financial statements

4


Table of Contents

 

 

 

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

2024

 

2023

Operations

 

 

 

 

 

Net investment income

$

128,390

 

 $

59,318

Net realized gains (losses)

 

(26,224)

 

 

(2,094)

Net change in unrealized gains (losses)

 

63,606

 

 

52,455

Net Increase (Decrease) in Net Assets Resulting from Operations

$

165,772

 

 $

109,679

 

 

 

 

 

 

Distributions to Stockholders

 

 

 

 

 

Class S

$

(23,168)

 

 $

(5,623)

Class D

 

(273)

 

 

(61)

Class I

 

(94,502)

 

 

(44,772)

Net Decrease in Net Assets Resulting from Distributions to Stockholders

$

(117,943)

 

 $

(50,456)

 

 

 

 

 

 

Capital Share Transactions

 

 

 

 

 

Class S:

 

 

 

 

 

Proceeds from shares sold

$

291,421

 

 $

39,419

Repurchase of common shares, net of early repurchase deduction

 

(13,465)

 

 

(822)

Distributions reinvested

 

12,258

 

 

2,950

Class D:

 

 

 

 

 

Proceeds from shares sold

 

5,763

 

 

508

Repurchase of common shares, net of early repurchase deduction

 

 

 

Distributions reinvested

 

96

 

 

7

Class I:

 

 

 

 

 

Proceeds from shares sold

 

942,411

 

 

141,301

Repurchase of common shares, net of early repurchase deduction

 

(112,697)

 

 

(130,462)

Distributions reinvested

 

36,564

 

 

18,155

Net Increase (Decrease) from Capital Share Transactions

$

1,162,351

 

 $

71,056

 

 

 

 

 

 

Net Assets

 

 

 

 

 

Total increase (decrease) in net assets during the period

 

1,210,180

 

 

130,279

Net Assets, beginning of period

 

4,123,696

 

 

2,154,933

Net Assets at End of Period

$

5,333,876

 

 $

2,285,212

 

 

See notes to consolidated financial statements

5


Table of Contents

 

 

 

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Operating Activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

165,772

 

$

109,679

Net realized (gain) loss on investments

 

 

(1,166)

 

 

2,181

Net change in unrealized (gains) losses on investments

 

 

(17,652)

 

 

(58,417)

Net unrealized (appreciation) depreciation on foreign currency forward contracts

 

 

(14,592)

 

 

698

Net unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies

 

 

(31,362)

 

 

5,264

Payment-in-kind interest capitalized

 

 

(6,460)

 

 

(980)

Net accretion of discount and amortization of premium

 

 

(6,619)

 

 

(2,972)

Amortization of deferred financing costs

 

 

1,911

 

 

1,400

Amortization of offering costs

 

 

 

 

38

Purchases of investments

 

 

(2,181,765)

 

 

(619,410)

Proceeds from sale of investments and principal repayments

 

 

458,110

 

 

736,033

Changes in operating assets and liabilities:

 

 

 

 

 

 

Interest receivable

 

 

(14,253)

 

 

(2,892)

Receivable for investments sold

 

 

75,834

 

 

(29,042)

Other assets

 

 

(50,041)

 

 

(22,666)

Payable for investments purchased

 

 

155,912

 

 

(35,641)

Management and performance-based incentive fees payable

 

 

6,542

 

 

716

Accrued administrative services expense payable

 

 

(90)

 

 

(1,906)

Interest payable

 

 

(7,561)

 

 

5,759

Other liabilities and accrued expenses

 

 

(4,364)

 

 

(4,623)

Net Cash Used in/Provided by Operating Activities

 

$

(1,471,844)

 

$

83,218

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

Issuances of debt

 

$

1,441,944

 

$

435,043

Payments of debt

 

 

(1,112,056)

 

 

(619,074)

Financing costs paid and deferred

 

 

(5,776)

 

 

(1,074)

Proceeds from issuance of common shares

 

 

1,239,595

 

 

181,228

Repurchased shares, net of early repurchase deduction paid

 

 

(43,290)

 

 

(40,854)

Distributions paid

 

 

(59,141)

 

 

(26,162)

Offering costs paid and deferred

 

 

 

 

(38)

Net Cash Used in/Provided by Financing Activities

 

$

1,461,276

 

$

(70,931)

 

 

 

 

 

 

 

Cash, Cash Equivalents and Foreign Currencies

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents and foreign currencies during the period

 

$

(10,568)

 

$

12,287

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(246)

 

 

(4)

Cash, cash equivalents and foreign currencies at beginning of period

 

 

271,175

 

 

51,658

Cash, Cash Equivalents and Foreign Currencies at the End of Period

 

$

260,361

 

$

63,941

 

 

 

 

 

 

 

Supplemental Disclosure and Non-Cash Information

 

 

 

 

 

 

Cash interest paid

 

$

60,686

 

$

31,042

Distributions payable

 

$

43,112

 

$

18,146

Reinvestment of distributions during the period

 

$

48,918

 

$

21,112

PIK income

 

$

5,205

 

$

916

 

See notes to consolidated financial statements

6


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kaman

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ovation Parent Inc

 

First Lien Secured Debt

 

S+350, 0.75% Floor

 

3/27/2031

 

$

10,000

 

$

9,975

 

$

10,022

 

(14)

MRO Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MRO Holdings, Inc.

 

First Lien Secured Debt

 

S+576, 0.50% Floor

 

12/18/2028

 

 

4,836

 

4,836

 

4,848

 

(4)(8)(15)

 

 

 

 

Total Aerospace & Defense

 

$

14,811

 

$

14,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swissport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Radar Bidco S.a.r.l.

 

First Lien Secured Debt

 

E+725, 0.00% Floor

 

9/30/2027

 

85,000

 

$

80,879

 

$

93,078

 

(3)(4)(8)(9)(19)

 

 

 

 

Total Air Freight & Logistics

 

$

80,879

 

$

93,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Backed Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roaring Fork III-B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roaring Fork III-B, LLC

 

First Lien Secured Debt

 

S+540, 0.00% Floor

 

7/16/2026

 

$

49,667

 

$

27,523

 

$

27,617

 

(4)(8)(9)(15)(28)

 

 

 

 

Total Asset Backed Securities

 

$

27,523

 

$

27,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobile Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clarience Technologies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truck-Lite Co., LLC

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

2/13/2031

 

$

164,000

 

$

144,359

 

$

144,310

 

(4)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+575, 0.75% Floor

 

2/13/2030

 

 

16,000

 

181

 

173

 

(4)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

144,540

 

 

144,483

 

 

Crash Champions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Champions Financing Inc

 

First Lien Secured Debt

 

S+475, 0.00% Floor

 

2/23/2029

 

 

19,000

 

18,811

 

19,095

 

(14)(15)

Mavis Tire Express Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services TopCo, L.P.

 

First Lien Secured Debt

 

S+375, 0.75% Floor

 

5/4/2028

 

 

26,443

 

26,374

 

26,518

 

(14)

WAND NEWCO 3 INC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wand Newco 3, Inc.

 

First Lien Secured Debt

 

S+375, 0.00% Floor

 

1/30/2031

 

 

35,000

 

34,914

 

35,139

 

(14)

 

 

 

 

Total Automobile Components

 

$

224,639

 

$

225,235

 

 

 

See notes to consolidated financial statements

7


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Banks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G&A Partners Holding Company II, LLC

 

First Lien Secured Debt

 

S+550, 0.75% Floor

 

3/1/2031

 

$

23,239

 

$

15,809

 

$

15,803

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+550, 0.75% Floor

 

3/1/2030

 

 

1,761

 

(35)

 

(35)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

15,774

 

 

15,768

 

 

Public Trust Advisors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinnacle Purchaser, LLC

 

First Lien Secured Debt

 

S+575, 1.00% Floor

 

12/28/2029

 

 

4,520

 

4,432

 

4,429

 

(4)(9)(16)

 

 

First Lien Secured Debt - Revolver

 

S+575, 1.00% Floor

 

12/29/2029

 

 

469

 

100

 

100

 

(4)(9)(11)(16)(28)

 

 

 

 

 

 

 

 

 

 

 

 

4,532

 

 

4,529

 

 

Truist

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Truist Financial Corporation

 

First Lien Secured Debt

 

S+325, 0.00% Floor

 

3/22/2031

 

 

20,000

 

19,950

 

19,992

 

(14)

 

 

First Lien Secured Debt - Revolver

 

S+350, 0.00% Floor

 

3/22/2029

 

 

23,500

 

 

 

(4)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

19,950

 

 

19,992

 

 

 

 

 

 

Total Banks

 

$

40,256

 

$

40,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Azurity Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Azurity Pharmaceuticals, Inc.

 

First Lien Secured Debt

 

S+673, 0.75% Floor

 

9/20/2027

 

$

58,638

 

$

57,371

 

$

58,638

 

(14)

 

 

 

 

Total Biotechnology

 

$

57,371

 

$

58,638

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chamberlain Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chariot Buyer LLC

 

First Lien Secured Debt

 

S+375, 0.50% Floor

 

11/3/2028

 

$

50,000

 

$

49,750

 

$

50,167

 

(14)(15)

Kodiak

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kodiak BP, LLC

 

First Lien Secured Debt

 

S+375, 0.00% Floor

 

3/12/2028

 

 

10,000

 

9,950

 

10,013

 

(14)

Reliable Doors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reliable Doors, LLC

 

First Lien Secured Debt

 

S+625, 1.00% Floor

 

10/4/2028

 

 

9,402

 

8,244

 

8,315

 

(4)(9)(14)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+625, 1.00% Floor

 

10/4/2028

 

 

568

 

103

 

108

 

(4)(9)(11)(14)(28)

 

 

 

 

 

 

 

 

 

 

 

 

8,347

 

 

8,423

 

 

RF Fager

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R.F. Fager Company, LLC

 

First Lien Secured Debt

 

S+525, 1.00% Floor

 

3/4/2030

 

 

4,167

 

3,045

 

3,043

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+525, 1.00% Floor

 

3/4/2030

 

 

833

 

(19)

 

(19)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

3,026

 

 

3,024

 

 

US LBM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LBM Acquisition, LLC

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

12/17/2027

 

 

24,293

 

24,060

 

24,278

 

(14)

Visual Comfort

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VC GB Holdings I Corp

 

First Lien Secured Debt

 

S+326, 0.50% Floor

 

7/21/2028

 

 

11,969

 

11,900

 

11,953

 

(14)

 

 

 

 

Total Building Products

 

$

107,033

 

$

107,858

 

 

 

See notes to consolidated financial statements

8


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrowhead Engineered Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrowhead Holdco Company

 

First Lien Secured Debt

 

S+540 Cash (includes 2.75% PIK)

 

8/31/2028

 

$

9,894

 

$

9,894

 

$

9,374

 

(4)(15)

Edelman Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Edelman Financial Engines Centre, LLC

 

First Lien Secured Debt

 

S+361, 0.75% Floor

 

4/7/2028

 

 

37,657

 

37,651

 

37,708

 

(14)

True Potential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kane Bidco Limited

 

First Lien Secured Debt - Corporate Bond

 

SONIA+625, 0.00% Floor

 

2/15/2028

 

£

69,000

 

86,212

 

86,416

 

(3)(4)(8)(9)(17)

 

 

First Lien Secured Debt - Corporate Bond

 

6.50%

 

2/15/2027

 

£

2,000

 

2,339

 

2,443

 

(3)(8)(9)

 

 

First Lien Secured Debt - Corporate Bond

 

5.00%

 

2/15/2027

 

1,000

 

1,079

 

1,045

 

(3)(8)(9)

 

 

 

 

 

 

 

 

 

 

 

 

89,630

 

 

89,904

 

 

 

 

 

 

Total Capital Markets

 

$

137,175

 

$

136,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AOC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSF11 A5 HoldCo LLC

 

First Lien Secured Debt

 

S+361, 0.50% Floor

 

10/15/2028

 

$

32,505

 

$

32,461

 

$

32,557

 

(14)

 

 

First Lien Secured Debt

 

S+435, 0.50% Floor

 

10/15/2028

 

 

19,186

 

18,878

 

19,242

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

51,339

 

 

51,799

 

 

Heubach

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heubach Holdings USA LLC

 

First Lien Secured Debt

 

13.59%

 

4/30/2024

 

 

1,657

 

1,594

 

828

 

(4)(8)(15)(25)

SK Neptune Husky Group Sarl

 

First Lien Secured Debt

 

10.45%

 

1/3/2029

 

 

9,588

 

9,546

 

2,712

 

(8)(15)(25)

 

 

 

 

 

 

 

 

 

 

 

 

11,140

 

 

3,540

 

 

RMC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RMC Topco LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

 

100 Shares

 

100

 

100

 

(4)(9)

Rochester Midland Corporation

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

8/1/2029

 

 

17,883

 

8,612

 

8,655

 

(4)(9)(11)(14)(28)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

8/1/2029

 

 

1,990

 

(44)

 

(25)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

8,668

 

 

8,730

 

 

Solenis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Olympus Water US Holding Corporation

 

First Lien Secured Debt

 

S+425, 0.50% Floor

 

11/9/2028

 

 

23,792

 

23,208

 

23,896

 

(15)

Vita Global

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vita Global FinCo Limited

 

First Lien Secured Debt

 

SONIA+700, 0.00% Floor

 

7/6/2027

 

 

16,807

 

22,773

 

20,789

 

(3)(4)(8)(17)

W.R. Grace

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W.R. Grace Holdings LLC

 

First Lien Secured Debt

 

S+401, 0.50% Floor

 

9/22/2028

 

 

5,907

 

5,903

 

5,925

 

(15)

 

 

 

 

Total Chemicals

 

$

123,031

 

$

114,679

 

 

 

See notes to consolidated financial statements

9


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdco LLC

 

First Lien Secured Debt

 

S+385, 0.50% Floor

 

5/12/2028

 

$

36,840

 

$

36,670

 

$

36,837

 

(14)

 

 

First Lien Secured Debt

 

S+475, 0.50% Floor

 

5/12/2028

 

 

24,875

 

24,213

 

24,977

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

60,883

 

 

61,814

 

 

Avenu Insights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC

 

First Lien Secured Debt

 

S+625, 1.00% Floor

 

10/2/2029

 

 

8,913

 

7,121

 

7,197

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+625, 1.00% Floor

 

10/2/2029

 

 

1,071

 

(27)

 

(16)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

7,094

 

 

7,181

 

 

BDO USA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDO USA, P.A.

 

First Lien Secured Debt

 

S+600, 2.00% Floor

 

8/31/2028

 

 

195,752

 

192,198

 

192,111

 

(4)(9)(14)

Beeline

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IQN Holding Corp.

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

5/2/2029

 

 

71,345

 

64,128

 

64,609

 

(4)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+525, 0.75% Floor

 

5/2/2028

 

 

5,134

 

(35)

 

 

(4)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

64,093

 

 

64,609

 

 

Eiffel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipe Holdings 3 B.V.

 

First Lien Secured Debt

 

E+700, 0.00% Floor

 

12/18/2029

 

15,000

 

15,679

 

15,697

 

(3)(4)(8)(9)(20)

Ensemble Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ensemble RCM, LLC

 

First Lien Secured Debt

 

S+300, 0.00% Floor

 

8/1/2029

 

 

24,700

 

24,621

 

24,784

 

(15)

Fortis Fire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fortis Fire & Safety Holdings LP

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

 

9 Shares

 

90

 

93

 

(4)(9)

Fortis Fire & Safety Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

7/21/2029

 

 

4,459

 

828

 

855

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

7/21/2029

 

 

446

 

258

 

264

 

(4)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

1,176

 

 

1,212

 

 

GardaWorld

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garda World Security Corporation

 

First Lien Secured Debt

 

S+425, 0.00% Floor

 

2/1/2029

 

 

18,865

 

18,819

 

18,924

 

(8)(15)

Heritage Environmental Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heritage Environmental Services, Inc.

 

First Lien Secured Debt

 

S+550, 0.75% Floor

 

1/31/2031

 

 

88,425

 

87,120

 

87,099

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+550, 0.75% Floor

 

1/31/2030

 

 

12,158

 

(177)

 

(182)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

86,943

 

 

86,917

 

 

HKA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mount Olympus Bidco Limited

 

First Lien Secured Debt

 

S+575, 0.50% Floor

 

8/9/2029

 

 

18,465

 

18,120

 

17,958

 

(4)(8)(9)(15)

 

 

First Lien Secured Debt

 

S+650, 0.50% Floor

 

8/9/2029

 

 

2,015

 

534

 

513

 

(4)(8)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

18,654

 

 

18,471

 

 

Ironclad

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironhorse Purchaser, LLC

 

First Lien Secured Debt

 

S+676, 1.00% Floor

 

9/30/2027

 

 

4,509

 

2,975

 

2,970

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+676, 1.00% Floor

 

9/30/2027

 

 

483

 

233

 

232

 

(4)(9)(11)(14)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

3,208

 

 

3,202

 

 

 

See notes to consolidated financial statements

10


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

LABL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LABL, Inc.

 

First Lien Secured Debt

 

S+510, 0.50% Floor

 

10/29/2028

 

 

25,000

 

24,366

 

24,545

 

(14)

Liberty Tire Recycling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LTR Intermediate Holdings, Inc.

 

First Lien Secured Debt

 

S+461, 1.00% Floor

 

5/5/2028

 

 

12,835

 

12,552

 

12,086

 

(14)

Profile Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profile Products LLC

 

First Lien Secured Debt

 

S+560, 0.75% Floor

 

11/12/2027

 

 

4,900

 

4,900

 

4,900

 

(4)(15)

QA Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ichnaea UK Bidco Limited

 

First Lien Secured Debt

 

SONIA+600, 0.00% Floor

 

10/5/2029

 

£

31,000

 

36,571

 

38,442

 

(3)(4)(8)(9)(17)

R.R. Donnelley

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R. R. Donnelley & Sons Company

 

First Lien Secured Debt

 

S+510, 0.75% Floor

 

3/28/2026

 

 

140,230

 

138,127

 

138,127

 

(4)(9)(15)

Resource Innovations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North Haven RI Buyer, LLC

 

First Lien Secured Debt

 

S+500, 1.00% Floor

 

3/29/2030

 

 

15,000

 

11,730

 

11,700

 

(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+500, 1.00% Floor

 

3/29/2030

 

 

2,500

 

(50)

 

(50)

 

(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

11,680

 

 

11,650

 

 

SafetyCo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HEF Safety Ultimate Holdings, LLC

 

First Lien Secured Debt

 

S+575, 1.00% Floor

 

11/19/2029

 

 

13,522

 

10,331

 

10,280

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+575, 1.00% Floor

 

11/17/2029

 

 

1,452

 

353

 

351

 

(4)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

10,684

 

 

10,631

 

 

SAVATREE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CI (Quercus) Intermediate Holdings, LLC

 

First Lien Secured Debt

 

S+540, 0.75% Floor

 

10/12/2028

 

 

17,365

 

17,169

 

17,185

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+540, 0.75% Floor

 

10/12/2028

 

 

2,273

 

(39)

 

(24)

 

(4)(5)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

17,130

 

 

17,161

 

 

Smith System

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smith Topco, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

11/6/2029

 

 

13,275

 

12,992

 

13,109

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

11/6/2029

 

 

1,692

 

(36)

 

(21)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

12,956

 

 

13,088

 

 

Tranzonic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TZ Buyer LLC

 

First Lien Secured Debt

 

S+610, 0.75% Floor

 

8/14/2028

 

 

89,113

 

37,770

 

37,606

 

(4)(9)(11)(14)(28)

 

 

First Lien Secured Debt - Revolver

 

S+610, 0.75% Floor

 

8/14/2028

 

 

606

 

292

 

291

 

(4)(9)(11)(14)(28)

TZ Parent LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

 

50 Shares

 

50

 

72

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

38,112

 

 

37,969

 

 

United Site Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PECF USS Intermediate Holding III Corporation

 

First Lien Secured Debt

 

S+451, 0.50% Floor

 

12/15/2028

 

 

22,216

 

22,280

 

17,023

 

(15)

 

 

 

 

Total Commercial Services & Supplies

 

$

822,726

 

$

820,544

 

 

 

See notes to consolidated financial statements

11


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MCA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile Communications America, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/16/2029

 

$

11,120

 

$

8,173

 

$

8,264

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+625, 1.00% Floor

 

10/16/2029

 

 

1,359

 

(31)

 

(17)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

8,142

 

 

8,247

 

 

Mitel Networks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MLN US Holdco LLC

 

First Lien Secured Debt

 

S+644, 1.00% Floor

 

10/18/2027

 

 

6,395

 

6,211

 

6,011

 

(4)(8)(15)

 

 

Second Lien Secured Debt

 

S+670, 1.00% Floor

 

10/18/2027

 

 

38,156

 

39,402

 

26,900

 

(4)(8)(15)

 

 

 

 

 

 

 

 

 

 

 

 

45,613

 

 

32,911

 

 

 

 

 

 

Total Communications Equipment

 

$

53,755

 

$

41,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MI Windows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MIWD Holdco II LLC

 

First Lien Secured Debt

 

S+350, 0.00% Floor

 

3/21/2031

 

$

10,000

 

$

9,950

 

$

10,059

 

(14)

Pave America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pave America Interco, LLC

 

First Lien Secured Debt

 

S+690, 1.00% Floor

 

2/7/2028

 

 

33,782

 

32,937

 

32,769

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+690, 1.00% Floor

 

2/7/2028

 

 

2,605

 

(62)

 

(78)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

32,875

 

 

32,691

 

 

Trench Plate Rental Co.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trench Plate Rental Co.

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

12/3/2026

 

 

44,659

 

44,193

 

43,877

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+560, 1.00% Floor

 

12/3/2026

 

 

4,545

 

2,164

 

2,125

 

(4)(9)(11)(15)(28)

Trench Safety Solutions Holdings, LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

 

331 Shares

 

50

 

44

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

46,407

 

 

46,046

 

 

 

 

 

 

Total Construction & Engineering

 

$

89,232

 

$

88,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volunteer Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volunteer AcquisitionCo, LLC

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

9/1/2029

 

$

5,168

 

$

4,672

 

$

4,660

 

(4)(9)(11)(14)(28)

 

 

First Lien Secured Debt - Revolver

 

S+650, 1.00% Floor

 

9/1/2029

 

 

758

 

(17)

 

(19)

 

(4)(5)(9)(11)(28)

 

 

 

 

Total Construction Materials

 

$

4,655

 

$

4,641

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Express GBT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GBT Group Services B.V.

 

First Lien Secured Debt

 

S+535, 1.00% Floor

 

12/16/2026

 

$

31,000

 

$

31,046

 

$

32,008

 

(8)(15)

LendingTree

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LendingTree, Inc.

 

First Lien Secured Debt

 

S+575, 1.50% Floor

 

3/27/2031

 

 

93,000

 

64,374

 

64,369

 

(4)(8)(9)(11)(14)(28)

 

 

 

 

Total Consumer Finance

 

$

95,420

 

$

96,377

 

 

 

See notes to consolidated financial statements

12


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Consumer Staples Distribution & Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bellis Acquisition Company PLC

 

First Lien Secured Debt

 

SONIA+703, 0.00% Floor

 

10/26/2029

 

£

97,403

 

$

114,284

 

$

122,937

 

(3)(4)(8)(9)(17)

 

 

First Lien Secured Debt

 

E+275, 0.00% Floor

 

2/16/2026

 

5,000

 

5,218

 

5,355

 

(3)(8)(9)(21)

 

 

First Lien Secured Debt - Corporate Bond

 

3.25%

 

2/16/2026

 

£

1,729

 

1,926

 

2,063

 

(3)(8)(9)

 

 

 

 

 

 

 

 

 

 

 

 

121,428

 

 

130,355

 

 

Patriot Pickle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patriot Foods Buyer, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

12/24/2029

 

 

6,567

 

6,440

 

6,436

 

(4)(9)(15)

 

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

12/22/2029

 

 

2,484

 

(24)

 

(50)

 

(4)(5)(9)(11)(28)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

12/22/2029

 

 

932

 

(18)

 

(19)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

6,398

 

 

6,367

 

 

Protein for Pets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Protein For Pets Opco, LLC

 

First Lien Secured Debt

 

S+525, 1.00% Floor

 

9/22/2030

 

 

45,283

 

44,381

 

44,377

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+525, 1.00% Floor

 

9/22/2030

 

 

4,717

 

(94)

 

(94)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

44,287

 

 

44,283

 

 

Rise and Brill

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultimate Baked Goods Midco LLC

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

8/13/2027

 

 

32,344

 

31,922

 

31,748

 

(4)(9)(14)

 

 

First Lien Secured Debt

 

S+635, 1.00% Floor

 

8/13/2027

 

 

8,195

 

8,013

 

8,186

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+660, 1.00% Floor

 

8/13/2027

 

 

1,016

 

(30)

 

(1)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

39,905

 

 

39,933

 

 

 

 

 

 

Total Consumer Staples Distribution & Retail

 

$

212,018

 

$

220,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOX Partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bp Purchaser LLC

 

First Lien Secured Debt

 

S+576, 0.75% Floor

 

12/11/2028

 

$

7,350

 

$

7,350

 

$

7,350

 

(4)(15)

Tekni-Plex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trident TPI Holdings, Inc.

 

First Lien Secured Debt

 

S+426, 0.50% Floor

 

9/15/2028

 

 

30,496

 

30,474

 

30,545

 

(15)

 

 

First Lien Secured Debt

 

S+525, 0.50% Floor

 

9/15/2028

 

 

2,985

 

2,928

 

3,001

 

(15)

 

 

 

 

 

 

 

 

 

 

 

 

33,402

 

 

33,546

 

 

 

 

 

 

Total Containers & Packaging

 

$

40,752

 

$

40,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PureStar

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Clean Acqusition Company, LLC

 

First Lien Secured Debt

 

S+500, 0.50% Floor

 

6/15/2028

 

$

95,000

 

$

93,594

 

$

94,525

 

(8)(9)(15)

 

 

 

 

Total Distributors

 

$

93,594

 

$

94,525

 

 

 

See notes to consolidated financial statements

13


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2U

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2U, Inc.

 

First Lien Secured Debt

 

S+650, 0.75% Floor

 

12/28/2026

 

$

14,983

 

$

14,422

 

$

14,252

 

(8)(15)

Accelerate Learning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eagle Purchaser, Inc.

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

3/22/2030

 

 

25,839

 

22,537

 

23,155

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

3/22/2029

 

 

3,947

 

2,303

 

2,364

 

(4)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

24,840

 

 

25,519

 

 

Excelligence

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excelligence Learning Corporation

 

First Lien Secured Debt

 

S+575, 1.00% Floor

 

1/18/2030

 

 

85,438

 

83,771

 

83,730

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+575, 1.00% Floor

 

1/18/2030

 

 

13,562

 

3,850

 

3,841

 

(4)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

87,621

 

 

87,571

 

 

Greencross

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vermont Aus Pty Ltd

 

First Lien Secured Debt

 

S+580, 0.75% Floor

 

3/23/2028

 

 

111,640

 

109,585

 

111,361

 

(4)(8)(9)(15)

 

 

First Lien Secured Debt

 

BBSW+575, 0.75% Floor

 

3/23/2028

 

A$

9,800

 

7,134

 

6,386

 

(3)(4)(8)(9)(18)

 

 

 

 

 

 

 

 

 

 

 

 

116,719

 

 

117,747

 

 

Houghton Mifflin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Houghton Mifflin Harcourt Company

 

First Lien Secured Debt

 

S+535, 0.50% Floor

 

4/9/2029

 

 

47,474

 

45,680

 

47,178

 

(14)(15)

SERVPRO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Silver Serve, LLC

 

First Lien Secured Debt

 

S+610, 1.00% Floor

 

12/18/2028

 

 

40,501

 

32,455

 

32,014

 

(4)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+610, 1.00% Floor

 

12/18/2028

 

 

4,817

 

(46)

 

(96)

 

(4)(5)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

32,409

 

 

31,918

 

 

 

 

 

 

Total Diversified Consumer Services

 

$

321,691

 

$

324,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Congruex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Congruex Group LLC

 

First Lien Secured Debt

 

S+590, 0.75% Floor

 

5/3/2029

 

$

29,475

 

$

28,888

 

$

28,664

 

(4)(9)(15)

 

 

 

 

Total Electric Utilities

 

$

28,888

 

$

28,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antylia Scientific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CPI Buyer, LLC

 

First Lien Secured Debt

 

S+576, 0.75% Floor

 

11/1/2028

 

$

34,082

 

$

34,078

 

$

33,742

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+576, 0.75% Floor

 

10/30/2026

 

 

3,346

 

 

(33)

 

(4)(5)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

34,078

 

 

33,709

 

 

International Wire Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IW Buyer LLC

 

First Lien Secured Debt

 

S+685, 1.00% Floor

 

6/28/2029

 

 

16,728

 

16,272

 

16,435

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+685, 1.00% Floor

 

6/28/2029

 

 

3,146

 

(83)

 

(55)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

16,189

 

 

16,380

 

 

 

See notes to consolidated financial statements

14


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Trescal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ruler Bidco S.A R.L.

 

First Lien Secured Debt

 

E+550, 0.00% Floor

 

4/29/2030

 

28,282

 

30,253

 

30,054

 

(3)(4)(8)(9)(20)

 

 

First Lien Secured Debt

 

S+550, 0.50% Floor

 

4/29/2030

 

 

11,498

 

11,185

 

11,411

 

(4)(8)(9)(15)

 

 

First Lien Secured Debt

 

E+650, 0.00% Floor

 

4/29/2030

 

11,200

 

5,366

 

5,256

 

(3)(4)(8)(9)(11)(20)(28)

 

 

 

 

 

 

 

 

 

 

 

 

46,804

 

 

46,721

 

 

 

 

 

 

Total Electrical Equipment

 

$

97,071

 

$

96,810

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Camin Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Camin Cargo Control Holdings, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

12/7/2029

 

$

36,190

 

$

30,728

 

$

30,646

 

(4)(9)(11)(14)(28)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

12/7/2029

 

 

4,731

 

845

 

840

 

(4)(9)(11)(14)(28)

 

 

 

 

Total Energy Equipment & Services

 

$

31,573

 

$

31,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chernin Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jewel Purchaser, Inc.

 

First Lien Secured Debt

 

S+560, 0.50% Floor

 

7/1/2027

 

$

89,912

 

$

88,092

 

$

89,912

 

(4)(9)(15)

 

 

 

 

Total Entertainment

 

$

88,092

 

$

89,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acuity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trident Bidco Limited

 

First Lien Secured Debt

 

S+500, 0.00% Floor

 

6/7/2029

 

$

131,619

 

$

129,942

 

$

131,619

 

(4)(8)(9)(13)

Mercury Borrower, Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mercury Borrower, Inc.

 

First Lien Secured Debt

 

S+361, 0.50% Floor

 

8/2/2028

 

 

41,890

 

41,592

 

41,791

 

(14)(15)

Paymentsense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hurricane Cleanco Limited

 

First Lien Secured Debt

 

12.50% (includes 6.25% PIK)

 

10/31/2029

 

£

47,748

 

56,136

 

59,362

 

(3)(4)(8)(9)

PIB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paisley Bidco Limited

 

First Lien Secured Debt

 

E+675, 0.00% Floor

 

3/17/2028

 

£

22,500

 

13,295

 

13,972

 

(3)(4)(8)(11)(20)(28)

Stretto

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stretto, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/13/2028

 

 

135,000

 

132,495

 

133,313

 

(4)(9)(15)

VEPF VII

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VEPF VII Holdings, L.P.

 

First Lien Secured Debt

 

S+450 PIK

 

2/28/2028

 

 

19,776

 

19,703

 

19,776

 

(4)(8)(15)

 

 

 

 

Total Financial Services

 

$

393,163

 

$

399,833

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nutpods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Green Grass Foods, Inc.

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

12/26/2029

 

$

3,741

 

$

3,668

 

$

3,666

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+650, 1.00% Floor

 

12/26/2029

 

 

1,250

 

(24)

 

(25)

 

(4)(5)(9)(11)(28)

Nutpods Holdings, Inc.

 

Common Equity - Stock

 

N/A

 

N/A

 

 

125 Shares

 

125

 

125

 

(4)(9)

 

 

 

 

Total Food Products

 

$

3,769

 

$

3,766

 

 

 

See notes to consolidated financial statements

15


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Ground Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boasso

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Channelside AcquisitionCo, Inc.

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

6/30/2028

 

$

31,778

 

$

30,475

 

$

30,912

 

(4)(9)(11)(14)(28)

 

 

First Lien Secured Debt

 

S+550, 1.00% Floor

 

6/30/2028

 

 

4,000

 

(16)

 

(40)

 

(4)(5)(9)(11)(28)

 

 

First Lien Secured Debt - Revolver

 

P+675, 1.00% Floor

 

7/1/2026

 

 

2,917

 

740

 

781

 

(4)(9)(11)(24)(28)

 

 

 

 

 

 

 

 

 

 

 

 

31,199

 

 

31,653

 

 

Transportation Insight

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TI Intermediate Holdings, LLC

 

First Lien Secured Debt

 

S+460, 1.00% Floor

 

12/18/2024

 

 

7,368

 

7,368

 

6,963

 

(15)

 

 

 

 

Total Ground Transportation

 

$

38,567

 

$

38,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Equipment & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catalent Pharma Solutions, Inc.

 

First Lien Secured Debt

 

S+300, 0.50% Floor

 

2/22/2028

 

$

9,000

 

$

8,936

 

$

9,034

 

(8)(14)

CINC Systems

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1475 Holdings, LLC

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

1/19/2030

 

 

3,929

 

3,852

 

3,850

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+575, 0.75% Floor

 

1/19/2030

 

 

1,071

 

(21)

 

(21)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

3,831

 

 

3,829

 

 

Corpuls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heartbeat BidCo GmbH

 

First Lien Secured Debt

 

E+700, 0.50% Floor

 

6/28/2030

 

20,000

 

21,423

 

21,522

 

(3)(4)(8)(9)(20)

Medline

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medline Borrower LP

 

First Lien Secured Debt

 

S+286, 0.50% Floor

 

10/23/2028

 

 

9,086

 

9,086

 

9,116

 

(15)

TerSera Therapeutics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TerSera Therapeutics LLC

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

4/4/2029

 

 

13,826

 

13,461

 

13,791

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

4/4/2029

 

 

1,140

 

(29)

 

(3)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

13,432

 

 

13,788

 

 

Treace Medical Concepts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treace Medical Concepts, Inc.

 

First Lien Secured Debt

 

S+610, 1.00% Floor

 

4/1/2027

 

 

17,500

 

7,268

 

6,898

 

(4)(8)(9)(14)(26)(28)

 

 

First Lien Secured Debt - Revolver

 

S+410, 1.00% Floor

 

4/1/2027

 

 

1,500

 

202

 

164

 

(4)(8)(9)(11)(14)(26)(28)

 

 

 

 

 

 

 

 

 

 

 

 

7,470

 

 

7,062

 

 

Zest Dental Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zest Acquisition Corp.

 

First Lien Secured Debt

 

S+550, 0.00% Floor

 

2/8/2028

 

 

11,850

 

11,369

 

11,806

 

(14)

Zeus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zeus Company LLC

 

First Lien Secured Debt

 

S+550, 0.75% Floor

 

2/28/2031

 

 

64,086

 

53,156

 

53,147

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+550, 0.75% Floor

 

2/28/2030

 

 

7,539

 

(111)

 

(113)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

53,045

 

 

53,034

 

 

 

 

 

 

Total Health Care Equipment & Supplies

 

$

128,592

 

$

129,191

 

 

 

See notes to consolidated financial statements

16


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advarra

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advarra Holdings, Inc.

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

8/24/2029

 

$

197,707

 

$

178,347

 

$

182,037

 

(4)(9)(11)(14)(28)

Affordable Care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACI Group Holdings, Inc.

 

First Lien Secured Debt

 

S+560, 0.75% Floor

 

8/2/2028

 

 

4,937

 

4,937

 

4,887

 

(4)(14)

Allied Benefit Systems

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Benefit Systems Intermediate LLC

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

10/31/2030

 

 

93,000

 

77,387

 

78,386

 

(4)(9)(11)(14)(28)

Athenahealth

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athenahealth Group Inc.

 

First Lien Secured Debt

 

S+325, 0.50% Floor

 

2/15/2029

 

 

49,334

 

48,579

 

48,991

 

(14)

CNSI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acentra Holdings, LLC

 

First Lien Secured Debt

 

S+650, 0.50% Floor

 

12/17/2029

 

 

35,550

 

34,512

 

35,017

 

(4)(9)(15)

 

 

First Lien Secured Debt

 

S+575, 0.50% Floor

 

12/17/2028

 

 

2,957

 

2,900

 

2,927

 

(4)(9)(15)

 

 

First Lien Secured Debt

 

S+550, 0.50% Floor

 

12/17/2029

 

 

9,894

 

2,351

 

2,295

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+550, 0.50% Floor

 

12/17/2029

 

 

4,000

 

668

 

713

 

(4)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

40,431

 

 

40,952

 

 

CoreTrust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coretrust Purchasing Group LLC

 

First Lien Secured Debt

 

S+650, 0.75% Floor

 

10/1/2029

 

 

32,120

 

31,334

 

31,317

 

(4)(14)

 

 

First Lien Secured Debt

 

S+675, 0.75% Floor

 

10/1/2029

 

 

4,737

 

(56)

 

(118)

 

(4)(5)(11)(28)

 

 

First Lien Secured Debt - Revolver

 

S+675, 0.75% Floor

 

10/1/2029

 

 

4,737

 

(112)

 

(118)

 

(4)(5)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

31,166

 

 

31,081

 

 

Dental Care Alliance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DCA Investment Holding LLC

 

First Lien Secured Debt

 

S+641, 0.75% Floor

 

4/3/2028

 

 

2,445

 

2,445

 

2,445

 

(4)(15)

Eating Recovery Center

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ERC Topco Holdings, LLC

 

First Lien Secured Debt

 

S+326 (includes 3.25% PIK)

 

11/9/2028

 

 

35,020

 

35,020

 

28,191

 

(4)(15)

 

 

First Lien Secured Debt

 

S+300, 0.75% Floor

 

11/10/2028

 

 

281

 

281

 

227

 

(4)(15)

 

 

First Lien Secured Debt

 

S+550, 0.75% Floor

 

11/10/2027

 

 

19

 

19

 

16

 

(4)(14)

 

 

First Lien Secured Debt - Revolver

 

S+326 (includes 3.25% PIK)

 

11/10/2027

 

 

3,195

 

2,412

 

1,877

 

(4)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

37,732

 

 

30,311

 

 

Gainwell

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gainwell Acquisition Corp.

 

First Lien Secured Debt

 

S+410, 0.75% Floor

 

10/1/2027

 

 

44,448

 

43,512

 

42,598

 

(15)

Gateway Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gateway US Holdings, Inc.

 

First Lien Secured Debt

 

S+615, 0.75% Floor

 

9/22/2026

 

 

92,174

 

91,831

 

92,174

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+615, 0.75% Floor

 

9/22/2026

 

 

2,629

 

(5)

 

 

(4)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

91,826

 

 

92,174

 

 

Omega Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OMH-Healthedge Holdings, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/8/2029

 

 

108,271

 

105,718

 

106,647

 

(4)(9)(15)(16)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

10/8/2029

 

 

11,729

 

(270)

 

(176)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

105,448

 

 

106,471

 

 

 

See notes to consolidated financial statements

17


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Parexel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Newco, Inc.

 

First Lien Secured Debt

 

S+336, 0.50% Floor

 

11/15/2028

 

 

19,949

 

19,900

 

20,017

 

(14)

Practice Plus Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited

 

First Lien Secured Debt

 

SONIA+625, 0.50% Floor

 

11/2/2029

 

£

10,000

 

11,618

 

12,590

 

(3)(4)(8)(9)(17)

Public Partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPL Acquisition LLC

 

First Lien Secured Debt

 

S+635, 0.75% Floor

 

7/1/2028

 

 

8,556

 

8,375

 

8,299

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+635, 0.75% Floor

 

7/1/2028

 

 

1,000

 

(14)

 

(30)

 

(4)(5)(9)(11)(28)

PPL Equity LP

 

Preferred Equity - Preferred Stocks

 

N/A

 

N/A

 

 

50,000 Shares

 

50

 

10

 

(4)(9)

 

 

Preferred Equity - Equity Unit

 

N/A

 

N/A

 

 

50,000 Shares

 

50

 

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

8,461

 

 

8,279

 

 

Smile Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smile Brands Inc.

 

First Lien Secured Debt

 

S+461, 0.75% Floor

 

10/12/2027

 

 

7,349

 

7,349

 

7,055

 

(4)(15)

Team Select

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TS Investors, LLC

 

First Lien Secured Debt

 

S+660, 1.00% Floor

 

5/4/2029

 

 

9,203

 

7,500

 

7,726

 

(4)(9)(11)(14)(28)

 

 

First Lien Secured Debt - Revolver

 

S+660, 1.00% Floor

 

5/4/2029

 

 

739

 

(19)

 

 

(4)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

7,481

 

 

7,726

 

 

Thrive Pet Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pathway Vet Alliance LLC

 

First Lien Secured Debt

 

S+386, 0.00% Floor

 

3/31/2027

 

 

25,522

 

25,488

 

22,468

 

(14)

Tivity Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tivity Health, Inc.

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

6/28/2029

 

 

113,275

 

111,881

 

113,275

 

(4)(9)(15)

US Fertility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Fertility Enterprises, LLC

 

First Lien Secured Debt

 

S+660, 1.00% Floor

 

12/21/2027

 

 

10,899

 

10,669

 

10,790

 

(4)(9)(16)

 

 

First Lien Secured Debt

 

S+610, 1.00% Floor

 

12/21/2027

 

 

622

 

612

 

612

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+635, 1.00% Floor

 

12/21/2027

 

 

130

 

30

 

31

 

(4)(9)(11)(16)(28)

 

 

 

 

 

 

 

 

 

 

 

 

11,311

 

 

11,433

 

 

 

 

 

 

Total Health Care Providers & Services

 

$

865,299

 

$

863,176

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clario

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

eResearchTechnology, Inc.

 

First Lien Secured Debt

 

S+461, 1.00% Floor

 

2/4/2027

 

$

19,923

 

$

19,419

 

$

20,006

 

(14)

Imprivata

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Imprivata, Inc.

 

First Lien Secured Debt

 

S+401, 0.50% Floor

 

12/1/2027

 

 

7,979

 

8,009

 

8,014

 

(15)

Wellsky

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Project Ruby Ultimate Parent Corp.

 

First Lien Secured Debt

 

S+361, 0.00% Floor

 

3/10/2028

 

 

42,000

 

41,794

 

42,105

 

(14)(15)

 

 

 

 

Total Health Care Technology

 

$

69,222

 

$

70,125

 

 

 

See notes to consolidated financial statements

18


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caesars Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caesars Entertainment, Inc.

 

First Lien Secured Debt

 

S+275, 0.50% Floor

 

2/6/2031

 

$

34,000

 

$

33,915

 

$

34,069

 

(8)(15)

Delivery Hero

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delivery Hero Finco Germany GmbH

 

First Lien Secured Debt

 

E+500, 0.00% Floor

 

12/12/2029

 

132,500

 

138,261

 

140,089

 

(3)(4)(8)(9)(20)

Delivery Hero SE

 

Unsecured Debt - Convertible Bond

 

0.88%

 

7/15/2025

 

100

 

100

 

102

 

(3)(8)(9)

 

 

Unsecured Debt - Convertible Bond

 

3.25%

 

2/21/2030

 

100

 

94

 

100

 

(3)(8)(9)

 

 

 

 

 

 

 

 

 

 

 

 

138,455

 

 

140,291

 

 

PARS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARS Group LLC

 

First Lien Secured Debt

 

S+685, 1.50% Floor

 

4/3/2028

 

 

9,910

 

8,852

 

8,833

 

(4)(9)(14)(28)

Restaurant Brands International Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1011778 B.C. Unlimited Liability Company

 

First Lien Secured Debt

 

S+225, 0.00% Floor

 

9/20/2030

 

 

9,975

 

9,963

 

9,981

 

(8)(14)

Scientific Games Lottery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Scientific Games Holdings LP

 

First Lien Secured Debt

 

S+325, 0.50% Floor

 

4/4/2029

 

 

9,975

 

9,925

 

9,984

 

(15)

Sky Zone

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CircusTrix Holdings LLC

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

7/18/2028

 

 

12,518

 

12,239

 

12,455

 

(4)(9)(14)

 

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

7/18/2028

 

 

1,613

 

(17)

 

(8)

 

(4)(5)(9)(11)(28)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

7/18/2028

 

 

806

 

(17)

 

(4)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

12,205

 

 

12,443

 

 

 

 

 

 

Total Hotels, Restaurants & Leisure

 

$

213,315

 

$

215,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ergotron

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ergotron Acquisition, LLC

 

First Lien Secured Debt

 

S+586, 0.75% Floor

 

7/6/2028

 

$

9,801

 

$

9,650

 

$

9,678

 

(4)(14)

Ergotron Investments, LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

 

500 Shares

 

50

 

56

 

(4)

 

 

 

 

 

 

 

 

 

 

 

 

9,700

 

 

9,734

 

 

HOV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

K Hovnanian Enterprises Inc

 

First Lien Secured Debt - Revolver

 

S+450, 3.00% Floor

 

6/30/2026

 

 

70,000

 

(3,473)

 

(3,500)

 

(4)(5)(8)(9)(11)(28)

 

 

First Lien Secured Debt - Corporate Bond

 

11.75%

 

9/30/2029

 

 

1,950

 

1,899

 

2,163

 

(8)(9)

 

 

First Lien Secured Debt - Corporate Bond

 

8.00%

 

9/30/2028

 

 

2,000

 

1,982

 

2,080

 

(8)(9)

 

 

 

 

 

 

 

 

 

 

 

 

408

 

 

743

 

 

Polywood

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Poly-Wood, LLC

 

First Lien Secured Debt

 

S+575, 1.00% Floor

 

3/20/2030

 

 

145,955

 

119,896

 

119,885

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+575, 1.00% Floor

 

3/20/2030

 

 

23,045

 

(516)

 

(519)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

119,380

 

 

119,366

 

 

 

 

 

 

Total Household Durables

 

$

129,488

 

$

129,843

 

 

 

See notes to consolidated financial statements

19


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Household Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantice Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jazz AH Holdco, LLC

 

First Lien Secured Debt

 

S+510, 0.75% Floor

 

4/3/2028

 

$

9,092

 

$

7,211

 

$

7,059

 

(4)(11)(16)(28)

 

 

First Lien Secured Debt - Revolver

 

S+510, 0.75% Floor

 

4/3/2028

 

 

800

 

370

 

367

 

(4)(11)(16)(28)

 

 

 

 

Total Household Products

 

$

7,581

 

$

7,426

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Independent Power & Renewable Electricity Producers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Esdec

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Esdec Solar Group B.V.

 

First Lien Secured Debt

 

E+600, 0.50% Floor

 

8/30/2028

 

64,756

 

$

53,305

 

$

50,759

 

(3)(4)(8)(9)(11)(20)(28)

 

 

 

 

Total Independent Power & Renewable Electricity Producers

 

$

53,305

 

$

50,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group, Inc.

 

First Lien Secured Debt

 

S+535, 0.75% Floor

 

10/2/2028

 

$

55,874

 

$

54,932

 

$

55,873

 

(4)(9)(14)

 

 

First Lien Secured Debt

 

S+585, 0.75% Floor

 

10/2/2028

 

 

39,614

 

1,797

 

1,917

 

(4)(9)(11)(14)(28)

 

 

 

 

 

 

 

 

 

 

 

 

56,729

 

 

57,790

 

 

April

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athena Bidco S.A.S.

 

First Lien Secured Debt

 

E+650, 0.00% Floor

 

4/18/2030

 

20,000

 

20,314

 

20,393

 

(3)(4)(8)(9)(21)(28)

 

 

First Lien Secured Debt - Delayed Draw Note

 

E+650, 0.00% Floor

 

4/18/2030

 

10,000

 

10,662

 

10,708

 

(3)(4)(8)(9)(21)

 

 

First Lien Secured Debt - Delayed Draw Note

 

E+625, 0.00% Floor

 

4/18/2030

 

7,462

 

(76)

 

(60)

 

(3)(4)(5)(8)(9)(28)

 

 

 

 

 

 

 

 

 

 

 

 

30,900

 

 

31,041

 

 

AssuredPartners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AssuredPartners, Inc.

 

First Lien Secured Debt

 

S+350, 0.50% Floor

 

2/14/2031

 

 

10,000

 

9,950

 

10,025

 

(14)

Asurion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asurion, LLC

 

First Lien Secured Debt

 

S+336, 0.00% Floor

 

7/31/2027

 

 

27,419

 

27,251

 

26,416

 

(14)

 

 

First Lien Secured Debt

 

S+336, 0.00% Floor

 

12/23/2026

 

 

12,388

 

12,157

 

12,166

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

39,408

 

 

38,582

 

 

Higginbotham

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higginbotham Insurance Agency, Inc.

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

11/24/2028

 

 

45,721

 

45,596

 

45,720

 

(4)(14)

 

 

First Lien Secured Debt

 

S+500, 1.00% Floor

 

11/25/2028

 

 

23,000

 

(115)

 

(115)

 

(4)(5)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

45,481

 

 

45,605

 

 

Howden Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hyperion Refinance Sarl

 

First Lien Secured Debt

 

S+350, 0.50% Floor

 

2/15/2031

 

 

39,500

 

39,304

 

39,574

 

(8)(14)

Patriot Growth Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patriot Growth Insurance Services, LLC

 

First Lien Secured Debt

 

S+565, 0.75% Floor

 

10/16/2028

 

 

32,060

 

32,060

 

32,060

 

(4)(15)

 

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

10/16/2028

 

 

5,999

 

903

 

959

 

(4)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+565, 0.75% Floor

 

10/16/2028

 

 

2,311

 

 

 

(4)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

32,963

 

 

33,019

 

 

 

See notes to consolidated financial statements

20


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Risk Strategies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accession Risk Management Group, Inc.

 

First Lien Secured Debt

 

S+565, 0.75% Floor

 

11/1/2029

 

 

47,409

 

47,288

 

47,409

 

(4)(15)

 

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

11/1/2029

 

 

6,989

 

3,027

 

3,079

 

(4)(11)(14)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+565, 0.75% Floor

 

11/1/2029

 

 

900

 

(3)

 

 

(4)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

50,312

 

 

50,488

 

 

Safe-Guard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG Acquisition, Inc.

 

First Lien Secured Debt

 

S+610, 0.50% Floor

 

1/27/2027

 

 

90,168

 

88,736

 

88,815

 

(4)(9)(15)

 

 

 

 

Total Insurance

 

$

393,783

 

$

394,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anaplan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anaplan, Inc.

 

First Lien Secured Debt

 

S+650, 0.75% Floor

 

6/21/2029

 

$

146,692

 

$

144,308

 

$

148,159

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+650, 0.75% Floor

 

6/21/2028

 

 

9,073

 

(129)

 

 

(4)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

144,179

 

 

148,159

 

 

Genesys Cloud

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greeneden U.S. Holdings II, LLC

 

First Lien Secured Debt

 

S+361, 0.75% Floor

 

12/1/2027

 

 

11,155

 

11,174

 

11,197

 

(14)

 

 

First Lien Secured Debt

 

S+386, 0.75% Floor

 

12/1/2027

 

 

7,750

 

7,731

 

7,789

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

18,905

 

 

18,986

 

 

Peraton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peraton Corp.

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

2/1/2028

 

 

27,589

 

27,602

 

27,617

 

(14)

Vensure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vensure Employer Services, Inc.

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

3/26/2027

 

 

39,959

 

11,189

 

11,197

 

(4)(11)(15)(28)

Version 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Company 24 Bidco Limited

 

First Lien Secured Debt

 

SONIA+540, 0.00% Floor

 

7/11/2029

 

£

6,559

 

7,644

 

8,196

 

(3)(4)(8)(9)(17)

 

 

First Lien Secured Debt

 

E+540, 0.00% Floor

 

7/11/2029

 

4,029

 

3,967

 

4,304

 

(3)(4)(8)(9)(20)

 

 

First Lien Secured Debt

 

SONIA+575, 0.00% Floor

 

7/11/2029

 

1,377

 

1,343

 

1,470

 

(3)(4)(8)(9)(17)

 

 

First Lien Secured Debt

 

SONIA+625, 0.00% Floor

 

7/11/2029

 

6,000

 

(90)

 

(65)

 

(3)(4)(5)(8)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

12,864

 

 

13,905

 

 

Virtusa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virtusa Corporation

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

2/15/2029

 

 

7,877

 

7,805

 

7,901

 

(14)

 

 

 

 

Total IT Services

 

$

222,544

 

$

227,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amer Sports

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amer Sports Company

 

First Lien Secured Debt

 

S+325, 0.00% Floor

 

2/17/2031

 

$

4,941

 

$

4,916

 

$

4,954

 

(8)(15)

Lime

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Neutron Holdings, Inc.

 

First Lien Secured Debt

 

10.00%

 

9/30/2026

 

 

75,000

 

73,715

 

74,625

 

(4)(9)

 

See notes to consolidated financial statements

21


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Peloton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peloton Interactive, Inc.

 

First Lien Secured Debt

 

S+710, 0.50% Floor

 

5/25/2027

 

 

4,950

 

4,925

 

4,987

 

(8)(16)

Varsity Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hercules Achievement Inc / Varsity Brands Holding Co Inc

 

First Lien Secured Debt - Corporate Bond

 

S+650, 1.00% Floor

 

12/15/2026

 

 

139,500

 

137,645

 

138,454

 

(4)(9)(15)

Varsity Brands Holding Co., Inc.

 

First Lien Secured Debt

 

S+511, 1.00% Floor

 

12/15/2026

 

 

2,740

 

2,720

 

2,756

 

(9)(14)

 

 

 

 

 

 

 

 

 

 

 

 

140,365

 

 

141,210

 

 

 

 

 

 

Total Leisure Products

 

$

223,921

 

$

225,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Curia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Curia Global, Inc.

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

8/30/2026

 

$

9,476

 

$

9,029

 

$

9,051

 

(15)

 

 

 

 

Total Life Sciences Tools & Services

 

$

9,029

 

$

9,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlisle Fluid Technologies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSF12 Donnelly Bidco, LLC

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

10/2/2029

 

$

14,925

 

$

14,574

 

$

14,573

 

(4)(9)(14)

Charter Next Generation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Next Generation, Inc.

 

First Lien Secured Debt

 

S+361, 0.75% Floor

 

12/1/2027

 

 

12,782

 

12,822

 

12,820

 

(14)

Circor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cube Industrials Buyer, Inc./Cube A&D Buyer Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/18/2030

 

 

93,017

 

90,794

 

91,855

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

10/18/2029

 

 

10,733

 

(245)

 

(268)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

90,549

 

 

91,587

 

 

Duravant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Engineered Machinery Holdings, Inc.

 

First Lien Secured Debt

 

S+401, 0.75% Floor

 

5/19/2028

 

 

22,941

 

22,774

 

22,888

 

(15)

Husky Technologies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Titan Acquisition Ltd of Canada

 

First Lien Secured Debt

 

S+500, 0.00% Floor

 

1/31/2029

 

 

40,436

 

39,896

 

40,592

 

(8)(14)

JPW

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JPW Industries Holding Corporation

 

First Lien Secured Debt

 

S+588, 2.00% Floor

 

11/22/2028

 

 

116,708

 

113,951

 

113,790

 

(4)(9)(15)

ProMach

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro Mach Group, Inc.

 

First Lien Secured Debt

 

S+386, 1.00% Floor

 

8/31/2028

 

 

17,938

 

18,018

 

18,022

 

(14)(15)

 

 

 

 

Total Machinery

 

$

312,584

 

$

314,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marine Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meritus Gas Partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MGP Holdings III Corp.

 

First Lien Secured Debt

 

S+525, 1.00% Floor

 

3/1/2030

 

$

28,037

 

$

20,284

 

$

20,196

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+525, 1.00% Floor

 

3/1/2030

 

 

1,963

 

(39)

 

(39)

 

(4)(5)(9)(11)(28)

 

 

 

 

Total Marine Transportation

 

$

20,245

 

$

20,157

 

 

 

See notes to consolidated financial statements

22


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accelerate360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accelerate360 Holdings, LLC

 

First Lien Secured Debt

 

S+626, 1.00% Floor

 

2/11/2027

 

$

66,067

 

$

66,067

 

$

66,067

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+626, 1.00% Floor

 

2/11/2027

 

 

26,908

 

17,938

 

17,938

 

(4)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

84,005

 

 

84,005

 

 

Advantage Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Sales & Marketing Inc.

 

First Lien Secured Debt

 

S+476, 0.75% Floor

 

10/28/2027

 

 

29,879

 

29,738

 

29,974

 

(8)(15)

Associa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations Inc.

 

First Lien Secured Debt

 

S+426 (includes 2.50% PIK)

 

7/2/2027

 

 

18,613

 

18,500

 

18,612

 

(4)(15)

Clear Channel International B.V.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clear Channel International B.V.

 

First Lien Secured Debt

 

S+225, 5.25% Floor

 

8/5/2027

 

 

30,000

 

29,700

 

29,700

 

(4)(8)(14)

Escalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M&M OPCO, LLC

 

First Lien Secured Debt

 

S+810, 1.00% Floor

 

4/7/2029

 

 

9,429

 

9,178

 

9,264

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+810, 1.00% Floor

 

4/7/2029

 

 

476

 

(12)

 

(8)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

9,166

 

 

9,256

 

 

Gannett

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gannett Holdings, LLC

 

First Lien Secured Debt

 

S+511, 0.50% Floor

 

10/15/2026

 

 

51,551

 

51,415

 

50,649

 

(8)(14)

 

 

First Lien Secured Debt - Corporate Bond

 

6.00%

 

11/1/2026

 

 

8,499

 

7,693

 

7,821

 

(8)

 

 

 

 

 

 

 

 

 

 

 

 

59,108

 

 

58,470

 

 

Material+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material Holdings, LLC

 

First Lien Secured Debt

 

S+610, 0.75% Floor

 

8/19/2027

 

 

7,368

 

7,368

 

7,276

 

(4)(15)

McGraw Hill

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

McGraw-Hill Education, Inc.

 

First Lien Secured Debt

 

S+486, 0.50% Floor

 

7/28/2028

 

 

49,939

 

48,960

 

50,091

 

(14)

Wood Mackenzie

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet US Buyer LLC

 

First Lien Secured Debt

 

S+350, 0.00% Floor

 

2/7/2031

 

 

13,000

 

12,968

 

13,058

 

(9)(15)

 

 

 

 

Total Media

 

$

299,513

 

$

300,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brookfield Infrastructure Partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BIP Pipeco Holdings LLC

 

First Lien Secured Debt

 

S+325, 0.00% Floor

 

12/6/2030

 

$

5,000

 

$

5,019

 

$

5,014

 

(15)

 

 

 

 

Total Oil, Gas & Consumable Fuels

 

$

5,019

 

$

5,014

 

 

 

See notes to consolidated financial statements

23


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Personal Care Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heat Makes Sense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amika OpCo LLC

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

7/1/2029

 

$

34,913

 

$

34,244

 

$

34,913

 

(4)(9)(16)

 

 

First Lien Secured Debt

 

S+540, 0.75% Floor

 

7/1/2029

 

 

7,891

 

7,761

 

7,832

 

(4)(9)(16)

 

 

First Lien Secured Debt - Revolver

 

S+565, 0.75% Floor

 

7/1/2028

 

 

1,617

 

(24)

 

(12)

 

(4)(5)(9)(11)(28)

Ishtar Co-Invest-B LP

 

Common Equity - Stock

 

N/A

 

N/A

 

 

39 Shares

 

22

 

 

(4)(9)

Oshun Co-Invest-B LP

 

Common Equity - Stock

 

N/A

 

N/A

 

 

11 Shares

 

11

 

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

42,014

 

 

42,733

 

 

KDC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KDC/ONE Development Corporation, Inc.

 

First Lien Secured Debt

 

S+500, 0.00% Floor

 

8/15/2028

 

 

29,870

 

29,376

 

29,963

 

(8)(14)(15)

Revlon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revlon Intermediate Holdings IV LLC

 

First Lien Secured Debt - Revolver

 

S+461, 1.75% Floor

 

5/2/2026

 

 

110,000

 

4,592

 

4,378

 

(4)(9)(11)(14)(28)

RoC Skincare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RoC Holdco LLC

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

2/21/2031

 

 

25,610

 

25,103

 

25,098

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

2/21/2030

 

 

4,390

 

(86)

 

(88)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

25,017

 

 

25,010

 

 

 

 

 

 

Total Personal Care Products

 

$

100,999

 

$

102,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcresta

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcresta Holdings, LP

 

Preferred Equity - Preferred Stocks

 

N/A

 

N/A

 

 

116 Shares

 

$

116

 

$

116

 

(4)(9)

 

 

Preferred Equity - Equity Unit

 

N/A

 

N/A

 

 

1,176 Shares

 

1

 

1

 

(4)(9)

Alcresta Therapeutics Inc.

 

First Lien Secured Debt

 

S+575, 1.00% Floor

 

3/31/2030

 

$

9,010

 

4,472

 

4,471

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+575, 1.00% Floor

 

3/31/2029

 

 

872

 

(17)

 

(17)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

4,572

 

 

4,571

 

 

Bausch Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bausch Health Companies Inc.

 

First Lien Secured Debt

 

S+535, 0.50% Floor

 

2/1/2027

 

 

45,375

 

42,990

 

35,633

 

(8)(14)

 

 

First Lien Secured Debt - Corporate Bond

 

5.50%

 

11/1/2025

 

 

1,000

 

902

 

944

 

(8)

 

 

 

 

 

 

 

 

 

 

 

 

43,892

 

 

36,577

 

 

Ceva

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financiere Mendel SASU

 

First Lien Secured Debt

 

S+425, 0.00% Floor

 

11/12/2030

 

 

8,750

 

8,666

 

8,780

 

(8)(15)

Eversana

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSCS Holdings, Inc.

 

First Lien Secured Debt

 

S+461, 0.50% Floor

 

12/16/2028

 

 

2,063

 

2,033

 

2,036

 

(14)

ExactCare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ExactCare Parent, Inc.

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

11/3/2029

 

 

40,574

 

39,513

 

39,864

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+650, 1.00% Floor

 

11/3/2029

 

 

4,426

 

(114)

 

(77)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

39,399

 

 

39,787

 

 

 

 

 

 

Total Pharmaceuticals

 

$

98,562

 

$

91,751

 

 

 

See notes to consolidated financial statements

24


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAB Global, Inc.

 

First Lien Secured Debt

 

S+361, 0.50% Floor

 

8/16/2028

 

$

19,898

 

$

19,714

 

$

19,933

 

(14)

Ingenovis Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ingenovis Health, Inc.

 

First Lien Secured Debt

 

S+435, 0.50% Floor

 

3/6/2028

 

 

2,955

 

2,862

 

2,689

 

(15)

Kroll

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deerfield Dakota Holding, LLC

 

First Lien Secured Debt

 

S+375, 1.00% Floor

 

4/9/2027

 

 

47,635

 

47,333

 

47,460

 

(15)

VFS Global

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Speed Midco 3 S.A R.L.

 

First Lien Secured Debt

 

E+640, 0.00% Floor

 

5/16/2029

 

111,776

 

114,471

 

120,590

 

(3)(4)(8)(9)(20)

 

 

First Lien Secured Debt

 

SONIA+690, 0.00% Floor

 

5/16/2029

 

£

22,059

 

26,597

 

27,842

 

(3)(4)(8)(9)(17)

 

 

 

 

 

 

 

 

 

 

 

 

141,068

 

 

148,432

 

 

 

 

 

 

Total Professional Services

 

$

210,977

 

$

218,514

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Phase Elevator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyphase Elevator Holding Company

 

First Lien Secured Debt

 

S+610 (includes 5.00% PIK)

 

6/23/2027

 

$

3,477

 

$

3,477

 

$

2,921

 

(4)(15)

Pritchard Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pritchard Industries, LLC

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

10/13/2027

 

 

6,370

 

6,369

 

6,258

 

(4)(16)

Redfin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redfin Corporation

 

First Lien Secured Debt

 

S+575, 1.50% Floor

 

10/20/2028

 

 

126,683

 

60,328

 

60,332

 

(4)(8)(9)(11)(15)(28)

 

 

 

 

Total Real Estate Management & Development

 

$

70,174

 

$

69,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wolfspeed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wolfspeed, Inc.

 

First Lien Secured Debt - Corporate Bond

 

9.88%

 

6/23/2030

 

$

120,000

 

$

115,573

 

$

116,340

 

(4)(8)(9)

 

 

 

 

Total Semiconductors & Semiconductor Equipment

 

$

115,573

 

$

116,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accela

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accela, Inc.

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

9/3/2030

 

$

18,286

 

$

17,941

 

$

18,149

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+600, 0.75% Floor

 

9/3/2030

 

 

1,714

 

(31)

 

(13)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

17,910

 

 

18,136

 

 

Access Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Armstrong Bidco Limited

 

First Lien Secured Debt

 

SONIA+525, 0.00% Floor

 

6/28/2029

 

£

42,000

 

50,180

 

52,083

 

(3)(4)(8)(17)

Alteryx

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Azurite Intermediate Holdings, Inc.

 

First Lien Secured Debt

 

S+700, 1.00% Floor

 

3/19/2031

 

 

65,925

 

19,501

 

19,499

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+700, 1.00% Floor

 

3/19/2031

 

 

7,325

 

(109)

 

(110)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

19,392

 

 

19,389

 

 

 

See notes to consolidated financial statements

25


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Avalara

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Secured Debt

 

S+725, 0.75% Floor

 

10/19/2028

 

 

136,364

 

133,573

 

137,386

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+725, 0.75% Floor

 

10/19/2028

 

 

13,636

 

(260)

 

 

(4)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

133,313

 

 

137,386

 

 

BMC Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boxer Parent Company Inc.

 

First Lien Secured Debt

 

S+425, 0.00% Floor

 

12/29/2028

 

 

11,970

 

11,966

 

12,061

 

(14)(15)

Certinia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certinia Inc

 

First Lien Secured Debt

 

S+725, 1.00% Floor

 

8/3/2029

 

 

30,294

 

29,456

 

29,385

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+725, 1.00% Floor

 

8/3/2029

 

 

4,039

 

(108)

 

(121)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

29,348

 

 

29,264

 

 

Citrix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cloud Software Group, Inc.

 

First Lien Secured Debt

 

S+461, 0.50% Floor

 

9/29/2028

 

 

25,927

 

23,231

 

25,857

 

(15)

 

 

First Lien Secured Debt

 

S+461, 0.50% Floor

 

3/30/2029

 

 

18,954

 

18,747

 

18,890

 

(15)

 

 

First Lien Secured Debt

 

S+461, 0.50% Floor

 

3/21/2031

 

 

10,000

 

9,925

 

9,947

 

(15)

 

 

 

 

 

 

 

 

 

 

 

 

51,903

 

 

54,694

 

 

Consilio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skopima Consilio Parent LLC

 

First Lien Secured Debt

 

S+461, 0.50% Floor

 

5/12/2028

 

 

24,938

 

24,487

 

24,886

 

(14)

 

 

First Lien Secured Debt

 

S+411, 0.50% Floor

 

5/12/2028

 

 

10,570

 

10,555

 

10,542

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

35,042

 

 

35,428

 

 

Coupa Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coupa Software Incorporated

 

First Lien Secured Debt

 

S+750, 0.75% Floor

 

2/27/2030

 

 

60,220

 

53,996

 

55,284

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+750, 0.75% Floor

 

2/27/2029

 

 

3,780

 

(78)

 

(38)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

53,918

 

 

55,246

 

 

DigiCert

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dcert Buyer, Inc.

 

First Lien Secured Debt

 

S+400, 0.00% Floor

 

10/16/2026

 

 

49,846

 

49,675

 

49,675

 

(14)

Duck Creek Technologies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disco Parent, LLC

 

First Lien Secured Debt

 

S+750, 1.00% Floor

 

3/30/2029

 

 

21,392

 

20,923

 

21,392

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+750, 1.00% Floor

 

3/30/2029

 

 

2,139

 

(45)

 

 

(4)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

20,878

 

 

21,392

 

 

Flexera

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flexera Software LLC

 

First Lien Secured Debt

 

S+386, 0.75% Floor

 

3/3/2028

 

 

29,101

 

29,090

 

29,200

 

(14)

G2CI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evergreen IX Borrower 2023, LLC

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

9/30/2030

 

 

91,044

 

88,881

 

89,906

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 0.75% Floor

 

10/1/2029

 

 

10,071

 

(231)

 

(126)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

88,650

 

 

89,780

 

 

GTreasury

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G Treasury SS LLC

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

6/29/2029

 

 

17,857

 

8,335

 

8,215

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

6/29/2029

 

 

2,143

 

(38)

 

(43)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

8,297

 

 

8,172

 

 

 

See notes to consolidated financial statements

26


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Infoblox

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delta Topco, Inc.

 

First Lien Secured Debt

 

S+375, 0.75% Floor

 

12/1/2027

 

 

13,288

 

13,292

 

13,319

 

(16)

Instem

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ichor Management Limited

 

First Lien Secured Debt

 

S+550, 1.00% Floor

 

12/8/2029

 

 

9,255

 

9,033

 

9,024

 

(4)(8)(9)(15)

 

 

First Lien Secured Debt

 

S+550, 1.00% Floor

 

12/7/2029

 

£

3,077

 

(46)

 

(97)

 

(3)(4)(5)(8)(9)(11)(28)

 

 

First Lien Secured Debt - Revolver

 

S+550, 1.00% Floor

 

12/7/2029

 

£

1,477

 

1,543

 

1,549

 

(3)(4)(8)(9)(11)(15)(28)

 

 

 

 

 

 

 

 

 

 

 

 

10,530

 

 

10,476

 

 

Medallia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medallia, Inc.

 

First Lien Secured Debt

 

S+660 (includes 4.00% PIK)

 

10/29/2028

 

 

38,417

 

37,777

 

38,129

 

(4)(9)(15)

Mitchell

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mitchell International, Inc.

 

First Lien Secured Debt

 

S+401, 0.50% Floor

 

10/15/2028

 

 

29,925

 

29,437

 

29,971

 

(14)

New Relic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crewline Buyer, Inc.

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

11/8/2030

 

 

41,900

 

40,891

 

41,376

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

11/8/2030

 

 

4,365

 

(103)

 

(55)

 

(4)(5)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

40,788

 

 

41,321

 

 

Ping Identity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ping Identity Holding Corp.

 

First Lien Secured Debt

 

S+700, 0.75% Floor

 

10/17/2029

 

 

22,727

 

22,243

 

22,557

 

(4)(14)

 

 

First Lien Secured Debt - Revolver

 

S+700, 0.75% Floor

 

10/17/2028

 

 

2,273

 

(43)

 

(17)

 

(4)(5)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

22,200

 

 

22,540

 

 

Relativity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Relativity ODA LLC

 

First Lien Secured Debt

 

S+660, 1.00% Floor

 

5/12/2027

 

 

29,262

 

28,503

 

28,823

 

(4)(14)

 

 

First Lien Secured Debt - Revolver

 

S+660, 1.00% Floor

 

5/12/2027

 

 

2,500

 

(42)

 

(37)

 

(4)(5)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

28,461

 

 

28,786

 

 

Solera

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polaris Newco, LLC

 

First Lien Secured Debt

 

S+426, 0.50% Floor

 

6/2/2028

 

 

54,278

 

54,031

 

53,816

 

(15)

Stamps.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auctane, Inc.

 

First Lien Secured Debt

 

S+585, 0.75% Floor

 

10/5/2028

 

 

31,850

 

31,405

 

31,850

 

(4)(9)(15)

UKG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UKG Inc.

 

First Lien Secured Debt

 

S+350, 0.00% Floor

 

2/10/2031

 

 

5,000

 

5,019

 

5,032

 

(15)

Verscend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cotiviti, Inc.

 

First Lien Secured Debt

 

S+325, 0.00% Floor

 

2/21/2031

 

 

30,000

 

29,850

 

29,963

 

(14)

Waystar

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Navicure, Inc.

 

First Lien Secured Debt

 

S+400, 0.00% Floor

 

10/22/2029

 

 

22,500

 

22,472

 

22,584

 

(14)(15)

Zendesk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zendesk, Inc.

 

First Lien Secured Debt

 

S+625, 0.75% Floor

 

11/22/2028

 

 

181,274

 

143,156

 

145,759

 

(4)(9)(11)(15)(28)

 

 

First Lien Secured Debt - Revolver

 

S+625, 0.75% Floor

 

11/22/2028

 

 

14,624

 

(227)

 

 

(4)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

142,929

 

 

145,759

 

 

 

 

 

 

Total Software

 

$

1,067,753

 

$

1,085,452

 

 

 

See notes to consolidated financial statements

27


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Special Purpose Entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48forty Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II

 

First Lien Secured Debt

 

S+610, 1.00% Floor

 

11/30/2026

 

$

7,369

 

$

7,369

 

$

7,129

 

(4)(14)

 

 

 

 

Total Special Purpose Entity

 

$

7,369

 

$

7,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carvana

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carvana Co.

 

First Lien Secured Debt - Corporate Bond

 

13.00% PIK

 

6/1/2030

 

$

10,629

 

$

10,807

 

$

10,268

 

(8)

 

 

First Lien Secured Debt - Corporate Bond

 

14.00% PIK

 

6/1/2031

 

 

9,707

 

9,755

 

9,602

 

(8)

 

 

 

 

 

 

 

 

 

 

 

 

20,562

 

 

19,870

 

 

EG Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EG Global Finance PLC

 

First Lien Secured Debt - Corporate Bond

 

S+750 (includes 6.43% PIK)

 

11/30/2028

 

 

114,329

 

110,046

 

114,043

 

(4)(8)(13)

Golden Hippo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Altern Marketing, LLC

 

First Lien Secured Debt

 

S+600, 2.00% Floor

 

6/13/2028

 

 

61,653

 

60,576

 

61,807

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 2.00% Floor

 

6/13/2028

 

 

9,422

 

(160)

 

 

(4)(9)(11)(28)

 

 

 

 

 

 

 

 

 

 

 

 

60,416

 

 

61,807

 

 

PetSmart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PetSmart LLC

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

2/11/2028

 

 

9,750

 

9,754

 

9,740

 

(14)

Tailored Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Men's Wearhouse, LLC

 

First Lien Secured Debt

 

S+650, 0.00% Floor

 

2/26/2029

 

 

129,000

 

125,180

 

128,355

 

(8)(15)

Village Pet Care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Village Pet Care, LLC

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

9/22/2029

 

 

4,545

 

1,399

 

1,364

 

(4)(9)(11)(14)(28)

 

 

First Lien Secured Debt - Revolver

 

P+650, 1.00% Floor

 

9/22/2029

 

 

455

 

173

 

173

 

(4)(9)(11)(24)(28)

 

 

 

 

 

 

 

 

 

 

 

 

1,572

 

 

1,537

 

 

 

 

 

 

Total Specialty Retail

 

$

327,530

 

$

335,352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forterro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yellow Castle AB

 

First Lien Secured Debt

 

E+475, 0.00% Floor

 

7/9/2029

 

9,802

 

$

9,767

 

$

10,469

 

(3)(4)(8)(20)

 

 

First Lien Secured Debt

 

SONIA+475, 0.00% Floor

 

7/9/2029

 

8,445

 

4,758

 

5,166

 

(3)(4)(8)(11)(17)(28)

 

 

First Lien Secured Debt

 

SARON+475, 0.00% Floor

 

7/9/2029

 

3,296

 

3,318

 

3,618

 

(3)(4)(8)(22)

 

 

First Lien Secured Debt

 

STIBOR+475, 0.00% Floor

 

7/9/2029

 

kr

34,792

 

3,236

 

3,217

 

(3)(4)(8)(23)

 

 

 

 

Total Technology Hardware, Storage & Peripherals

 

$

21,079

 

$

22,470

 

 

 

See notes to consolidated financial statements

28


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

Par/Shares (3)

 

Cost (29)

 

Fair Value (1)(30)

 

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authentic Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABG Intermediate Holdings 2 LLC

 

First Lien Secured Debt

 

S+360, 0.50% Floor

 

12/21/2028

 

$

18,334

 

$

18,126

 

$

18,426

 

(14)(15)

Claire's

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claire's Stores, Inc.

 

First Lien Secured Debt

 

S+660, 0.00% Floor

 

12/18/2026

 

 

11,864

 

11,739

 

11,306

 

(14)

Gruppo Florence

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Made in Italy 2 S.P.A.

 

First Lien Secured Debt - Corporate Bond

 

E+675, 0.00% Floor

 

10/17/2030

 

69,000

 

71,076

 

73,137

 

(3)(4)(8)(9)(20)

Iconix Brand Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBG Borrower LLC

 

First Lien Secured Debt

 

S+615, 1.00% Floor

 

8/22/2029

 

 

77,763

 

76,556

 

76,985

 

(4)(9)(15)

 

 

 

 

Total Textiles, Apparel & Luxury Goods

 

$

177,497

 

$

179,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foundation Building Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foundation Building Materials, Inc.

 

First Lien Secured Debt

 

S+400, 0.00% Floor

 

1/29/2031

 

$

25,000

 

$

24,796

 

$

25,136

 

(14)(15)

 

 

 

 

Total Trading Companies & Distributors

 

$

24,796

 

$

25,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation Infrastructure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alliance Ground International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGI-CFI Holdings, Inc.

 

First Lien Secured Debt

 

S+590, 0.75% Floor

 

6/11/2027

 

$

17,174

 

$

17,035

 

$

17,130

 

(4)(16)

 

 

 

 

Total Transportation Infrastructure

 

$

17,035

 

$

17,130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments

 

$

8,420,468

 

$

8,474,656

 

(2)(6)(27)

 

 

See notes to consolidated financial statements

29


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Derivative Instrument

 

 

Company Receives

 

Company Pays

 

Maturity Date

 

Notional Amount

 

Footnote Reference

Interest rate swap (a)

 

 

6.90%

 

S+270

 

4/13/2029

 

$

325,000

 

Note 5

Interest rate swap (a)

 

 

4.02%

 

3-month SOFR

 

12/21/2025

 

$

62,000

 

Note 5

Interest rate swap (a)

 

 

3.97%

 

3-month SOFR

 

1/19/2026

 

$

38,000

 

Note 5

Interest rate swap (a)

 

 

3.67%

 

3-month SOFR

 

12/21/2027

 

$

82,000

 

Note 5

Interest rate swap (a)

 

 

3.65%

 

3-month SOFR

 

1/19/2028

 

18,000

 

Note 5

Interest rate swap (b)

 

 

7.02%

 

ESTR+372

 

9/28/2026

 

$

90,000

 

Note 5

Interest rate swap (a)

 

 

6.90%

 

S+271

 

4/13/2029

 

$

325,000

 

Note 5

Interest rate swap (a)

 

 

8.54%

 

S+418

 

9/28/2026

 

$

226,000

 

Note 5

Interest rate swap (a)

 

 

8.62%

 

S+456

 

9/28/2028

 

$

325,000

 

Note 5

 

(a) Bears interest at a rate determined by three-month SOFR. The interest rate locked two business days prior to settlement of the interest rate swaps. The three-month SOFR is 5.30% on March 31, 2024.

(b) Bears interest at a rate determined by 1 day Euro Short Term Rate. The interest rate locked two business days prior to settlement of the interest rate swaps. The 1 day Euro Short Term Rate is 3.90% on March 31, 2024.

 

Derivative Instrument

 

 

Settlement Date

 

Notional amount to be purchased

 

Notional amount to be sold

 

Footnote Reference

Foreign currency forward contract

 

 

6/20/2024

 

$

6,733

 

A$

10,143

 

 

Note 5

Foreign currency forward contract

 

 

6/20/2024

 

 

5,020

 

4,363

 

 

Note 5

Foreign currency forward contract

 

 

6/20/2024

 

 

587,852

 

538,394

 

 

Note 5

Foreign currency forward contract

 

 

6/20/2024

 

 

458,636

 

£

358,848

 

 

Note 5

Foreign currency forward contract

 

 

6/20/2024

 

 

3,416

 

kr

34,826

 

 

Note 5

 

(1)
Fair value is determined in good faith by or under the direction of the Board of Trustees of the Company (See Note 2 to the consolidated financial statements).
(2)
Aggregate gross unrealized gain and loss for federal income tax purposes is $91,261 and $58,754, respectively. Net unrealized loss is $32,507 based on a tax cost of $8,442,150.
(3)
Par amount is denominated in USD unless otherwise noted, British Pound (“£”), Australian Dollar (“A$”), European Euro (""), Swedish Krona ("kr") and Swiss Franc ("").
(4)
These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 4 to the consolidated financial statements), pursuant to the Company’s valuation policy.
(5)
The negative fair value is the result of the commitment being valued below par.
(6)
All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.
(7)
This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.
(8)
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2024, non-qualifying assets represented approximately 27.74% of the total assets of the Company.
(9)
These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so (see Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC).
(10)
These debt investments are not pledged as collateral under any of the Company's credit facilities (see Note 6 to the consolidated financial statements). For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(11)
The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
(12)
Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR” or “S) or an alternate base rate (which can include but is not limited to LIBOR, the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period, and may be subject to interest floors.
(13)
The interest rate on these loans is subject to SOFR, which as of March 31, 2024 was 5.34%
(14)
The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.33%
(15)
The interest rate on these loans is subject to 3 months SOFR, which as of March 31, 2024 was 5.30%
(16)
The interest rate on these loans is subject to 6 months SOFR, which as of March 31, 2024 was 5.22%

See notes to consolidated financial statements

30


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

(17)
The interest rate on these loans is subject to SONIA, which as of March 31, 2024 was 5.19%
(18)
The interest rate on these loans is subject to 3 months BBSW, which as of March 31, 2024 was 4.34%
(19)
The interest rate on these loans is subject to 1 month EURIBOR, which as of March 31, 2024 was 3.86%
(20)
The interest rate on these loans is subject to 3 months EURIBOR, which as of March 31, 2024 was 3.89%
(21)
The interest rate on these loans is subject to 6 months EURIBOR, which as of March 31, 2024 was 3.85%
(22)
The interest rate on these loans is subject to Swiss Average Rate Overnight (SARON), which as of March 31, 2024 was 1.46%
(23)
The interest rate on these loans is subject to 6 months Stockholm Interbank Offered Rate (STIBOR), which as of March 31, 2024 was 3.98%
(24)
The interest rate on these loans is subject to Prime, which as of March 31, 2024 was 8.50%
(25)
Loan was on non-accrual status as of March 31, 2024.
(26)
Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.
(27)
Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of March 31, 2024, all of the company's investments were non-controlled, non-affiliated.

 

See notes to consolidated financial statements

31


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

(28)
As of March 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

 Name of Issuer

Total revolving and delayed draw loan commitments

 

Less: funded commitments

 

Total unfunded commitments

 

Less: commitments substantially at discretion of the Company

 

Less: unavailable commitments due to borrowing base or other covenant restrictions

 

Total net adjusted unfunded revolving and delayed draw commitments

1475 Holdings, LLC

$

1,071

 

 $

 

 $

1,071

 

 $

 

$

 

$

1,071

Accela, Inc.

 

1,714

 

 

 

 

1,714

 

 

 

 

 

 

1,714

Accelerate360 Holdings, LLC

 

26,908

 

 

(17,938)

 

 

8,969

 

 

 

 

 

 

8,969

Accession Risk Management Group, Inc.

 

4,810

 

 

 

 

4,810

 

 

 

 

 

 

4,810

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

 

11,450

 

 

(773)

 

 

10,677

 

 

 

 

 

 

10,677

ACP Avenu Buyer, LLC

 

2,654

 

 

 

 

2,654

 

 

 

 

 

 

2,654

Advarra Holdings, Inc.

 

16,576

 

 

 

 

16,576

 

 

 

 

 

 

16,576

Alcresta Therapeutics Inc.

 

5,232

 

 

 

 

5,232

 

 

 

 

 

 

5,232

Alera Group, Inc.

 

37,633

 

 

 

 

37,633

 

 

 

 

 

 

37,633

Allied Benefit Systems Intermediate LLC

 

14,381

 

 

 

 

14,381

 

 

 

 

 

 

14,381

Altern Marketing, LLC

 

9,422

 

 

 

 

9,422

 

 

 

 

 

 

9,422

Amika OpCo LLC (f/k/a Heat Makes Sense Shared Services, LLC)

 

1,617

 

 

 

 

1,617

 

 

 

 

 

 

1,617

Anaplan, Inc.

 

9,073

 

 

 

 

9,073

 

 

 

 

 

 

9,073

Athena Bidco S.A.S.*

 

9,073

 

 

 

 

9,073

 

 

 

 

 

 

9,073

Avalara, Inc.

 

13,636

 

 

 

 

13,636

 

 

 

 

 

 

13,636

Azurite Intermediate Holdings, Inc.

 

53,106

 

 

 

 

53,106

 

 

 

 

 

 

53,106

Camin Cargo Control Holdings, Inc.

 

9,462

 

 

(946)

 

 

8,515

 

 

 

 

 

 

8,515

Certinia Inc (FinancialForce.com)

 

4,039

 

 

 

 

4,039

 

 

 

 

 

 

4,039

Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)

 

7,465

 

 

(810)

 

 

6,655

 

 

 

 

 

 

6,655

CI (Quercus) Intermediate Holdings, LLC

 

2,273

 

 

 

 

2,273

 

 

 

 

 

 

2,273

CircusTrix Holdings LLC

 

2,419

 

 

 

 

2,419

 

 

 

 

 

 

2,419

Coretrust Purchasing Group LLC (HPG Enterprises LLC)

 

9,474

 

 

 

 

9,474

 

 

 

 

 

 

9,474

Coupa Software Incorporated

 

8,716

 

 

 

 

8,716

 

 

 

 

 

 

8,716

CPI Buyer, LLC

 

3,346

 

 

 

 

3,346

 

 

 

 

 

 

3,346

Crewline Buyer, Inc.

 

4,365

 

 

 

 

4,365

 

 

 

 

 

 

4,365

Cube Industrials Buyer, Inc./Cube A&D Buyer Inc.

 

10,733

 

 

 

 

10,733

 

 

 

 

 

 

10,733

Disco Parent, LLC

 

2,139

 

 

 

 

2,139

 

 

 

 

 

 

2,139

Eagle Purchaser, Inc.

 

6,632

 

 

(2,404)

 

 

4,228

 

 

 

 

2,684

 

 

1,543

ERC Topco Holdings, LLC

 

3,195

 

 

(2,412)

 

 

783

 

 

 

 

 

 

783

Esdec Solar Group B.V. (Enstall Group B.V.)*

 

17,531

 

 

 

 

17,531

 

 

 

 

 

 

17,531

 

See notes to consolidated financial statements

32


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

 Name of Issuer

Total revolving and delayed draw loan commitments

 

Less: funded commitments

 

Total unfunded commitments

 

Less: commitments substantially at discretion of the Company

 

Less: unavailable commitments due to borrowing base or other covenant restrictions

 

Total net adjusted unfunded revolving and delayed draw commitments

Evergreen IX Borrower 2023, LLC

 

10,071

 

 

 

 

10,071

 

 

 

 

 

 

10,071

ExactCare Parent, Inc.

 

4,426

 

 

 

 

4,426

 

 

 

 

 

 

4,426

Excelligence Learning Corporation

 

13,562

 

 

(4,113)

 

 

9,449

 

 

 

 

 

 

9,449

Fortis Fire & Safety Inc.

 

4,017

 

 

(268)

 

 

3,749

 

 

 

 

 

 

3,749

G Treasury SS LLC

 

11,429

 

 

 

 

11,429

 

 

 

 

 

 

11,429

G&A Partners Holding Company II, LLC

 

8,803

 

 

 

 

8,803

 

 

 

 

 

 

8,803

Gateway US Holdings, Inc.

 

2,629

 

 

()

 

 

2,629

 

 

 

 

 

 

2,629

Green Grass Foods, Inc.

 

1,250

 

 

 

 

1,250

 

 

 

 

 

 

1,250

HEF Safety Ultimate Holdings, LLC

 

4,355

 

 

(387)

 

 

3,968

 

 

 

 

 

 

3,968

Heritage Environmental Services, Inc.

 

12,158

 

 

 

 

12,158

 

 

 

 

 

 

12,158

Higginbotham Insurance Agency, Inc.

 

23,000

 

 

 

 

23,000

 

 

 

 

 

 

23,000

Ichor Management Limited*

 

5,748

 

 

(1,596)

 

 

4,152

 

 

 

 

 

 

4,152

Investment Company 24 Bidco Limited*

 

6,473

 

 

 

 

6,473

 

 

 

 

 

 

6,473

IQN Holding Corp.

 

11,867

 

 

 

 

11,867

 

 

 

 

 

 

11,867

Ironhorse Purchaser, LLC

 

1,932

 

 

(242)

 

 

1,691

 

 

 

 

 

 

1,691

IW Buyer LLC

 

3,146

 

 

 

 

3,146

 

 

 

 

 

 

3,146

Jazz AH Holdco, LLC

 

2,680

 

 

(380)

 

 

2,300

 

 

 

 

1,880

 

 

420

K Hovnanian Enterprises Inc

 

70,000

 

 

 

 

70,000

 

 

 

 

 

 

70,000

LendingTree, Inc.

 

26,571

 

 

 

 

26,571

 

 

 

 

 

 

26,571

M&M OPCO, LLC

 

476

 

 

 

 

476

 

 

 

 

 

 

476

MGP Holdings III Corp.

 

9,243

 

 

 

 

9,243

 

 

 

 

 

 

9,243

Mobile Communications America, Inc.

 

4,076

 

 

 

 

4,076

 

 

 

 

 

 

4,076

Mount Olympus Bidco Limited

 

1,447

 

 

 

 

1,447

 

 

 

 

 

 

1,447

North Haven RI Buyer, LLC

 

5,500

 

 

 

 

5,500

 

 

 

 

 

 

5,500

OMH-Healthedge Holdings, Inc.

 

11,729

 

 

 

 

11,729

 

 

 

 

 

 

11,729

One Silver Serve, LLC

 

12,494

 

 

 

 

12,494

 

 

 

 

 

 

12,494

Paisley Bidco Limited*

 

14,142

 

 

 

 

14,142

 

 

 

 

14,142

 

 

PARS Group LLC

 

952

 

 

 

 

952

 

 

 

 

 

 

952

Patriot Foods Buyer, Inc.

 

3,416

 

 

 

 

3,416

 

 

 

 

 

 

3,416

Patriot Growth Insurance Services, LLC

 

7,351

 

 

 

 

7,351

 

 

 

 

 

 

7,351

 

 

See notes to consolidated financial statements

33


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

 Name of Issuer

Total revolving and delayed draw loan commitments

 

Less: funded commitments

 

Total unfunded commitments

 

Less: commitments substantially at discretion of the Company

 

Less: unavailable commitments due to borrowing base or other covenant restrictions

 

Total net adjusted unfunded revolving and delayed draw commitments

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

 

2,605

 

 

 

 

2,605

 

 

 

 

 

 

2,605

Ping Identity Holding Corp.

 

2,273

 

 

 

 

2,273

 

 

 

 

 

 

2,273

Pinnacle Purchaser, LLC

 

469

 

 

(109)

 

 

359

 

 

 

 

 

 

359

Poly-Wood, LLC

 

46,091

 

 

 

 

46,091

 

 

 

 

 

 

46,091

PPL Acquisition LLC

 

1,000

 

 

 

 

1,000

 

 

 

 

1,000

 

 

Protein For Pets Opco, LLC

 

4,717

 

 

 

 

4,717

 

 

 

 

 

 

4,717

R.F. Fager Company, LLC

 

1,875

 

 

 

 

1,875

 

 

 

 

 

 

1,875

Redfin Corporation

 

63,500

 

 

 

 

63,500

 

 

 

 

 

 

63,500

Relativity ODA LLC

 

2,500

 

 

 

 

2,500

 

 

 

 

 

 

2,500

Reliable Doors, LLC

 

1,562

 

 

(114)

 

 

1,448

 

 

 

 

 

 

1,448

Revlon Intermediate Holdings IV LLC

 

110,000

 

 

(5,754)

 

 

104,246

 

 

 

 

 

 

104,246

Roaring Fork III-B, LLC

 

21,871

 

 

 

 

21,871

 

 

 

 

 

 

21,871

RoC Holdco LLC

 

4,390

 

 

 

 

4,390

 

 

 

 

 

 

4,390

Rochester Midland Corporation

 

10,995

 

 

 

 

10,995

 

 

 

 

 

 

10,995

Ruler Bidco S.A R.L.*

 

6,646

 

 

 

 

6,646

 

 

 

 

 

 

6,646

Smith Topco, Inc.

 

1,692

 

 

 

 

1,692

 

 

 

 

 

 

1,692

TerSera Therapeutics LLC

 

1,140

 

 

 

 

1,140

 

 

 

 

 

 

1,140

Treace Medical Concepts, Inc.

 

11,708

 

 

(202)

 

 

11,507

 

 

 

 

5,833

 

 

5,673

Trench Plate Rental Co.

 

4,545

 

 

(2,205)

 

 

2,341

 

 

 

 

 

 

2,341

Truck-Lite Co., LLC

 

32,000

 

 

(533)

 

 

31,467

 

 

 

 

 

 

31,467

Truist Financial Corporation

 

23,500

 

 

 

 

23,500

 

 

 

 

 

 

23,500

TS Investors, LLC

 

2,216

 

 

 

 

2,216

 

 

 

 

 

 

2,216

TZ Buyer LLC

 

50,331

 

 

(303)

 

 

50,028

 

 

 

 

 

 

50,028

Ultimate Baked Goods Midco LLC

 

1,016

 

 

 

 

1,016

 

 

 

 

 

 

1,016

US Fertility Enterprises, LLC

 

130

 

 

(32)

 

 

98

 

 

 

 

 

 

98

Vensure Employer Services, Inc.

 

28,462

 

 

 

 

28,462

 

 

 

 

 

 

28,462

Village Pet Care, LLC

 

3,545

 

 

(182)

 

 

3,364

 

 

 

 

 

 

3,364

Volunteer AcquisitionCo, LLC

 

1,136

 

 

 

 

1,136

 

 

 

 

 

 

1,136

Yellow Castle AB*

 

3,854

 

 

 

 

3,854

 

 

 

 

 

 

3,854

Zendesk, Inc.

 

50,138

 

 

 

 

50,138

 

 

 

 

 

 

50,138

Zeus Company LLC

 

17,592

 

 

 

 

17,592

 

 

 

 

 

 

17,592

 Total

$

1,118,588

$

(41,702)

$

1,076,886

$

$

25,540

$

1,051,346

* These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2024 exchange rate.

 

See notes to consolidated financial statements

34


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

(29)
The following shows the composition of the Company’s portfolio at cost by investment type and industry as of March 31, 2024:

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

Aerospace & Defense

 

 

$

14,811

 

$

 

$

 

$

 

$

 

$

14,811

Air Freight & Logistics

 

 

 

80,879

 

 

 

 

 

 

 

 

 

 

80,879

Asset Backed Securities

 

 

 

27,523

 

 

 

 

 

 

 

 

 

 

27,523

Automobile Components

 

 

 

224,639

 

 

 

 

 

 

 

 

 

 

224,639

Banks

 

 

 

40,256

 

 

 

 

 

 

 

 

 

 

40,256

Biotechnology

 

 

 

57,371

 

 

 

 

 

 

 

 

 

 

57,371

Building Products

 

 

 

107,033

 

 

 

 

 

 

 

 

 

 

107,033

Capital Markets

 

 

 

137,175

 

 

 

 

 

 

 

 

 

 

137,175

Chemicals

 

 

 

122,931

 

 

 

 

 

 

 

 

100

 

 

123,031

Commercial Services & Supplies

 

 

 

822,586

 

 

 

 

 

 

 

 

140

 

 

822,726

Communications Equipment

 

 

 

14,353

 

 

39,402

 

 

 

 

 

 

 

 

53,755

Construction & Engineering

 

 

 

89,182

 

 

 

 

 

 

 

 

50

 

 

89,232

Construction Materials

 

 

 

4,655

 

 

 

 

 

 

 

 

 

 

4,655

Consumer Finance

 

 

 

95,420

 

 

 

 

 

 

 

 

 

 

95,420

Consumer Staples Distribution & Retail

 

 

 

212,018

 

 

 

 

 

 

 

 

 

 

212,018

Containers & Packaging

 

 

 

40,752

 

 

 

 

 

 

 

 

 

 

40,752

Distributors

 

 

 

93,594

 

 

 

 

 

 

 

 

 

 

93,594

Diversified Consumer Services

 

 

 

321,691

 

 

 

 

 

 

 

 

 

 

321,691

Electric Utilities

 

 

 

28,888

 

 

 

 

 

 

 

 

 

 

28,888

Electrical Equipment

 

 

 

97,071

 

 

 

 

 

 

 

 

 

 

97,071

Energy Equipment & Services

 

 

 

31,573

 

 

 

 

 

 

 

 

 

 

31,573

Entertainment

 

 

 

88,092

 

 

 

 

 

 

 

 

 

 

88,092

Financial Services

 

 

 

393,163

 

 

 

 

 

 

 

 

 

 

393,163

Food Products

 

 

 

3,644

 

 

 

 

 

 

 

 

125

 

 

3,769

Ground Transportation

 

 

 

38,567

 

 

 

 

 

 

 

 

 

 

38,567

Health Care Equipment & Supplies

 

 

 

128,592

 

 

 

 

 

 

 

 

 

 

128,592

Health Care Providers & Services

 

 

 

865,199

 

 

 

 

 

 

100

 

 

 

 

865,299

 

See notes to consolidated financial statements

35


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

Health Care Technology

 

 

 

69,222

 

 

 

 

 

 

 

 

 

 

69,222

Hotels, Restaurants & Leisure

 

 

 

213,121

 

 

 

 

194

 

 

 

 

 

 

213,315

Household Durables

 

 

 

129,438

 

 

 

 

 

 

 

 

50

 

 

129,488

Household Products

 

 

 

7,581

 

 

 

 

 

 

 

 

 

 

7,581

Independent Power & Renewable Electricity Producers

 

 

 

53,305

 

 

 

 

 

 

 

 

 

 

53,305

Insurance

 

 

 

393,783

 

 

 

 

 

 

 

 

 

 

393,783

IT Services

 

 

 

222,544

 

 

 

 

 

 

 

 

 

 

222,544

Leisure Products

 

 

 

223,921

 

 

 

 

 

 

 

 

 

 

223,921

Life Sciences Tools & Services

 

 

 

9,029

 

 

 

 

 

 

 

 

 

 

9,029

Machinery

 

 

 

312,584

 

 

 

 

 

 

 

 

 

 

312,584

Marine Transportation

 

 

 

20,245

 

 

 

 

 

 

 

 

 

 

20,245

Media

 

 

 

299,513

 

 

 

 

 

 

 

 

 

 

299,513

Oil, Gas & Consumable Fuels

 

 

 

5,019

 

 

 

 

 

 

 

 

 

 

5,019

Personal Care Products

 

 

 

100,966

 

 

 

 

 

 

 

 

33

 

 

100,999

Pharmaceuticals

 

 

 

98,445

 

 

 

 

 

 

117

 

 

 

 

98,562

Professional Services

 

 

 

210,977

 

 

 

 

 

 

 

 

 

 

210,977

Real Estate Management & Development

 

 

 

70,174

 

 

 

 

 

 

 

 

 

 

70,174

Semiconductors & Semiconductor Equipment

 

 

 

115,573

 

 

 

 

 

 

 

 

 

 

115,573

Software

 

 

 

1,067,753

 

 

 

 

 

 

 

 

 

 

1,067,753

Special Purpose Entity

 

 

 

7,369

 

 

 

 

 

 

 

 

 

 

7,369

Specialty Retail

 

 

 

327,530

 

 

 

 

 

 

 

 

 

 

327,530

Technology Hardware, Storage & Peripherals

 

 

 

21,079

 

 

 

 

 

 

 

 

 

 

21,079

Textiles, Apparel & Luxury Goods

 

 

 

177,497

 

 

 

 

 

 

 

 

 

 

177,497

Trading Companies & Distributors

 

 

 

24,796

 

 

 

 

 

 

 

 

 

 

24,796

Transportation Infrastructure

 

 

 

17,035

 

 

 

 

 

 

 

 

 

 

17,035

Total

 

 

$

8,380,157

 

$

39,402

 

$

194

 

$

217

 

$

498

 

$

8,420,468

 

See notes to consolidated financial statements

36


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

(30)
The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of March 31, 2024:

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

 

% of Net Assets

Aerospace & Defense

 

 

$

14,870

 

$

 

$

 

$

 

$

 

$

14,870

 

0.3%

Air Freight & Logistics

 

 

 

93,078

 

 

 

 

 

 

 

 

 

 

93,078

 

1.7%

Asset Backed Securities

 

 

 

27,617

 

 

 

 

 

 

 

 

 

 

27,617

 

0.5%

Automobile Components

 

 

 

225,235

 

 

 

 

 

 

 

 

 

 

225,235

 

4.2%

Banks

 

 

 

40,289

 

 

 

 

 

 

 

 

 

 

40,289

 

0.8%

Biotechnology

 

 

 

58,638

 

 

 

 

 

 

 

 

 

 

58,638

 

1.1%

Building Products

 

 

 

107,858

 

 

 

 

 

 

 

 

 

 

107,858

 

2.0%

Capital Markets

 

 

 

136,986

 

 

 

 

 

 

 

 

 

 

136,986

 

2.6%

Chemicals

 

 

 

114,579

 

 

 

 

 

 

 

 

100

 

 

114,679

 

2.2%

Commercial Services & Supplies

 

 

 

820,379

 

 

 

 

 

 

 

 

165

 

 

820,544

 

15.3%

Communications Equipment

 

 

 

14,258

 

 

26,900

 

 

 

 

 

 

 

 

41,158

 

0.8%

Construction & Engineering

 

 

 

88,752

 

 

 

 

 

 

 

 

44

 

 

88,796

 

1.7%

Construction Materials

 

 

 

4,641

 

 

 

 

 

 

 

 

 

 

4,641

 

0.1%

Consumer Finance

 

 

 

96,377

 

 

 

 

 

 

 

 

 

 

96,377

 

1.8%

Consumer Staples Distribution & Retail

 

 

 

220,938

 

 

 

 

 

 

 

 

 

 

220,938

 

4.1%

Containers & Packaging

 

 

 

40,896

 

 

 

 

 

 

 

 

 

 

40,896

 

0.8%

Distributors

 

 

 

94,525

 

 

 

 

 

 

 

 

 

 

94,525

 

1.8%

Diversified Consumer Services

 

 

 

324,185

 

 

 

 

 

 

 

 

 

 

324,185

 

6.1%

Electric Utilities

 

 

 

28,664

 

 

 

 

 

 

 

 

 

 

28,664

 

0.5%

Electrical Equipment

 

 

 

96,810

 

 

 

 

 

 

 

 

 

 

96,810

 

1.8%

Energy Equipment & Services

 

 

 

31,486

 

 

 

 

 

 

 

 

 

 

31,486

 

0.6%

Entertainment

 

 

 

89,912

 

 

 

 

 

 

 

 

 

 

89,912

 

1.7%

Financial Services

 

 

 

399,833

 

 

 

 

 

 

 

 

 

 

399,833

 

7.5%

Food Products

 

 

 

3,641

 

 

 

 

 

 

 

 

125

 

 

3,766

 

0.1%

Ground Transportation

 

 

 

38,616

 

 

 

 

 

 

 

 

 

 

38,616

 

0.7%

Health Care Equipment & Supplies

 

 

 

129,191

 

 

 

 

 

 

 

 

 

 

129,191

 

2.4%

Health Care Providers & Services

 

 

 

863,166

 

 

 

 

 

 

10

 

 

 

 

863,176

 

16.2%

 

 

 

See notes to consolidated financial statements

37


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

 

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

 

% of Net Assets

Health Care Technology

 

 

 

70,125

 

 

 

 

 

 

 

 

 

 

70,125

 

1.3%

Hotels, Restaurants & Leisure

 

 

 

215,399

 

 

 

 

202

 

 

 

 

 

 

215,601

 

4.0%

Household Durables

 

 

 

129,787

 

 

 

 

 

 

 

 

56

 

 

129,843

 

2.4%

Household Products

 

 

 

7,426

 

 

 

 

 

 

 

 

 

 

7,426

 

0.1%

Independent Power & Renewable Electricity Producers

 

 

 

50,759

 

 

 

 

 

 

 

 

 

 

50,759

 

1.0%

Insurance

 

 

 

394,939

 

 

 

 

 

 

 

 

 

 

394,939

 

7.4%

IT Services

 

 

 

227,765

 

 

 

 

 

 

 

 

 

 

227,765

 

4.3%

Leisure Products

 

 

 

225,776

 

 

 

 

 

 

 

 

 

 

225,776

 

4.2%

Life Sciences Tools & Services

 

 

 

9,051

 

 

 

 

 

 

 

 

 

 

9,051

 

0.2%

Machinery

 

 

 

314,272

 

 

 

 

 

 

 

 

 

 

314,272

 

5.9%

Marine Transportation

 

 

 

20,157

 

 

 

 

 

 

 

 

 

 

20,157

 

0.4%

Media

 

 

 

300,442

 

 

 

 

 

 

 

 

 

 

300,442

 

5.6%

Oil, Gas & Consumable Fuels

 

 

 

5,014

 

 

 

 

 

 

 

 

 

 

5,014

 

0.1%

Personal Care Products

 

 

 

102,084

 

 

 

 

 

 

 

 

 

 

102,084

 

1.9%

Pharmaceuticals

 

 

 

91,634

 

 

 

 

 

 

117

 

 

 

 

91,751

 

1.7%

Professional Services

 

 

 

218,514

 

 

 

 

 

 

 

 

 

 

218,514

 

4.1%

Real Estate Management & Development

 

 

 

69,511

 

 

 

 

 

 

 

 

 

 

69,511

 

1.3%

Semiconductors & Semiconductor Equipment

 

 

 

116,340

 

 

 

 

 

 

 

 

 

 

116,340

 

2.2%

Software

 

 

 

1,085,451

 

 

 

 

 

 

 

 

 

 

1,085,451

 

20.4%

Special Purpose Entity

 

 

 

7,129

 

 

 

 

 

 

 

 

 

 

7,129

 

0.1%

Specialty Retail

 

 

 

335,352

 

 

 

 

 

 

 

 

 

 

335,352

 

6.3%

Technology Hardware, Storage & Peripherals

 

 

 

22,470

 

 

 

 

 

 

 

 

 

 

22,470

 

0.4%

Textiles, Apparel & Luxury Goods

 

 

 

179,854

 

 

 

 

 

 

 

 

 

 

179,854

 

3.4%

Trading Companies & Distributors

 

 

 

25,136

 

 

 

 

 

 

 

 

 

 

25,136

 

0.5%

Transportation Infrastructure

 

 

 

17,130

 

 

 

 

 

 

 

 

 

 

17,130

 

0.3%

Total

 

 

$

8,446,937

 

$

26,900

 

$

202

 

$

127

 

$

490

 

$

8,474,656

 

158.9%

% of Net Assets

 

 

 

158.4%

 

 

0.5%

 

 

0.0%

 

 

0.0%

 

 

0.0%

 

 

158.9%

 

 

 

 

See notes to consolidated financial statements

38


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

Industry Classification

Percentage of Total
Investments (at Fair Value)
as of March 31, 2024

Software

12.7%

Health Care Providers & Services

10.2%

Commercial Services & Supplies

9.7%

Financial Services

4.7%

Insurance

4.7%

Specialty Retail

4.0%

Diversified Consumer Services

3.8%

Machinery

3.7%

Media

3.5%

IT Services

2.7%

Leisure Products

2.7%

Automobile Components

2.7%

Consumer Staples Distribution & Retail

2.6%

Professional Services

2.6%

Hotels, Restaurants & Leisure

2.5%

Textiles, Apparel & Luxury Goods

2.1%

Capital Markets

1.6%

Household Durables

1.5%

Health Care Equipment & Supplies

1.5%

Semiconductors & Semiconductor Equipment

1.4%

Chemicals

1.4%

Building Products

1.3%

Personal Care Products

1.2%

Electrical Equipment

1.1%

Consumer Finance

1.1%

Distributors

1.1%

Air Freight & Logistics

1.1%

Pharmaceuticals

1.1%

Entertainment

1.1%

Construction & Engineering

1.0%

Health Care Technology

0.8%

Real Estate Management & Development

0.8%

Biotechnology

0.7%

Independent Power & Renewable Electricity Producers

0.6%

Communications Equipment

0.5%

Containers & Packaging

0.5%

Banks

0.5%

Ground Transportation

0.5%

Energy Equipment & Services

0.4%

Electric Utilities

0.3%

Asset Backed Securities

0.3%

Trading Companies & Distributors

0.3%

Technology Hardware, Storage & Peripherals

0.3%

Marine Transportation

0.2%

Transportation Infrastructure

0.2%

Aerospace & Defense

0.2%

Life Sciences Tools & Services

0.1%

Household Products

0.1%

Special Purpose Entity

0.1%

Oil, Gas & Consumable Fuels

0.1%

Construction Materials

0.1%

Food Products

0.0%

 

100.0%

 

 

See notes to consolidated financial statements

39


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

March 31, 2024

(In thousands, except share data)

 

 

Geographic Region

 

March 31, 2024

United States

 

80.1%

United Kingdom

 

9.1%

Europe

 

8.2%

Australia

 

1.4%

Canada

 

1.2%

 

See notes to consolidated financial statements

40


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MRO Holdings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MRO Holdings, Inc.

 

First Lien Secured Debt

 

S+576, 0.50% Floor

 

12/18/2028

 

$

4,836

 

$

4,836

 

$

4,848

 

(4)(8)(15)

 

 

 

 

Total Aerospace & Defense

 

$

4,836

 

$

4,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Swissport

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Radar Bidco S.a.r.l.

 

First Lien Secured Debt

 

E+725, 0.00% Floor

 

9/30/2027

 

85,000

 

$

80,719

 

$

91,724

 

(3)(4)(8)
(9)(19)

 

 

 

 

Total Air Freight & Logistics

 

$

80,719

 

$

91,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Backed Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roaring Fork III-B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Roaring Fork III-B, LLC

 

First Lien Secured Debt

 

S+540, 0.00% Floor

 

7/16/2026

 

$

49,667

 

$

27,496

 

$

26,877

 

(4)(8)(9)
(11)(15)(16)(27)

 

 

 

 

Total Asset Backed Securities

 

$

27,496

 

$

26,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobile Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mavis Tire Express Services Corp.

 

First Lien Secured Debt

 

S+411, 0.75% Floor

 

5/4/2028

 

$

23,509

 

$

23,437

 

$

23,583

 

(14)

 

 

 

 

Total Automobile Components

 

$

23,437

 

$

23,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Public Trust Advisors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinnacle Purchaser, LLC

 

First Lien Secured Debt

 

S+575, 1.00% Floor

 

12/28/2029

 

$

4,531

 

$

4,441

 

$

4,441

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+575, 1.00% Floor

 

12/29/2029

 

469

 

 

100

 

 

100

 

(4)(9)(11)
(15)(27)

 

 

 

 

Total Banks

 

$

4,541

 

$

4,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Biotechnology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Azurity Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Azurity Pharmaceuticals, Inc.

 

First Lien Secured Debt

 

S+673, 0.75% Floor

 

9/20/2027

 

$

59,464

 

$

58,101

 

$

57,606

 

(14)

 

 

 

 

Total Biotechnology

 

$

58,101

 

$

57,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reliable Doors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reliable Doors, LLC

 

First Lien Secured Debt

 

S+625, 1.00% Floor

 

10/4/2028

 

$

9,421

 

$

7,469

 

$

7,444

 

(4)(9)(14)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+625, 1.00% Floor

 

10/4/2028

 

568

 

 

103

 

 

102

 

(4)(9)(11)
(14)(27)

 

 

 

 

 

 

 

 

 

 

 

 

7,572

 

 

7,546

 

 

US LBM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LBM Acquisition, LLC

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

12/17/2027

 

15,356

 

 

15,134

 

 

15,209

 

(14)

 

41


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrowhead Engineered Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arrowhead Holdco Company

 

First Lien Secured Debt

 

S+465, 0.75% Floor

 

8/31/2028

 

$

9,825

 

$

9,825

 

$

9,358

 

(4)(15)

Edelman Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Edelman Financial Engines Centre, LLC

 

First Lien Secured Debt

 

S+361, 0.75% Floor

 

4/7/2028

 

24,754

 

 

24,771

 

 

24,820

 

(14)

True Potential

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kane Bidco Limited

 

First Lien Secured Debt - Corporate Bond

 

SONIA+625, 0.00% Floor

 

2/15/2028

 

£

69,000

 

 

86,133

 

 

87,196

 

(3)(4)(8)
(9)(17)

 

 

First Lien Secured Debt - Corporate Bond

 

6.50%

 

2/15/2027

 

£

2,000

 

 

2,324

 

 

2,390

 

(3)(8)(9)

 

 

First Lien Secured Debt - Corporate Bond

 

5.00%

 

2/15/2027

 

1,000

 

 

1,075

 

 

1,065

 

(3)(8)(9)

 

 

 

 

 

 

 

 

 

 

 

 

89,532

 

 

90,651

 

 

 

 

 

 

Total Capital Markets

 

$

124,128

 

$

124,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AOC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSF11 A5 HoldCo LLC

 

First Lien Secured Debt

 

S+435, 0.50% Floor

 

10/15/2028

 

$

19,235

 

$

18,912

 

$

19,323

 

(14)(15)

 

 

First Lien Secured Debt

 

S+361, 0.50% Floor

 

10/15/2028

 

15,269

 

 

15,250

 

 

15,327

 

(14)(15)

 

 

 

 

 

 

 

 

 

 

 

 

34,162

 

 

34,650

 

 

Heubach

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heubach Holdings USA LLC

 

First Lien Secured Debt

 

S+1000 (includes 2.00% PIK)

 

4/30/2024

 

1,648

 

 

1,388

 

 

1,372

 

(4)(8)(15)

SK Neptune Husky Group Sarl

 

First Lien Secured Debt

 

S+515, 0.50% Floor

 

1/3/2029

 

9,540

 

 

9,497

 

 

4,055

 

(8)(16)(24)

 

 

 

 

 

 

 

 

 

 

 

 

10,885

 

 

5,427

 

 

RMC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RMC Topco LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

100 Shares

 

 

100

 

 

102

 

(4)(9)

Rochester Midland Corporation

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

8/1/2029

 

17,898

 

 

5,433

 

 

5,396

 

(4)(9)(11)
(14)(27)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

8/1/2029

 

1,990

 

 

(46)

 

 

(35)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

5,487

 

 

5,463

 

 

Solenis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Olympus Water US Holding Corporation

 

First Lien Secured Debt

 

S+460, 0.50% Floor

 

11/9/2028

 

17,051

 

 

16,729

 

 

17,097

 

(15)

 

 

First Lien Secured Debt

 

S+500, 0.50% Floor

 

11/9/2028

 

6,801

 

 

6,485

 

 

6,849

 

(15)

 

 

 

 

 

 

 

 

 

 

 

 

23,214

 

 

23,946

 

 

Vita Global

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vita Global FinCo Limited

 

First Lien Secured Debt

 

SONIA+700, 0.00% Floor

 

7/6/2027

 

£

17,150

 

 

23,233

 

 

21,204

 

(3)(4)(8)
(17)

W.R. Grace

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

W.R. Grace Holdings LLC

 

First Lien Secured Debt

 

S+401, 0.50% Floor

 

9/22/2028

 

5,922

 

 

5,918

 

 

5,950

 

(15)

 

 

 

 

Total Chemicals

 

$

102,899

 

$

96,640

 

 

 

42


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Universal Holdco LLC

 

First Lien Secured Debt

 

S+475, 0.50% Floor

 

5/12/2028

 

$

24,938

 

$

24,242

 

$

24,994

 

(14)

 

 

First Lien Secured Debt

 

S+385, 0.50% Floor

 

5/12/2028

 

11,969

 

 

11,851

 

 

11,938

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

36,093

 

 

36,932

 

 

Avenu Insights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACP Avenu Buyer, LLC

 

First Lien Secured Debt

 

S+625, 1.00% Floor

 

10/2/2029

 

8,929

 

 

6,048

 

 

6,041

 

(4)(9)(11)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+625, 1.00% Floor

 

10/2/2029

 

1,071

 

 

(28)

 

 

(29)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

6,020

 

 

6,012

 

 

BDO USA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BDO USA, P.A.

 

First Lien Secured Debt

 

S+600, 2.00% Floor

 

8/31/2028

 

196,243

 

 

192,524

 

 

192,319

 

(4)(9)(14)

Beeline

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IQN Holding Corp.

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

5/2/2029

 

71,509

 

 

64,275

 

 

64,768

 

(4)(11)(15)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+525, 0.75% Floor

 

5/2/2028

 

5,134

 

 

(37)

 

 

 

(4)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

64,238

 

 

64,768

 

 

Eiffel

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipe Holdings 3 B.V.

 

First Lien Secured Debt

 

E+700, 0.00% Floor

 

12/19/2029

 

15,000

 

 

15,665

 

 

16,062

 

(3)(4)(8)
(9)(19)

Fortis Fire

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fortis Fire & Safety Holdings LP

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

9 Shares

 

 

90

 

 

92

 

(4)(9)

Fortis Fire & Safety Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

7/21/2029

 

4,461

 

 

828

 

 

834

 

(4)(9)(11)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

7/21/2029

 

446

 

 

79

 

 

84

 

(4)(9)(11)
(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

997

 

 

1,010

 

 

HKA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mount Olympus Bidco Limited

 

First Lien Secured Debt

 

S+575, 0.50% Floor

 

8/9/2029

 

18,465

 

 

18,107

 

 

17,911

 

(4)(8)(9)
(15)(27)

 

 

First Lien Secured Debt

 

S+650, 0.50% Floor

 

8/9/2029

 

2,015

 

 

532

 

 

507

 

(4)(8)(9)
(11)(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

18,639

 

 

18,418

 

 

Ironclad

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ironhorse Purchaser, LLC

 

First Lien Secured Debt

 

S+676, 1.00% Floor

 

9/30/2027

 

4,517

 

 

2,978

 

 

2,977

 

(4)(9)(11)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+676, 1.00% Floor

 

9/30/2027

 

483

 

 

268

 

 

268

 

(4)(9)(11)
(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

3,246

 

 

3,245

 

 

 

43


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

LABL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LABL, Inc.

 

First Lien Secured Debt

 

S+510, 0.50% Floor

 

10/29/2028

 

18,064

 

 

17,748

 

 

17,374

 

(14)

Liberty Tire Recycling

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LTR Intermediate Holdings, Inc.

 

First Lien Secured Debt

 

S+461, 1.00% Floor

 

5/5/2028

 

12,868

 

 

12,571

 

 

11,983

 

(14)

Profile Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Profile Products LLC

 

First Lien Secured Debt

 

S+560, 0.75% Floor

 

11/12/2027

 

4,913

 

 

4,913

 

 

4,913

 

(4)(15)

QA Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ichnaea UK Bidco Limited

 

First Lien Secured Debt

 

SONIA+600, 0.00% Floor

 

10/5/2029

 

£

31,000

 

 

36,535

 

 

38,329

 

(3)(4)(8)
(9)(17)

R.R. Donnelley

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R. R. Donnelley & Sons Company

 

First Lien Secured Debt

 

S+735, 0.75% Floor

 

3/17/2028

 

123,920

 

 

120,663

 

 

124,214

 

(9)(14)

SafetyCo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HEF Safety Ultimate Holdings, LLC

 

First Lien Secured Debt

 

S+575, 1.00% Floor

 

11/17/2029

 

13,548

 

 

10,347

 

 

10,343

 

(4)(9)(11)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+575, 1.00% Floor

 

11/17/2029

 

1,452

 

 

351

 

 

351

 

(4)(9)(11)
(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

10,698

 

 

10,694

 

 

SAVATREE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CI (Quercus) Intermediate Holdings, LLC

 

First Lien Secured Debt

 

S+540, 0.75% Floor

 

10/12/2028

 

17,410

 

 

17,204

 

 

17,138

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+540, 0.75% Floor

 

10/12/2028

 

2,273

 

 

95

 

 

101

 

(4)(11)(14)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

17,299

 

 

17,239

 

 

Smith System

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smith Topco, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

11/6/2029

 

13,308

 

 

13,014

 

 

13,009

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

11/6/2029

 

1,692

 

 

(37)

 

 

(38)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

12,977

 

 

12,971

 

 

Tranzonic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TZ Buyer LLC

 

First Lien Secured Debt

 

S+610, 0.75% Floor

 

8/14/2028

 

29,186

 

 

28,215

 

 

28,602

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+610, 0.75% Floor

 

8/14/2028

 

606

 

 

140

 

 

139

 

(4)(9)(11)
(14)(27)

TZ Parent LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

50 Shares

 

 

50

 

 

66

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

28,405

 

 

28,807

 

 

United Site Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PECF USS Intermediate Holding III Corporation

 

First Lien Secured Debt

 

S+451, 0.50% Floor

 

12/15/2028

 

22,273

 

 

22,340

 

 

17,497

 

(15)

 

 

 

 

Total Commercial Services & Supplies

 

$

621,571

 

$

622,787

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MCA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mobile Communications America, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/16/2029

 

$

11,141

 

$

8,185

 

$

8,179

 

(4)(9)(11)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

10/16/2029

 

1,359

 

 

(33)

 

 

(34)

 

(4)(5)(9)
(11)(27)

 

44


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Mitel Networks

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MLN US Holdco LLC

 

First Lien Secured Debt

 

S+644, 1.00% Floor

 

10/18/2027

 

6,395

 

 

6,201

 

 

6,123

 

(4)(8)(15)

 

 

Second Lien Secured Debt

 

S+670, 1.00% Floor

 

10/18/2027

 

38,156

 

 

39,474

 

 

28,808

 

(4)(8)(15)

 

 

 

 

 

 

 

 

 

 

 

 

45,675

 

 

34,931

 

 

 

 

 

 

Total Communications Equipment

 

$

53,827

 

$

43,076

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pave America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pave America Interco, LLC

 

First Lien Secured Debt

 

S+690, 1.00% Floor

 

2/7/2028

 

$

33,867

 

$

32,977

 

$

32,852

 

(4)(9)(15)
(16)

 

 

First Lien Secured Debt - Revolver

 

S+690, 1.00% Floor

 

2/7/2028

 

2,605

 

 

(66)

 

 

(78)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

32,911

 

 

32,774

 

 

Trench Plate Rental Co.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trench Plate Rental Co.

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

12/3/2026

 

44,773

 

 

44,268

 

 

44,101

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+560, 1.00% Floor

 

12/3/2026

 

4,545

 

 

1,433

 

 

1,409

 

(4)(9)(11)
(15)(27)

Trench Safety Solutions Holdings, LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

331 Shares

 

 

50

 

 

50

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

45,751

 

 

45,560

 

 

 

 

 

 

Total Construction & Engineering

 

$

78,662

 

$

78,334

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volunteer Materials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Volunteer AcquisitionCo, LLC

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

9/1/2029

 

$

4,233

 

$

3,757

 

$

3,749

 

(4)(9)(11)
(14)(27)

 

 

First Lien Secured Debt - Revolver

 

S+650, 1.00% Floor

 

9/1/2029

 

758

 

 

(18)

 

 

(19)

 

(4)(5)(9)
(11)(27)

 

 

 

 

Total Construction Materials

 

$

3,739

 

$

3,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

American Express GBT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GBT Group Services B.V.

 

First Lien Secured Debt

 

S+610, 1.00% Floor

 

12/16/2026

 

$

31,000

 

$

31,051

 

$

31,078

 

(8)(15)

 

 

 

 

Total Consumer Finance

 

$

31,051

 

$

31,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Staples Distribution & Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASDA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bellis Acquisition Company PLC

 

First Lien Secured Debt

 

SONIA+675, 0.00% Floor

 

10/26/2029

 

£

97,403

 

$

114,147

 

$

119,536

 

(3)(4)(8)
(9)(17)

 

 

First Lien Secured Debt

 

E+275, 0.00% Floor

 

2/16/2026

 

5,000

 

 

5,199

 

 

5,497

 

(3)(8)(9)
(20)

 

 

First Lien Secured Debt - Corporate Bond

 

3.25%

 

2/16/2026

 

£

1,729

 

 

1,899

 

 

2,050

 

(3)(8)(9)

 

 

 

 

 

 

 

 

 

 

 

 

121,245

 

 

127,083

 

 

Patriot Pickle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patriot Foods Buyer, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

12/22/2029

 

9,068

 

 

6,428

 

 

6,427

 

(4)(9)(11)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

12/22/2029

 

932

 

 

(19)

 

 

(19)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

6,409

 

 

6,408

 

 

 

45


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Rise and Brill

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultimate Baked Goods Midco LLC

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

8/13/2027

 

32,425

 

 

31,976

 

 

31,786

 

(4)(9)(14)

 

 

First Lien Secured Debt

 

S+635, 1.00% Floor

 

8/13/2027

 

8,216

 

 

8,022

 

 

8,207

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+660, 1.00% Floor

 

8/13/2027

 

1,016

 

 

(33)

 

 

(1)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

39,965

 

 

39,992

 

 

 

 

 

 

Total Consumer Staples Distribution & Retail

 

$

167,619

 

$

173,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BOX Partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bp Purchaser LLC

 

First Lien Secured Debt

 

S+576, 0.75% Floor

 

12/11/2028

 

$

7,369

 

$

7,369

 

$

7,369

 

(4)(15)

Tekni-Plex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trident TPI Holdings, Inc.

 

First Lien Secured Debt

 

S+426, 0.50% Floor

 

9/15/2028

 

25,574

 

 

25,557

 

 

25,536

 

(15)

 

 

First Lien Secured Debt

 

S+525, 0.50% Floor

 

9/15/2028

 

2,992

 

 

2,933

 

 

3,007

 

(15)

 

 

 

 

 

 

 

 

 

 

 

 

28,490

 

 

28,543

 

 

 

 

 

 

Total Containers & Packaging

 

$

35,859

 

$

35,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2U

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2U, Inc.

 

First Lien Secured Debt

 

S+650, 0.75% Floor

 

12/28/2026

 

$

16,349

 

$

15,690

 

$

15,001

 

(8)(16)

Accelerate Learning

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eagle Purchaser, Inc.

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

3/22/2030

 

25,897

 

 

20,208

 

 

20,651

 

(4)(9)(11)
(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

3/22/2029

 

3,947

 

 

1,474

 

 

1,510

 

(4)(9)(11)
(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

21,682

 

 

22,161

 

 

Greencross

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vermont Aus Pty Ltd

 

First Lien Secured Debt

 

S+565, 0.75% Floor

 

3/23/2028

 

111,925

 

 

109,762

 

 

110,526

 

(4)(8)(9)
(15)

 

 

First Lien Secured Debt

 

BBSW+575, 0.75% Floor

 

3/23/2028

 

A$

9,825

 

 

7,146

 

 

6,645

 

(3)(4)(8)
(9)(18)

 

 

 

 

 

 

 

 

 

 

 

 

116,908

 

 

117,171

 

 

Houghton Mifflin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Houghton Mifflin Harcourt Company

 

First Lien Secured Debt

 

S+535, 0.50% Floor

 

4/9/2029

 

44,395

 

 

42,536

 

 

43,658

 

(14)

SERVPRO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

One Silver Serve, LLC

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

12/18/2028

 

40,583

 

 

21,033

 

 

21,006

 

(4)(15)(27)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

12/18/2028

 

4,817

 

 

1,277

 

 

1,276

 

(4)(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

22,310

 

 

22,282

 

 

 

 

 

 

Total Diversified Consumer Services

 

$

219,126

 

$

220,273

 

 

 

46


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Congruex

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Congruex Group LLC

 

First Lien Secured Debt

 

S+590, 0.75% Floor

 

5/3/2029

 

$

29,550

 

$

28,940

 

$

28,737

 

(4)(9)(15)

 

 

 

 

Total Electric Utilities

 

$

28,940

 

$

28,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Antylia Scientific

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CPI Buyer, LLC

 

First Lien Secured Debt

 

S+576, 0.75% Floor

 

11/1/2028

 

$

34,169

 

$

34,165

 

$

33,827

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+576, 0.75% Floor

 

10/30/2026

 

3,346

 

 

 

 

(33)

 

(4)(5)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

34,165

 

 

33,794

 

 

International Wire Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IW Buyer LLC

 

First Lien Secured Debt

 

S+685, 1.00% Floor

 

6/28/2029

 

16,770

 

 

16,297

 

 

16,434

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+685, 1.00% Floor

 

6/28/2029

 

3,146

 

 

(87)

 

 

(63)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

16,210

 

 

16,371

 

 

Trescal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ruler Bidco S.A R.L.

 

First Lien Secured Debt

 

E+650, 0.00% Floor

 

5/2/2030

 

39,482

 

 

34,723

 

 

34,813

 

(3)(4)(8)
(9)(11)(19)(27)

 

 

First Lien Secured Debt

 

S+650, 0.50% Floor

 

5/2/2030

 

11,498

 

 

11,176

 

 

11,268

 

(4)(8)(9)
(15)

 

 

 

 

 

 

 

 

 

 

 

 

45,899

 

 

46,081

 

 

 

 

 

 

Total Electrical Equipment

 

$

96,274

 

$

96,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Equipment & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Camin Cargo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Camin Cargo Control Holdings, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

12/6/2029

 

$

36,269

 

$

30,781

 

$

30,776

 

(4)(9)(11)
(14)(27)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

12/6/2029

 

4,731

 

 

(105)

 

 

(106)

 

(4)(5)(9)
(11)(27)

 

 

 

 

Total Energy Equipment & Services

 

$

30,676

 

$

30,670

 

 

 

47


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chernin Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jewel Purchaser, Inc.

 

First Lien Secured Debt

 

S+560, 0.50% Floor

 

7/1/2027

 

$

90,496

 

$

88,599

 

$

90,496

 

(4)(9)(15)

 

 

 

 

Total Entertainment

 

$

88,599

 

$

90,496

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acuity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trident Bidco Limited

 

First Lien Secured Debt

 

S+500, 0.00% Floor

 

6/7/2029

 

$

101,619

 

$

100,114

 

$

100,857

 

(4)(8)(9)
(13)

Paymentsense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hurricane Cleanco Limited

 

First Lien Secured Debt

 

12.50% (includes 6.25% PIK)

 

11/22/2029

 

£

47,000

 

 

55,127

 

 

57,812

 

(3)(4)(8)
(9)

PIB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paisley Bidco Limited

 

First Lien Secured Debt

 

E+675, 0.00% Floor

 

3/17/2028

 

£

22,500

 

 

13,276

 

 

13,895

 

(3)(4)(8)
(11)(19)(27)

Stretto

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stretto, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/13/2028

 

135,000

 

 

132,390

 

 

132,300

 

(4)(9)(15)

VEPF VII

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VEPF VII Holdings, L.P.

 

First Lien Secured Debt

 

S+450 PIK

 

2/28/2028

 

19,294

 

 

19,216

 

 

19,306

 

(4)(8)(15)

 

 

 

 

Total Financial Services

 

$

320,123

 

$

324,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nutpods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Green Grass Foods, Inc.

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

12/26/2029

 

$

3,750

 

$

3,675

 

$

3,675

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+650, 1.00% Floor

 

12/26/2029

 

1,250

 

 

(25)

 

 

(25)

 

(4)(5)(9)
(11)(27)

Nutpods Holdings, Inc.

 

Common Equity - Stock

 

N/A

 

N/A

 

125 Shares

 

 

125

 

 

125

 

(4)(9)

 

 

 

 

Total Food Products

 

$

3,775

 

$

3,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ground Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boasso

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Channelside AcquisitionCo, Inc.

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

6/30/2028

 

$

31,857

 

$

30,255

 

$

30,562

 

(4)(9)(11)
(14)(27)

 

 

First Lien Secured Debt

 

S+550, 1.00% Floor

 

6/30/2028

 

4,000

 

 

(18)

 

 

(60)

 

(4)(5)(9)
(11)(27)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

7/1/2026

 

2,917

 

 

(75)

 

 

(44)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

30,162

 

 

30,458

 

 

Transportation Insight

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TI Intermediate Holdings, LLC

 

First Lien Secured Debt

 

S+460, 1.00% Floor

 

12/18/2024

 

7,387

 

 

7,387

 

 

7,239

 

(15)

 

 

 

 

Total Ground Transportation

 

$

37,549

 

$

37,697

 

 

 

48


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Health Care Equipment & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catalent Pharma Solutions, Inc.

 

First Lien Secured Debt

 

S+300, 0.50% Floor

 

2/22/2028

 

$

9,000

 

$

8,933

 

$

9,023

 

(8)(14)

Corpuls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heartbeat BidCo GmbH

 

First Lien Secured Debt

 

E+700, 0.50% Floor

 

6/28/2030

 

20,000

 

 

21,413

 

 

21,803

 

(3)(4)(8)
(9)(19)

TerSera Therapeutics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TerSera Therapeutics LLC

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

4/4/2029

 

13,860

 

 

13,482

 

 

13,756

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

4/4/2029

 

1,140

 

 

(30)

 

 

(9)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

13,452

 

 

13,747

 

 

Treace Medical Concepts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treace Medical Concepts, Inc.

 

First Lien Secured Debt

 

S+610, 1.00% Floor

 

4/1/2027

 

17,500

 

 

7,266

 

 

7,074

 

(4)(8)(9)
(15)(25)(27)

 

 

First Lien Secured Debt - Revolver

 

S+410, 1.00% Floor

 

4/1/2027

 

1,500

 

 

200

 

 

178

 

(4)(8)(9)
(11)(15)(25)(27)

 

 

 

 

 

 

 

 

 

 

 

 

7,466

 

 

7,252

 

 

Zest Dental Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zest Acquisition Corp.

 

First Lien Secured Debt

 

S+550, 0.00% Floor

 

2/8/2028

 

11,880

 

 

11,373

 

 

11,650

 

(14)

 

 

 

 

Total Health Care Equipment & Supplies

 

$

62,637

 

$

63,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advarra

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advarra Holdings, Inc.

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

8/24/2029

 

$

198,166

 

$

178,701

 

$

180,599

 

(4)(9)(11)
(14)(27)

Affordable Care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACI Group Holdings, Inc.

 

First Lien Secured Debt

 

S+560, 0.75% Floor

 

8/2/2028

 

4,949

 

 

4,949

 

 

4,850

 

(4)(14)

Allied Benefit Systems

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allied Benefit Systems Intermediate LLC

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

10/31/2030

 

93,000

 

 

77,354

 

 

77,331

 

(4)(9)(11)
(15)(27)

Athenahealth

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athenahealth Group Inc.

 

First Lien Secured Debt

 

S+325, 0.50% Floor

 

2/15/2029

 

34,459

 

 

33,764

 

 

34,356

 

(14)(15)

CNSI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acentra Holdings, LLC

 

First Lien Secured Debt

 

S+650, 0.50% Floor

 

12/15/2028

 

35,640

 

 

34,559

 

 

34,927

 

(4)(9)(15)

 

 

First Lien Secured Debt

 

S+575, 0.50% Floor

 

12/17/2028

 

2,964

 

 

2,905

 

 

2,905

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+650, 0.50% Floor

 

12/17/2027

 

4,000

 

 

1,355

 

 

1,387

 

(4)(9)(11)
(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

38,819

 

 

39,219

 

 

CoreTrust

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coretrust Purchasing Group LLC

 

First Lien Secured Debt

 

S+675, 0.75% Floor

 

10/1/2029

 

36,938

 

 

31,299

 

 

31,093

 

(4)(11)(14)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+675, 0.75% Floor

 

10/1/2029

 

4,737

 

 

(117)

 

 

(142)

 

(4)(5)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

31,182

 

 

30,951

 

 

 

49


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Dental Care Alliance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DCA Investment Holding LLC

 

First Lien Secured Debt

 

S+641, 0.75% Floor

 

4/3/2028

 

2,452

 

 

2,452

 

 

2,452

 

(4)(15)

Eating Recovery Center

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ERC Topco Holdings, LLC

 

First Lien Secured Debt

 

S+576, 0.75% Floor

 

11/10/2028

 

35,301

 

 

35,301

 

 

32,654

 

(15)

 

 

First Lien Secured Debt - Revolver

 

S+576, 0.75% Floor

 

11/10/2027

 

3,195

 

 

1,385

 

 

1,045

 

(11)(15)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

36,686

 

 

33,699

 

 

Gainwell

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gainwell Acquisition Corp.

 

First Lien Secured Debt

 

S+410, 0.75% Floor

 

10/1/2027

 

32,790

 

 

31,965

 

 

31,970

 

(15)

Gateway Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gateway US Holdings, Inc.

 

First Lien Secured Debt

 

S+665, 0.75% Floor

 

9/22/2026

 

92,407

 

 

91,962

 

 

91,946

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+665, 0.75% Floor

 

9/22/2026

 

2,629

 

 

(8)

 

 

(13)

 

(4)(5)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

91,954

 

 

91,933

 

 

Medical Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medical Solutions Holdings, Inc.

 

First Lien Secured Debt

 

S+335, 0.50% Floor

 

11/1/2028

 

8,972

 

 

8,717

 

 

8,448

 

(14)

Omega Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OMH-Healthedge Holdings, Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/8/2029

 

108,271

 

 

105,636

 

 

105,564

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

10/8/2029

 

11,729

 

 

(282)

 

 

(293)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

105,354

 

 

105,271

 

 

Practice Plus Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Practice Plus Group Bidco Limited / Practice Plus Group Holdings Limited

 

First Lien Secured Debt

 

SONIA+625, 0.50% Floor

 

11/2/2029

 

£

10,000

 

 

11,609

 

 

12,651

 

(3)(4)(8)
(9)(17)

Public Partnerships

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPL Acquisition LLC

 

First Lien Secured Debt

 

S+635, 0.75% Floor

 

7/1/2028

 

8,612

 

 

8,424

 

 

8,440

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+635, 0.75% Floor

 

7/1/2028

 

1,000

 

 

(15)

 

 

(20)

 

(4)(5)(9)
(11)(27)

PPL Equity LP

 

Preferred Equity - Preferred Stocks

 

N/A

 

N/A

 

50,000 Shares

 

 

50

 

 

33

 

(4)(9)

 

 

Preferred Equity - Equity Unit

 

N/A

 

N/A

 

50,000 Shares

 

 

50

 

 

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

8,509

 

 

8,453

 

 

R1 RCM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

R1 RCM Inc.

 

First Lien Secured Debt

 

S+325, 0.00% Floor

 

6/21/2029

 

5,500

 

 

5,433

 

 

5,511

 

(8)(14)

Smile Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Smile Brands Inc.

 

First Lien Secured Debt

 

S+461, 0.75% Floor

 

10/12/2027

 

7,368

 

 

7,368

 

 

7,036

 

(4)(15)

Team Select

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TS Investors, LLC

 

First Lien Secured Debt

 

S+660, 1.00% Floor

 

5/4/2029

 

9,223

 

 

7,511

 

 

7,653

 

(4)(9)(11)
(14)(27)

 

 

First Lien Secured Debt - Revolver

 

S+660, 1.00% Floor

 

5/4/2029

 

739

 

 

(20)

 

 

(7)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

7,491

 

 

7,646

 

 

 

50


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Thrive Pet Healthcare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pathway Vet Alliance LLC

 

First Lien Secured Debt

 

S+386, 0.00% Floor

 

3/31/2027

 

25,588

 

 

25,551

 

 

22,626

 

(14)(15)

Tivity Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tivity Health, Inc.

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

6/28/2029

 

113,563

 

 

112,116

 

 

112,143

 

(4)(9)(15)

US Fertility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Fertility Enterprises, LLC

 

First Lien Secured Debt

 

S+660, 1.00% Floor

 

12/21/2027

 

10,927

 

 

10,684

 

 

10,763

 

(4)(9)(14)
(15)

 

 

First Lien Secured Debt - Revolver

 

S+635, 1.00% Floor

 

12/21/2027

 

130

 

 

58

 

 

57

 

(4)(9)(11)
(15)(27)

 

 

 

 

 

 

 

 

 

 

 

 

10,742

 

 

10,820

 

 

 

 

 

 

Total Health Care Providers & Services

 

$

830,716

 

$

827,965

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clario

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

eResearchTechnology, Inc.

 

First Lien Secured Debt

 

S+461, 1.00% Floor

 

2/4/2027

 

$

19,975

 

$

19,433

 

$

19,980

 

(14)

Wellsky

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Project Ruby Ultimate Parent Corp.

 

First Lien Secured Debt

 

S+586, 0.75% Floor

 

3/10/2028

 

52,831

 

 

51,561

 

 

52,831

 

(4)(14)

 

 

 

 

Total Health Care Technology

 

$

70,994

 

$

72,811

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delivery Hero

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delivery Hero Finco Germany GmbH

 

First Lien Secured Debt

 

E+575, 0.00% Floor

 

8/12/2027

 

79,000

 

$

82,558

 

$

86,776

 

(3)(4)(8)
(9)(20)

Norwegian Cruise Line

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NCL Corporation Ltd.

 

First Lien Secured Debt - Corporate Bond

 

9.75%

 

2/22/2028

 

19,223

 

 

19,057

 

 

20,421

 

(4)(8)(9)

PARS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARS Group LLC

 

First Lien Secured Debt

 

S+685, 1.50% Floor

 

4/3/2028

 

9,932

 

 

8,869

 

 

8,831

 

(4)(9)(14)
(27)

Sky Zone

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CircusTrix Holdings LLC

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

7/18/2028

 

14,162

 

 

12,240

 

 

12,337

 

(4)(9)(11)
(14)(27)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

7/18/2028

 

806

 

 

(18)

 

 

(12)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

12,222

 

 

12,325

 

 

 

 

 

 

Total Hotels, Restaurants & Leisure

 

$

122,706

 

$

128,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ergotron

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ergotron Acquisition, LLC

 

First Lien Secured Debt

 

S+586, 0.75% Floor

 

7/6/2028

 

$

9,826

 

$

9,668

 

$

9,703

 

(4)(14)

Ergotron Investments, LLC

 

Common Equity - Equity Unit

 

N/A

 

N/A

 

500 Shares

 

 

50

 

 

60

 

(4)

 

 

 

 

 

 

 

 

 

 

 

 

9,718

 

 

9,763

 

 

 

51


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

HOV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

K Hovnanian Enterprises Inc

 

First Lien Secured Debt - Revolver

 

S+450, 3.00% Floor

 

6/30/2026

 

70,000

 

 

(3,845)

 

 

(4,200)

 

(4)(5)(8)
(9)(11)(27)

 

 

First Lien Secured Debt - Corporate Bond

 

8.00%

 

9/30/2028

 

2,000

 

 

1,981

 

 

1,980

 

(4)(8)(9)

 

 

First Lien Secured Debt - Corporate Bond

 

11.75%

 

9/30/2029

 

2,000

 

 

1,947

 

 

1,945

 

(4)(8)(9)

 

 

 

 

 

 

 

 

 

 

 

 

83

 

 

(275)

 

(5)

 

 

 

 

Total Household Durables

 

$

9,801

 

$

9,488

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantice Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jazz AH Holdco, LLC

 

First Lien Secured Debt

 

S+510, 0.75% Floor

 

4/3/2028

 

$

9,110

 

$

7,110

 

$

6,929

 

(4)(11)(16)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+510, 0.75% Floor

 

4/3/2028

 

800

 

 

209

 

 

204

 

(4)(11)(16)
(27)

 

 

 

 

Total Household Products

 

$

7,319

 

$

7,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Independent Power & Renewable Electricity Producers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Esdec

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Esdec Solar Group B.V.

 

First Lien Secured Debt

 

E+600, 0.50% Floor

 

8/30/2028

 

64,878

 

$

53,388

 

$

52,250

 

(3)(4)(8)
(9)(11)(19)(27)

 

 

 

 

Total Independent Power & Renewable Electricity Producers

 

$

53,388

 

$

52,250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alera Group, Inc.

 

First Lien Secured Debt

 

S+660, 0.75% Floor

 

10/2/2028

 

$

39,578

 

$

35,528

 

$

36,179

 

(4)(9)(11)
(14)(27)

 

 

First Lien Secured Debt

 

S+610, 0.75% Floor

 

10/2/2028

 

16,437

 

 

16,103

 

 

16,437

 

(4)(9)(14)

 

 

First Lien Secured Debt

 

S+585, 0.75% Floor

 

10/2/2028

 

39,614

 

 

(193)

 

 

(396)

 

(4)(5)(9)
(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

51,438

 

 

52,220

 

 

April

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Athena Bidco S.A.S.

 

First Lien Secured Debt

 

E+650, 0.00% Floor

 

4/18/2030

 

20,000

 

 

17,941

 

 

18,204

 

(3)(4)(8)
(9)(11)(19)(20)(27)

 

 

First Lien Secured Debt - Delayed Draw Note

 

E+650, 0.00% Floor

 

4/18/2030

 

10,000

 

 

10,653

 

 

10,846

 

(3)(4)(8)
(9)

 

 

First Lien Secured Debt - Delayed Draw Note

 

E+625, 0.00% Floor

 

4/18/2030

 

7,462

 

 

(79)

 

 

(144)

 

(3)(4)(5)
(8)(9)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

28,515

 

 

28,906

 

 

Asurion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asurion, LLC

 

First Lien Secured Debt

 

S+336, 0.00% Floor

 

7/31/2027

 

22,490

 

 

22,378

 

 

22,358

 

(14)(15)

 

 

First Lien Secured Debt

 

S+336, 0.00% Floor

 

12/23/2026

 

12,420

 

 

12,171

 

 

12,413

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

34,549

 

 

34,771

 

 

Higginbotham

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higginbotham Insurance Agency, Inc.

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

11/24/2028

 

40,097

 

 

33,137

 

 

33,268

 

(4)(11)(14)
(27)

 

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

11/25/2026

 

5,740

 

 

5,740

 

 

5,740

 

(4)(14)

 

 

 

 

 

 

 

 

 

 

 

 

38,877

 

 

39,008

 

 

 

52


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Howden Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hyperion Refinance Sarl

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

11/12/2027

 

72,983

 

 

71,781

 

 

72,983

 

(4)(8)(14)

Patriot Growth Insurance Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Patriot Growth Insurance Services, LLC

 

First Lien Secured Debt

 

S+565, 0.75% Floor

 

10/16/2028

 

32,142

 

 

32,142

 

 

32,142

 

(4)(15)

 

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

10/16/2028

 

6,000

 

 

361

 

 

420

 

(4)(11)(15)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+565, 0.75% Floor

 

10/16/2028

 

2,311

 

 

 

 

 

(4)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

32,503

 

 

32,562

 

 

Risk Strategies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSC Acquisition Inc

 

First Lien Secured Debt

 

S+565, 0.75% Floor

 

11/1/2029

 

47,531

 

 

47,402

 

 

47,169

 

(4)(15)

 

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

11/1/2029

 

7,000

 

 

1,184

 

 

1,265

 

(4)(11)(15)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+565, 0.75% Floor

 

11/1/2029

 

900

 

 

(3)

 

 

(7)

 

(4)(5)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

48,583

 

 

48,427

 

 

Safe-Guard

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SG Acquisition, Inc.

 

First Lien Secured Debt

 

S+610, 0.50% Floor

 

1/27/2027

 

90,168

 

 

88,629

 

 

88,815

 

(4)(9)(15)

 

 

 

 

Total Insurance

 

$

394,875

 

$

397,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anaplan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anaplan, Inc.

 

First Lien Secured Debt

 

S+650, 0.75% Floor

 

6/21/2029

 

$

146,692

 

$

144,226

 

$

147,425

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+650, 0.75% Floor

 

6/21/2028

 

9,073

 

 

(136)

 

 

 

(4)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

144,090

 

 

147,425

 

 

Genesys Cloud

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greeneden U.S. Holdings II, LLC

 

First Lien Secured Debt

 

S+411, 0.75% Floor

 

12/1/2027

 

11,184

 

 

11,204

 

 

11,241

 

(14)

Peraton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peraton Corp.

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

2/1/2028

 

27,661

 

 

27,674

 

 

27,765

 

(14)

Vensure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vensure Employer Services, Inc.

 

First Lien Secured Debt

 

S+525, 0.75% Floor

 

3/29/2027

 

39,988

 

 

4,540

 

 

4,277

 

(4)(11)(15)
(27)

Version 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Company 24 Bidco Limited

 

First Lien Secured Debt

 

SONIA+540, 0.00% Floor

 

7/11/2029

 

£

6,559

 

 

7,638

 

 

8,277

 

(3)(4)(8)
(9)(17)

 

 

First Lien Secured Debt

 

E+540, 0.00% Floor

 

7/11/2029

 

4,029

 

 

3,964

 

 

4,404

 

(3)(4)(8)
(9)(19)

 

 

First Lien Secured Debt

 

SONIA+575, 0.00% Floor

 

7/11/2029

 

7,377

 

 

1,248

 

 

1,439

 

(3)(4)(8)
(9)(11)(17)(27)

 

 

 

 

 

 

 

 

 

 

 

 

12,850

 

 

14,120

 

 

 

53


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Virtusa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virtusa Corporation

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

2/15/2029

 

7,897

 

 

7,822

 

 

7,918

 

(14)

Wood Mackenzie

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet US Buyer LLC

 

First Lien Secured Debt

 

S+675, 0.75% Floor

 

2/1/2030

 

62,638

 

 

60,927

 

 

61,072

 

(4)(8)(9)
(15)

 

 

First Lien Secured Debt - Revolver

 

S+675, 0.75% Floor

 

2/1/2028

 

5,049

 

 

(124)

 

 

(126)

 

(4)(5)(8)
(9)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

60,803

 

 

60,946

 

 

 

 

 

 

Total IT Services

 

$

268,983

 

$

273,692

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lime

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Neutron Holdings, Inc.

 

First Lien Secured Debt

 

10.00%

 

9/30/2026

 

$

75,000

 

$

73,606

 

$

73,500

 

(4)(9)

Peloton

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peloton Interactive, Inc.

 

First Lien Secured Debt

 

S+710, 0.50% Floor

 

5/25/2027

 

4,962

 

 

4,936

 

 

4,998

 

(8)(16)

Varsity Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hercules Achievement Inc / Varsity Brands Holding Co Inc

 

First Lien Secured Debt - Corporate Bond

 

S+650, 1.00% Floor

 

12/15/2026

 

139,500

 

 

137,501

 

 

137,408

 

(4)(9)(15)

Varsity Brands Holding Co., Inc.

 

First Lien Secured Debt

 

S+511, 1.00% Floor

 

12/15/2026

 

995

 

 

968

 

 

991

 

(9)(14)

 

 

 

 

 

 

 

 

 

 

 

 

138,469

 

 

138,399

 

 

 

 

 

 

Total Leisure Products

 

$

217,011

 

$

216,897

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carlisle Fluid Technologies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LSF12 Donnelly Bidco, LLC

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

10/2/2029

 

$

14,963

 

$

14,599

 

$

14,588

 

(4)(9)(14)

Charter Next Generation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Next Generation, Inc.

 

First Lien Secured Debt

 

S+386, 0.75% Floor

 

12/1/2027

 

12,815

 

 

12,856

 

 

12,890

 

(14)

Circor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cube Industrials Buyer, Inc./Cube A&D Buyer Inc.

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

10/18/2030

 

93,017

 

 

90,737

 

 

90,692

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

10/18/2029

 

10,733

 

 

(258)

 

 

(268)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

90,479

 

 

90,424

 

 

JPW

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JPW Industries Holding Corporation

 

First Lien Secured Debt

 

S+588, 2.00% Floor

 

11/22/2028

 

117,000

 

 

114,124

 

 

114,075

 

(4)(9)(15)

ProMach

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro Mach Group, Inc.

 

First Lien Secured Debt

 

S+411, 1.00% Floor

 

8/31/2028

 

17,938

 

 

18,021

 

 

18,013

 

(14)(15)

 

 

 

 

Total Machinery

 

$

250,079

 

$

249,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accelerate360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accelerate360 Holdings, LLC

 

First Lien Secured Debt

 

S+626, 1.00% Floor

 

2/11/2027

 

$

68,404

 

$

68,404

 

$

68,404

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+626, 1.00% Floor

 

2/11/2027

 

26,908

 

 

17,938

 

 

17,938

 

(4)(9)(11)(15)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

86,342

 

 

86,342

 

 

 

54


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Advantage Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantage Sales & Marketing Inc.

 

First Lien Secured Debt

 

S+476, 0.75% Floor

 

10/28/2027

 

25,965

 

 

25,831

 

 

25,839

 

(8)(14)(15)

Associa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Associations Inc.

 

First Lien Secured Debt

 

S+426 Cash plus 2.50% PIK

 

7/2/2027

 

18,539

 

 

18,419

 

 

18,540

 

(4)(9)(15)

Charter Communications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCO Holdings LLC / CCO Holdings Capital Corp

 

Unsecured Debt - Corporate Bond

 

4.75%

 

2/1/2032

 

10,500

 

 

9,489

 

 

9,253

 

 

Escalent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M&M OPCO, LLC

 

First Lien Secured Debt

 

S+810, 1.00% Floor

 

4/7/2029

 

9,452

 

 

9,193

 

 

9,240

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+810, 1.00% Floor

 

4/7/2029

 

476

 

 

(13)

 

 

(11)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

9,180

 

 

9,229

 

 

Gannett

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gannett Holdings, LLC

 

First Lien Secured Debt

 

S+511, 0.50% Floor

 

10/15/2026

 

51,807

 

 

51,658

 

 

50,868

 

(8)(14)

 

 

First Lien Secured Debt - Corporate Bond

 

6.00%

 

11/1/2026

 

2,694

 

 

2,384

 

 

2,397

 

(8)

 

 

 

 

 

 

 

 

 

 

 

 

54,042

 

 

53,265

 

 

Material+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Material Holdings, LLC

 

First Lien Secured Debt

 

S+610, 0.75% Floor

 

8/19/2027

 

7,368

 

 

7,368

 

 

7,276

 

(4)(15)

McGraw Hill

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

McGraw-Hill Education, Inc.

 

First Lien Secured Debt

 

S+486, 0.50% Floor

 

7/28/2028

 

25,837

 

 

24,863

 

 

25,845

 

(14)

 

 

 

 

Total Media

 

$

235,534

 

$

235,589

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Care Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Heat Makes Sense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amika OpCo LLC

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

7/1/2029

 

$

35,000

 

$

34,309

 

$

35,000

 

(4)(9)(16)

 

 

First Lien Secured Debt

 

S+540, 0.75% Floor

 

7/1/2029

 

7,842

 

 

7,708

 

 

7,764

 

(4)(9)(16)

 

 

First Lien Secured Debt - Revolver

 

S+565, 0.75% Floor

 

7/1/2028

 

1,617

 

 

(25)

 

 

(16)

 

(4)(5)(9)(11)
(27)

Ishtar Co-Invest-B LP

 

Common Equity - Stock

 

N/A

 

N/A

 

39 Shares

 

 

22

 

 

101

 

(4)(9)

Oshun Co-Invest-B LP

 

Common Equity - Stock

 

N/A

 

N/A

 

11 Shares

 

 

11

 

 

29

 

(4)(9)

 

 

 

 

 

 

 

 

 

 

 

 

42,025

 

 

42,878

 

 

KDC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KDC/ONE Development Corporation, Inc.

 

First Lien Secured Debt

 

S+500, 0.00% Floor

 

8/15/2028

 

16,870

 

 

16,381

 

 

16,756

 

(8)(15)

Revlon

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revlon Intermediate Holdings IV LLC

 

First Lien Secured Debt - Revolver

 

P+350, 1.75% Floor

 

5/2/2026

 

110,000

 

 

5,133

 

 

5,056

 

(4)(9)(11)(23)
(27)

 

 

 

 

Total Personal Care Products

 

$

63,539

 

$

64,690

 

 

 

55


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bausch Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bausch Health Companies Inc.

 

First Lien Secured Debt

 

S+535, 0.50% Floor

 

2/1/2027

 

$

45,996

 

$

43,497

 

$

37,573

 

(8)(14)

 

 

First Lien Secured Debt - Corporate Bond

 

5.50%

 

11/1/2025

 

1,000

 

 

888

 

 

915

 

(8)

 

 

 

 

 

 

 

 

 

 

 

 

44,385

 

 

38,488

 

 

Ceva

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financiere Mendel SASU

 

First Lien Secured Debt

 

S+425, 0.00% Floor

 

11/12/2030

 

8,750

 

 

8,663

 

 

8,776

 

(8)(15)

ExactCare

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ExactCare Parent, Inc.

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

11/3/2029

 

40,574

 

 

39,480

 

 

39,458

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+650, 1.00% Floor

 

11/3/2029

 

4,426

 

 

(119)

 

 

(122)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

39,361

 

 

39,336

 

 

 

 

 

 

Total Pharmaceuticals

 

$

92,409

 

$

86,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAB

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EAB Global, Inc.

 

First Lien Secured Debt

 

S+350, 0.50% Floor

 

8/16/2028

 

$

19,949

 

$

19,756

 

$

19,949

 

(14)

Ingenovis Health

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ingenovis Health, Inc.

 

First Lien Secured Debt

 

S+435, 0.50% Floor

 

3/6/2028

 

4,962

 

 

4,799

 

 

4,826

 

(14)

 

 

First Lien Secured Debt

 

S+386, 0.75% Floor

 

3/6/2028

 

3,085

 

 

2,982

 

 

3,004

 

(14)

 

 

 

 

 

 

 

 

 

 

 

 

7,781

 

 

7,830

 

 

Kroll

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deerfield Dakota Holding, LLC

 

First Lien Secured Debt

 

S+375, 1.00% Floor

 

4/9/2027

 

31,759

 

 

31,630

 

 

31,521

 

(15)

VFS Global

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Speed Midco 3 S.A R.L.

 

First Lien Secured Debt

 

E+640, 0.00% Floor

 

5/16/2029

 

111,776

 

 

114,400

 

 

123,395

 

(3)(4)(8)(9)
(19)

 

 

First Lien Secured Debt

 

SONIA+690, 0.00% Floor

 

5/16/2029

 

£

22,059

 

 

26,581

 

 

28,118

 

(3)(4)(8)(9)
(17)

 

 

 

 

 

 

 

 

 

 

 

 

140,981

 

 

151,513

 

 

 

 

 

 

Total Professional Services

 

$

200,148

 

$

210,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Management & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Phase Elevator

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polyphase Elevator Holding Company

 

First Lien Secured Debt

 

S+560, 1.00% Floor

 

6/23/2027

 

$

3,438

 

$

3,438

 

$

3,258

 

(4)(15)

Pritchard Industries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pritchard Industries, LLC

 

First Lien Secured Debt

 

S+575, 0.75% Floor

 

10/13/2027

 

6,386

 

 

6,386

 

 

6,226

 

(4)(16)

Redfin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redfin Corporation

 

First Lien Secured Debt

 

S+575, 1.50% Floor

 

10/20/2028

 

126,841

 

 

60,397

 

 

60,330

 

(4)(8)(9)(11)
(15)(27)

 

 

 

 

Total Real Estate Management & Development

 

$

70,221

 

$

69,814

 

 

 

56


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wolfspeed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wolfspeed, Inc.

 

First Lien Secured Debt - Corporate Bond

 

9.88%

 

6/23/2030

 

$

120,000

 

$

115,449

 

$

115,956

 

(4)(8)(9)

 

 

 

 

Total Semiconductors & Semiconductor Equipment

 

$

115,449

 

$

115,956

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accela

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accela, Inc.

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

9/3/2030

 

$

18,286

 

$

17,932

 

$

18,057

 

(4)(9)(14)

 

 

First Lien Secured Debt - Revolver

 

S+600, 0.75% Floor

 

9/3/2030

 

1,714

 

 

(33)

 

 

(21)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

17,899

 

 

18,036

 

 

Access Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Armstrong Bidco Limited

 

First Lien Secured Debt

 

SONIA+525, 0.00% Floor

 

6/28/2029

 

£

42,000

 

 

50,143

 

 

52,599

 

(3)(4)(8)(17)

Avalara

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Secured Debt

 

S+725, 0.75% Floor

 

10/19/2028

 

136,364

 

 

133,460

 

 

137,045

 

(4)(15)

 

 

First Lien Secured Debt - Revolver

 

S+725, 0.75% Floor

 

10/19/2028

 

13,636

 

 

(274)

 

 

 

(4)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

133,186

 

 

137,045

 

 

Certinia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certinia Inc

 

First Lien Secured Debt

 

S+725, 1.00% Floor

 

8/3/2029

 

30,294

 

 

29,429

 

 

29,385

 

(4)(9)(16)

 

 

First Lien Secured Debt - Revolver

 

S+725, 1.00% Floor

 

8/4/2029

 

4,039

 

 

(113)

 

 

(121)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

29,316

 

 

29,264

 

 

Citrix

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cloud Software Group, Inc.

 

First Lien Secured Debt

 

S+461, 0.50% Floor

 

9/29/2028

 

26,000

 

 

23,129

 

 

25,421

 

(15)

Consilio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skopima Consilio Parent LLC

 

First Lien Secured Debt

 

S+450, 0.50% Floor

 

5/12/2028

 

25,000

 

 

24,526

 

 

24,911

 

(14)

Coupa Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coupa Software Incorporated

 

First Lien Secured Debt

 

S+750, 0.75% Floor

 

2/27/2030

 

60,220

 

 

53,959

 

 

54,381

 

(4)(9)(11)(14)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+750, 0.75% Floor

 

2/27/2029

 

3,780

 

 

(81)

 

 

(76)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

53,878

 

 

54,305

 

 

DigiCert

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dcert Buyer, Inc.

 

First Lien Secured Debt

 

S+400, 0.00% Floor

 

10/16/2026

 

29,662

 

 

29,544

 

 

29,461

 

(14)(15)

Duck Creek Technologies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disco Parent, LLC

 

First Lien Secured Debt

 

S+750, 1.00% Floor

 

3/30/2029

 

21,392

 

 

20,906

 

 

21,018

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+750, 1.00% Floor

 

3/30/2029

 

2,139

 

 

(47)

 

 

(37)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

20,859

 

 

20,981

 

 

 

57


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Flexera

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Flexera Software LLC

 

First Lien Secured Debt

 

S+386, 0.75% Floor

 

3/3/2028

 

29,159

 

 

29,149

 

 

29,180

 

(14)

G2CI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Evergreen IX Borrower 2023, LLC

 

First Lien Secured Debt

 

S+600, 0.75% Floor

 

9/30/2030

 

91,272

 

 

89,048

 

 

88,991

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 0.75% Floor

 

10/1/2029

 

10,071

 

 

(241)

 

 

(252)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

88,807

 

 

88,739

 

 

GTreasury

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

G Treasury SS LLC

 

First Lien Secured Debt

 

S+600, 1.00% Floor

 

6/29/2029

 

17,857

 

 

8,326

 

 

8,215

 

(4)(9)(11)(15)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+600, 1.00% Floor

 

6/29/2029

 

2,143

 

 

(39)

 

 

(43)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

8,287

 

 

8,172

 

 

Infoblox

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delta Topco, Inc.

 

First Lien Secured Debt

 

S+375, 0.75% Floor

 

12/1/2027

 

13,322

 

 

13,326

 

 

13,332

 

(16)

Instem

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ichor Management Limited

 

First Lien Secured Debt

 

S+550, 1.00% Floor

 

12/8/2029

 

9,278

 

 

9,048

 

 

9,046

 

(4)(8)(9)(15)

 

 

First Lien Secured Debt

 

S+550, 0.00% Floor

 

12/8/2029

 

£

3,077

 

 

(48)

 

 

(49)

 

(3)(4)(5)(8)
(9)(11)(27)

 

 

First Lien Secured Debt - Revolver

 

S+550, 0.00% Floor

 

12/8/2029

 

£

1,477

 

 

(46)

 

 

(47)

 

(3)(4)(5)(8)
(9)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

8,954

 

 

8,950

 

 

Medallia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medallia, Inc.

 

First Lien Secured Debt

 

S+660 (includes 5.97% PIK)

 

10/29/2028

 

38,037

 

 

37,370

 

 

38,037

 

(4)(9)(15)

Mitchell

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mitchell International, Inc.

 

First Lien Secured Debt

 

S+386, 0.50% Floor

 

10/15/2028

 

20,000

 

 

19,529

 

 

20,020

 

(15)

New Relic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crewline Buyer, Inc.

 

First Lien Secured Debt

 

S+675, 1.00% Floor

 

11/8/2030

 

41,900

 

 

40,867

 

 

40,852

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+675, 1.00% Floor

 

11/8/2030

 

4,365

 

 

(107)

 

 

(109)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

40,760

 

 

40,743

 

 

Ping Identity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ping Identity Holding Corp.

 

First Lien Secured Debt

 

S+700, 0.75% Floor

 

10/17/2029

 

22,727

 

 

22,228

 

 

22,500

 

(4)(14)

 

 

First Lien Secured Debt - Revolver

 

S+700, 0.75% Floor

 

10/17/2028

 

2,273

 

 

(46)

 

 

(23)

 

(4)(5)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

22,182

 

 

22,477

 

 

Relativity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Relativity ODA LLC

 

First Lien Secured Debt

 

S+660, 1.00% Floor

 

5/12/2027

 

29,262

 

 

28,455

 

 

28,823

 

(4)(14)

 

 

First Lien Secured Debt - Revolver

 

S+660, 1.00% Floor

 

5/12/2027

 

2,500

 

 

(45)

 

 

(37)

 

(4)(5)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

28,410

 

 

28,786

 

 

 

58


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Solera

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polaris Newco, LLC

 

First Lien Secured Debt

 

S+411, 0.50% Floor

 

6/2/2028

 

49,438

 

 

49,277

 

 

48,839

 

(14)(15)

Stamps.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auctane, Inc.

 

First Lien Secured Debt

 

S+585, 0.75% Floor

 

10/5/2028

 

31,931

 

 

31,466

 

 

31,931

 

(4)(9)(15)

Zendesk

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zendesk, Inc.

 

First Lien Secured Debt

 

S+625, 0.75% Floor

 

11/22/2028

 

181,274

 

 

143,040

 

 

145,759

 

(4)(9)(11)(15)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+625, 0.75% Floor

 

11/22/2028

 

14,624

 

 

(239)

 

 

 

(4)(9)(11)(27)

 

 

 

 

 

 

 

 

 

 

 

 

142,801

 

 

145,759

 

 

 

 

 

 

Total Software

 

$

902,798

 

$

916,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Purpose Entity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48forty Solutions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II

 

First Lien Secured Debt

 

S+610, 1.00% Floor

 

11/30/2026

 

$

7,388

 

$

7,388

 

$

7,240

 

(4)(14)

 

 

 

 

Total Special Purpose Entity

 

$

7,388

 

$

7,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carvana

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carvana Co.

 

First Lien Secured Debt - Corporate Bond

 

13.00% PIK

 

6/1/2030

 

$

18,406

 

$

18,777

 

$

15,542

 

(8)

 

 

First Lien Secured Debt - Corporate Bond

 

12.00% PIK

 

12/1/2028

 

12,270

 

 

12,650

 

 

10,449

 

(8)

 

 

First Lien Secured Debt - Corporate Bond

 

14.00% PIK

 

6/1/2031

 

11,781

 

 

12,010

 

 

10,093

 

(8)

 

 

 

 

 

 

 

 

 

 

 

 

43,437

 

 

36,084

 

 

EG Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EG Global Finance PLC

 

First Lien Secured Debt - Corporate Bond

 

S+750 (includes 6.43% PIK)

 

11/30/2028

 

113,000

 

 

108,555

 

 

108,480

 

(4)(8)(13)

Golden Hippo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Altern Marketing, LLC

 

First Lien Secured Debt

 

S+600, 2.00% Floor

 

6/13/2028

 

62,878

 

 

61,730

 

 

61,935

 

(4)(9)(15)

 

 

First Lien Secured Debt - Revolver

 

S+600, 2.00% Floor

 

6/13/2028

 

9,422

 

 

(169)

 

 

(118)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

61,561

 

 

61,817

 

 

PetSmart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PetSmart LLC

 

First Lien Secured Debt

 

S+385, 0.75% Floor

 

2/11/2028

 

9,775

 

 

9,780

 

 

9,682

 

(14)

Village Pet Care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Village Pet Care, LLC

 

First Lien Secured Debt

 

S+650, 1.00% Floor

 

9/22/2029

 

4,545

 

 

1,397

 

 

1,341

 

(4)(9)(11)(15)
(27)

 

 

First Lien Secured Debt - Revolver

 

S+650, 1.00% Floor

 

9/22/2029

 

455

 

 

(9)

 

 

(11)

 

(4)(5)(9)(11)
(27)

 

 

 

 

 

 

 

 

 

 

 

 

1,388

 

 

1,330

 

 

 

 

 

 

Total Specialty Retail

 

$

224,721

 

$

217,393

 

 

 

59


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry/Company

 

Investment Type

 

Interest Rate (12)

 

Maturity Date

 

 

Par/Shares (3)

 

Cost (28)

 

Fair Value (1)(29)

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forterro

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yellow Castle AB

 

First Lien Secured Debt

 

E+475, 0.00% Floor

 

7/9/2029

 

9,802

 

$

9,759

 

$

10,631

 

(3)(4)(8)(19)

 

 

First Lien Secured Debt

 

SONIA+475, 0.00% Floor

 

7/9/2029

 

8,445

 

 

4,749

 

 

5,216

 

(3)(4)(8)(11)
(17)(27)

 

 

First Lien Secured Debt

 

SARON+475, 0.00% Floor

 

7/9/2029

 

3,296

 

 

3,315

 

 

3,850

 

(3)(4)(8)(21)

 

 

First Lien Secured Debt

 

STIBOR+475, 0.00% Floor

 

7/9/2029

 

kr

34,792

 

 

3,235

 

 

3,389

 

(3)(4)(8)(22)

 

 

 

 

Total Technology Hardware, Storage & Peripherals

 

$

21,058

 

$

23,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authentic Brands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABG Intermediate Holdings 2 LLC

 

First Lien Secured Debt

 

S+360, 0.50% Floor

 

12/21/2028

 

$

18,381

 

$

18,168

 

$

18,490

 

(14)(15)

Claire's

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Claire's Stores, Inc.

 

First Lien Secured Debt

 

S+660, 0.00% Floor

 

12/18/2026

 

11,895

 

 

11,760

 

 

10,904

 

(14)

Gruppo Florence

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Made in Italy 2 S.P.A.

 

First Lien Secured Debt - Corporate Bond

 

E+675, 0.00% Floor

 

10/17/2030

 

69,000

 

 

71,021

 

 

73,887

 

(3)(4)(8)(9)
(19)

Iconix Brand Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IBG Borrower LLC

 

First Lien Secured Debt

 

S+615, 1.00% Floor

 

8/22/2029

 

78,262

 

 

77,007

 

 

77,479

 

(4)(9)(15)

 

 

 

 

Total Textiles, Apparel & Luxury Goods

 

$

177,956

 

$

180,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation Infrastructure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alliance Ground International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGI-CFI Holdings, Inc.

 

First Lien Secured Debt

 

S+590, 0.75% Floor

 

6/11/2027

 

$

17,218

 

$

17,069

 

$

17,046

 

(4)(15)(16)

 

 

 

 

Total Transportation Infrastructure

 

$

17,069

 

$

17,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments before Cash Equivalents

 

$

6,683,052

 

$

6,719,588

 

(2)(6)(27)

State Street Institutional US Government Money Market Fund

 

 

 

 

 

 

 

 

 

55,000

 

 

55,000

 

(7)

 

 

 

 

Total Investments after Cash Equivalents

 

$

6,738,052

 

$

6,774,588

 

 

 

Derivative Instrument

 

 

Company Receives

 

Company Pays

 

Maturity Date

 

Notional Amount

 

Footnote Reference

Interest rate swap (a)

 

 

4.02%

 

3-month SOFR

 

12/21/2025

 

$

62,000

 

Note 5

Interest rate swap (a)

 

 

3.97%

 

3-month SOFR

 

1/19/2026

 

$

38,000

 

Note 5

Interest rate swap (a)

 

 

3.67%

 

3-month SOFR

 

12/21/2027

 

$

82,000

 

Note 5

Interest rate swap (a)

 

 

3.65%

 

3-month SOFR

 

1/19/2028

 

$

18,000

 

Note 5

Interest rate swap (b)

 

 

7.02%

 

ESTR+372

 

9/28/2026

 

90,000

 

Note 5

Interest rate swap (a)

 

 

8.54%

 

S+418

 

9/28/2026

 

$

226,000

 

Note 5

Interest rate swap (a)

 

 

8.62%

 

S+456

 

9/28/2028

 

$

325,000

 

Note 5

 

(a)
Bears interest at a rate determined by three-month SOFR. The interest rate locked two business days prior to settlement of the interest rate swaps. The three-month SOFR is 5.33% on December 31, 2023.
(b)
Bears interest at a rate determined by 1 day Euro Short Term Rate. The interest rate locked two business days prior to settlement of the interest rate swaps. The 1 day Euro Short Term Rate is 3.85% on December 31, 2023.

 

Derivative Instrument

 

 

Settlement Date

 

Notional amount to be purchased

 

Notional amount to be sold

 

Footnote Reference

Foreign currency forward contract

 

 

3/20/2024

 

$

6,496

 

A$

9,836

 

 

Note 5

Foreign currency forward contract

 

 

3/20/2024

 

 

4,670

 

4,037

 

 

Note 5

Foreign currency forward contract

 

 

3/20/2024

 

 

118,003

 

108,029

 

 

Note 5

Foreign currency forward contract

 

 

3/20/2024

 

 

173,151

 

£

137,183

 

 

Note 5

Foreign currency forward contract

 

 

3/20/2024

 

 

3,212

 

kr

33,434

 

 

Note 5

 

 

60


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

(1)
Fair value is determined in good faith by or under the direction of the Board of Trustees of the Company (See Note 2 to the consolidated financial statements).
(2)
Aggregate gross unrealized gain and loss for federal income tax purposes is $53,850 and $61,525, respectively. Net unrealized loss is $7,675 based on a tax cost of $6,782,263.
(3)
Par amount is denominated in USD unless otherwise noted, British Pound (“£”), Australian Dollar (“A$”), European Euro (""), Swedish Krona ("kr") and Swiss Franc ("").
(4)
These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board of Trustees (the “Board”) (see Note 2 and Note 4 to the consolidated financial statements), pursuant to the Company’s valuation policy.
(5)
The negative fair value is the result of the commitment being valued below par.
(6)
All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted.
(7)
This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.
(8)
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2023, non-qualifying assets represented approximately 28.75% of the total assets of the Company.
(9)
These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)
(10)
These debt investments are not pledged as collateral under any of the Company's credit facilities (see Note 6 to the consolidated financial statements). For other debt investments that are pledged to the Company's credit facilities, a single investment may be divided into parts that are individually pledged as collateral to separate credit facilities.
(11)
The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.
(12)
Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to LIBOR, the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period, and may be subject to interest floors.
(13)
The interest rate on these loans is subject to SOFR, which as of December 31, 2023 was 5.38%
(14)
The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%
(15)
The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2023 was 5.33%
(16)
The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2023 was 5.16%
(17)
The interest rate on these loans is subject to SONIA, which as of December 31, 2023 was 5.19%
(18)
The interest rate on these loans is subject to 3 months BBSW, which as of December 31, 2023 was 4.41%
(19)
The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2023 was 3.91%
(20)
The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2023 was 3.86%
(21)
The interest rate on these loans is subject to Swiss Average Rate Overnight (SARON), which as of December 31, 2023 was 1.70%
(22)
The interest rate on these loans is subject to 6 months Stockholm Interbank Offered Rate (STIBOR), which as of December 31, 2023 was 4.05%
(23)
The interest rate on these loans is subject to Prime, which as of December 31, 2023 was 8.50%
(24)
Loan was on non-accrual status as of December 31, 2023.
(25)
Treace Medical Concepts, Inc. is subject to an interest rate cap. The investment is capped at the lesser of stated interest rate and 3.00% plus the applicable margin.
(26)
Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, all of the company's investments were non-controlled, non-affiliated.

61


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

(27)
As of December 31, 2023, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, related to certain portfolio companies.

 Name of Issuer

Total revolving and delayed draw loan commitments

 

Less: funded commitments

 

Total unfunded commitments

 

Less: commitments substantially at discretion of the Company

 

Less: unavailable commitments due to borrowing base or other covenant restrictions

 

Total net adjusted unfunded revolving and delayed draw commitments

Accela, Inc.

$

1,714

 

 $

 

 $

1,714

 

 $

 

$

 

$

1,714

Accelerate360 Holdings, LLC

 

26,908

 

 

(17,938)

 

 

8,970

 

 

 

 

 

 

8,970

Acentra Holdings, LLC (fka CNSI Holdings, LLC)

 

4,000

 

 

(1,467)

 

 

2,533

 

 

 

 

 

 

2,533

ACP Avenu Buyer, LLC

 

3,750

 

 

 

 

3,750

 

 

 

 

 

 

3,750

Advarra Holdings, Inc.

 

16,576

 

 

 

 

16,576

 

 

 

 

 

 

16,576

Alera Group, Inc.

 

43,014

 

 

 

 

43,014

 

 

 

 

 

 

43,014

Allied Benefit Systems Intermediate LLC

 

14,381

 

 

 

 

14,381

 

 

 

 

 

 

14,381

Altern Marketing, LLC

 

9,422

 

 

 

 

9,422

 

 

 

 

 

 

9,422

Amika OpCo LLC (f/k/a Heat Makes Sense Shared Services, LLC)

 

1,617

 

 

 

 

1,617

 

 

 

 

 

 

1,617

Anaplan, Inc.

 

9,073

 

 

 

 

9,073

 

 

 

 

 

 

9,073

Athena Bidco S.A.S.*

 

11,726

 

 

 

 

11,726

 

 

 

 

 

 

11,726

Avalara, Inc.

 

13,636

 

 

 

 

13,636

 

 

 

 

 

 

13,636

Camin Cargo Control Holdings, Inc.

 

9,462

 

 

 

 

9,462

 

 

 

 

 

 

9,462

Certinia Inc (FinancialForce.com)

 

4,039

 

 

 

 

4,039

 

 

 

 

 

 

4,039

Channelside AcquisitionCo, Inc. (fka Gruden Acquisition, Inc.)

 

7,733

 

 

 

 

7,733

 

 

 

 

 

 

7,733

CI (Quercus) Intermediate Holdings, LLC

 

2,273

 

 

(136)

 

 

2,137

 

 

 

 

 

 

2,137

CircusTrix Holdings LLC

 

2,419

 

 

 

 

2,419

 

 

 

 

 

 

2,419

Coretrust Purchasing Group LLC (HPG Enterprises LLC)

 

9,474

 

 

 

 

9,474

 

 

 

 

 

 

9,474

Coupa Software Incorporated

 

8,716

 

 

 

 

8,716

 

 

 

 

 

 

8,716

CPI Buyer, LLC

 

3,346

 

 

 

 

3,346

 

 

 

 

 

 

3,346

Crewline Buyer, Inc.

 

4,365

 

 

 

 

4,365

 

 

 

 

 

 

4,365

Cube Industrials Buyer, Inc./Cube A&D Buyer Inc.

 

10,733

 

 

 

 

10,733

 

 

 

 

 

 

10,733

Disco Parent, LLC

 

2,139

 

 

 

 

2,139

 

 

 

 

 

 

2,139

Eagle Purchaser, Inc.

 

9,000

 

 

(1,579)

 

 

7,421

 

 

 

 

5,053

 

 

2,368

ERC Topco Holdings, LLC

 

3,195

 

 

(1,385)

 

 

1,810

 

 

 

 

 

 

1,810

 

62


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

 Name of Issuer

Total revolving and delayed draw loan commitments

 

Less: funded commitments

 

Total unfunded commitments

 

Less: commitments substantially at discretion of the Company

 

Less: unavailable commitments due to borrowing base or other covenant restrictions

 

Total net adjusted unfunded revolving and delayed draw commitments

Esdec Solar Group B.V. (Enstall Group B.V.)*

 

17,939

 

 

 

 

17,939

 

 

 

 

 

 

17,939

Evergreen IX Borrower 2023, LLC

 

10,071

 

 

 

 

10,071

 

 

 

 

 

 

10,071

ExactCare Parent, Inc.

 

4,426

 

 

 

 

4,426

 

 

 

 

 

 

4,426

Fortis Fire & Safety Inc.

 

4,017

 

 

(89)

 

 

3,928

 

 

 

 

 

 

3,928

G Treasury SS LLC

 

11,429

 

 

 

 

11,429

 

 

 

 

 

 

11,429

Gateway US Holdings, Inc.

 

2,629

 

 

 

 

2,629

 

 

 

 

 

 

2,629

Green Grass Foods, Inc.

 

1,250

 

 

 

 

1,250

 

 

 

 

 

 

1,250

HEF Safety Ultimate Holdings, LLC

 

4,355

 

 

(387)

 

 

3,968

 

 

 

 

 

 

3,968

Higginbotham Insurance Agency, Inc.

 

6,828

 

 

 

 

6,828

 

 

 

 

 

 

6,828

Ichor Management Limited*

 

5,805

 

 

 

 

5,805

 

 

 

 

3,922

 

 

1,883

Investment Company 24 Bidco Limited*

 

6,624

 

 

 

 

6,624

 

 

 

 

 

 

6,624

IQN Holding Corp.

 

11,867

 

 

 

 

11,867

 

 

 

 

 

 

11,867

Ironhorse Purchaser, LLC

 

1,932

 

 

(277)

 

 

1,655

 

 

 

 

 

 

1,655

IW Buyer LLC

 

3,146

 

 

 

 

3,146

 

 

 

 

 

 

3,146

Jazz AH Holdco, LLC

 

2,800

 

 

(220)

 

 

2,580

 

 

 

 

2,000

 

 

580

K Hovnanian Enterprises Inc

 

70,000

 

 

 

 

70,000

 

 

 

 

 

 

70,000

M&M OPCO, LLC

 

476

 

 

 

 

476

 

 

 

 

 

 

476

Mobile Communications America, Inc.

 

4,076

 

 

 

 

4,076

 

 

 

 

 

 

4,076

Mount Olympus Bidco Limited

 

1,447

 

 

 

 

1,447

 

 

 

 

 

 

1,447

OMH-Healthedge Holdings, Inc.

 

11,729

 

 

 

 

11,729

 

 

 

 

 

 

11,729

One Silver Serve, LLC

 

24,085

 

 

(1,325)

 

 

22,760

 

 

 

 

 

 

22,760

Paisley Bidco Limited*

 

14,282

 

 

 

 

14,282

 

 

 

 

14,282

 

 

PARS Group LLC

 

952

 

 

 

 

952

 

 

 

 

 

 

952

Patriot Foods Buyer, Inc.

 

3,416

 

 

 

 

3,416

 

 

 

 

 

 

3,416

Patriot Growth Insurance Services, LLC

 

7,891

 

 

 

 

7,891

 

 

 

 

 

 

7,891

Pave America Interco, LLC (f/k/a Pavement Partners Interco, LLC)

 

2,605

 

 

 

 

2,605

 

 

 

 

 

 

2,605

 

63


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

 Name of Issuer

Total revolving and delayed draw loan commitments

 

Less: funded commitments

 

Total unfunded commitments

 

Less: commitments substantially at discretion of the Company

 

Less: unavailable commitments due to borrowing base or other covenant restrictions

 

Total net adjusted unfunded revolving and delayed draw commitments

Ping Identity Holding Corp.

 

2,273

 

 

 

 

2,273

 

 

 

 

 

 

2,273

Pinnacle Purchaser, LLC

 

469

 

 

(109)

 

 

360

 

 

 

 

 

 

360

Planet US Buyer LLC

 

5,049

 

 

 

 

5,049

 

 

 

 

 

 

5,049

PPL Acquisition LLC

 

1,000

 

 

 

 

1,000

 

 

 

 

 

 

1,000

Redfin Corporation

 

63,500

 

 

 

 

63,500

 

 

 

 

 

 

63,500

Relativity ODA LLC

 

2,500

 

 

 

 

2,500

 

 

 

 

 

 

2,500

Reliable Doors, LLC

 

2,357

 

 

(114)

 

 

2,243

 

 

 

 

 

 

2,243

Revlon Intermediate Holdings IV LLC

 

110,000

 

 

(6,431)

 

 

103,569

 

 

 

 

 

 

103,569

Roaring Fork III-B, LLC

 

21,871

 

 

 

 

21,871

 

 

 

 

 

 

21,871

Rochester Midland Corporation

 

14,179

 

 

 

 

14,179

 

 

 

 

 

 

14,179

RSC Acquisition Inc

 

6,635

 

 

 

 

6,635

 

 

 

 

 

 

6,635

Ruler Bidco S.A R.L.*

 

7,683

 

 

 

 

7,683

 

 

 

 

 

 

7,683

Smith Topco, Inc.

 

1,692

 

 

 

 

1,692

 

 

 

 

 

 

1,692

TerSera Therapeutics LLC

 

1,140

 

 

 

 

1,140

 

 

 

 

 

 

1,140

Treace Medical Concepts, Inc.

 

11,708

 

 

(200)

 

 

11,508

 

 

 

 

5,833

 

 

5,675

Trench Plate Rental Co.

 

4,545

 

 

(1,477)

 

 

3,068

 

 

 

 

 

 

3,068

TS Investors, LLC

 

2,216

 

 

 

 

2,216

 

 

 

 

 

 

2,216

TZ Buyer LLC

 

606

 

 

(151)

 

 

455

 

 

 

 

 

 

455

Ultimate Baked Goods Midco LLC

 

1,016

 

 

 

 

1,016

 

 

 

 

 

 

1,016

US Fertility Enterprises, LLC

 

130

 

 

(59)

 

 

71

 

 

 

 

 

 

71

Vensure Employer Services, Inc.

 

35,111

 

 

 

 

35,111

 

 

 

 

 

 

35,111

Village Pet Care, LLC

 

3,545

 

 

 

 

3,545

 

 

 

 

 

 

3,545

Volunteer AcquisitionCo, LLC

 

1,136

 

 

 

 

1,136

 

 

 

 

 

 

1,136

Yellow Castle AB*

 

3,944

 

 

 

 

3,944

 

 

 

 

 

 

3,944

Zendesk, Inc.

 

50,138

 

 

 

 

50,138

 

 

 

 

 

 

50,138

 Total

$

823,231

$

(33,344)

$

789,887

$

$

31,090

$

758,799

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2023 exchange rate.

 

64


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

(28)
The following shows the composition of the Company’s portfolio at cost by investment type and industry as of December 31, 2023:

 

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

Aerospace & Defense

 

 

$

4,836

 

$

 

$

 

$

 

$

 

$

4,836

Air Freight & Logistics

 

 

 

80,719

 

 

 

 

 

 

 

 

 

 

80,719

Asset Backed Securities

 

 

 

27,496

 

 

 

 

 

 

 

 

 

 

27,496

Automobile Components

 

 

 

23,437

 

 

 

 

 

 

 

 

 

 

23,437

Banks

 

 

 

4,541

 

 

 

 

 

 

 

 

 

 

4,541

Biotechnology

 

 

 

58,101

 

 

 

 

 

 

 

 

 

 

58,101

Building Products

 

 

 

22,706

 

 

 

 

 

 

 

 

 

 

22,706

Capital Markets

 

 

 

124,128

 

 

 

 

 

 

 

 

 

 

124,128

Chemicals

 

 

 

102,799

 

 

 

 

 

 

 

 

100

 

 

102,899

Commercial Services & Supplies

 

 

 

621,431

 

 

 

 

 

 

 

 

140

 

 

621,571

Communications Equipment

 

 

 

14,353

 

 

39,474

 

 

 

 

 

 

 

 

53,827

Construction & Engineering

 

 

 

78,612

 

 

 

 

 

 

 

 

50

 

 

78,662

Construction Materials

 

 

 

3,739

 

 

 

 

 

 

 

 

 

 

3,739

Consumer Finance

 

 

 

31,051

 

 

 

 

 

 

 

 

 

 

31,051

Consumer Staples Distribution & Retail

 

 

 

167,619

 

 

 

 

 

 

 

 

 

 

167,619

Containers & Packaging

 

 

 

35,859

 

 

 

 

 

 

 

 

 

 

35,859

Diversified Consumer Services

 

 

 

219,126

 

 

 

 

 

 

 

 

 

 

219,126

Electric Utilities

 

 

 

28,940

 

 

 

 

 

 

 

 

 

 

28,940

Electrical Equipment

 

 

 

96,274

 

 

 

 

 

 

 

 

 

 

96,274

Energy Equipment & Services

 

 

 

30,676

 

 

 

 

 

 

 

 

 

 

30,676

Entertainment

 

 

 

88,599

 

 

 

 

 

 

 

 

 

 

88,599

Financial Services

 

 

 

320,123

 

 

 

 

 

 

 

 

 

 

320,123

Food Products

 

 

 

3,650

 

 

 

 

 

 

 

 

125

 

 

3,775

Ground Transportation

 

 

 

37,549

 

 

 

 

 

 

 

 

 

 

37,549

 

65


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

 

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

Health Care Equipment & Supplies

 

 

 

62,637

 

 

 

 

 

 

 

 

 

 

62,637

Health Care Providers & Services

 

 

 

830,616

 

 

 

 

 

 

99

 

 

 

 

830,715

Health Care Technology

 

 

 

70,994

 

 

 

 

 

 

 

 

 

 

70,994

Hotels, Restaurants & Leisure

 

 

 

122,706

 

 

 

 

 

 

 

 

 

 

122,706

Household Durables

 

 

 

9,751

 

 

 

 

 

 

 

 

50

 

 

9,801

Household Products

 

 

 

7,319

 

 

 

 

 

 

 

 

 

 

7,319

Independent Power & Renewable Electricity Producers

 

 

 

53,388

 

 

 

 

 

 

 

 

 

 

53,388

Insurance

 

 

 

394,875

 

 

 

 

 

 

 

 

 

 

394,875

IT Services

 

 

 

268,983

 

 

 

 

 

 

 

 

 

 

268,983

Leisure Products

 

 

 

217,011

 

 

 

 

 

 

 

 

 

 

217,011

Machinery

 

 

 

250,079

 

 

 

 

 

 

 

 

 

 

250,079

Media

 

 

 

226,045

 

 

 

 

9,489

 

 

 

 

 

 

235,534

Personal Care Products

 

 

 

63,506

 

 

 

 

 

 

 

 

33

 

 

63,539

Pharmaceuticals

 

 

 

92,409

 

 

 

 

 

 

 

 

 

 

92,409

Professional Services

 

 

 

200,148

 

 

 

 

 

 

 

 

 

 

200,148

Real Estate Management & Development

 

 

 

70,221

 

 

 

 

 

 

 

 

 

 

70,221

Semiconductors & Semiconductor Equipment

 

 

 

115,449

 

 

 

 

 

 

 

 

 

 

115,449

Software

 

 

 

902,798

 

 

 

 

 

 

 

 

 

 

902,798

Special Purpose Entity

 

 

 

7,388

 

 

 

 

 

 

 

 

 

 

7,388

Specialty Retail

 

 

 

224,721

 

 

 

 

 

 

 

 

 

 

224,721

Technology Hardware, Storage & Peripherals

 

 

 

21,058

 

 

 

 

 

 

 

 

 

 

21,058

Textiles, Apparel & Luxury Goods

 

 

 

177,956

 

 

 

 

 

 

 

 

 

 

177,956

Transportation Infrastructure

 

 

 

17,070

 

 

 

 

 

 

 

 

 

 

17,070

Total

 

 

$

6,633,492

 

$

39,474

 

$

9,489

 

$

99

 

$

498

 

$

6,683,052

 

 

66


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

(29)
The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of December 31, 2023:

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

 

% of Net Assets

Aerospace & Defense

 

 

$

4,848

 

$

 

$

 

$

 

$

 

$

4,848

 

0.1%

Air Freight & Logistics

 

 

 

91,724

 

 

 

 

 

 

 

 

 

 

91,724

 

2.2%

Asset Backed Securities

 

 

 

26,877

 

 

 

 

 

 

 

 

 

 

26,877

 

0.7%

Automobile Components

 

 

 

23,583

 

 

 

 

 

 

 

 

 

 

23,583

 

0.6%

Banks

 

 

 

4,541

 

 

 

 

 

 

 

 

 

 

4,541

 

0.1%

Biotechnology

 

 

 

57,606

 

 

 

 

 

 

 

 

 

 

57,606

 

1.4%

Building Products

 

 

 

22,755

 

 

 

 

 

 

 

 

 

 

22,755

 

0.6%

Capital Markets

 

 

 

124,829

 

 

 

 

 

 

 

 

 

 

124,829

 

3.0%

Chemicals

 

 

 

96,538

 

 

 

 

 

 

 

 

102

 

 

96,640

 

2.3%

Commercial Services & Supplies

 

 

 

622,629

 

 

 

 

 

 

 

 

158

 

 

622,787

 

15.1%

Communications Equipment

 

 

 

14,268

 

 

28,808

 

 

 

 

 

 

 

 

43,076

 

1.0%

Construction & Engineering

 

 

 

78,284

 

 

 

 

 

 

 

 

50

 

 

78,334

 

1.9%

Construction Materials

 

 

 

3,730

 

 

 

 

 

 

 

 

 

 

3,730

 

0.1%

Consumer Finance

 

 

 

31,078

 

 

 

 

 

 

 

 

 

 

31,078

 

0.8%

Consumer Staples Distribution & Retail

 

 

 

173,483

 

 

 

 

 

 

 

 

 

 

173,483

 

4.2%

Containers & Packaging

 

 

 

35,912

 

 

 

 

 

 

 

 

 

 

35,912

 

0.9%

Diversified Consumer Services

 

 

 

220,273

 

 

 

 

 

 

 

 

 

 

220,273

 

5.3%

Electric Utilities

 

 

 

28,737

 

 

 

 

 

 

 

 

 

 

28,737

 

0.7%

Electrical Equipment

 

 

 

96,246

 

 

 

 

 

 

 

 

 

 

96,246

 

2.3%

Energy Equipment & Services

 

 

 

30,670

 

 

 

 

 

 

 

 

 

 

30,670

 

0.7%

Entertainment

 

 

 

90,496

 

 

 

 

 

 

 

 

 

 

90,496

 

2.2%

Financial Services

 

 

 

324,170

 

 

 

 

 

 

 

 

 

 

324,170

 

7.9%

Food Products

 

 

 

3,650

 

 

 

 

 

 

 

 

125

 

 

3,775

 

0.1%

Ground Transportation

 

 

 

37,697

 

 

 

 

 

 

 

 

 

 

37,697

 

0.9%

 

67


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry

 

 

First Lien - Secured Debt

 

Second Lien - Secured Debt

 

Unsecured Debt

 

Preferred Equity

 

Common Equity

 

Total

 

% of Net Assets

Health Care Equipment & Supplies

 

 

 

63,475

 

 

 

 

 

 

 

 

 

 

63,475

 

1.5%

Health Care Providers & Services

 

 

 

827,932

 

 

 

 

 

 

33

 

 

 

 

827,965

 

20.1%

Health Care Technology

 

 

 

72,811

 

 

 

 

 

 

 

 

 

 

72,811

 

1.8%

Hotels, Restaurants & Leisure

 

 

 

128,353

 

 

 

 

 

 

 

 

 

 

128,353

 

3.1%

Household Durables

 

 

 

9,428

 

 

 

 

 

 

 

 

60

 

 

9,488

 

0.2%

Household Products

 

 

 

7,133

 

 

 

 

 

 

 

 

 

 

7,133

 

0.2%

Independent Power & Renewable Electricity Producers

 

 

 

52,250

 

 

 

 

 

 

 

 

 

 

52,250

 

1.3%

Insurance

 

 

 

397,692

 

 

 

 

 

 

 

 

 

 

397,692

 

9.6%

IT Services

 

 

 

273,692

 

 

 

 

 

 

 

 

 

 

273,692

 

6.6%

Leisure Products

 

 

 

216,897

 

 

 

 

 

 

 

 

 

 

216,897

 

5.3%

Machinery

 

 

 

249,990

 

 

 

 

 

 

 

 

 

 

249,990

 

6.1%

Media

 

 

 

226,336

 

 

 

 

9,253

 

 

 

 

 

 

235,589

 

5.7%

Personal Care Products

 

 

 

64,560

 

 

 

 

 

 

 

 

129

 

 

64,689

 

1.6%

Pharmaceuticals

 

 

 

86,600

 

 

 

 

 

 

 

 

 

 

86,600

 

2.1%

Professional Services

 

 

 

210,813

 

 

 

 

 

 

 

 

 

 

210,813

 

5.1%

Real Estate Management & Development

 

 

 

69,814

 

 

 

 

 

 

 

 

 

 

69,814

 

1.7%

Semiconductors & Semiconductor Equipment

 

 

 

115,956

 

 

 

 

 

 

 

 

 

 

115,956

 

2.8%

Software

 

 

 

916,988

 

 

 

 

 

 

 

 

 

 

916,988

 

22.2%

Special Purpose Entity

 

 

 

7,240

 

 

 

 

 

 

 

 

 

 

7,240

 

0.2%

Specialty Retail

 

 

 

217,393

 

 

 

 

 

 

 

 

 

 

217,393

 

5.3%

Technology Hardware, Storage & Peripherals

 

 

 

23,086

 

 

 

 

 

 

 

 

 

 

23,086

 

0.6%

Textiles, Apparel & Luxury Goods

 

 

 

180,760

 

 

 

 

 

 

 

 

 

 

180,760

 

4.4%

Transportation Infrastructure

 

 

 

17,047

 

 

 

 

 

 

 

 

 

 

17,047

 

0.4%

Total

 

 

$

6,680,870

 

$

28,808

 

$

9,253

 

$

33

 

$

624

 

$

6,719,588

 

163.0%

% of Net Assets

 

 

 

162.0%

 

 

0.7%

 

 

0.2%

 

 

0.0%

 

 

0.0%

 

 

163.0%

 

 

 

68


Table of Contents

APOLLO DEBT SOLUTIONS BDC

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2023

(In thousands, except share data)

 

Industry Classification

Percentage of Total
Investments (at Fair Value)
as of December 31, 2023

Software

13.6%

Health Care Providers & Services

12.3%

Commercial Services & Supplies

9.3%

Insurance

5.9%

Financial Services

4.8%

IT Services

4.1%

Machinery

3.7%

Media

3.5%

Diversified Consumer Services

3.3%

Specialty Retail

3.2%

Leisure Products

3.2%

Professional Services

3.1%

Textiles, Apparel & Luxury Goods

2.7%

Consumer Staples Distribution & Retail

2.6%

Hotels, Restaurants & Leisure

1.9%

Capital Markets

1.9%

Semiconductors & Semiconductor Equipment

1.7%

Chemicals

1.4%

Electrical Equipment

1.4%

Air Freight & Logistics

1.4%

Entertainment

1.3%

Pharmaceuticals

1.3%

Construction & Engineering

1.2%

Health Care Technology

1.1%

Real Estate Management & Development

1.0%

Personal Care Products

1.0%

Health Care Equipment & Supplies

0.9%

Biotechnology

0.9%

Independent Power & Renewable Electricity Producers

0.8%

Communications Equipment

0.6%

Ground Transportation

0.6%

Containers & Packaging

0.5%

Consumer Finance

0.5%

Energy Equipment & Services

0.5%

Electric Utilities

0.4%

Asset Backed Securities

0.4%

Automobile Components

0.4%

Technology Hardware, Storage & Peripherals

0.3%

Building Products

0.3%

Transportation Infrastructure

0.3%

Household Durables

0.1%

Special Purpose Entity

0.1%

Household Products

0.1%

Aerospace & Defense

0.1%

Banks

0.1%

Food Products

0.1%

Construction Materials

0.1%

 

100.0%

 

Geographic Region

 

December 31, 2023

United States

 

77.6%

United Kingdom

 

11.0%

Europe

 

9.5%

Australia

 

1.7%

Canada

 

0.2%

 

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APOLLO DEBT SOLUTIONS BDC

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except share and per share data)

Note 1. Organization

Apollo Debt Solutions BDC (the “Company,” “ADS,” “we,” “us,” or “our”), a Delaware statutory trust formed on December 4, 2020, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). The Company has elected to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Apollo Credit Management, LLC (the “Adviser”) is our investment adviser and is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”, or “Apollo” ). The Adviser, subject to the overall supervision of our Board of Trustees, manages the day-to-day operations of the Company and provides investment advisory services to the Company.

Apollo Credit Management, LLC, as our administrator (the “Administrator”), provides, among other things, administrative services and facilities to the Company. Furthermore, the Administrator will offer to provide, on our behalf, managerial assistance to those portfolio companies to which we are required to provide such assistance.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company seeks to invest primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, which ADS generally defines as companies with more than $75 million in EBITDA, as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items. While most of the Company’s investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. The investment portfolio may also include other interests such as corporate bonds, common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us. All intercompany balances and transactions have been eliminated.

These financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries.

As of March 31, 2024, the Company's consolidated subsidiaries were Cardinal Funding LLC, Mallard Funding LLC, Grouse Funding LLC, Merlin Funding LLC, ADS Albatross SPV LLC, ADS Flood SPV LLC, ADS Germantown SPV LLC, ADS Lemon SPV LLC, ADS Antheia SPV LLC, ADS Newark SPV LLC, ADS Opera SPV LLC, ADS Titan SPV LLC, ADS North SPV LLC and ADS Holdings (Lux) S.à.r.l.

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Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity, that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value. Cash and cash equivalents held as of March 31, 2024 was $189,008. Cash and cash equivalents held as of December 31, 2023 was $258,594.

Investments Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:


Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.


Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.


Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

Investment Valuation Process

The Board of Trustees has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Company's Board of Trustees. Even though the Company's Board of Trustees designated the Company's Adviser as “valuation designee,” the Company's Board of Trustees continues to be responsible for overseeing the processes for determining fair valuation.

In calculating the value of our total assets, we value investments for which market quotations are readily available at such market quotations if they are deemed to represent fair value. Debt and equity securities that are not publicly traded or whose market price is not readily available or whose market quotations are not deemed to represent fair value are valued at fair value as determined in good faith by or under the direction of the Adviser. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. Examples of these events could include cases in which material events are announced after the close of the market on which a security is primarily traded, when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a “fire sale” by a distressed seller.

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If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. The Adviser engages multiple independent valuation firms based on a review of each firm’s expertise and relevant experience in valuing certain securities. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such Level 3 categorized assets.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Adviser undertakes a multi-step valuation process each quarter, as described below:

(1)
Independent valuation firms engaged conduct independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Adviser;
(2)
At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;
(3)
Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;
(4)
The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and
(5)
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. During the three months ended March 31, 2024, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, interest rate, foreign currency and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

Interest Rate Swaps

The Company uses interest rate swaps to hedge some or all of the Company's fixed rate debt. The Company has designated each interest rate swap held as the hedging instrument in an effective hedge accounting relationship, and therefore the periodic payments and receipts are recognized as components of interest expense in the Consolidated Statements of Operations. Depending on the nature of the balance at period end, the fair value of the interest rate swap is either included as a derivative asset or derivative liability on the Company's Consolidated Statements of Assets and Liabilities. The change in fair value of the interest rate swap is offset by a change in the carrying value of the fixed rate debt. Any amounts paid to the counterparty to cover collateral obligations under the terms of the interest rate swap agreement are included in other assets or other liabilities and expenses on the Company's Consolidated Statements of Assets and Liabilities. Please see Note 5 to the Company's Consolidated Financial Statements for additional detail.

 

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Offsetting Assets and Liabilities

The Company has elected to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a net basis in the Consolidated Statements of Assets and Liabilities when, and only when, they are with the same counterparty, the Company has the legal right to offset the recognized amounts, and it intends to either settle on a net basis or realize the asset and settle the liability simultaneously.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost adjusted for fair value fluctuations of interest rate swaps in qualifying hedge accounting relationships (see Notes 5 and 6 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company may have loans in its portfolio that contain PIK provisions. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. PIK income computed at the contractual rate is accrued into income, which is included in interest income in the Company’s Consolidated Statements of Operations, and reflected as interest receivable up to the capitalization date. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If at any point the Company believes PIK is not fully expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

 

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Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

As of March 31, 2024, 0.1% of total investments at amortized cost, or 0.0% of total investments at fair value, were on non-accrual status. As of December 31, 2023, 0.1% of total investments at amortized cost, or 0.1% of total investments at fair value, were on non-accrual status.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, trustees’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Organization Expenses

Costs associated with the organization of the Company were expensed as incurred. These expenses consisted primarily of legal fees and other costs of organizing the Company.

Offering Expenses

Costs associated with the offering of the Company’s shares are capitalized as “deferred offering costs” on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous offering.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Distributions

Distributions to common shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Trustees and will depend on the Company's earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and servicing fees, if any.

Share Repurchases

In connection with the Company’s share repurchase programs, the cost of shares repurchased is charged to net assets on the trade date.

 

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Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through March 31, 2024 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file Form 1099s for the tax year ending December 31, 2024. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gain net income for the 1-year period ending on October 31 of such calendar year, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. As of March 31, 2024, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

 

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Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

On July 22, 2021, the Company entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

The Advisory Agreement is effective for an initial two-year term and thereafter will continue for successive annual periods provided that such continuance is specifically approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations. On July 20, 2023, the Advisory Agreement was renewed and continued for an additional one-year period ending on July 22, 2024.

On March 14, 2024, the Company and the Adviser entered into an amended and restated investment advisory agreement (the “Second Amended and Restated Advisory Agreement”), which amended and restated the Advisory Agreement. The Second Amended and Restated Advisory Agreement alters the Advisory Agreement by removing certain “sunset” provisions that previously stated that certain requirements of the NASAA Omnibus Guidelines would no longer apply if the Company's shares become covered securities within the meaning of Section 18 of the Securities Act of 1933, as amended, clarified that the Adviser would be responsible for any fees incurred if the Adviser terminates the Second Amended and Restated Advisory Agreement and amended certain provisions to clarify compliance with NASAA Omnibus Guidelines. No other changes were made to the Advisory Agreement.

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser.

Base Management Fee

The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Advisory Agreement, net assets means our total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the first calendar month in which the Company had operations, net assets was measured as the beginning net assets as of the date on which the Company broke escrow for the initial offering.

Incentive Fee

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

A. Incentive Fee based on Income

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the base management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution and/or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized).

 

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The Company pays its Adviser an income based incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);
100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This “catch-up” portion is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and
12.5% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

B. Incentive Fee based on Cumulative Net Realized Gains

The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain.

For the three months ended March 31, 2024 and 2023, the Company recognized $15,337 and $7,115, respectively, of management fees.

For the three months ended March 31, 2024 and 2023, the Company recognized $18,815 and $8,562, respectively, of incentive fees based on income and $1,060 and $0, respectively, of incentive fees based on cumulative net realized gains.

As of March 31, 2024 and March 31, 2023, management and performance-based incentive fees payable were $25,615 and $11,167.

Fees From Affiliates

From time-to-time various affiliates of Adviser are involved in transactions whereby certain fees, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, “Capital Solution” services) are earned and rebated back to the funds. For the three months ended March 31, 2024 the Company received $3,002 in fee rebates from affiliates related to Capital Solution services. For the three months ended March 31, 2023 the Company did not receive any fee rebates from affiliates related to Capital Solution services.

Administration Agreement

On July 22, 2021, the Company entered into an Administration Agreement (the “Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value (“NAV”), compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the Securities and Exchange Commission (the “SEC”), preparing materials and coordinating meetings of the Company’s Board of Trustees, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of AGM or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

Sub-Administration Agreement

On January 6, 2022, the Administrator entered into a sub-administration agreement (the “Sub-Administration Agreement”) with State Street Bank and Trust Company. The sub-administrator will receive compensation for its sub-administrative services under the Sub-Administration Agreement.

 

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Intermediary Manager Agreement

On November 10, 2021, the Company entered into an Intermediary Manager Agreement (the “Intermediary Manager Agreement”) with Apollo Global Securities, LLC. (the “Intermediary Manager”), an affiliate of the Adviser, which is a broker-dealer registered with the SEC and a member of Financial Industry Regulatory Authority, Inc. (“FINRA”). Under the terms of the Intermediary Manager Agreement, the Intermediary Manager will serve as the intermediary manager for the Company’s public offering of its common shares. The Intermediary Manager will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager will be entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees will be paid with respect to Class I shares. The distribution and/or shareholder servicing fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers.

The Company will cease paying the distribution and/or shareholder servicing fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of our offering on which, in the aggregate, underwriting compensation from all sources in connection with the offering, including the distribution and/or shareholder servicing fees and other underwriting compensation, is equal to 10% of the gross proceeds from the primary offering. In addition, the Company will cease paying the distribution and/or shareholder servicing fees on any Class S shares and Class D shares in a shareholder’s account at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total brokerage commissions and distribution and/or shareholder servicing fees paid with respect to any such share held by such shareholder within such account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share. At the end of such month, each such Class S shares or Class D shares will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share.

The Intermediary Manager is a broker-dealer registered with the SEC is a member of FINRA.

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s trustees who are not “interested persons”, as defined in the 1940 Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Distribution and Servicing Plan

On July 22, 2021, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). On November 9, 2023, the Board approved continuing the Distribution and Servicing Plan. The following table shows the shareholder servicing and/or distribution fees the Company will pay the Intermediary Manager with respect to the Class S shares, Class D shares and Class I shares on an annualized basis as a percentage of the Company’s NAV for such class. No shareholder servicing and/or distribution fees will be paid with respect to Class I shares. The shareholder servicing and/or distribution monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.

Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month.

 

 

Shareholder Servicing and/or Distribution
Fee as a % of NAV

Class S shares

 

0.85%

Class D shares

 

0.25%

Class I shares

 

0.00%

The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

For the three months ended March 31, 2024, the Company accrued distribution and shareholder servicing fees of $2,201 attributable to Class S shares, and $1 attributable to Class D shares.

For the three months ended March 31, 2023, the Company accrued distribution and shareholder servicing fees of $588 attributable to Class S shares, and $2 attributable to Class D shares.

 

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The shareholder servicing and/or distribution fees are similar to sales commissions. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged. The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services that are not required to be paid pursuant to the shareholder servicing and/or distribution fees under FINRA rules. The Company also may pay for these sub-transfer agency, sub- accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

Expense Support and Conditional Reimbursement Agreement

The Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest or distributions and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment”. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) our “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

 

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The following table presents a summary of all expenses supported, and recouped, by the Adviser:

For the Month Ended

 

Amount of Expense Support

 

Recoupment of Expense Support

 

Unreimbursed Expense Support

 

Reimbursement Eligibility Expiration

 

Effective Rate of Distribution per Share

 

Operating Expense Ratio

January 31, 2022

 

$

1,677

 

$

1,677

 

$

 

January 31, 2025

 

5.12%

 

1.36%

February 28, 2022

 

 

867

 

 

867

 

 

 

February 28, 2025

 

7.42%

 

0.86%

March 31, 2022

 

 

111

 

 

111

 

 

 

March 31, 2025

 

6.71%

 

0.68%

April 30, 2022

 

 

1,778

 

 

1,778

 

 

 

April 30, 2025

 

6.96%

 

0.60%

 

 

$

4,433

 

$

4,433

 

$

 

 

 

 

 

 

For the three months ended March 31, 2024 and 2023, the Company did not accrue Expense Support amounts.

For the three months ended March 31, 2024, the Company did not make any Reimbursement Payments to the Adviser. For the three months ended March 31, 2023, $1,461 of Reimbursement Payments were paid to the Advisor.

Co-Investment Activity

An affiliate of the Adviser has received an exemptive order from the SEC on December 29, 2021, which was amended on January 10, 2023 (the “Order”), that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent trustees must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our shareholders and do not involve overreaching of us or our shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our shareholders and is consistent with our Board of Trustees’ approved criteria. In certain situations where co-investment with one or more funds managed by the Adviser or its affiliates is not covered by the Order, the personnel of the Adviser or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

As of March 31, 2024, the Company’s co-investment holdings were 59.1% of the portfolio or $5,011,531, measured at fair value. On a cost basis, 58.7% of the portfolio or $4,944,741 were co-investments. As of December 31, 2023, the Company’s co-investment holdings were 64.0% of the portfolio or $4,301,325, measured at fair value. On a cost basis, 63.5% of the portfolio or $4,241,749 were co-investments.

Escrow Agreement

On October 14, 2021, the Company entered into an escrow agreement (the “Escrow Agreement”) with UMB Bank, N.A. The Company received purchase orders and held investors’ funds in an escrow account until it received purchase orders for at least $100 million (excluding any shares purchased by the Adviser, its affiliates and the Company’s trustees and officers but including any shares purchased in any private offerings), and the Board authorized the release of the escrowed purchase order proceeds to the Company, which occurred on January 7, 2022. The Company continues to engage UMB Bank, N.A. for monthly subscription proceeds received as part of the public offering of the Company’s shares.

 

 

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Note 4. Investments

Fair Value Measurement and Disclosures

The following table shows the composition of our investments as of March 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

 

 

 

 

 

 

 

Fair Value Hierarchy

 

 

Cost

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

First Lien Secured Debt

 

$

8,380,157

 

$

8,446,937

 

$

 

$

2,253,715

 

$

6,193,222

Second Lien Secured Debt

 

 

39,402

 

 

26,900

 

 

 

 

 

 

26,900

Unsecured Debt

 

 

194

 

 

202

 

 

 

 

202

 

 

Common Equity/Interests

 

 

498

 

 

489

 

 

 

 

 

 

489

Preferred Equity

 

 

217

 

 

128

 

 

 

 

 

 

128

Total Investments before Cash Equivalents

 

$

8,420,468

 

$

8,474,656

 

$

 

$

2,253,917

 

$

6,220,739

Total Cash Equivalents

 

$

 

$

 

$

 

$

 

$

Total Investments after Cash Equivalents

 

$

8,420,468

 

$

8,474,656

 

$

 

$

2,253,917

 

$

6,220,739

Interest rate swaps

 

$

 

$

672

 

$

 

$

672

 

$

Foreign currency forward transactions

 

 

 

 

10,912

 

 

 

 

10,912

 

 

Total Assets and Liabilities at Fair Value

 

$

8,420,468

 

$

8,486,240

 

$

 

$

2,265,501

 

$

6,220,739

The following table shows the composition of our investments as of December 31, 2023, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

 

 

 

 

 

 

 

 

Fair Value Hierarchy

 

 

Cost

 

Fair Value

 

Level 1

 

Level 2

 

Level 3

First Lien Secured Debt

 

$

6,633,492

 

$

6,680,870

 

$

 

$

1,324,780

 

$

5,356,090

Second Lien Secured Debt

 

 

39,474

 

 

28,808

 

 

 

 

 

 

28,808

Unsecured Debt

 

 

9,489

 

 

9,253

 

 

 

 

9,253

 

 

Common Equity/Interests

 

 

498

 

 

624

 

 

 

 

 

 

624

Preferred Equity

 

 

99

 

 

33

 

 

 

 

 

 

33

Total Investments before Cash Equivalents

 

$

6,683,052

 

$

6,719,588

 

$

 

$

1,334,033

 

$

5,385,555

Money Market Fund

 

$

55,000

 

$

55,000

 

$

55,000

 

$

 

$

Total Cash Equivalents

 

$

55,000

 

$

55,000

 

$

55,000

 

$

 

$

Total Investments after Cash Equivalents

 

$

6,738,052

 

$

6,774,588

 

$

55,000

 

$

1,334,033

 

$

5,385,555

Interest rate swaps

 

$

 

$

10,490

 

$

 

$

10,490

 

$

Foreign currency forward transactions

 

 

 

 

(3,681)

 

 

 

 

(3,681)

 

 

Total Assets and Liabilities at Fair Value

 

$

6,738,052

 

$

6,781,397

 

$

55,000

 

$

1,340,842

 

$

5,385,555

 

81


The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2024:

 

 

Three Months Ended March 31, 2024

 

 

First Lien
Secured Debt
(2)

 

Second Lien
Secured Debt
(2)

 

Unsecured
Debt

 

Common Equity/Interests

 

Preferred Equity

 

Total

Fair value as of December 31, 2023

 

$

5,356,090

 

$

28,808

 

$

 

$

624

 

$

33

 

$

5,385,555

Net realized gains (losses)

 

 

6,020

 

 

 

 

 

 

 

 

 

 

6,020

Net change in unrealized gains (losses)

 

 

10,987

 

 

(1,836)

 

 

 

 

(135)

 

 

(24)

 

 

8,992

Net amortization on investments

 

 

5,570

 

 

(72)

 

 

 

 

 

 

 

 

5,498

Purchases, including capitalized PIK (3)

 

 

1,026,190

 

 

 

 

 

 

 

 

119

 

 

1,026,309

Sales (3)

 

 

(237,460)

 

 

 

 

 

 

 

 

 

 

(237,460)

Transfers out of Level 3 (1)

 

 

(4,243)

 

 

 

 

 

 

 

 

 

 

(4,243)

Transfers into Level 3 (1)

 

 

30,068

 

 

 

 

 

 

 

 

 

 

30,068

Fair value as of March 31, 2024

 

$

6,193,222

 

$

26,900

 

$

 

$

489

 

$

128

 

$

6,220,739

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2024

 

$

10,224

 

$

(1,836)

 

$

 

$

(135)

 

$

(23)

 

$

8,230

 

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.
(2)
Includes unfunded commitments measured at fair value of $(15,764).
(3)
Includes reorganizations and restructuring of investments.

 

The following table shows changes in the fair value of our Level 3 investments during the three months ended March 31, 2023:

 

 

Three Months Ended March 31, 2023

 

 

First Lien
Secured Debt
(2)

 

Second Lien
Secured Debt
(2)

 

Unsecured
Debt

 

Common Equity/Interests

 

Preferred Equity

 

Total

Fair value as of December 31, 2022

 

$

2,829,970

 

$

 

$

 

$

205

 

$

56

 

$

2,830,231

Net realized gains (losses)

 

 

1,213

 

 

 

 

 

 

 

 

 

 

1,213

Net change in unrealized gains (losses)

 

 

18,788

 

 

(794)

 

 

 

 

(6)

 

 

(6)

 

 

17,982

Net amortization on investments

 

 

1,980

 

 

(64)

 

 

 

 

 

 

 

 

1,916

Purchases, including capitalized PIK (3)

 

 

304,347

 

 

33,673

 

 

 

 

 

 

 

 

338,020

Sales (3)

 

 

(333,566)

 

 

 

 

 

 

 

 

 

 

(333,566)

Transfers out of Level 3 (1)

 

 

(134,697)

 

 

 

 

 

 

 

 

 

 

(134,697)

Transfers into Level 3 (1)

 

 

 

 

 

 

 

 

 

 

 

 

Fair value as of March 31, 2023

 

$

2,688,035

 

$

32,815

 

$

 

$

199

 

$

50

 

$

2,721,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized gains (losses) on Level 3 investments still held as of March 31, 2023

 

$

16,188

 

$

(794)

 

$

 

$

(6)

 

$

(6)

 

$

16,176

 

(1)
Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.
(2)
Includes unfunded commitments measured at fair value of $(4,673).
(3)
Includes reorganizations and restructuring of investments.

 

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The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of March 31, 2024 and December 31, 2023. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2024 were as follows:

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

 

Fair Value

 

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

$

5,237,226

 

Discounted Cash Flow

Discount Rate

8.0%

-

17.8%

10.8%

 

 

955,168

 

Transactional Value

Cost

N/A

 

N/A

N/A

 

 

828

 

Asset Recoverability

Market Multiple

50.0%

-

50.0%

50.0%

Second Lien Secured Debt

 

26,900

 

Discounted Cash Flow

Discount Rate

22.6%

-

22.6%

22.6%

Common Equity/Interests

 

489

 

Market Comparable Technique

Comparable Multiple

8.0x

-

20.5x

11.15x

Preferred Equity

 

118

 

Transactional Value

Cost

N/A

 

N/A

N/A

 

 

10

 

Market Comparable Technique

Comparable Multiple

14.5x

-

14.5x

14.5x

Total Level 3 Investments

$

6,220,739

 

 

 

 

 

 

 

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2023 were as follows:

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

 

Fair Value

 

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

$

3,772,200

 

Discounted Cash Flow

Discount Rate

6.9%

-

13.4%

10.6%

 

 

1,583,890

 

Transactional Value

Cost

N/A

 

N/A

N/A

Second Lien Secured Debt

 

28,808

 

Discounted Cash Flow

Discount Rate

21.7%

-

21.7%

21.7%

Common Equity/Interests

 

499

 

Market Comparable Technique

Comparable Multiple

8.0x

-

20.5x

13.4x

 

 

125

 

Transactional Value

Cost

N/A

 

N/A

N/A

Preferred Equity

 

33

 

Market Comparable Technique

Comparable Multiple

16.8x

-

16.8x

16.8x

Total Level 3 Investments

$

5,385,555

 

 

 

 

 

 

 

(1)
The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks.

Investment Transactions

For the three months ended March 31, 2024 and 2023, purchases of investments on a trade date basis were $2,181,765 and $619,409, respectively.

For the three months ended March 31, 2024 and 2023, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $458,110 and $736,033, respectively.

83


Table of Contents

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three months ended March 31, 2024 and 2023, PIK income earned was $5,205 and $916, respectively.

The following table shows the change in capitalized PIK balance for the three months ended March 31, 2024 and 2023:

 

Three Months Ended March 31,

 

 

2024

 

 

2023

PIK balance at beginning of period

$

13,026

 

$

5,333

PIK income capitalized

 

6,460

 

 

980

Adjustments due to investments exited or written off

 

 

 

PIK income received in cash

 

 

 

PIK balance at end of period

$

19,485

 

$

6,313

 

Note 5. Derivative Instruments

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

Certain information related to the Company’s foreign currency forward contracts is presented below as of March 31, 2024.

Counterparty

 

Notional amount to be purchased

 

Notional amount to be sold

 

Settlement Date

 

Fair Value

 

Balance Sheet Location of Net Amounts

Morgan Stanley and Co. International PLC

 

$

347,071

 

 €

318,540

 

6/20/2024

 

$

2,272

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

6,733

 

 A$

10,143

 

6/20/2024

 

 

109

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

5,020

 

 ₣

4,363

 

6/20/2024

 

 

140

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

240,781

 

 €

219,854

 

6/20/2024

 

 

2,804

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

458,636

 

 £

358,848

 

6/20/2024

 

 

5,435

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

3,416

 

 kr

34,826

 

6/20/2024

 

 

151

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

 

10,912

 

 

 

* Totals may not foot due to rounding.

 

84


Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 2023.

Counterparty

 

Notional amount to be purchased

 

Notional amount to be sold

 

Settlement Date

 

Fair Value

 

Balance Sheet Location of Net Amounts

State Street Bank and Trust Company

 

$

6,496

 

 A$

9,836

 

3/20/2024

 

$

(219)

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

4,670

 

 ₣

4,037

 

3/20/2024

 

 

(165)

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

118,003

 

 €

108,029

 

3/20/2024

 

 

(1,617)

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

173,151

 

 £

137,183

 

3/20/2024

 

 

(1,562)

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

State Street Bank and Trust Company

 

 

3,212

 

 kr

33,434

 

3/20/2024

 

 

(117)

 

Unrealized appreciation (depreciation) on foreign currency forward contracts

 

 

 

 

 

 

 

 

 

 

 

$

(3,681)

 

 

 

* Totals may not foot due to rounding.

Certain information related to the Company’s interest rate swaps is presented below as of March 31, 2024.

Counterparty

 

Notional Amount

 

Maturity Date

 

Fair Value

 

Financial Statement Location of Net Amounts

BNP Paribas SA

 

$

325,000

 

4/13/2029

 

$

2,067

 

Other assets

Goldman Sachs International

 

$

62,000

 

12/21/2025

 

 

(622)

 

Other assets

Goldman Sachs International

 

$

38,000

 

1/19/2026

 

 

(403)

 

Other assets

Goldman Sachs International

 

$

82,000

 

12/21/2027

 

 

(1,182)

 

Other assets

Goldman Sachs International

 

18,000

 

1/19/2028

 

 

(270)

 

Other assets

Goldman Sachs International

 

$

90,000

 

9/28/2026

 

 

959

 

Other assets

Goldman Sachs International

 

$

325,000

 

4/13/2029

 

 

1,874

 

Other assets

SMBC Capital Markets, Inc.

 

$

226,000

 

9/28/2026

 

 

(676)

 

Other liabilities and expenses

SMBC Capital Markets, Inc.

 

$

325,000

 

9/28/2028

 

 

(1,076)

 

Other liabilities and expenses

 

 

 

 

 

 

 

 $

672

 

 

* Totals may not foot due to rounding.

 

85


Certain information related to the Company’s interest rate swaps is presented below as of December 31, 2023.

Counterparty

 

Notional Amount

 

Maturity Date

 

Fair Value

 

Financial Statement Location of Net Amounts

Goldman Sachs International

 

$

62,000

 

12/21/2025

 

$

(49)

 

Other assets

Goldman Sachs International

 

$

38,000

 

1/19/2026

 

 

(37)

 

Other assets

Goldman Sachs International

 

$

82,000

 

12/21/2027

 

 

253

 

Other assets

Goldman Sachs International

 

$

18,000

 

1/19/2028

 

 

48

 

Other assets

Goldman Sachs International

 

90,000

 

9/28/2026

 

 

2,258

 

Other assets

SMBC Capital Markets, Inc.

 

$

226,000

 

9/28/2026

 

 

2,492

 

Other assets

SMBC Capital Markets, Inc.

 

$

325,000

 

9/28/2028

 

 

5,525

 

Other assets

 

 

 

 

 

 

 

 $

10,490

 

 

* Totals may not foot due to rounding.

The Company’s foreign currency forward contracts are not designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three months ended March 31, 2024 and 2023, for the Company’s foreign currency forward contracts, are in the following locations in the Consolidated Statements of Operations:

 

 

 

 

 

Three Months Ended March 31,

Derivative Instrument

 

 

Financial Statement Location

 

2024

 

2023

Foreign currency forward contracts

 

 

Net realized gain(loss) on foreign currency forward contracts

 

$

(6,364)

 

$

353

 

 

 

 

 

 

(6,364)

 

 

353

 

 

 

 

 

 

Three Months Ended March 31,

Derivative Instrument

 

 

Financial Statement Location

 

2024

 

2023

Foreign currency forward contracts

 

 

Net change in unrealized appreciation (depreciation) on foreign currency forward contracts

 

$

14,592

 

$

(698)

 

 

 

 

 

 

14,592

 

 

(698)

 

The Company’s interest rate swaps have been designated in a qualifying hedge accounting relationship. Net realized and unrealized gains and losses for the three months ended March 31, 2024 and 2023, for the Company’s interest rate swaps, are in the following locations in the Consolidated Statements of Operations:

 

 

Three Months Ended March 31,

 

Financial Statement Location

 

 

2024

 

2023

 

 

Interest rate swaps

 

$

13,048

 

$

(1,533)

 

Interest and other debt expenses

Hedged items

 

 

(9,818)

 

 

1,912

 

Interest and other debt expenses

 

 

86


Table of Contents

Offsetting of Derivative Instruments

The Company has derivative instruments that are subject to master netting agreements. These agreements include provisions to offset positions with the same counterparty in the event of default by one of the parties. The Company’s unrealized appreciation and depreciation on derivative instruments are reported net in the Consolidated Statements of Assets and Liabilities. The following table presents the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of March 31, 2024:

 

 

As of March 31, 2024

Counterparty

 

Derivative Assets Subject to Master Netting Agreement

 

Derivatives Available for Offset

 

Non-cash Collateral Received(1)

 

Cash Collateral Received(1)

 

Net Amount of Derivative Assets(2)

BNP Paribas SA

 

$

2,067

 

$

 

$

 

$

(1,754)

 

$

314

Goldman Sachs International

 

 

2,833

 

 

(2,477)

 

 

 

 

 

 

356

SMBC Capital Markets, Inc.

 

 

 

 

 

 

 

 

 

 

Total

 

$

4,900

 

$

(2,477)

 

$

 

$

(1,754)

 

$

670

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Derivative Liabilities Subject to Master Netting Agreement

 

Derivatives Available for Offset

 

Non-cash Collateral Pledged(1)

 

Cash Collateral Pledged(1)

 

Net Amount of Derivative Liabilities(3)

BNP Paribas SA

 

$

 

 $

 

 $

 

 $

 

 $

Goldman Sachs International

 

 

(2,477)

 

 

2,477

 

 

 

 

 

 

SMBC Capital Markets, Inc.

 

 

(1,752)

 

 

 

 

 

 

2,960

 

 

1,208

Total

 

$

(4,229)

 

 $

2,477

 

 $

 

 $

2,960

 

 $

1,208

 

(1)
In some instances, the actual amount of the collateral received and/or pledged may be more than the derivative balance shown due to overcollateralization.
(2)
Net amount of derivative assets represents the net amount due from the counterparty to the Company.
(3)
Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

 

The following table presents the Company’s assets and liabilities related to derivatives by counterparty, net of amounts available for offset under a master netting arrangement and net of any collateral received or pledged by the Company for such assets and liabilities as of December 31, 2023:

 

 

As of December 31, 2023

Counterparty

 

Derivative Assets Subject to Master Netting Agreement

 

Derivatives Available for Offset

 

Non-cash Collateral Received(1)

 

Cash Collateral Received(1)

 

Net Amount of Derivative Assets(2)

Goldman Sachs International

 

$

2,559

 

 $

(86)

 

 $

 

 $

(590)

 

 $

1,883

SMBC Capital Markets, Inc.

 

 

8,017

 

 

 

 

 

 

(6,023)

 

 

1,994

Total

 

$

10,576

 

 $

(86)

 

 $

 

 $

(6,613)

 

 $

3,877

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Counterparty

 

Derivative Liabilities Subject to Master Netting Agreement

 

Derivatives Available for Offset

 

Non-cash Collateral Pledged(1)

 

Cash Collateral Pledged(1)

 

Net Amount of Derivative Liabilities(3)

Goldman Sachs International

 

$

(86)

 

 $

86

 

 $

 

 $

 

 $

SMBC Capital Markets, Inc.

 

 

 

 

 

 

 

 

 

 

Total

 

$

(86)

 

 $

86

 

 $

 

 $

 

 $

 

(1)
In some instances, the actual amount of the collateral received and/or pledged may be more than the derivative balance shown due to overcollateralization.
(2)
Net amount of derivative assets represents the net amount due from the counterparty to the Company.
(3)
Net amount of derivative liabilities represents the net amount due from the Company to the counterparty.

87


Table of Contents

Note 6. Debt and Foreign Currency Transactions and Translations

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2024 and December 31, 2023, the Company’s asset coverage was 280.0% and 255.3%, respectively.

The Company’s outstanding debt obligations as of March 31, 2024 were as follows:

 

 

March 31, 2024

 

 

Aggregate Principal Committed

 

Outstanding Principal

 

Carrying Value

 

Fair
Value
(3)

 

Unused
Portion
(1)

 

Amount
Available
 (2)

Revolving Credit Facility

 

$

2,185,000

 

 

102,000

 

 

102,000

 

 

102,000

 

 

2,083,000

 

 

2,083,000

Cardinal Funding LLC

 

 

800,000

 

 

601,000

 

 

601,000

 

 

597,374

 

 

199,000

 

 

199,000

Grouse Funding LLC

 

 

250,000

 

 

187,500

 

 

187,500

 

 

187,500

 

 

62,500

 

 

62,500

Mallard Funding LLC

 

 

500,000

 

 

378,900

 

 

378,900

 

 

378,900

 

 

121,100

 

 

121,100

Merlin Funding LLC

 

 

300,000

 

 

200,514

 

 

200,514

 

 

197,816

 

 

99,486

 

 

486

December 2025 Notes

 

 

62,000

 

 

62,000

 

 

61,378

 

 

61,378

 

 

 

 

January 2026 Notes

 

 

38,000

 

 

38,000

 

 

37,597

 

 

37,597

 

 

 

 

December 2027 Notes

 

 

82,000

 

 

82,000

 

 

80,818

 

 

80,818

 

 

 

 

January 2028 Notes

 

 

18,000

 

 

18,000

 

 

17,730

 

 

17,730

 

 

 

 

September 2026 Notes

 

 

226,000

 

 

226,000

 

 

225,324

 

 

225,324

 

 

 

 

September 2028 Notes

 

 

325,000

 

 

325,000

 

 

323,924

 

 

323,924

 

 

 

 

September 2026 Euronotes

 

 

97,096

 

 

97,096

 

 

98,055

 

 

98,055

 

 

 

 

2029 Notes

 

 

650,000

 

 

650,000

 

 

649,715

(4)

 

649,715

 

 

 

 

Total Debt Obligations

 

 $

5,533,096

 

 $

2,968,010

 

 $

2,964,456

 

 $

2,958,132

 

 $

2,565,086

 

 $

2,466,086

Deferred Financing Costs

 

 

 

 

 

 

 

 

(31,424)

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount

 

 

 

 

 

 

 

 

2,933,032

 

 

 

 

 

 

 

 

 

 

(1)
The unused portion is the amount upon which commitment fees, if any, are based.
(2)
The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2024. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(4)
Balance is inclusive of original issue discount on notes issued below par.

 

 

88


The Company’s outstanding debt obligations as of December 31, 2023 were as follows:

 

 

December 31, 2023

 

 

Aggregate Principal Committed

 

Outstanding Principal

 

Carrying Value

 

Fair
Value
(3)

 

Unused
Portion
(1)

 

Amount
Available
 (2)

Revolving Credit Facility

 

$

2,185,000

 

 

614,523

 

 

614,523

 

 

613,598

 

 

1,570,477

 

 

1,570,477

Cardinal Funding LLC

 

 

800,000

 

 

601,961

 

 

601,961

 

 

601,961

 

 

198,039

 

 

170,042

Grouse Funding LLC

 

 

250,000

 

 

187,500

 

 

187,500

 

 

187,500

 

 

62,500

 

 

27,527

Mallard Funding LLC

 

 

500,000

 

 

386,803

 

 

386,803

 

 

386,803

 

 

113,197

 

 

113,196

Merlin Funding LLC

 

 

120,000

 

 

15,000

 

 

15,000

 

 

15,000

 

 

105,000

 

 

December 2025 Notes

 

 

62,000

 

 

62,000

 

 

61,951

 

 

61,951

 

 

 

 

January 2026 Notes

 

 

38,000

 

 

38,000

 

 

37,963

 

 

37,963

 

 

 

 

December 2027 Notes

 

 

82,000

 

 

82,000

 

 

82,253

 

 

82,253

 

 

 

 

January 2028 Notes

 

 

18,000

 

 

18,000

 

 

18,048

 

 

18,048

 

 

 

 

September 2026 Notes

 

 

226,000

 

 

226,000

 

 

228,492

 

 

228,492

 

 

 

 

September 2028 Notes

 

 

325,000

 

 

325,000

 

 

330,525

 

 

330,525

 

 

 

 

September 2026 Euronotes

 

 

99,356

 

 

99,356

 

 

101,614

 

 

101,614

 

 

 

 

Total Debt Obligations

 

 $

4,705,356

 

 $

2,656,143

 

 $

2,666,633

 

 $

2,665,708

 

 $

2,049,213

 

 $

1,881,242

Deferred Financing Costs and Debt Discounts

 

 

 

 

 

 

 

 

(27,534)

 

 

 

 

 

 

 

 

 

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount

 

 

 

 

 

 

 

 

2,639,099

 

 

 

 

 

 

 

 

 

 

(1)
The unused portion is the amount upon which commitment fees, if any, are based.
(2)
The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2023. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three months ended March 31, 2024 and 2023:

 

 

 

Three Months Ended March 31,

 

 

2024

 

2023

Average debt outstanding

 

$

2,494,682

 

$

1,995,625

Maximum amount of debt outstanding

 

 

3,279,029

 

 

2,157,600

 

 

 

 

 

 

 

Weighted average annualized interest cost (1)

 

 

8.41%

 

 

7.29%

Annualized amortized debt issuance cost

 

 

0.31%

 

 

0.28%

Total annualized interest cost

 

 

8.72%

 

 

7.58%

 

 

 

 

 

 

 

Average 1-month SOFR rate

 

 

5.3%

 

 

4.5%

 

(1)
Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility and SPV Financing Facilities, and net interest on interest rate swaps entered into qualifying hedge accounting relationships . Commitment fees for the three months ended March 31, 2024 and 2023 were $2,471 and $1,875, respectively.

The components of interest expense for the three months ended March 31, 2024 and 2023 were as follows:

 

 

Three Months Ended March 31,

 

2024

 

2023

Borrowing interest expense

$

47,386

 

 $

34,547

Facility unused fees

 

2,471

 

 

1,875

Amortization of financing costs and debt issuance costs

 

1,911

 

 

1,400

Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items

 

 

 

 

 

Interest rate swaps

 

13,086

 

 

(1,533)

Hedged items

 

(9,818)

 

 

1,912

Total interest expense

$

55,036

 

 $

38,201

 

 

89


Senior Secured Facility

On March 11, 2022, the Company entered into a senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”) with JPMorgan Chase Bank, N.A. The aggregate lender commitments under the Senior Secured Facility on March 11, 2022 were $1.835 billion. On June 7, 2022, the Company entered into an amendment to its Senior Secured Facility to increase the multicurrency commitments from $1.835 billion to $2.085 billion. The Company may seek additional commitments from new and existing lenders in the future, up to an aggregate facility size not to exceed approximately $2.753 billion. The scheduled maturity date of the Senior Secured Facility is March 11, 2027.

On October 12, 2023, the Company amended and extended its Senior Secured Facility. Lender commitments under the Senior Secured Facility increased from $2.085 billion to $2.185 billion and the Senior Secured Facility’s “accordion” feature that allows the Company to increase the size of the Senior Secured Facility increased from approximately $2.753 billion to approximately $3.278 billion.

The final maturity date under the Senior Secured Facility was extended by over one year from March 11, 2027 to October 12, 2028. The covenants and representations and warranties the Company is required to comply with were also modified (including, among other things, that the minimum shareholders’ equity test was reset), but the remaining terms and conditions of the Senior Secured Facility remain substantially the same.

Loans under the Senior Secured Facility denominated in US dollars will bear interest, at the Company’s option, at the base rate plus a spread of 0.75% to 0.875% or the term SOFR rate plus a credit spread adjustment of 0.10% and spread of 1.75% to 1.875%, in each case, with such spread being determined based on the total amount of the Gross Borrowing Base relative to the total Combined Debt Amount, as of the date of determination. Loans under the Senior Secured Facility denominated in currencies other than US dollars will bear interest at certain local rates consistent with market standards. Interest on loans denominated in dollars is due and payable in arrears quarterly for loans bearing interest at the base rate and at the end of the applicable interest period in the case of loans bearing interest at the term SOFR rate (or at each three month interval in the case of loans with interest periods greater than three months). Interest on loans denominated in currencies other than US dollars is due and payable in a manner consistent with market standards. The Company is also obligated to pay other customary closing fees, arrangement fees, administration fees, commitment fees and letter of credit fees for a credit facility of this size and type.

The Company’s obligations to the lenders under the Senior Secured Facility are secured by a first priority security interest in substantially all of the Company’s assets.

In connection with the Senior Secured Facility, the Company has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, the Company must comply with the following financial covenants: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio.

The Senior Secured Facility contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, JPMorgan Chase Bank, N.A. may terminate the commitments and declare the outstanding advances and all other obligations under the Senior Secured Facility immediately due and payable.

As of March 31, 2024, the Company was in compliance with all covenants and other requirements of the Senior Secured Facility.

SPV Financing Facilities

The following wholly-owned subsidiaries of the Company have entered into secured financing facilities, as described below: Cardinal Funding LLC, Mallard Funding LLC, and Grouse Funding LLC, which are collectively referred to as the “SPVs”, and the secured financing facilities described below are collectively referred to as the “SPV Financing Facilities”.

The obligations of each SPV to the lenders under the applicable SPV Financing Facility are secured by a first priority security interest in all of the applicable SPV’s portfolio investments and cash. The obligations of each SPV under the applicable SPV Financing Facility are non-recourse to the Company, and the Company’s exposure to the credit facility is limited to the value of its investment in the applicable SPV.

In connection with the SPV Financing Facilities, the applicable SPV has made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. Each SPV Financing Facility contains customary events of default for similar financing transactions, including if a change of control of the applicable SPV occurs. Upon the occurrence and during the continuation of an event of default, the lenders under the applicable SPV Financing Facility may declare the outstanding advances and all other obligations under the applicable SPV Financing Facility immediately due and payable. The occurrence of an event of default (as described above) triggers a requirement that the applicable SPV obtain the consent of the lenders under the applicable SPV Financing Facility prior to entering into any sale or disposition with respect to portfolio investments.

As of March 31, 2024, the Company was in compliance with all covenants and other requirements of the SPV Financing Facilities.

 

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Table of Contents

Cardinal Funding LLC

On January 7, 2022, Cardinal Funding LLC (“Cardinal Funding”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit and Security Agreement (the “Cardinal Funding Secured Credit Facility”), with Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator.

The maximum principal amount of the Cardinal Funding Secured Credit Facility as of the Closing Date is $500 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Cardinal Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Amounts drawn under the Cardinal Funding Secured Credit Facility, will bear interest at the Term SOFR Reference Rate, the CDOR Rate, SONIA or the EURIBOR Rate (the “Applicable Reference Rate”), in each case, plus a margin. Advances used to finance the purchase or origination of broadly syndicated loans under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 1.70%. Advances used to finance the purchase or origination of private credit loans under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 2.20%. Advances used to finance the purchase or origination of any other eligible loans under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 2.45%. After the expiration of a three-year reinvestment period, the applicable margin on outstanding advances will be increased by 0.50% per annum. All amounts outstanding under the Cardinal Funding Secured Credit Facility must be repaid by the date that is five years after the closing date of the Cardinal Funding Secured Credit Facility. The contractual maturity date of the Cardinal Funding Secured Credit Facility is January 7, 2027.

On April 7, 2022, Cardinal Funding, entered into Amendment No. 1 (the “First Cardinal Funding Amendment”), by and among Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator.

The First Cardinal Funding Amendment amends the Cardinal Funding Secured Credit Facility to (i) increase the additional aggregate commitment size which Cardinal Funding can request from the lenders under the Cardinal Funding Secured Credit Facility from $750 million to $1.350 billion, (ii) add a new revolving lender to the Cardinal Funding Secured Credit Facility and (iii) allow Cardinal Funding to finance bonds under the Cardinal Funding Secured Credit Facility. Advances used to finance bonds under the Cardinal Funding Secured Credit Facility initially bear interest at the Applicable Reference Rate plus a spread of 2.0%.

On December 9, 2022, Cardinal Funding entered into Amendment No. 4 (the “Fourth Cardinal Funding Amendment”) by and among Cardinal Funding, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Citibank, N.A., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, custodian and collateral administrator.

The Fourth Cardinal Funding Amendment amends the Cardinal Funding Secured Credit Facility to (i) increase the aggregate commitment under the Cardinal Funding Secured Credit Facility from $500 million to $800 million and (ii) modify the interest rate charged under the Cardinal Funding Secured Credit Facility. Advances made with respect to “Private Credit Loans” (as defined in the Cardinal Funding Secured Credit Facility) will, prior to the Commitment Termination Date, bear interest at the Applicable Reference Rate plus a spread of 2.75% and, following the Commitment Termination Date, bear interest at the Applicable Reference Rate plus a spread of 3.25%.

Mallard Funding LLC

On January 7, 2022, Mallard Funding LLC (“Mallard Funding”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Loan and Servicing Agreement (the “Mallard Funding Loan and Servicing Agreement”), with Mallard Funding, as borrower, the Company, in its capacity as servicer and in its capacity as transferor, the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, account bank and collateral custodian.

The maximum principal amount of the Mallard Funding Loan and Servicing Agreement as of the Closing Date is $500 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Mallard Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Under the Mallard Funding Loan and Servicing Agreement, Mallard Funding is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Mallard Funding Loan and Servicing Agreement, will bear interest at Adjusted Term SOFR, the CDOR Rate, Daily Simple SONIA or the EURIBOR Rate (the “Mallard Funding Applicable Reference Rate”), in each case, plus a margin.

 

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Table of Contents

Advances used to finance the purchase or origination of broadly syndicated loans under the Mallard Funding Loan and Servicing Agreement bear interest at the Mallard Funding Applicable Reference Rate plus a spread of (x) during the nine months subsequent to the Closing Date (the "Ramp-Up Period"), 1.60%, (y) after the end of the Ramp-Up Period and prior to the Mallard Funding Commitment Termination Date (as defined by the Mallard Funding Loan and Servicing Agreement), 2.00% and (z) after the Mallard Funding Commitment Termination Date, 2.25%. Advances used to finance the purchase or origination of middle market loans under the Mallard Funding Loan and Servicing Agreement initially bear interest at the Mallard Funding Applicable Reference Rate plus a spread of (x) prior to the Mallard Funding Commitment Termination Date, 2.00% and (y) after the Mallard Funding Commitment Termination Date, 2.25%. All amounts outstanding under the Mallard Funding Loan and Servicing Agreement must be repaid by the date that is five years after the closing date of the Mallard Funding Loan and Servicing Agreement. The contractual maturity date under the Mallard Funding Loan and Servicing Agreement is January 7, 2027.

On March 18, 2022, Mallard Funding entered into Amendment No. 1 (the “First Mallard Funding Amendment”), by and among Mallard Funding, as borrower, the Company, in its capacity as servicer and as transferor, each lender party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and The Bank of New York Mellon Trust Company, National Association, as collateral agent, account bank and collateral custodian. The First Mallard Funding Amendment amends the Mallard Funding Loan and Servicing Agreement to (i) allow Mallard Funding to borrow amounts in Australian dollars and (ii) allow amounts drawn to bear interest at the BBSY Rate.

Grouse Funding LLC

On July 7, 2022 (the “Closing Date”), Grouse Funding LLC (“Grouse Funding”), a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Credit Agreement (the “Grouse Funding Secured Credit Facility”), with Grouse Funding, as borrower, the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent, State Street Bank and Trust Company, as collateral agent and collateral custodian, and Virtus Group, LP, as collateral administrator.

From time to time, the Company expects to sell and contribute certain investments to Grouse Funding pursuant to a Sale and Contribution Agreement, dated as of the Closing Date, by and between the Company and Grouse Funding. No gain or loss will be recognized as a result of the contribution. Proceeds from the Grouse Funding Secured Credit Facility will be used to finance the origination and acquisition of eligible assets by Grouse Funding, including the purchase of such assets from the Company. We retain a residual interest in assets contributed to or acquired by Grouse Funding through our ownership of Grouse Funding. The maximum principal amount of the Grouse Funding Secured Credit Facility as of the Closing Date is $250 million, which can be drawn in U.S. Dollars subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of Grouse Funding’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The Grouse Funding Secured Credit Facility provides for the ability to draw and redraw revolving loans under the Grouse Funding Secured Credit Facility for a period of up to three years after the Closing Date unless the commitments are terminated sooner as provided in the Grouse Funding Secured Credit Facility (the “Commitment Termination Date”). Unless otherwise terminated, the Grouse Funding Secured Credit Facility will mature on the date which is five years after the Closing Date (the “Final Maturity Date”). Prior to the Commitment Termination Date, proceeds received by Grouse Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. Following the Commitment Termination Date but prior to the Final Maturity Date, proceeds received by Grouse Funding from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, as well as principal on outstanding borrowings in accordance with the terms of the Grouse Funding Secured Credit Facility, and the excess may be returned to the Company, subject to certain conditions. On the Final Maturity Date, Grouse Funding must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company.

Under the Grouse Funding Secured Credit Facility, Grouse Funding is permitted to borrow amounts in U.S. dollars. Amounts drawn under the Grouse Funding Secured Credit Facility will bear interest at Term SOFR plus a margin. Advances used to finance the purchase or origination of broadly syndicated loans under the Grouse Funding Secured Credit Facility initially bear interest at Term SOFR plus a spread of 2.40%, except that following the application of a rebate amount the spread on broadly syndicated loans shall be 1.85%. Advances used to finance the purchase or origination of bonds or loans that are not broadly syndicated loans, that in either case have an EBITDA of $100 million or above, under the Grouse Funding Secured Credit Facility initially bear interest at Term SOFR plus a spread of 2.15%. Advances used to finance the purchase or origination of any other eligible loans or bonds under the Grouse Funding Secured Credit Facility initially bear interest at Term SOFR plus a spread of 2.40%. The Grouse Funding Secured Credit Facility contains customary covenants, including certain limitations on the activities of Grouse Funding, including limitations on incurrence of incremental indebtedness, and customary events of default. The Grouse Funding Secured Credit Facility is secured by a perfected first priority security interest in the assets of Grouse Funding and on any payments received by Grouse Funding in respect of those assets. Assets pledged to the lenders under the Grouse Funding Secured Credit Facility will not be available to pay the debts of the Company.

 

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CLO Warehouse Facility

Merlin Funding LLC

On October 6, 2023, Merlin Funding LLC (“Merlin Funding”), a wholly owned, consolidated subsidiary of the Company, entered into a credit facility (the “Merlin Credit Facility”), among Merlin Funding as borrower, Morgan Stanley Senior Funding, Inc., as administrative agent and as a lender, and Deutsche Bank National Trust Company, as collateral agent, account bank and collateral custodian. From time to time Merlin Funding expects to use amounts borrowed under the Merlin Credit Facility to acquire eligible assets from the secondary market, composed primarily of first priority broadly syndicated corporate loans. The Merlin Credit Facility provides for the ability to draw and re-draw revolving loans for a period of up to two years after the closing date unless the commitments are terminated sooner as provided in the Merlin Credit Facility credit agreement. Amounts drawn under the Merlin Credit Facility will bear interest at the 1-month secured overnight financing rate published by the Federal Reserve Bank of New York (the “Term SOFR”), in each case, plus a margin. Borrowings under the Merlin Funding Credit Agreement bear interest at Term SOFR plus a spread of (x) to and excluding October 6, 2025, 1.60%, (y) from October 6, 2025 and prior to April 6, 2026, 2.20% and (z) from April 6, 2026 and thereafter, 2.40%. The Company serves as warehouse collateral manager to Merlin Funding.

On February 1, 2024, Merlin Funding, as borrower, the Company, in its capacities as subordinated lender and warehouse collateral manager, and Morgan Stanley Senior Funding, Inc., as administrative agent, entered into a second amendment to the Merlin Funding Credit Agreement (the “Second Amendment to Merlin Funding Credit Agreement”). Pursuant to the Second Amendment to Merlin Funding Credit Agreement, the maximum principal amount which can be drawn upon by Merlin Funding subject to certain conditions in the Merlin Funding Credit Agreement, was increased from $120,000,000 to $187,500,000.

On February 16, 2024, Merlin Funding, as borrower, the Company, in its capacities as subordinated lender and warehouse collateral manager, and Morgan Stanley Senior Funding, Inc., as administrative agent, entered into a third amendment to the Merlin Funding Credit Agreement (the “Third Amendment to Merlin Funding Credit Agreement”). Pursuant to the Third Amendment to Merlin Funding Credit Agreement, the maximum principal amount which can be drawn upon by Merlin Funding subject to certain conditions in the Merlin Funding Credit Agreement, was increased from $187,500,000 to $300,000,000.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt obligations outstanding on its Senior Secured Facility, SPV Financing Facilities and Private Placements as of March 31, 2024:

 

 

March 31, 2024

 

 

Original Principal Amount (Local)

 

Original Principal Amount (USD)

 

Principal Amount Outstanding

 

Unrealized Gain/(Loss)

 

Reset Date

European Euro

 

90,000

 

 

95,081

 

 

97,096

 

 

(2,016)

 

 

N/A

Total

 

 

 

 

 

95,081

 

 

97,096

 

 

(2,016)

 

 

 

 

The Company had the following foreign-denominated debt obligations outstanding on its Senior Secured Facility and SPV Financing Facilities as of December 31, 2023:

 

 

December 31, 2023

 

 

Original Principal Amount (Local)

 

Original Principal Amount (USD)

 

Principal Amount Outstanding

 

Unrealized Gain/(Loss)

 

Reset Date

British Pound

 

£

202,800

 

 

251,567

 

 

258,499

 

 

(6,932)

 

 

1/30/2024

British Pound

 

£

6,200

 

 

8,408

 

 

7,903

 

 

505

 

 

2/1/2024

British Pound

 

£

3,500

 

 

4,747

 

 

4,461

 

 

286

 

 

1/30/2024

European Euro

 

322,500

 

 

332,334

 

 

356,024

 

 

(23,690)

 

 

1/30/2024

European Euro

 

90,000

 

 

95,081

 

 

99,356

 

 

(4,275)

 

 

N/A

Total

 

 

 

 

 

692,137

 

 

726,243

 

 

(34,106)

 

 

 

 

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Private Placement Bonds

2022 Series A Notes

On November 15, 2022, the Company priced an offering of $200 million in aggregate principal amount of Senior Unsecured Notes (the “2022 Series A Notes”) to institutional investors in a private placement. The Notes are comprised of $62 million Senior Unsecured Notes due 2025 (the “December 2025 Notes”), $38 million Senior Unsecured Notes due 2026 (the “January 2026 Notes”), $82 million Senior Unsecured Notes due 2027 (the “December 2027 Notes”), and $18 million Senior Unsecured Notes due 2028 (the “January 2028 Notes”). The issuances of the 2022 Series A Notes occurred in two installments on December 21, 2022 and January 19, 2023. The December 2025 and January 2026 Notes have a fixed interest rate of 8.21% per annum and are due on December 21, 2025 and January 19, 2026, respectively. The December 2027 and January 2028 Notes have a fixed interest rate of 8.31% per annum and are due on December 21, 2027 and January 19, 2028, respectively. Interest on the Notes is due and payable semiannually. These interest rates are subject to increase (up to a maximum increase of 1.00% above the stated rate for each of the 2022 Series A Notes) in the event that, subject to certain exceptions, the 2022 Series A Notes cease to have an investment grade rating. There is no guarantee of the successful placement of the 2022 Series A Notes or that the closing of the 2022 Series A Notes will occur as anticipated.

In connection with the 2022 Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the December 2025 Notes, the Company receives a fixed interest rate of 4.02% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $62 million of the 2025 Notes. Under the interest rate swap agreement related to the January 2026 Notes, the Company receives a fixed interest rate of 3.97% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $38 million of the 2026 Notes. Under the interest rate swap agreement related to the December 2027 Notes, the Company receives a fixed interest rate of 3.67% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $82 million of the 2027 Notes. Under the interest rate swap agreement related to the January 2028 Notes, the Company receives a fixed interest rate of 3.65% per annum and pays a floating interest rate at a rate determined by three-month SOFR per annum on $18 million of the 2028 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

2023 Series A Notes

On August 10, 2023, the Company priced an offering of $650 million in aggregate principal amount of Senior Unsecured Notes (the “2023 Series A Notes”) to institutional investors in a private placement. The 2023 Series A Notes are comprised of $226 million Senior Unsecured Notes due September 28, 2026 (the “September 2026 Notes”), $325 million Senior Unsecured Notes due September 28, 2028 (the “September 2028 Notes”), and €90 million Senior Unsecured Notes due September 28, 2026 (the “September 2026 Euronotes”) . The issuances are expected to close on September 28, 2023. The September 2026 Notes, September 2028 Notes and September 2026 Euronotes have fixed interest rates of 8.54%, 8.62%, and 7.02% per annum, respectively. Interest on the Notes is due and payable semiannually. These interest rates are subject to increase (up to a maximum increase of 1.00% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the 2023 Series A Notes cease to have an investment grade rating. These interest rates are subject to increase (up to a maximum increase of 1.50% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the Company’s Secured Debt Ratio exceeds 60% up to August 31, 2024, and 55% subsequent to August 31, 2024. These interest rates are subject to increase (up to a maximum increase of 2.00% above the stated rate for each of the September 2026 Notes, September 2028 Notes and September 2026 Euronotes) in the event that, subject to certain exceptions, the 2023 Series A Notes cease to have an investment grade rating and the Secured Debt Ratio event has occurred as disclosed above. There is no guarantee of the successful placement of the Notes or that the closing of the 2023 Series A Notes will occur as anticipated.

In connection with the 2023 Series A Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the September 2026 Notes, the Company receives a fixed interest rate of 8.54% per annum and pays a floating interest rate of SOFR + 4.18% per annum on $226 million of the 2026 Notes. Under the interest rate swap agreement related to the September 2028 Notes, the Company receives a fixed interest rate of 8.62% per annum and pays a floating interest rate of SOFR + 4.56% per annum on $325 million of the September 2028 Notes. Under the interest rate swap agreement related to the September 2026 Euronotes, the Fund receives a fixed interest rate of 7.02% per annum and pays a floating interest rate of ESTR + 3.72% per annum on €90 million of the September 2026 Euronotes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

 

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Table of Contents

Unsecured Notes

On March 21, 2024, the Company and U.S. Bank Trust Company, National Association (the “Trustee”) entered into a First Supplemental Indenture (the “First Supplemental Indenture” and, together with the Base Indenture (as defined below), the “Indenture”) related to the $650,000,000 in aggregate principal amount of its 6.900% notes due 2029 (the “2029 Notes”), which supplements that certain Base Indenture, dated as of March 21, 2024 (as may be further amended, supplemented or otherwise modified from time to time, the “Base Indenture”).

The 2029 Notes will mature on April 13, 2029 and may be redeemed in whole or in part at the Company’s option at any time or from time to time at the redemption prices set forth in the Indenture. The 2029 Notes bear interest at a rate of 6.900% per year payable semi-annually on April 13 and October 13 of each year, commencing on October 13, 2024. The 2029 Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the 2029 Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.

In connection with the 2029 Notes, the Company entered into interest rate swaps to more closely align the interest rates of the Company’s liabilities with the Company’s investment portfolio, which consists of predominately floating rate loans. Under the interest rate swap agreement related to the 2029 Notes, the Company receives a fixed interest rate of 6.90% per annum and pays a floating interest rate of SOFR + 2.71% per annum on $325 million of the 2029 Notes. In addition, the Company receives a fixed interest rate of 6.90% per annum and pays a floating interest rate of SOFR + 2.70% per annum on $325 million of the 2029 Notes. The Company designated each interest rate swap as the hedging instrument in a qualifying hedge accounting relationship.

 

 

 

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Note 7. Net Assets

The Company has the authority to issue an unlimited number of common shares of beneficial interest at $0.01 per share par value.

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2024 and 2023:

 

 

Three Months Ended

 

Three Months Ended

 

 

March 31, 2024

 

March 31, 2023

 

 

Shares

 

Amount

 

Shares

 

Amount

Class S:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from shares sold

 

 

11,827,046

 

$

291,421

 

 

1,672,966

 

$

39,419

Repurchase of common shares

 

 

(542,821)

 

 

(13,487)

 

 

(34,780)

 

 

(829)

Early repurchase deduction

 

 

 

 

22

 

 

 

 

7

Distributions reinvested

 

 

497,528

 

 

12,258

 

 

125,217

 

 

2,950

Net increase (decrease)

 

 

11,781,753

 

$

290,214

 

 

1,763,403

 

$

41,547

Class D:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from shares sold

 

 

233,975

 

$

5,763

 

 

21,549

 

$

508

Repurchase of common shares

 

 

 

 

 

 

 

 

Early repurchase deduction

 

 

 

 

 

 

 

 

Distributions reinvested

 

 

3,887

 

 

96

 

 

305

 

 

7

Net increase (decrease)

 

 

237,862

 

$

5,859

 

 

21,854

 

$

515

Class I:

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from shares sold

 

 

38,249,702

 

$

942,411

 

 

5,993,897

 

$

141,301

Repurchase of common shares

 

 

(4,536,476)

 

 

(112,718)

 

 

(5,477,979)

 

 

(130,467)

Early repurchase deduction

 

 

 

 

21

 

 

 

 

5

Distributions reinvested

 

 

1,484,090

 

 

36,564

 

 

771,135

 

 

18,155

Net increase (decrease)

 

 

35,197,316

 

$

866,278

 

 

1,287,054

 

$

28,994

Total net increase (decrease)

 

 

47,216,931

 

$

1,162,351

 

 

3,072,311

 

$

71,056

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class S, Class D and Class I common shares during the three months ended March 31, 2024 and 2023:

 

 

NAV Per Share

For the Month Ended

 

Class S

 

Class D

 

Class I

January 31, 2024

 

$

24.62

 

$

24.62

 

$

24.62

February 29, 2024

 

 

24.67

 

 

24.67

 

 

24.67

March 31, 2024

 

 

24.85

 

 

24.85

 

 

24.85

 

 

 

NAV Per Share

For the Month Ended

 

Class S

 

Class D

 

Class I

January 31, 2023

 

$

23.64

 

$

23.64

 

$

23.64

February 28, 2023

 

 

23.76

 

 

23.76

 

 

23.76

March 31, 2023

 

 

23.82

 

 

23.82

 

 

23.82

 

96


Distributions

The Board authorizes and declares monthly distribution amounts per share of Class S, Class D and Class I common shares. The following table presents distributions that were declared during the three months ended March 31, 2024:

 

 

 

 

 

 

Class S Distributions

 

Class D Distributions

 

Class I Distributions

 

Record Date

 

Declaration Date

 

Payment Date

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

January 31, 2024

 

January 23, 2024

 

February 28, 2024

 

$

0.1622

 

$

6,206

 

$

0.1748

 

$

74

 

$

0.1800

 

$

25,802

 

January 31, 2024

 

December 20, 2023

 

February 28, 2024

 

 

0.0200

 

 

765

 

 

0.0200

 

 

8

 

 

0.0200

 

 

2,867

(1)

February 29, 2024

 

February 26, 2024

 

March 27, 2024

 

 

0.1634

 

 

6,818

 

 

0.1751

 

 

82

 

 

0.1800

 

 

28,229

 

February 29, 2024

 

December 20, 2023

 

March 27, 2024

 

 

0.0200

 

 

835

 

 

0.0200

 

 

9

 

 

0.0200

 

 

3,137

(1)

March 29, 2024

 

March 21, 2024

 

April 26, 2024

 

 

0.1622

 

 

7,606

 

 

0.1748

 

 

90

 

 

0.1800

 

 

31,021

 

March 29, 2024

 

December 20, 2023

 

April 26, 2024

 

 

0.0200

 

 

938

 

 

0.0200

 

 

10

 

 

0.0200

 

 

3,447

(1)

 

 

 

 

 

 

$

0.5478

 

$

23,168

 

$

0.5847

 

$

273

 

$

0.6000

 

$

94,502

 

* Totals may not foot due to rounding.

(1)
Represents a special distribution.

The following table presents distributions that were declared during the three months ended March 31, 2023:

 

 

 

 

 

 

Class S Distributions

 

Class D Distributions

 

Class I Distributions

 

Record Date

Declaration Date

 

Payment Date

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

January 31, 2023

 

January 20, 2023

 

February 24, 2023

 

$

0.1433

 

$

1,630

 

$

0.1551

 

$

18

 

$

0.1600

 

$

13,421

 

February 28, 2023

 

February 17, 2023

 

March 29, 2023

 

 

0.1446

 

 

1,703

 

 

0.1555

 

 

18

 

 

0.1600

 

 

13,675

 

February 28, 2023

 

February 17, 2023

 

March 29, 2023

 

 

0.0200

 

 

235

 

 

0.0200

 

 

2

 

 

0.0200

 

 

1,709

(1)

March 31, 2023

 

March 24, 2023

 

April 26, 2023

 

 

0.1428

 

 

1,803

 

 

0.1550

 

 

20

 

 

0.1600

 

 

14,193

 

March 31, 2023

 

March 24, 2023

 

April 26, 2023

 

 

0.0200

 

 

252

 

 

0.0200

 

 

3

 

 

0.0200

 

 

1,774

(1)

 

 

 

 

 

 

$

0.4707

 

$

5,623

 

$

0.5056

 

$

61

 

$

0.5200

 

$

44,772

 

* Totals may not foot due to rounding.

(1)
Represents a special distribution.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.

Through March 31, 2024, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.

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Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2024:

 

 

Class S

 

Class D

 

Class I

Source of Distribution

 

Per Share

 

Amount

 

Per Share

 

Amount

 

Per Share

 

Amount

Net investment income

 

$

0.5478

 

$

23,168

 

$

0.5847

 

$

273

 

$

0.6000

 

$

94,502

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

Distributions in excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.5478

 

$

23,168

 

$

0.5847

 

$

273

 

$

0.6000

 

$

94,502

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2023:

 

 

Class S

 

Class D

 

Class I

Source of Distribution

 

Per Share

 

Amount

 

Per Share

 

Amount

 

Per Share

 

Amount

Net investment income

 

$

0.4707

 

$

5,623

 

$

0.5056

 

$

61

 

$

0.5200

 

$

44,772

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

Distributions in excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.4707

 

$

5,623

 

$

0.5056

 

$

61

 

$

0.5200

 

$

44,772

Share Repurchase Program

At the discretion of our Board of Trustees, the Company has commenced a share repurchase program in which it intends to repurchase the Company’s common shares outstanding as of the close of the previous calendar quarter. The Board of Trustees may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board of Trustees suspend the share repurchase program, the Board of Trustees will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents information with respect to the Company’s share repurchases during the three months ended March 31, 2024:

Repurchase Deadline Request

 

Number of Shares Repurchased (all classes)

 

Percentage of Outstanding Shares Repurchased (1)

 

Price Paid Per Share

 

Repurchase Pricing Date

 

Amount Repurchased (all classes) (3)

 

Maximum number of shares that may yet be purchased under the repurchase plan (2)

March 15, 2024

 

5,079,296

 

3.03%

 

$24.85

 

March 31, 2024

 

$126,162

 

3,293,303

(1) Percentage is based on total shares as of the close of the previous calendar quarter

(2) All repurchase requests were satisfied in full

(3) Amounts shown net of Early Repurchase Deduction

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The following table presents information with respect to the Company’s share repurchases during the three months ended March 31, 2023:

Repurchase Deadline Request

 

Number of Shares Repurchased (all classes)

 

Percentage of Outstanding Shares Repurchased (1)

 

Price Paid Per Share

 

Repurchase Pricing Date

 

Amount Repurchased (all classes) (3)

 

Maximum number of shares that may yet be purchased under the repurchase plan (2)

March 15, 2023

 

5,512,759

 

5.94%

 

$23.82

 

March 31, 2023

 

$131,284

 

(1) Percentage is based on total shares as of the close of the previous calendar quarter

(2) All repurchase requests were satisfied in full

(3) Amounts shown net of Early Repurchase Deduction

Note 8. Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of March 31, 2024 and December 31, 2023, the Company had the following unfunded commitments to its portfolio companies:

 

 

 

March 31, 2024

 

December 31, 2023

Unfunded revolver obligations, bridge loan and backstop commitments (1)

 

 

$

469,527

 

$

391,127

Standby letters of credit issued and outstanding (2)

 

 

 

3,434

 

 

4,797

Unfunded delayed draw loan commitments (3)

 

 

 

603,925

 

 

424,740

Total Unfunded Commitments (4)

 

 

$

1,076,886

 

$

820,664

(1)
The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of March 31, 2024, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. There were no bridge loan and backstop commitments as of March 31, 2024. As of December 31, 2023, the bridge loan and backstop commitments included in the balances were $30,777.
(2)
For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.
(3)
The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.
(4)
Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the funds it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective fund's allocation may change prior to the date of funding. In this regard, the Company may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.

Organizational and Offering Costs

The Adviser agreed to bear all of the Company’s organization and offering expenses through the date on which the Company broke escrow for the initial offering of its common shares. The Company is obligated to reimburse the Adviser for such expenses incurred upon breaking escrow for our offering. The total organization and offering costs incurred for the three months ended March 31, 2024 were $738, $0 of which have been recognized and $738 of which will be amortized. The total organization and offering costs incurred through December 31, 2023 were $38.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business.

On March 14, 2023, certain First Lien and Second Lien holders of debt issued by Mitel filed a complaint in New York State Court captioned Ocean Trails CLO VII et al v. MLN TopCo Ltd., et al, Index No. 651327/2023, against certain other First Lien and Second Lien debt holders, including Apollo Debt Solutions BDC, alleging, among other things, that the defendant lenders breached the terms of their lending agreements and the New York Uniform Voidable Transfer Act in connection with certain amendments to the relevant documents governing the debt. Plaintiffs seek to have the amendments in question declared void. No reasonable estimate of possible loss, if any, can be made at this time.

Management is not aware of any pending or threatened material litigation as of March 31, 2024 other than the matter disclosed above.

 

 

 

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Note 9. Financial Highlights

The following are the financial highlights for the three months ended March 31, 2024:

 

Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Class S

 

Class D

 

Class I

Per Share Data:

 

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

$

24.63

 

 

$

24.63

 

 

$

24.63

Net investment income (1)

 

0.60

 

 

 

0.65

 

 

 

0.65

Net unrealized and realized gains (losses) (2)

 

0.17

 

 

 

0.15

 

 

 

0.17

Net increase (decrease) in net assets resulting from operations

 

0.77

 

 

 

0.80

 

 

 

0.82

Distribution declared (3)

 

(0.55)

 

 

 

(0.58)

 

 

 

(0.60)

Net asset value at end of period

$

24.85

 

 

$

24.85

 

 

$

24.85

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

 

 

 

 

 

 

 

 

 

Shares outstanding, end of period

 

46,350,529

 

 

 

514,158

 

 

 

167,804,247

Weighted average shares outstanding

 

42,300,385

 

 

 

467,704

 

 

 

157,469,033

 

 

 

 

 

 

 

 

 

 

 

Ratio/Supplemental Data

 

 

 

 

 

 

 

 

 

 

Net assets at end of period

$

1,151,671

 

 

$

12,775

 

 

$

4,169,430

Annualized ratio of net expenses to average net assets (5)

 

8.52%

 

 

 

7.71%

 

 

 

7.67%

Annualized ratio of net investment income to average net assets (5)

 

9.79%

 

 

 

10.60%

 

 

 

10.65%

Portfolio turnover rate

 

6.02%

 

 

 

6.02%

 

 

 

6.02%

Asset coverage per unit (6)

 

2,800

 

 

 

2,800

 

 

 

2,800

The following are the financial highlights for the three months ended March 31, 2023:

 

Three Months Ended March 31, 2023

 

 

 

 

 

 

 

 

 

Class S

 

Class D

Class I

Per Share Data:

 

 

 

 

 

 

 

Net asset value at beginning of period

$

23.20

 

$

23.20

$

23.20

Net investment income (1)

 

0.56

 

 

0.60

 

0.61

Net unrealized and realized gains (losses) (2)

 

0.53

 

 

0.53

 

0.53

Net increase (decrease) in net assets resulting from operations

 

1.09

 

 

1.13

 

1.14

Distribution declared (3)

 

(0.47)

 

 

(0.51)

 

(0.52)

Net asset value at end of period

$

23.82

 

$

23.82

$

23.82

 

 

 

 

 

 

 

 

Total return (4)

 

4.70%

 

 

4.85%

 

4.91%

Shares outstanding, end of period

 

12,591,142

 

 

128,797

 

83,230,281

Weighted average shares outstanding

 

11,931,443

 

 

120,230

 

85,977,441

 

 

 

 

 

 

 

 

Ratio/Supplemental Data

 

 

 

 

 

 

 

Net assets at end of period

$

299,879

 

$

3,067

$

1,982,266

Annualized ratio of net expenses to average net assets (5)

 

11.12%

 

 

10.47%

 

10.28%

Annualized ratio of net investment income to average net assets (5)

 

9.68%

 

 

10.32%

 

10.53%

Portfolio turnover rate

 

14.37%

 

 

14.37%

 

14.37%

Asset coverage per unit (6)

 

2,146

 

 

2,146

 

2,146

 

 

100


_________________________________________________________________

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.
(3)
The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 6).
(4)
Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S shares and Class D shares, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I shares is not subject to upfront sales load.
(5)
For the three months ended March 31, 2024, amounts are annualized except for organizational costs and management fee and income based incentive fee waivers by the Adviser. For the three months ended March 31, 2024, the total operating expenses to average net assets were 8.52%, 7.71% and 7.67%, for Class S shares, Class D shares and Class I shares, respectively, prior to management fee waivers and expense support provided by the Adviser. For the three months ended March 31, 2023, the total operating expenses to average net assets were 11.11%, 10.47%, 10.28% for Class S shares, Class D shares and Class I shares, respectively, prior to management fee waivers and expense support provided by the Adviser. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables.
(6)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of March 31, 2024, the Company's asset coverage was 280.0%.

_________________________________________________________________

Note 10. Subsequent Events

 

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

April Financial Update and Distribution Declaration

On April 1, 2024, the Company issued and sold 20,391,862 shares (consisting of 16,121,973 Class I shares, 4,216,391 Class S shares, and 53,498 Class D shares at an offering price of $24.85 per share for the Class I shares, Class S shares, and Class D shares), and the Company received approximately $507 million as payment for such shares.

On April 23, 2024, the Company's Board declared distributions of $0.1627 per Class S Share, $0.1749 per Class D share, and $0.1800 per Class I share which is payable on or around May 29, 2023 to shareholders of record as of April 30, 2024. Additionally, the Company will pay a special distribution of $0.02 per share on or around May 29, 2024 to all shareholders of record as of April 30, 2024.

May Subscriptions

The Company received approximately $431 million of net proceeds relating to the issuance of Class S shares, Class D shares, and Class I shares for subscriptions effective May 1, 2024.

Registration Statement

On April 2, 2024, the Company filed a Registration Statement on Form N-2 with the SEC registering an additional $5,000,000,000 common shares in our continuous public offering, resulting in a total of $10,000,000,000 registered common shares.

 

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Report of Independent Registered Public Accounting Firm

To the shareholders and Board of Trustees of Apollo Debt Solutions BDC

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of Apollo Debt Solutions BDC and subsidiaries (the “Company”) as of March 31, 2024, and the related consolidated statements of operations, changes in net assets, cash flows, and financial highlights for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the “interim financial information”). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in accordance with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Company as of December 31, 2023, the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein), and the financial highlights for the year then ended (not presented herein); and in our report dated March 14, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP
New York, New York
May 13, 2024

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with “Item 1. Financial Statements.” This discussion contains forward-looking statements, which relate to future events our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in "Risk Factors" in Part I, Item 1A of our annual report on Form 10-K for the fiscal year ended December 31, 2023 and Part II, Item 1A of and elsewhere in this Form 10-Q. Actual results could differ materially from those implied or expressed in any forward-looking statements. The three months ended March 31, 2024 represents the period from January 1, 2024 to March 31, 2024.

These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Apollo Debt Solutions BDC (the “Company,” “we”, “us”, or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

our future operating results;
our business prospects and the prospects of the companies in which we may invest;
the impact of the investments that we expect to make;
our ability to raise sufficient capital to execute our investment strategy;
general economic and political trends and other external factors;
the ability of our portfolio companies to achieve their objectives;
our current and expected financing arrangements and investments;
changes in the general interest rate environment;
the adequacy of our cash resources, financing sources and working capital;
the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with the Adviser or any of its affiliates
the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;
the dependence of our future success on the general economy and its effect on the industries in which we may invest;
our use of financial leverage;
the ability of the Adviser to source suitable investments for us and to monitor and administer our investments;
the ability of the Adviser or its affiliates to attract and retain highly talented professionals;
our ability to qualify for and maintain our qualification as a regulated investment company and as a BDC;
the impact on our business of U.S. and international financial reform legislation, rules and regulations;
the effect of changes to tax legislation and our tax position; and
the tax status of the enterprises in which we may invest.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this report. These forward-looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934 Act, as amended (the “1934 Act”).

 

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Overview

We are a newly organized, externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on December 4, 2020, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as investment adviser with the SEC. We also have elected to be treated, and intend to qualify annually thereafter, as a RIC under the Code.

Under our Advisory Agreement, we have agreed to pay the Adviser a management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to reimburse the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including, but not limited to, our allocable portion of the costs of compensation and related expenses of our chief compliance officer, chief financial officer and their respective staffs.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We invest primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by large private U.S. borrowers, with a strong emphasis on senior secured lending. While most of our investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

Most of the debt instruments we invest in are unrated or rated below investment grade, which is often an indication of size, credit worthiness and speculative nature relative to the capacity of the borrower to pay interest and principal. Generally, if our unrated investments were rated, they would be rated below investment grade. These securities, which are often referred to as “junk” or “high yield”, have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be difficult to value and are illiquid.

Investments

We focus primarily on loans and securities, including syndicated loans, of private U.S. companies. Our level of investment activity (both the number of investments and the size of each investment) can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to private companies, the level of merger and acquisition activity for such companies, the general economic environment, trading prices of loans and other securities and the competitive environment for the types of investments we make.

Revenues

We generate revenues in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, is recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, is provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement; (b) our allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that performs duties for us; and (iii) any internal audit group personnel of AGM or any of its affiliates; and (c) all other expenses of our operations, administrations and transactions.

With respect to costs incurred in connection with our organization and offering and all other costs incurred prior to the time we break escrow for the offering, the Adviser has agreed to advance all such costs on our behalf. Unless the Adviser elects to cover such expenses pursuant to the Expense Support and Conditional Reimbursement Agreement we entered into with the Adviser, we will be obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for our offering of common shares. See “—Expense Support and Conditional Reimbursement Agreement.” Any reimbursements that may be made by us in the future will not exceed actual expenses incurred by the Adviser and its affiliates.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

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Expense Support and Conditional Reimbursement Agreement

We have entered into an Expense Support Agreement with the Adviser. For additional information see “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions”.

Recent Developments

As of March 21, 2024, the Company no longer qualifies as an emerging growth company because the Company issued more than $1 billion in non-convertible debt during the previous three-year period.

Portfolio and Investment Activity

Our portfolio and investment activity during the three months ended March 31, 2024 and 2023 were as follows:

 

 

 

 

 

 

 

 

Three Months Ended March 31,

(in thousands)*

2024

 

2023

Investments made in portfolio companies

$

2,181,765

 

$

619,409

Investments sold

 

(238,928)

 

 

(507,673)

Net activity before repaid investments

$

1,942,837

 

$

111,736

Investments repaid

 

(219,182)

 

 

(228,360)

Net investment activity

$

1,723,655

 

$

(116,624)

 

 

 

 

 

 

Portfolio companies at beginning of period

 

180

 

 

128

Number of new portfolio companies

 

47

 

 

13

Number of exited portfolio companies

 

(5)

 

 

(8)

Portfolio companies at end of period

 

222

 

 

133

 

 

 

 

 

 

Number of investments made in existing portfolio companies

 

30

 

 

4

* Totals may not foot due to rounding.

Our portfolio composition and weighted average yields as of March 31, 2024 and December 31, 2023 were as follows:

 

 

March 31, 2024

 

December 31, 2023

Portfolio composition, at fair value:

 

 

 

 

First lien secured debt

 

99.7%

 

99.4%

Second lien secured debt

 

0.3%

 

0.4%

Unsecured debt and other

 

0.0%

 

0.2%

Weighted average yields, at amortized cost (1):

 

 

 

 

First lien secured debt (2)

 

11.2%

 

11.6%

Second lien secured debt (2)

 

11.0%

 

11.6%

Unsecured debt and other (2)

 

4.3%

 

6.3%

Total portfolio (3)

 

11.2%

 

11.6%

Interest rate type, at fair value:

 

 

 

 

Fixed rate amount

 

$0.3 billion

 

$0.3 billion

Floating rate amount

 

$8.2 billion

 

$6.4 billion

Fixed rate, as percentage of total

 

3.5%

 

4.9%

Floating rate, as percentage of total

 

96.6%

 

95.1%

Interest rate type, at amortized cost:

 

 

 

 

Fixed rate amount

 

$0.3 billion

 

$0.3 billion

Floating rate amount

 

$8.1 billion

 

$6.4 billion

Fixed rate, as percentage of total

 

3.4%

 

4.9%

Floating rate, as percentage of total

 

96.6%

 

95.1%

Weighted average spread over reference rate of all floating rate investments

 

5.7%

 

6.1%

 

(1)
An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
(2)
Exclusive of investments on non-accrual status. As of March 31, 2024 and December 31, 2023, 0.0% and 0.1% investments were on non-accrual status, respectively.
(3)
Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

 

 

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Our Adviser monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;
periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;
comparisons to other companies in the portfolio company’s industry; and
review of monthly or quarterly financial statements and financial projections for portfolio companies.

 

As part of the monitoring process, our Adviser employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Adviser rates the credit risk of all investments on a scale of 1 to 5. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

 

Investment Rating

 

 

Description

 

 

 

 

 

 

 

 

1

 

 

Investments rated 1 involve the least amount of risk to our initial cost basis. The borrower is performing above expectations, and the trends and risk factors for this investment since origination or acquisition are generally favorable;

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

Investments rated 2 involve an acceptable level of risk that is similar to the risk at the time of origination or acquisition. The borrower is generally performing as expected and the risk factors are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a rating of 2;

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

Investments rated 3 involve a borrower performing below expectations and indicates that the loan’s risk has increased somewhat since origination or acquisition;

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

Investments rated 4 involve a borrower performing materially below expectations and indicates that the loan’s risk has increased materially since origination or acquisition. In addition to the borrower being generally out of compliance with debt covenants, loan payments may be past due (but generally not more than 120 days past due); and

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

Investments rated 5 involve a borrower performing substantially below expectations and indicates that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. Loans rated 5 are not anticipated to be repaid in full and we will reduce the fair market value of the loan to the amount we anticipate will be recovered.

 

The following table shows the composition of our portfolio on the 1 to 5 rating scale as of March 31, 2024 and December 31, 2023:

 

 

 

March 31, 2024

 

December 31, 2023

Investment Ranking

 

Fair Value

 

Percentage

 

Fair Value

 

Percentage

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

1

 

$

 

 

0.0%

 

$

9,252

 

 

0.1%

2

 

 

8,312,424

 

 

98.1%

 

 

6,516,105

 

 

97.0%

3

 

 

158,691

 

 

1.9%

 

 

190,176

 

 

2.8%

4

 

 

3,540

 

 

0.0%

 

 

4,055

 

 

0.1%

5

 

 

 

 

0.0%

 

 

 

 

0.0%

Total

 

$

8,474,655

 

 

100.0%

 

$

6,719,588

 

 

100.0%

 

 

 

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Results of Operations

Operating results for the three months ended March 31, 2024 and 2023 were as follows (dollar amounts in millions):

 

Three Months Ended March 31,

 

2024

 

2023

Total investment income

$

224.7

 

$

118.4

Net expenses

 

(96.3)

 

 

(59.1)

Net investment income

 

128.4

 

 

59.3

Net realized gain (loss)

 

(26.2)

 

 

(2.1)

Net unrealized appreciation (depreciation)

 

63.6

 

 

52.5

Net increase (decrease) in net assets resulting from operations

$

165.8

 

$

109.7

* Totals may not foot due to rounding.

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio. Additionally, as many of the noted period over period changes resulted from our deployment of capital and increased balance of our investments, comparisons may not be meaningful.

Investment Income

Investment income, for the three months ended March 31, 2024 and 2023 were as follows (dollar amounts in millions):

 

Three Months Ended March 31,

 

2024

 

2023

Interest income

$215.3

 

$

116.8

PIK interest income

5.2

 

 

0.9

Dividend income

0.5

 

 

Other income

3.7

 

 

0.7

Total investment income

224.7

 

$

118.4

* Totals may not foot due to rounding.

 

For the three months ended March 31, 2024, total investment income increased to $224.7 million from $118.4 million for the same period in the prior year primarily driven by our continuing deployment of capital and rising interest rates. The size of our investment portfolio at fair value increased to $8.5 billion at March 31, 2024 from $4.3 billion at March 31, 2023. For the three months ended March 31, 2024 and 2023 payment-in-kind income represented 2.3% and 0.8% of total investment income, respectively.

 

While rising interest rates have favorably impacted our investment income during the three months ended March 31, 2024, further interest rate increases and the resulting higher cost of capital have the potential to negatively impact the free cash flow and credit quality of certain borrowers which could impact their ability to make principal and interest payments. If such interest rate increases occur concurrently with a period of economic weakness or a slowdown in growth, our borrowers’ and/or our portfolio performance may be negatively impacted. Further, significant market dislocation as a result of changing economic conditions could limit the liquidity of certain assets traded in the credit markets, and this could impact our ability to sell such assets at attractive prices or in a timely manner.

 

 

 

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Expenses

Expenses for the three months ended March 31, 2024 and 2023 were as follows (dollar amounts in millions):

 

Three Months Ended March 31,

 

2024

 

2023

Management fees

$

15.3

 

$

7.1

Performance-based incentive fees

 

19.9

 

 

8.6

Interest and other debt expenses

 

55.0

 

 

38.2

Organization costs

 

 

 

Offering costs

 

 

 

0.0

Trustees' fees

 

0.1

 

 

0.1

Shareholder servicing fees

 

2.2

 

 

0.6

Administrative service expenses

 

1.0

 

 

0.7

Other general and administrative expenses

 

2.7

 

 

2.4

Total expenses

$

96.3

 

$

57.6

Management and performance-based incentive fees waived

 

 

 

Expense support

 

 

 

Expense support reimbursement

 

 

 

1.5

Net Expenses

$

96.3

 

$

59.1

* Totals may not foot due to rounding.

For the three months ended March 31, 2024 and 2023, net expenses were $96.3 and $59.1 million, respectively, primarily comprised of interest and other debt expenses.

Interest and other debt expenses

For the three months ended March 31, 2024, interest and other debt expenses increased to $55.0 million from $38.2 million for the same period in the prior year, primarily driven by increased borrowing expenses, due to rising interest rates, on our Senior Secured Facility, SPV Financing Facilities, Private Placements and Unsecured Notes, and increased borrowings outstanding. The total annualized cost of debt increased to 8.7% for the three months ended March 31, 2024 from 7.6% for the same period in the prior year. The average principal debt outstanding increased to $2.5 billion, for the three months ended March 31, 2024 from $2.0 billion for the same period in the prior year.

Management fees

For the three months ended March 31, 2024, gross management fees increased to $15.3 million from $7.1 million for the same period in the prior year, primarily due to an increase in average net assets. Our average net assets increased to $4.9 billion for the three months ended March 31, 2024 from $2.2 billion for the three months ended March 31, 2023. Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. No management fees have been waived for the three months ended March 31, 2024 and 2023.

Incentive fees

For the three months ended March 31, 2024, incentive fees increased to $19.9 million from $8.6 million for the same period in the prior year primarily due to our deployment of capital and increase in net investment income. No incentive fees have been waived for the three months ended March 31, 2024 and 2023.

Other Expenses

Total other expenses were $6.1 million for the three months ended March 31, 2024, primarily comprised of $2.2 million of distribution and shareholder servicing fees paid with respect to Class S and Class D investors, $1.4 million of professional fees (including legal, rating agencies, audit, tax, valuation, technology and other professional fees related to management of the Company), and $2.5 million of general and administrative expenses (including insurance, filing, research, and fees paid to our sub-administrator and transfer agent). The increase compared to the prior year was primarily driven by the increased costs attributable to servicing a growing investment portfolio, increased subscriptions to our Class S and Class D shares, and increased borrowings through the establishment of new financing sources, including the CLO Warehouse Facility and the issuance of unsecured notes.

Expense support

For the three months ended March 31, 2024, the Company did not receive expense support from the Adviser and did not make any repayments. For the three months ended March 31, 2023, the Company did not receive expense support from the Adviser, and repaid the Adviser $1.5 million for expenses previously paid by the Adviser on behalf of the Company.

As of March 31, 2024, all expense support received by the Company has been repaid to the Adviser.

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Net Realized Gain (Loss)

Net realized gains (losses) for the three months ended March 31, 2024 and 2023 were comprised of the following (dollar amounts in millions):

 

Three Months Ended March 31,

 

2024

 

2023

Non-controlled/non-affiliated investments

$

1.2

 

$

(2.2)

Foreign currency transactions

 

(21.0)

 

 

(0.3)

Foreign currency forward contracts

 

(6.4)

 

 

0.4

Net realized gains (losses)

$

(26.2)

 

$

(2.1)

* Totals may not foot due to rounding.

For the three months ended March 31, 2024, we recognized gross realized gains on investments of $19.1 million and gross realized losses on investments of $17.9 million, respectively, resulting in net realized gains on investments of $1.2 million for the three months ended March 31, 2024, primarily from full or partial sales of our liquid debt investments.

For the three months ended March 31, 2023, we recognized gross realized gains on investments of $16.0 million and gross realized losses on investments of $18.2 million, respectively, resulting in net realized losses on investments of $2.2 million for the three months ended March 31, 2023, primarily from full or partial sales of our liquid debt investments.

Net Unrealized Gain (Loss)

Net unrealized gains (losses) for the three months ended March 31, 2024 and 2023 were comprised of the following (dollar amounts in millions):

 

Three Months Ended March 31,

 

2024

 

2023

Non-controlled/non-affiliated investments

$

17.7

 

$

58.4

Foreign currency forward contracts

 

14.6

 

 

(0.7)

Foreign currency translations

 

31.4

 

 

(5.3)

Net unrealized gains (losses)

$

63.6

 

$

52.5

* Totals may not foot due to rounding.

For the three months ended March 31, 2024, we recognized gross unrealized gains on investments of $58.5 million and gross unrealized losses on investments of $40.8 million, resulting in net change in unrealized gains of $17.7 million for the first fiscal quarter of 2024. The fair value of our debt investments as a percentage of principal increased from 98.0% as of December 31, 2023 to 98.7% as of March 31, 2024, driven by strong portfolio company fundamentals, and increase in proportion of directly originated loans in the Company's portfolio.

For three months ended March 31, 2023, we recognized gross unrealized gains on investments of $67.1 million and gross unrealized losses on investments of $8.7 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $58.4 million on investments year-to-date. The capital appreciation noted in the portfolio was primarily driven by strong financial results of portfolio companies and reduced recessionary risks.

The net unrealized gains (losses) amounts include the impact of transferring unrealized appreciation (depreciation) to realized gains (losses) due to sale and paydown activity.

 

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Interest Rate Swaps

The Company uses interest rate swaps to mitigate interest rate risk associated with the Company's fixed rate liabilities, and has designated certain interest rate swaps to be in a hedge accounting relationship. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 2. Significant Accounting Policies” and “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 5. Derivative Instruments” for additional disclosure regarding our accounting for derivative instruments designated in a hedge accounting relationship, and our consolidated schedule of investments for additional disclosure regarding these derivative instruments. See “Item 1. Consolidated Financial Statements - Notes to Consolidated Financial Statements - Note 6. Debt and Foreign Currency Transactions and Translations” for additional disclosure regarding the carrying value of our debt.

Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through our continuous offering of common shares and debt offerings, our Senior Secured Facility (as defined in Note 6 to the consolidated financial statements), investments in special purpose entities in which we may hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

As of March 31, 2024, we had three asset based leverage facilities, three unsecured debt issuances and one revolving credit facility outstanding. We have and will continue to, from time to time, enter into additional credit facilities, increase the size of our existing credit facilities or issue additional debt securities, including debt securitizations and unsecured debt. Any such incurrence or issuance may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. Additionally, any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%.

We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations in the near term.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the consolidated financial statements.) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.

 

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Debt

See Note 6 to the consolidated financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of March 31, 2024:

 

 

 

Payments Due by Period*

(in millions)

 

 

Total

 

 

Less than 1 Year

 

 

1 to 3 Years

 

 

3 to 5 Years

 

 

More than 5 Years

Senior Secured Facility (1)

 

$

102

 

$

 

$

 

$

102

 

$

SPV Financing Facilities (2)

 

 

1,167

 

 

 

 

788

 

 

379

 

 

CLO Warehouse Facility (3)

 

 

201

 

 

 

 

201

 

 

 

 

Unsecured Notes

 

 

1,498

 

 

 

 

423

 

 

425

 

 

650

Total Debt Obligations

 

$

2,968

 

$

 

$

1,412

 

$

906

 

$

650

* Totals may not foot due to rounding.

(1)
As of March 31, 2024, aggregate lender commitments under the Senior Secured Facility totaled $2,083.0 million of unused capacity.
(2)
As of March 31, 2024, aggregate lender commitments under the SPV Financing Facilities totaled $382.6 million of unused capacity.
(3)
As of March 31, 2024 aggregate lender commitments under the CLO Warehouse Facility totaled $99.5 million of unused capacity.

Net Assets

See Note 7 to the consolidated financial statements for information on the Company’s common shares and related capital activities.

Distributions

The following table summarizes our distributions declared and payable for the three months ended March 31, 2024 (dollar amounts in thousands, except per share amounts):

 

 

 

 

 

 

Class S Distributions

 

Class D Distributions

 

Class I Distributions

 

Record Date

 

Declaration Date

 

Payment Date

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

January 31, 2024

 

January 23, 2024

 

February 28, 2024

 

$

0.1622

 

$

6,206

 

$

0.1748

 

$

74

 

$

0.1800

 

$

25,802

 

January 31, 2024

 

December 20, 2023

 

February 28, 2024

 

 

0.0200

 

 

765

 

 

0.0200

 

 

8

 

 

0.0200

 

 

2,867

(1)

February 29, 2024

 

February 26, 2024

 

March 27, 2024

 

 

0.1634

 

 

6,818

 

 

0.1751

 

 

82

 

 

0.1800

 

 

28,229

 

February 29, 2024

 

December 20, 2023

 

March 27, 2024

 

 

0.0200

 

 

835

 

 

0.0200

 

 

9

 

 

0.0200

 

 

3,137

(1)

March 29, 2024

 

March 21, 2024

 

April 26, 2024

 

 

0.1622

 

 

7,606

 

 

0.1748

 

 

90

 

 

0.1800

 

 

31,021

 

March 29, 2024

 

December 20, 2023

 

April 26, 2024

 

 

0.0200

 

 

938

 

 

0.0200

 

 

10

 

 

0.0200

 

 

3,447

(1)

 

 

 

 

 

 

$

0.5478

 

$

23,168

 

$

0.5847

 

$

273

 

$

0.6000

 

$

94,502

 

* Totals may not foot due to rounding.

(1)
Represents a special distribution.

 

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The following table presents distributions that were declared during the three months ended March 31, 2023 (dollar amounts in thousands, except per share amounts):

 

 

 

 

 

 

Class S Distributions

 

Class D Distributions

 

Class I Distributions

 

Record Date

Declaration Date

 

Payment Date

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

Per Share

 

Amount*

 

January 31, 2023

 

January 20, 2023

 

February 24, 2023

 

$

0.1433

 

$

1,630

 

$

0.1551

 

$

18

 

$

0.1600

 

$

13,421

 

February 28, 2023

 

February 17, 2023

 

March 29, 2023

 

 

0.1446

 

 

1,703

 

 

0.1555

 

 

18

 

 

0.1600

 

 

13,675

 

February 28, 2023

 

February 17, 2023

 

March 29, 2023

 

 

0.0200

 

 

235

 

 

0.0200

 

 

2

 

 

0.0200

 

 

1,709

(1)

March 31, 2023

 

March 24, 2023

 

April 26, 2023

 

 

0.1428

 

 

1,803

 

 

0.1550

 

 

20

 

 

0.1600

 

 

14,193

 

March 31, 2023

 

March 24, 2023

 

April 26, 2023

 

 

0.0200

 

 

252

 

 

0.0200

 

 

3

 

 

0.0200

 

 

1,774

(1)

 

 

 

 

 

 

$

0.4707

 

$

5,623

 

$

0.5056

 

$

61

 

$

0.5200

 

$

44,772

 

* Totals may not foot due to rounding.

(1)
Represents a special distribution.

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2024 (dollar amounts in thousands, except per share amounts):

 

 

Class S

 

Class D

 

Class I

Source of Distribution

 

Per Share

 

Amount

 

Per Share

 

Amount

 

Per Share

 

Amount

Net investment income

 

$

0.5478

 

$

23,168

 

$

0.5847

 

$

273

 

$

0.6000

 

$

94,502

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

Distributions in excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.5478

 

$

23,168

 

$

0.5847

 

$

273

 

$

0.6000

 

$

94,502

 

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2023 (dollar amounts in thousands, except per share amounts):

 

 

Class S

 

Class D

 

Class I

Source of Distribution

 

Per Share

 

Amount

 

Per Share

 

Amount

 

Per Share

 

Amount

Net investment income

 

$

0.4707

 

$

5,623

 

$

0.5056

 

$

61

 

$

0.5200

 

$

44,772

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 

Distributions in excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.4707

 

$

5,623

 

$

0.5056

 

$

61

 

$

0.5200

 

$

44,772

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investments.

 

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We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our Senior Secured Facility and SPV Financing Facilities may limit our ability to declare distributions if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC. With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

Share Repurchase Program

At the discretion of our Board of Trustees, the Company has commenced a share repurchase program in which it has the ability to repurchase the Company’s common shares outstanding as of the close of the previous calendar quarter. The Board of Trustees may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board of Trustees suspend the share repurchase program, the Board of Trustees will consider whether the continued suspension of the program is in the best interests of the Company and shareholders on a quarterly basis. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase plan, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (the "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents information with respect to the Company’s share repurchases during the three months ended March 31, 2024 (dollar amounts in thousands, except per share amounts):

Repurchase Deadline Request

 

Number of Shares Repurchased (all classes)

 

Percentage of Outstanding Shares Repurchased (1)

 

Price Paid Per Share

 

Repurchase Pricing Date

 

Amount Repurchased (all classes) (3)

 

Maximum number of shares that may yet be purchased under the repurchase plan (2)

March 15, 2024

 

5,079,296

 

3.03%

 

$24.85

 

March 31, 2024

 

$126,162

 

3,293,303

(1) Percentage is based on total shares as of the close of the previous calendar quarter

(2) All repurchase requests were satisfied in full

(3) Amounts shown net of Early Repurchase Deduction

 

The following table presents information with respect to the Company’s share repurchases during the three months ended March 31, 2023 (dollar amounts in thousands, except per share amounts):

 

Repurchase Deadline Request

 

Number of Shares Repurchased (all classes)

 

Percentage of Outstanding Shares Repurchased (1)

 

Price Paid Per Share

 

Repurchase Pricing Date

 

Amount Repurchased (all classes) (3)

 

Maximum number of shares that may yet be purchased under the repurchase plan (2)

March 15, 2023

 

5,512,759

 

5.94%

 

$23.82

 

March 31, 2023

 

$131,284

 

(1) Percentage is based on total shares as of the close of the previous calendar quarter

(2) All repurchase requests were satisfied in full

(3) Amounts shown net of Early Repurchase Deduction

 

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Contractual Obligations

We have entered into the Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. We have also entered into an Expense Support Agreement with the Adviser to provide us with support with respect to certain expenses and subject to reimbursement. Payments for investment advisory services under the Advisory Agreements, reimbursements under the Administration Agreement and support and reimbursements under the Expense Support Agreement are described in “Item 8. Consolidated Financial Statements and Supplementary Data —Notes to Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”

We intend to establish one or more credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR or an alternative reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio contains and is expected to continue to contain debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of March 31, 2024 and December 31, 2023, we had unfunded commitments, including delayed draw term loans and revolvers, with an aggregate principal amount of $1,076.9 million and $789.9 million, respectively.

Other Commitments and Contingencies

From time to time, we may become a party to certain legal proceedings incidental to the normal course of our business. As of March 31, 2024, management is not aware of any material pending or threatened litigation that would require accounting recognition or financial statement disclosure.

Related-Party Transactions

We entered into a number of business relationships with affiliated or related parties, including the following:

Advisory Agreement;
Administration Agreement
Intermediary Manager Agreement; and
Expense Support and Conditional Reimbursement Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 3. Fees, Expenses, Agreements and Related Party Transactions.”

 

 

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Critical Accounting Estimates

 

The preparation of the consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates should be read in connection with our risk factors described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and “Item 1. Consolidated Financial Statements —Notes to Consolidated Financial Statements—Note 2. Significant Accounting Policies.” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

 

Investments

 

Investment transactions are all recorded on a trade date basis. Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Investment transactions that have not yet settled as of the period-end date are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

 

Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment. The cost of investments is relieved using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

 

Pursuant to Rule 2a-5 under the 1940 Act, our Board of Trustees has designated the Adviser as its “valuation designeeto perform the fair value determinations for investments held by us without readily available market quotations. The Company's Board of Trustees continues to be responsible for overseeing the processes for determining fair valuation.

 

Investments for which market quotations are readily available are typically valued at such market quotations. In order to verify whether market quotations are deemed to represent fair value, the Adviser, looks at certain factors including the source and nature of the quotations. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. Examples of these events could include cases in which material events are announced after the close of the market on which a security is primarily traded, when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a “fire sale” by a distressed seller.

 

If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. The Adviser engages multiple independent valuation firms based on a review of each firm’s expertise and relevant experience in valuing certain securities. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such Level 3 categorized assets.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Adviser undertakes a multi-step valuation process each quarter, as described below:

(1)
Independent valuation firms engaged conduct independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Adviser;
(2)
At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;
(3)
Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;
(4)
The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and
(5)
For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

 

 

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Investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. During the three months ended March 31, 2024, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant:

available current market data, including relevant and applicable market trading and transaction comparables,
applicable market yields and multiples,
security covenants,
seniority of investments in the investee company’s capital structure,
call protection provisions,
information rights,
the nature and realizable value of any collateral,
the portfolio company’s ability to make payments,
earnings and discounted cash flows,
the markets in which the portfolio company does business,
comparisons of financial ratios of peer companies that are public,
M&A comparables,
our principal market (as the reporting entity) and
enterprise values, among other factors.

Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our investment adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had an active market existed for such investments and may differ materially from the values that we may ultimately realize.

 

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Fair Value of Financial Instruments

 

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

 

 

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ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

 

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

 

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

 

Level 3: Unobservable inputs for the asset or liability.

 

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

 

See Notes 2 & 4 to our unaudited consolidated financial statements included herein for additional information regarding the fair value of our financial instruments.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. For additional information concerning potential impact on our business and our operating results, see Part II - Other Information, Item 1A. Risk Factors.

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value as determined in good faith by our Board of Trustees based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board of Trustees to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” as well as Notes 2 and 4 to our consolidated financial statements for the three months ended March 31, 2024, for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of March 31, 2024, 97% of our debt portfolio investments bore interest at variable rates, which generally are SOFR based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Our Senior Secured Facility and SPV Financing Facilities bear interest at SOFR rates with no interest rate floor. Our Unsecured Notes, which bear interest at fixed rates, are hedged by entering into fixed to floating interest rate swaps, in order to align the interest rates of our liabilities in our investment portfolio.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of March 31, 2024, assuming no changes in our investment and borrowing structure:

Basis Point Change

 

Net Investment Income

 

Net Investment Income Per Share

(in millions)

 

 

 

 

 

 

Up 200 basis points

 

$

93.3

 

$

0.434

Up 150 basis points

 

 

70.0

 

 

0.325

Up 100 basis points

 

 

46.6

 

 

0.217

Up 50 basis points

 

 

23.3

 

 

0.108

Down 50 basis points

 

 

(23.2)

 

 

(0.108)

Down 100 basis points

 

 

(46.4)

 

 

(0.216)

Down 150 basis points

 

 

(69.6)

 

 

(0.324)

Down 200 basis points

 

 

(92.7)

 

 

(0.431)

 

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We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 2024 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Controls Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

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PART II - OTHER INFORMATION

From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

On March 14, 2023, certain First Lien and Second Lien holders of debt issued by Mitel filed a complaint in New York State Court captioned Ocean Trails CLO VII et al v. MLN TopCo Ltd., et al, Index No. 651327/2023, against certain other First Lien and Second Lien debt holders, including Apollo Debt Solutions BDC, alleging, among other things, that the defendant lenders breached the terms of their lending agreements and the New York Uniform Voidable Transfer Act in connection with certain amendments to the relevant documents governing the debt. Plaintiffs seek to have the amendments in question declared void. No reasonable estimate of possible loss, if any, can be made at this time.

Other than the matter disclosed above, we are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us.

Item 1A. Risk Factors

In addition to the other information set forth in this report and as provided below, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

 

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

Refer to our Current Reports on Form 8-K filed with SEC on January 23, 2024, February 26, 2023, and March 21, 2024 for information about unregistered sales of our equity securities during the quarter.

Shares Repurchases

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Our Board of Trustees may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table presents information with respect to the Company’s share repurchases during the three months ended March 31, 2024 (dollar amounts in thousands, except per share amounts):

Repurchase Deadline Request

 

Number of Shares Repurchased (all classes)

 

Percentage of Outstanding Shares Repurchased (1)

 

Price Paid Per Share

 

Repurchase Pricing Date

 

Amount Repurchased (all classes) (3)

 

Maximum number of shares that may yet be purchased under the repurchase plan (2)

March 15, 2024

 

5,079,296

 

3.03%

 

$24.85

 

March 31, 2024

 

$126,162

 

3,293,303

(1) Percentage is based on total shares as of the close of the previous calendar quarter

(2) All repurchase requests were satisfied in full

(3) Amounts shown net of Early Repurchase Deduction

 

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Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”.

 

 

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Item 6. Exhibits

 

Exhibit

Number

Description of Exhibits

  3.1

Fourth Amended and Restated Declaration of Trust of the Registrant (1)

  3.2

Third Amended and Restated Bylaws of the Registrant (1)

10.1

Second Amendment to Credit Agreement, dated February 1, 2024, Merlin Funding LLC, as borrower, the Registrant, in its capacities as subordinated lender and warehouse collateral manager, and Morgan Stanley Senior Funding, Inc., as Administrative Agent. (2)

10.2

Third Amendment to Credit Agreement, dated February 16, 2024, Merlin Funding LLC, as borrower, the Registrant, in its capacities as subordinated lender and warehouse collateral manager, and Morgan Stanley Senior Funding, Inc., as Administrative Agent. (3)

10.3

Indenture, dated as of March 21, 2024, by and between the Fund and U.S. Bank Trust Company, National Association, as trustee. (4)

10.4

First Supplemental Indenture, dated as of March 21, 2024, relating to the 6.900% Notes due 2029, by and between the Fund and U.S. Bank Trust Company, National Association, as trustee. (4)

10.5

Form of 6.900% Notes due 2029 (incorporated by reference to Exhibit 10.4 hereto). (4)

10.6

Registration Rights Agreement, dated as of March 21, 2024, relating to the Notes, by and among the Fund and BofA Securities, Inc., BNP Paribas Securities Corp., and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers. (4)

31.1

Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2

Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS

Inline XBRL Instance Document*

101.SCH

Inline XBRL Taxonomy Extension Schema Document*

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104

Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)*

*

Filed Herewith

 

_________________________________

(1)
Incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 814-01424), filed on March 14, 2024.
(2)
Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01424), filed on February 7, 2024.
(3)
Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01424), filed on February 21, 2024.
(4)
Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 814-01424), filed on March 21, 2024.

 

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Table of Contents

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

 

Signature

Title

Date

 

 

 

/s/ Earl Hunt

Earl Hunt

Chairperson, Chief Executive Officer and Trustee

May 13, 2024

 

 

 

/s/ Eric Rosenberg

Eric Rosenberg

Chief Financial Officer

May 13, 2024

 

124