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Apollo Debt Solutions BDC Reports 6.78% Increase to Monthly Total NAV

Apollo Debt Solutions BDC, a non-traded perpetual-life business development company sponsored by affiliates of Apollo Global Management, has announced its monthly net asset value per share for May 2024.

Apollo reported that their Class I, Class S, and Class D shares had a NAV per share of $24.90 as of May 31, 2024, up 0.24% compared to $24.84 the previous month. Shares were originally priced at $25 each.

As of May 31, the fund’s aggregate NAV increased to $6.3 billion, compared to $5.9 billion as of April 30, 2024, an increase of 6.78%.

Apollo also reported that its board has declared special distributions totaling $0.06 per share to be distributed in three consecutive monthly payments of $0.02 per share. Payments will be made to shareholders of record as of July 31, Aug. 30, and Sept. 30, 2024, on or around August 27; Sept. 26; and Oct. 29, 2024, respectively. The special distributions will be paid in cash or reinvested in shares of the fund for shareholders participating in the fund’s distribution reinvestment plan.

The fund also reported that its one-month, three-month, year-to-date, 12-month, and annualized inception-to-date returns through May 31, 2024 for Class I common shares were 1.07%, 3.40%, 5.26%, 14.41%, and 8.60%. As of June 21, 2024, the fund’s annualized distribution rate, including the most recently declared distribution and a special distribution announced in March was 9.64% for Class I common shares.

As of May 31, 2024, the BDC’s portfolio was approximately $9.6 billion based on fair market value across 240 portfolio companies and 51 industries, and its portfolio consisted of approximately 100% first lien debt investments and approximately 97% floating rate debt investments based on fair market value. The weighted average earnings before interest, taxes, depreciation, and amortization of the fund’s directly originated debt investments was $233 million, and the portfolio’s overall weighted-average net loan-to-value, weighted-average net leverage, and interest coverage were 39%, 4.6x, and 2.3x, respectively. The fund’s net leverage ratio was 0.53x. The fund also stated that it had approximately $2.1 billion of excess availability under its secured funding facilities.

Additionally, Apollo reported that, in May, it had participated in a €4.5 billion term loan to Adevinta to finance the take private of the company by a consortium of sponsors led by Permira and Blackstone. Adevinta is a group of online classifieds portals, including three leading platforms in France and Germany.

Furthermore, Apollo stated that on June 21, 2024, it held its annual meeting of shareholders, where its shareholders approved two proposals. The first proposal included the election of Earl Hunt as a class III trustee of the fund. Hunt will serve a term of three years or until his successor is duly elected and qualified.

With the second proposal, the fund ratified the selection of Deloitte & Touche LLP as an independent registered public accounting firm for the fiscal year ending December 31, 2024.

Apollo Debt Solutions BDC launched its offering in early 2022 and is currently publicly offering on a continuous basis up to $10 billion in shares.

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