Apollo Asset Backed Credit Company (ABC): A $25 Share That Has Not Moved in 16 Months, New Money Down 73% and Repurchases at 2.6% of NAV

A holding company with two share series: why one share type has two prices

ABC is Apollo's perpetual private vehicle for asset-backed finance: loans and securities backed by pools of consumer loans, mortgages, equipment, receivables and similar assets. It commenced operations on May 3, 2024, when an Apollo affiliate bought 2,000,000 E Shares at $25.00, a $50 million seed (8-K filed May 9, 2024). It is a cousin of the vehicles in our comparison of evergreen funds, but its legal wrapper is its own.

It is not a BDC and not a registered fund. The 10-K: “We conduct our operations in a manner such that we are not required to register as an investment company under the Investment Company Act.” The mechanism is different from K-PEC's, which argues that it controls what it owns (see our K-PEC page). ABC says it is organized as a holding company that works through subsidiaries and “seeks to continue to operate in a manner such that it complies with the 40% Test,” and that most subsidiaries either fall outside the definition or rely on exceptions “including Sections 3(c)(5)(A)-(C),” which, it adds, require that the subsidiary not issue redeemable securities. Apollo's registered non-traded BDC is a different product with its own tender results, covered on our Apollo Debt Solutions page.

Two series, two tax forms, two prices. ABC has Series I and Series II under Delaware's series LLC rules. The 10-Q: “Series I is treated as a corporation for U.S. federal income tax purposes, and Series II is treated as a partnership for U.S. federal income tax purposes.” The company says the same share type can carry a different price in each series: “Due to tax considerations and other factors, the NAV between each Series differs.” At June 30, 2026 Series I held $312.3 million of net assets (16.1% of the total, our arithmetic) and Series II $1,626.5 million. The two invest pro rata in the same assets, and Series II holders are to receive Schedule K-1 information within 90 calendar days of year end (10-K). For the deadlines that follow, see our K-1 timing guide.

Who is in it. Minimum initial purchase is $2,500 and the filings sum to 4,231 holder-of-record entries across the share types at March 26, 2026 (1,250 in Series I and 2,981 in Series II; our sum, and a holder of two types is counted twice). The share types differ by fee: the I-type shares (I, T-I, P-I, F-I Founder shares offered until October 31, 2025, and A-I Anchor shares) and BD shares carry no sales load or servicing fee, while the S-type shares (S, T-S, P-S, F-S) do. E shares are held by Apollo affiliates, officers and directors. The manager strikes NAV itself: “The Operating Manager prepares valuations with respect to each of our Asset-Backed Finance Assets in accordance with Apollo’s valuation guidelines adopted by the Board.”

The price: a $25 share that has moved less than 2% in 16 months

ABC publishes a NAV per share for every share type in an 8-K about 25 days after month end, and the same filing carries an Exhibit 99.1 with total NAV, shares and cash. Series II F-I is the longest history; Series II I Shares have been on the table since April 30, 2025.

Three things stand out. First, the Series II I Share is $0.01 below where it was on April 30, 2025 and 1.5% below December 31, 2025 (our arithmetic): the fund has paid about 6% a year in distributions and the price has not risen to offset them, so the return is the distribution. Second, the single biggest per-share drop was December 2024 (Series II F-I from $25.64 to $25.32, down 1.2%), and in 2026 the Series II I Share fell in six of eight months and rose in none (our reading of the monthly 8-Ks). Third, from the NAV struck as of July 31, 2026 the company prices shares on a Transactional NAV, which adds back servicing fees accrued monthly rather than over the life of the share: $13.3 million at July 31 and $13.1 million at August 31 over GAAP NAV (0.67%, our arithmetic), the price at which new shares are sold and old ones repurchased.

Total NAV grew from $277.2 million at December 31, 2024 to $1,975.9 million, but the August 2026 figure is $13.6 million (0.7%) below July's $1,989.5 million, the first month-on-month fall among the totals we can read, and shares outstanding fell by 489,971 (our arithmetic). Cash on the Exhibit 99.1 components table was $151.6 million at August 31 (7.7% of NAV) and $182.2 million at June 30 (9.4%); the narrower balance-sheet line in the 10-Q shows $157.1 million (8.1% of net assets) at June 30 against $86.2 million (5.3%) at December 31, 2025, and the filings do not reconcile the two measures.

New money: $2.07 billion sold since July 2024, and 2026 running far below 2025

Each month the 8-K Item 3.02 lists the shares sold on the first business day, by series and share type. Our sums of those lines:

The monthly figures show the slope: $83.6 million on January 2, 2026, $100.8 million on February 2, $96.9 million on March 2, then $57.6 million, $54.6 million, $49.5 million, $49.4 million, $35.0 million on August 1 and $29.5 million on September 1, 2026, the lowest monthly figure since $14.4 million on October 1, 2024. January-September 2026 totals $557.0 million against $896.4 million in the same months of 2025, down 37.9%, and the third quarter alone is down 73.4% (our sums). Those 8-K totals include shares moved between the series: footnotes show 200,362 shares exchanged from Series I into Series II in the third quarter of 2026 (about $5 million at $25.5, our estimate), so the cash raised is a little lower than the gross.

The cumulative sum of the monthly filings from July 2024 to September 2026 is $2,067.3 million (our sum), plus the $50 million Apollo seed; the Form D/A filed December 16, 2025 put the total sold at $1,589,086,605 at that date, and our sums through December 1, 2025 plus the seed come to about $1.56 billion. Dividend reinvestment adds shares on top of that: $21.8 million of the $55.2 million of distributions declared in the first half of 2026 was reinvested.

Repurchases: seven windows, and two percentages for the same payment

The plan opens a window each quarter around the release of the prior quarter's NAV, prices repurchases at that NAV and pays about a week after the request deadline. The 5.0% limit is “no more than 5.0% of the Company’s aggregate NAV per calendar quarter,” measured on the average aggregate NAV of the preceding three months. Exchanges between share types of equal value do not count against it. The filings disclose what was repurchased, not what was requested, so we cannot say whether every request was paid.

Why two numbers for May? The March 10-Q reported 2.41% for the 1,644,527 shares; the June 10-Q reports the same shares as 2.18%, and shows 1.52% for February. We reproduced all three: $29.4 million over June 30, 2026 NAV of $1,938.9 million is 1.52%, $42.2 million over the same figure is 2.18%, and $42.2 million over the average of January, February and March NAV ($1,753.1 million) is 2.41%. So the June 10-Q table divides earlier windows by the latest NAV, while the plan's cap is measured on the average of the three months before the window. On the plan's own basis the windows are February 1.97% (over $1,495.8 million), May 2.41% and August 2.62% (over $1,905.4 million), which is 39%, 48% and 52% of the cap (our arithmetic). The 10-Q for June adds that the table “excludes exchanges of 182,083 Shares for Shares of another Series or type” in the May window.

The seven windows add up to $130.7 million in 18 months (our sum), and $49.9 million of that came in the last one. The first half of 2026 shows $71.7 million of repurchases against $426.0 million of share proceeds in the statement of changes in net assets (16.8%, our arithmetic), and the 2025 full-year statement shows $35.6 million, which the 10-K does not reconcile to the roughly $9.2 million in the four Item 2 tables (our sum); the 2026 statement and the 2026 Item 2 tables do agree ($71.679 million).

What funds the payout. The plan: “The Company may fund repurchase requests from sources other than cash flow from operations, including, without limitation, the sale of Asset-Backed Finance Assets, borrowings, return of capital or offering proceeds (including from sales of the Company’s Shares).” In August 2026 the $49.9 million repurchase equalled 31.8% of the $157.1 million of balance-sheet cash at June 30 and 142.6% of the month's $35.0 million of sales (our arithmetic). Nothing in the filings says the company borrowed to pay it, and cash was $151.6 million at August 31. The plan also says what happens if demand exceeds the limit: some requests are paid first (death, disability, divorce), then the rest pro rata, and “All unsatisfied repurchase requests must be resubmitted.” The Board may suspend the plan, and “may choose to purchase fewer shares than have been requested in any particular quarter, or none at all.” The plan text we saved contains no early-repurchase deduction, unlike some of the sibling vehicles; check your private placement memorandum for your share type.

Distributions against income: what the 6.3% costs

ABC declares a monthly distribution per share type in each 8-K, with a month-end record date and payment about four weeks later. For September 2026 (record date September 30, payable on or about October 28) the Series II I Share was $0.1342 and the Series I I Share $0.0955.

Series I pays about 75% of what Series II pays on the same share type (F-I $1.2591 against $1.6836, our arithmetic) because it pays corporate tax. The tax lines in the filings show it: Series I recorded $3.1 million of income tax on $9.7 million of 2025 net investment income before taxes (32%), against a $0.8 million benefit in Series II; in the first half of 2026 the provision was $1.4 million on $8.4 million (16.7%) in Series I and $1.7 million on $41.5 million (4.1%) in Series II (our arithmetic). The partnership series is the one that issues a K-1.

Whether the monthly payment is earned is a separate question. The 10-K: “there can be no guarantee that any Series will pay monthly distributions consistently and at a specific rate, or at all.” The numbers:

In the first half of 2026 net investment income was $46.8 million and distributions declared were $55.2 million; the net increase in net assets (which includes $19.1 million of net realized and unrealized losses on investments and derivatives) was $27.7 million, 50.1% of the distributions (our arithmetic). $21.8 million of the distributions was reinvested in shares and $32.6 million paid in cash. In 2025 gains were positive ($22.2 million), so the net increase of $65.1 million covered 113% of distributions. Income itself is growing fast: total investment income was $31.9 million in the second quarter of 2026 against $11.5 million a year earlier (up 178%, our arithmetic), because the portfolio is $1.9 billion instead of $0.7 billion. The Q1 figure was better covered (about 101%, our arithmetic): the second-quarter drop came from net investment income before taxes falling from $26.4 million to $23.5 million and a $4.1 million income tax provision after a first-quarter benefit.

What it owns: seven asset families and one very large special purpose vehicle

The schedule of investments sorts holdings into six pillars of asset-backed securities, plus equity and other positions. Net assets were $1,938.9 million at June 30, 2026 and investments at fair value $1,937.9 million (99.95% of net assets) after $1,538.5 million of payments to purchase investments and $1,164.9 million of proceeds from sale of investments in six months (cash flow statement; the proceeds equal 74% of the December 31 portfolio, our arithmetic, and the line may include repayments).

The mix tells you what ABC is: the asset-backed share of net assets rose from 58.5% to 67.4% in six months while equity positions held flat in dollars. Inside the labelled lines: United States consumer finance includes $116.0 million in automotive (6.0% of net assets) and $78.7 million in banking, finance, insurance and real estate; hard assets include $119.9 million labelled High Tech Industries in the United States (6.2%); CLO warehouse equity was $199.5 million (10.3%), down from $240.2 million (14.9%); the financial-assets special purpose vehicles were $150.1 million (7.7%). It is not all American: Luxembourg capital solutions were $61.8 million (3.2%), Australian residential mortgage $38.3 million (2.0%), Saudi Arabian consumer finance $36.8 million (1.9%) and Japanese capital solutions $21.4 million (1.1%). Derivative assets were $55.9 million and derivative liabilities $6.3 million, mostly hedges; the 10-K names Atlas Securitized Products as an Apollo-affiliated service provider that may be paid fees and in a director's biography, not as a holding, and we do not read any Atlas exposure into the schedule.

The biggest name is a pledged mortgage vehicle. A-A Mortgage Investor LLC, classified as a residential mortgage special purpose vehicle, was $243.7 million (15.1% of net assets) at December 31, 2025 and $212.6 million (11.0%) at June 30, 2026. The note on repurchase agreements says the company sold mortgage-loan collateral to Bank of America under a master repurchase agreement dated December 19, 2025, due September 29, 2026, with collateral valued at $243.7 million and $212.6 million at those two dates: the same dollars as the holding (our observation). The liability was $171.4 million and then $146.5 million, so Bank of America lent 70% and 69% of the collateral value (our arithmetic). The facility is due on September 29, 2026, and the filings we read (through the 8-K filed September 28, 2026) do not say whether it was renewed.

Affiliates sit inside the portfolio. The company holds $49.3 million of invested equity in Redding Ridge Holdings, LP, an Apollo affiliate (the same dollar figure as the structured-finance vehicle line in the schedule: our observation). The 10-Q says the manager reduces ABC's management fee for the asset's value and its performance fee for the asset's profit.

The 10-K sets no cap: “There is no limit on the amount we may borrow with respect to any individual operating entity,” and it adds that asset-level debt may be recourse to both series “in certain limited cases.” So the 7.7% is a point-in-time measure of what is on the balance sheet at the fund level, not a policy limit. Of the $413.3 million of liabilities at June 30, $194.5 million was trades bought and not yet settled, which is why liabilities rose even as debt fell.

Fees: where 1.00% and 10% go

Three details matter. No performance fee was accrued in the first half of 2026 (the 10-Q shows a dash, against $1.7 million in the first half of 2025), which fits a total return below the 5.0% hurdle (our reading). Management fees were $7.8 million in the first half of 2026 against $0.9 million a year earlier. And in 2025 the manager paid $6.7 million of expenses under an expense-support agreement (about 25% of $26.5 million of total expenses, our arithmetic); the 10-Q says the company reimbursed $0.3 million in the second quarter of 2026 because expenses fell below the 0.75% cap, so the support that flattered 2025 income has started to flow back.

The last 60 days in the filings

By the pattern of the last four windows (deadlines on November 10, 2025, February 9, May 11 and August 10), the next one should close in the second week of November 2026, after a September 30 NAV 8-K around October 26-28 that announces the deadline; the company does not commit to it. The third-quarter 10-Q should follow in mid-November (the 2025 one was filed November 14).

What a holder can do with this

• If you want out: request through your adviser or the transfer agent before the deadline in the NAV 8-K; the repurchase price is the prior quarter-end NAV of your share type and series, requests can be withdrawn until 4:00 p.m. Eastern on the repurchase date, and payment follows in about a week. Over $500,000 can require a medallion signature guarantee. The latest window used 52% of the cap, so the cap itself did not bind, but the filings never report requests, so whether every one was paid is not disclosed and nothing is guaranteed.
• If you hold Series I: your distribution is about a quarter lower than the same share in Series II because of the tax layer, and the plan lets you exchange between share types of equal value without it counting as a repurchase. Ask whether a series exchange suits your tax position before moving.
• If you are weighing an add: the case against is monthly sales falling 73% year on year, repurchases moving toward half the cap, income that covered 84.7% of distributions in the half and a price that has been flat; the case for is a share priced near $25 that has held its NAV, a debt level of 7.7% of net assets and about 8% cash, and a portfolio mostly in asset-backed paper.
• What would change the picture (our thresholds, not the company's): a window above 4% of NAV (80% of the cap), monthly sales under $20 million, cash under 5% of NAV with a drawn facility, a Board notice under the plan's suspension rules, or the Bank of America facility not renewed.
• What to read next: the September 30 NAV 8-K in late October, the third-quarter 10-Q in mid-November and our private credit redemptions tracker.

FAQ

All figures are from SEC filings of Apollo Asset Backed Credit Co LLC (CIK 2000597) read on EDGAR on October 6, 2026: the monthly Form 8-Ks of July 2024 to September 28, 2026 (Items 3.02 and 8.01 and Exhibit 99.1), the 10-K for 2025 (accession 0001193125-26-126988, filed March 27, 2026) and for 2024 (accession 0000950170-25-047639), the 10-Qs for March 2026 (accession 0001193125-26-224702) and June 2026 (accession 0001193125-26-349993, with the Fifth Amended and Restated Share Repurchase Plan), the Form D/A of December 16, 2025 and four Forms 4 filed September 29, 2026. Quarterly sums of monthly raises, repurchase dollars (shares times reported average price), percentages of NAV and of the 5% cap, debt and cash ratios, distribution coverage and trailing yields, and tax-provision ratios are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.