Apollo Infrastructure Company (AIC): NAV $30.27, First-Half Payout 6x Net Investment Income

Updated October 27, 2026: the September 30 NAV is out, and the third-quarter repurchase window closes November 9. The Form 8-K filed October 26, 2026 (accession 0001193125-26-432144) sets the Transactional NAV at $2,215.3 million on 74,057,027 shares, with Series II A-II shares at $30.27 and Series I A-II shares at $29.27 (Series II A-II was $30.19 at August 31 and $29.25 on June 30, when the price was still the GAAP NAV). The same filing says repurchase requests are due Monday, November 9, 2026, at 4:00 p.m. Eastern, with payment expected Monday, November 16, 2026, at those prices.

What AIC is, and what it is not

AIC describes itself as a holding company whose mission is “to be a leading owner and operator of and capital provider to Infrastructure Assets across global private markets.” In practice its June 30, 2026 schedule has two kinds of position: stakes in partnership investment vehicles that own operating businesses ($1,642.0 million, 81.9% of net assets) and loans ($459.8 million, 22.8%). The target sectors are power and renewables, transportation, digital infrastructure and social infrastructure, mainly in North America and Western Europe. A smaller liquidity portfolio of cash and liquid credit sits beside it. The manager is Apollo Manager, LLC, an Apollo subsidiary registered as an investment adviser; the fund says it operates so that it is not an investment company under the 1940 Act, which is why its shares are sold privately and it reports on Form 10-K and 10-Q rather than as a fund.

Four points the search results blur:

• It is not a listed company. Apollo Global Management is the public parent; AIC has no ticker and no market price. See our Apollo Global Management page for the listed company.
• “AIC” is the filing’s own abbreviation. The registrant on EDGAR is Apollo Infrastructure Co LLC; the 10-K and the 8-Ks call it Apollo Infrastructure Company LLC.
• It is a different vehicle from Apollo’s credit sibling. Apollo Asset Backed Credit Company uses the same two-series wrapper for asset-backed finance.
• It is a private offering. Shares are sold to accredited investors under Regulation D and to non-U.S. persons under Regulation S. The 10-K lists 8,128 holder-of-record entries across the share types at March 30, 2026 (our sum; an investor in two types counts twice), the largest being 5,252 Series II A-II holders.

It is also young. Formed in April 2023, it had $940.3 million of net assets at December 31, 2024, $1,735.8 million at December 31, 2025 and $2,009.0 million at June 30, 2026, up 84.6% in 2025 and 15.7% in the first half of 2026 (our arithmetic). Several of the figures below come from only three years of record.

Which shares you hold: types, fees and the minimum

Every share type exists in both series. What differs is who can buy it and what it costs.

The 10-Q’s fee paragraph states the rates above. The performance fee is “subject to a 5.0 % hurdle amount and a high water mark with respect to such type of Shares, with a catch-up,” paid annually and accrued monthly. Two details change what you pay. First, the cheaper A-II, A-I and F types are not open to everyone: the 10-K says “Investors may not know whether their financial intermediaries will be eligible to acquire the Founder Shares or Anchor Shares,” and that the founder types were offered to all investors only until December 31, 2024. Second, the management fee is reduced by what the filings call Special Fees, the consulting, monitoring, break-up and similar fees Apollo and its affiliates earn from the assets, but not by the “Capital Solution” fees that affiliates earn from the same assets: $807 thousand in the second quarter and $1,998 thousand in the first half of 2026 were excluded from the offset.

The minimum. The only dollar minimum in the filings we read is in the Form 10/A of December 19, 2023 (accession 0001193125-23-298721): “The minimum initial purchase amount is $2,500 for S Shares, I Shares, F-S Shares, F-I Shares, A-I Shares and A-II Shares of each Series,” with $500 for each later purchase and a note that either can be modified or waived. We found no restatement in the 10-K or the 2026 10-Qs, so treat it as the last published figure, and ask the seller for the current one. The repurchase plan sets a $500 minimum balance below which the company may repurchase everything you hold.

NAV and distribution, quarter by quarter

AIC files an 8-K each month with the price per share, and another each quarter with the distribution. The table pairs them: the NAV at each quarter-end for the A-II shares of both series, the distribution declared for that quarter-end record date, and the distribution annualized on that NAV (four times the quarterly amount; our arithmetic).

Three readings. First, the A-II NAV of Series II has risen 19.7% since December 31, 2023 and Series I’s 15.9%, and the quarterly distribution has risen 74.7% since the first one of $0.13 (our arithmetic), because it was set higher as NAV rose, not because income did. Second, from December 2024 the annualized rate sits between 2.99% and 3.04% in all eight quarters, a regularity the filings do not explain. Third, a methodology change sits inside the last row. From any NAV struck on or after July 1, 2026 the price is a Transactional NAV: GAAP NAV adjusted for servicing fees on S and F-S shares as they accrue, for the exclusion of “certain deferred tax liabilities that, although required to be recognized under U.S. GAAP, are not expected to be incurred,” and for the 60-month amortization of organizational and offering costs. At September 30 the only adjustment was the deferred tax one, $19.8 million, taking GAAP NAV of $2,195.5 million up to $2,215.3 million, 0.9% (our arithmetic on Exhibit 99.1). The deferred tax liability on the GAAP balance sheet was $32.6 million at June 30. The 8-Ks do not split the adjustment by series, and Series II A-II rose 1.95% from June 30 to July 31 against 0.84% for Series I, so the 3.49% rise in Series II A-II from $29.25 to $30.27 mixes performance with the switch, in a proportion the filings do not give (our arithmetic).

The payout against earnings

The 10-K and 10-Qs report income on an investment-company basis, so the line to watch is net investment income, which comes after management and performance fees, interest and tax. It is not the whole return, because gains and losses on holdings run through a separate statement, but it is the closest thing in the filings to what the portfolio earned in cash terms.

The ratios and the gain row are our arithmetic (2025 is realized 15,384 plus unrealized 83,897, and 2024 is 222 plus 37,548, from the 10-K). What moved between the first halves of 2025 and 2026 is below the investment-income line, from the 10-Q:

Changes are our arithmetic. Two items are specific to this structure. The performance fee accrues monthly on total return, so a half in which holdings were marked up by $73.8 million costs more of it even though cash income barely moved: $5.5 million against $2.3 million. And income tax is large and uneven between the series. The provision was $6.0 million for Series I against $4.9 million of pre-tax net investment income (123%), and $7.3 million for Series II against $13.2 million (56%) (our arithmetic). The 10-Q gives the reason Series II’s rate is not zero: the difference between the “0 % federal statutory rate applicable to partnerships” and its effective rate is “U.S. federal, state, and/or local taxes on the Series II taxable subsidiaries.” The deferred tax liability grew from $21.0 million at December 31, 2025 to $32.6 million at June 30, 2026 (Series I $12.1 million, Series II $20.5 million).

The gains explain how a payout this size is met. The first-half net increase from operations was $78.5 million, 2.7 times the distribution (our arithmetic), most of it unrealized appreciation of $65.8 million on investments. If you take the payout in cash, part of it is therefore paid out of the marks. In the six months ended June 30, 2026, reinvestment of distributions was $5.0 million against $29.1 million declared (17.2%; the quarter-end payables make this an approximation, our arithmetic from the cash flow supplement and the MD&A), so most of it left as cash.

Getting out: the plan, the numbers and the unknown

Repurchases happen once a quarter, at a price that “will generally be equal to the Company’s prior quarter’s NAV per Share.” The amended and restated plan effective August 12, 2026 (Exhibit 4.3 to the June 10-Q) is the current text; the 10-Q says the amendment was made “to account for, among other things, referring to the Company’s use of transactional net asset value.”

• The cap. The aggregate NAV repurchased is limited to “no more than 5.0% of the Company’s aggregate NAV per calendar quarter,” measured on the average aggregate NAV across both series at the end of the preceding three months. Exchanges between share types of equal NAV do not count.
• Discretion. The company “may repurchase fewer Shares than have been requested in any particular calendar quarter... or none at all, in its discretion at any time,” and the board may suspend or modify the plan.
• Proration and rollover. If it takes only part, requests are filled pro rata after those due to death, disability or divorce and after minimum-balance repurchases. “All unsatisfied repurchase requests must be resubmitted after the start of the next quarter.”
• Fee. We found no early-repurchase fee in the plan, the 10-K or the 10-Qs; our K-INFRA page shows a 5% fee inside 24 months.
• Funding. The company may use sales of assets, borrowings, return of capital or offering proceeds, “and the Company has no limits on the amounts it may pay from such sources.”

Dollar amounts and share counts are the filings’ own; percentages use net assets at the previous quarter-end (December 31, 2024: $940.3 million, March 31, 2025: $1,096.5 million, June 30, 2025: $1,336.1 million, September 30, 2025: $1,540.7 million, December 31, 2025: $1,735.8 million, March 31, 2026: $1,867.2 million, June 30, 2026: $2,009.0 million), which approximates the plan’s three-month average (our arithmetic). The Q3 2026 share count is the sum of “approximately” figures. Two small mismatches inside the filings: the Q1 2026 10-Q’s Item 2 table lists 265,141 shares for February 9, against 355,960 in its own MD&A list and the $10,061 thousand cost, and the Q2 2026 table lists 692,971 shares against 693,910 in the list, with a note that it excludes exchanges of 924 shares. We use the MD&A lists, which match the dollar amounts.

Three things are worth taking from this. Repurchases are rising: $25.9 million in 2025 (10-K) and $29.7 million in the first half of 2026 (our sum), 1.05% of net assets in the best quarter, a long way from a 5% limit that would be about $100 million on June 30 net assets (our arithmetic). The base is growing too, with $150.9 million of shares sold to outside investors across the July, August and September 2026 issue dates (our sum of the Item 3.02 tables) and another $39.5 million on October 1. And the filings never publish the requested amount, so the trend cannot be separated from rationing: the repurchase tables show what was paid, not what was asked. So far the 5% cap has not been the binding limit in any quarter we can see. Per the October 26 8-K, the November window uses the September 30 prices: $30.27 (Series II) and $29.27 (Series I) for A-II shares, $29.61 and $28.60 for I shares.

Series I carries more of the repurchases than its size: of the $19.6 million paid in the second quarter, $14.5 million (73.7%) came from Series I, which was 28.7% of June 30 net assets (our arithmetic from the capital-share tables).

What the manager earns

The offset is the unusual feature. Special Fees cut 64.7% of the gross management fee in the first half of 2026, against 28.4% a year earlier (our arithmetic), so the net fee fell while NAV grew. The outstanding expense support is still owed: $7,511 thousand at June 30, 2026, which the manager may recoup, with 34% expiring in December 2026, 20% in March 2027, 17% in June 2027, 13% in September 2027, 10% in December 2027 and 6% in March 2028. Part of it has begun to be repaid. Fees as a whole were 9.4% of the first-half net increase from operations (performance fee plus net management fee, $7.4 million of $78.5 million; our arithmetic). No management fee is charged on shares Apollo itself holds.

Borrowing: from nothing to $800 million of capacity

The borrowers are indirect subsidiaries and the agreement is secured by “accounts and credit investments” and equity in certain subsidiaries. Borrowings of $255.0 million appear in the first-half cash flow statement. That was 12.7% of net assets at June 30 (our arithmetic), interest expense was $3.6 million for the half and the company said it was “in compliance with all covenants.” Two clues to later borrowing are in the September 30 exhibit rather than a statement: “other liabilities” were $416.4 million, up from $303.8 million at June 30 (our arithmetic), and cash was $229.7 million, 10.4% of Transactional NAV. The exhibit does not break the liabilities out, so the drawn balance at September 30 is not verified until the third-quarter 10-Q.

What it owns

The six operating holdings (the table without the affiliated entity) total $829.1 million, 41.3% of net assets (our sum). Total investments were $2,101.8 million at fair value on a cost of $1,913.7 million (9.8% above cost, our arithmetic), 104.7% of net assets because liabilities, mainly the revolver, fund part of the portfolio; at September 30 they were $2,373.1 million on a cost of $2,123.2 million (11.8% above cost), with cash of $229.7 million. Loans are 22.8% of net assets, mostly to digital and power borrowers. The largest loan group, $205.7 million, is labelled Digital, United States, and the Digital label covers $479.7 million across partnership interests and loans, 23.9% of net assets (our sum), so a reader looking for digital or data center exposure should not stop at the single Aegis line. The 10-K’s fourth-quarter 2025 acquisitions include “a common equity position in a U.S. hyperscale data center developer,” and the June 10-Q’s second-quarter list adds a gas gathering platform in Western Canada, a Northeast U.S. waste platform and a senior secured bridge loan for long-lead power equipment, none named.

The marks are model-based. The Level III partnership interests ($887.3 million) use discounted cash flow with discount rates of 9.40% to 19.70% and exit multiples of 8.5x to 14.3x, and the loans use rates of 6.20% to 18.10%. The 10-Q’s market-risk section estimates that an immediate 10% fall in the fair value of the Infrastructure Assets would cut the net increase in net assets from operations by $210.2 million, 10.5% of June 30 net assets (our arithmetic), and a buyer paying the Transactional NAV is relying on those marks.

Tax: one fund, two forms

The wrapper is built for two taxpayers. Series I has “elected to be treated as a corporation for U.S. federal income tax purposes” and Series II “is intended to be treated as a partnership.” Series II holders get a Schedule K-1: the operating manager will “endeavor to provide” it “within 90 calendar days of the end of the fiscal year,” which for 2026 is March 31, 2027 (our arithmetic), with “no assurance,” a K-1 that “may be based on the best available estimates,” and a warning that holders “may be required to obtain extensions.” Series I distributions are, in the Form 10’s words, treated as dividends “to the extent it is paid from our current or accumulated earnings and profits,” and anything above that is a return of capital and then gain. The filings we read do not name the form a Series I holder receives; one list of tax-preparation tasks mentions “Schedules K-1 (or equivalents thereof) or Form 1099-DIV,” which is not a statement of what Series I gets. Which series you hold is on your account statement.

Series II also carries a UBTI point for retirement accounts: the company “will enter into financing arrangements, obtain credit facilities or otherwise employ leverage,” and the 10-K says that may cause tax-exempt holders of Series II to recognize unrelated business taxable income. Subsidiary-level borrowing began in 2026 (see above). See our guides to K-1 versus 1099-DIV and when K-1s are due.

What a holder can do with this

• If you want to sell: requests for the next window are due by 4:00 p.m. Eastern on Monday, November 9, 2026 and payment is expected November 16, at the September 30 Transactional NAV, with no early-repurchase fee in the plan. The company can pay less or none, does not publish how much was requested, and an unfilled request must be resubmitted. If you must have cash by a date, ask your seller for the transfer agent’s confirmation of how your request was treated last time.
• If you hold Series I: most of the repurchases come from your series, your NAV is $1.00 a share below Series II’s for the same type, and the income tax provision exceeded the series’ pre-tax net investment income in the first half. That is not a reason to switch, which the plan treats as an exchange between types, but it is a reason to ask what the series is expected to be taxed on.
• If you reinvest: about 17% of the first-half 2026 declaration was reinvested (our arithmetic), so in practice most of the payout leaves in cash. The filings do not say which sources fund it.
• If you are weighing a purchase: the case for is a Series II A-II NAV that rose from $25.28 at the end of 2023 to $30.27, net assets up 50.4% in the twelve months to June 30, 2026 (our arithmetic), and a first-half net increase from operations of $78.5 million. The case against is net investment income of $4.7 million against a $29.1 million payout, an Apollo-affiliated 8.2% holding, a fee schedule that depends on your intermediary, new borrowing and unpublished repurchase requests.
• What would change the picture (our thresholds, not the company’s): a quarter in which repurchases pass 2% of net assets, a drawn revolver while cash is under 5% of NAV, or a distribution cut. Each would appear in an 8-K or the third-quarter 10-Q, expected mid-November on the pattern of earlier years.
• Compare: K-INFRA, EQIC and BXINFRA sit side by side in our four-fund infrastructure comparison.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

All figures are from SEC filings of Apollo Infrastructure Company LLC (CIK 1971381) read on EDGAR on October 27, 2026: the Form 10-K for 2025 (accession 0001193125-26-132670) and for 2024 (0001193125-25-068918); the Forms 10-Q for March 31, 2025 (0001193125-25-120920), September 30, 2025 (0001193125-25-282771), March 31, 2026 (0001193125-26-224382) and June 30, 2026 (0001193125-26-349987) with Exhibit 4.3, the amended and restated Share Repurchase Plan; the Form 10/A of December 19, 2023 (0001193125-23-298721); the monthly NAV and sales 8-Ks and their Exhibits 99.1 (0001193125-24-016843 to 0001193125-26-432144), the quarterly distribution 8-Ks (0001193125-24-080642 to 0001193125-26-409249) and the revolver 8-Ks of January 16, August 25 and October 16, 2026 (0001193125-26-015466, 0001193125-26-365182, 0001193125-26-423988). Sums, percentages, annualized rates, coverage ratios and changes are our arithmetic; the repurchase percentages use net assets at the prior quarter-end, which approximates the plan’s three-month average. Compiled by CrowdfundedWealth. This is analysis of public documents, not investment, legal or tax advice.