Apollo Debt Solutions BDC (ADS) Redemptions: 45.2%, Then 29.8% of Requests Paid in 2026

What ADS is, in one paragraph

Apollo Debt Solutions BDC is Apollo's perpetual private credit fund for individual investors: a business development company that lends to large companies, almost entirely first-lien and floating-rate, and sells shares monthly at NAV through wealth platforms. Class I started on January 7, 2022. At August 31, 2026 its monthly 8-K reported a $25.9 billion portfolio across 386 companies and a net leverage ratio of 0.83x; aggregate NAV was about $14.2 billion. There is no market for the shares. The exit is the quarterly tender offer for up to 5% of shares outstanding, which the board can resize or suspend. Apollo's real estate funds for individual investors, ARIS and the Apollo Diversified Real Estate Fund, are separate vehicles with their own exits.

Twelve quarters of repurchases

Each row is the result ADS filed for that offer, in the Schedule TO-I/A it files after the payment. The per-share figure is the NAV of the shares accepted divided by the number accepted (our arithmetic); cash paid is after the early repurchase deduction where it applied.

The build-up is visible a quarter early. Requests used 61% of the limit in September 2025 and 97% in December 2025, the last offer paid in full. In March 2026 they were 2.2 times the limit and in June 3.4 times (our arithmetic). Like HLEND, ADS saw requests peak in the second quarter; at OCIC they peaked in the first.

The third quarter, and Apollo's 75%

Apollo's September 22, 2026 letter, furnished on Form 8-K, gives the third-quarter numbers before the result is filed: "ADS also received shareholder requests to repurchase approximately 14.7% of shares outstanding," and it "will honor repurchase requests for 5% of shares outstanding," about $0.7 billion. With $0.2 billion of gross subscriptions in the quarter, "we expect quarterly net outflows of approximately $0.5 billion, or 3% of NAV." It adds that requests "declined sequentially across both U.S. onshore and offshore investors" and that most were holders re-tendering unfilled requests.

Then the line holders will remember: "investors who have sought liquidity during 2026 will have received an estimated 75% of their requested capital." On the filed fills, that is right for someone who tendered everything in March and resubmitted each quarter: 45.2%, then 29.8% of the rest, then about 34% of what remained (5% of 14.7%) leaves about 25% still in (our arithmetic). Someone who first tendered in June has about 54% out.

Money in, money out, and leverage

ADS grew fast through 2025, from $9.5 billion of NAV to $14.8 billion, then stopped. Since February, NAV is down about $0.9 billion while the portfolio is up about $0.9 billion, so net leverage went from 0.63x to 0.83x (our arithmetic from the monthly 8-Ks). The letter frames this as room to invest: ADS has "$4.8 billion of immediately available liquidity," second-quarter repayments of $0.9 billion, and is "operating at approximately 0.8x net leverage," which it describes as dry powder. Year to date it reports $1.3 billion of gross inflows, 9% of NAV.

NAV, income and the distribution

Class I NAV per share fell 4.1% from December 2024 to August 2026, $24.86 to $23.84 (our arithmetic), about half of it between January and April 2026. The first quarter of 2026 produced only $11.5 million of net increase in net assets from operations, against $295.1 million of net investment income, before $284.6 million in the second quarter (XBRL).

The gross Class I distribution has been $0.18 a month throughout, so the annualized rate the fund quotes has risen as NAV fell: 8.85% in January 2026 and 9.06% in September. Income has not covered it: net investment income was 86.7% of distributions in 2025 and 91.2% in the first half of 2026 (XBRL; our arithmetic). Paid-in-kind income was small, $34.9 million of $1,153.5 million of total investment income in the first half. Non-accruals were 0.8% of cost and 0.4% of fair value at June 30, per the letter.

What a holder can do with this

• If you tendered in Q2: you were paid 29.8% of the shares you tendered at $23.83, less the early repurchase deduction if it applied. The rest had to be resubmitted.
• If you tendered in Q3: the fund expects to honor 5% of shares against about 14.7% requested, about a third of each request. The result comes in the Schedule TO-I/A, which on the fund's pattern is filed in early November with the next offer.
• If you are deciding for Q4: the next offer should open in mid-November (the last four opened February 13, May 15, August 14 and November 14). Requests fell from 16.8% to 14.7% of shares between Q2 and Q3.
• What would change the math: inflows recovering, the board buying more than 5%, or requests dropping toward 5%.

FAQ

All figures are from Apollo Debt Solutions BDC's SEC filings read on EDGAR on October 4, 2026: twelve Schedule TO-I/A result filings (November 2023 to August 2026) and the matching Schedule TO-I offers, the shareholder letter furnished on Form 8-K on September 22, 2026 (accession 0001193125-26-398001), 22 monthly Form 8-Ks (December 2024 to September 2026), and XBRL data from the 2025 Form 10-K and 2026 Form 10-Qs. Fill rates, requests as a share of shares outstanding, per-share NAV of accepted shares and the cumulative fill are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.