Material Event (Form 8-K)

On January 15, 2026, Apollo Debt Solutions BDC (the "Fund") priced an offering of $750 million in aggregate principal amount of its 5.700% notes due 2031 (the "Notes") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S.persons outside the United States pursuant to Regulation S under the Securities Act. The Notes will mature on January 23, 2031 and may be redeemed in whole or in part at the Fund's option at any time at par value plus, in connection with any redemption prior to December 23, 2030, a "make-whole" premium. The offering is expected to close on January 23, 2026, subject to customary closing conditions.

The Fund expects to use the net proceeds of the offering for general corporate purposes of the Fund and the Fund's subsidiaries and/or to repay indebtedness, including under the Fund's revolving credit facility.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

In addition, the Company estimates that, of its Class I common shares, Class S common shares and Class D common shares (collectively, the "Shares"), approximately 28 million of its outstanding Shares, or approximately 4.8% of its outstanding Shares as of September 30, 2025, were validly tendered and not withdrawn pursuant to the Company's offer to purchase Shares that expired on December 15, 2025 under its share repurchase program. The purchase price per Share for each Share tendered and accepted for purchase by the Company pursuant to such offer will be disclosed in February, 2026 after the Company determines its net asset value per Share as of December 31, 2025.