Regulation FD Disclosure (Form 8-K)

WHAT HAPPENED IN MARKETS? (CONTINUED)

The strong technicals in credit that characterized the second quarter of 2025 showed no signs of abating. The Federal Reserve's 25-basis-pointinterest rate cut in September and a decline in US Treasury yields did little to dampen investor appetite for fixed income. Institutional appetite remained strong across both investment grade ("IG") and high yield ("HY") markets, with IG inflows reaching $87 billion, the largest since the first quarter of 2024, and HY volumes rising to $12.1 billion, nearly twice the prior quarter's pace.^{17, 19} Even as new issuances picked up sharply on the back of renewed M&A activity-roughly 10 times higher in HY and four times higher in IG than in the previous quarter¹⁹-the market easily absorbed the additional paper, supported by higher IG coupons and the continued depth of investor demand for high-quality credit.¹⁷

Economic data painted a picture of strength with nuance. Gross domestic product ("GDP") growth was revised up to nearly 4% annualized, the fastest pace in almost two years, supported by firm consumer spending and rebounding business investment.¹⁷ Yet labor market data softened modestly, suggesting the economy is gradually rebalancing after a period of exceptional tightness. Inflation progress, while uneven, continued-helped by easing the price of goods even as tariffs added pockets of volatility. Trade policy remained a key market driver as the US struck new tariff agreements with major allies, easing some uncertainty and tempering market reactions to policy headlines. Yet pressure intensified elsewhere-with new duties on select materials and industries-and the Trump Administration's threat of a 100% tariff on Chinese imports underscored how quickly tensions could flare again.

Ultimately, the real market catalyst in the third quarter was the surge in M&A. Global deal volume reached $1.6 trillion¹⁷-the highest since the fourth quarter of 2021, when zero rates fueled a deal boom-with activity led by communications, industrials, and technology. While the number of transactions year-to-datewas roughly flat versus last year, total value rose 30%, driven by a 73% jump in US megadeals over $10 billion, including the following transactions: Union Pacific's acquisition of Norfolk Southern valued at approximately $88 billion, Paramount Skydance's bid to acquire Warner Bros. Discovery valued at approximately $59 billion, and Electronic Arts' (EA) take private valued at approximately $55 billion.¹⁷

THE OPPORTUNITY IN PRIVATE CREDIT

The constructive M&A momentum, supported by a resilient economic backdrop and stronger risk assets, has made the opportunity in private credit increasingly compelling in our view. The surge in deal activity has reinforced private credit's central role as a key source of financing for corporate growth. According to KBRA Direct Lending Deals, jumbo direct lending issuance reached $24.2 billion in the third quarter, led by more than $17 billion in leveraged buyout (LBO) loans-the highest quarterly total on record. This reflects a defining feature of the current cycle: even with liquid markets open, sponsors are increasingly choosing private credit for its certainty of execution, relationship-driven approach, and structural flexibility.

The third quarter was not without reminders of the importance of discipline. The collapse of two public-market issuers, including Tricolor Holding, LLC's bankruptcy filing in September, briefly unsettled the broadly syndicated loan market and reignited debate around lending standards. While these idiosyncratic events drew attention, they have not altered the broader outlook for credit quality. If anything, they underscored a familiar truth: underwriting discipline-particularly around leverage, structure, and governance-remains the critical differentiator in private credit. In addition, direct lending provides advantages that public markets cannot replicate, including comprehensive covenants, enhanced information rights, and the ability to actively engage with borrowers throughout the life of an investment.

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THE OPPORTUNITY IN PRIVATE CREDIT (CONTINUED)

At Apollo, we focus on lending to companies whose cash flows are resilient even if a counterparty disappears, and whose scale and governance meet our rigorous credit standards. We continue to emphasize downside protection through senior secured positions, conservative loan-to-valueratios, and meticulous diligence. Across the Fund, we target large-capborrowers with diversified cash flow streams and meaningful sponsor alignment-hallmarks of a strategy designed for durability through market cycles.

Finally, we are closely monitoring the growing influence of generative AI on software and recurring-revenue business models. Technology accounts for roughly 21% of the broader private credit market²⁰ but a smaller 14%-15% of the Fund's portfolio, reflecting our disciplined approach to valuation and leverage in the sector. The pace of innovation makes the sector's evolution particularly relevant. Automation is creating pricing pressure in areas such as enterprise Software-as-a-Service(SaaS) and legal tech, where traditional license-based revenues are being disrupted by AI-nativeentrants. For direct lenders, this shift reinforces the importance of underwriting durable, mission-critical software and infrastructure rather than discretionary or service-layer applications. We view this not as a systemic threat but as a call for discernment-an opportunity to differentiate between transient innovation and enduring cash flow.

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WHY APOLLO FOR CREDIT?

SCALE& EXPERIENCE: Since Apollo's founding in 1990, Apollo has established a notable record of success in alternative investments, serving institutional and individual investors across the risk-return spectrum-in credit, equity, and real assets strategies. As a high-growth alternative asset manager, Apollo oversees $690 billion in its credit business with a broad coverage and experienced team that includes 550+ investment professionals.¹² The ongoing growth in private lending is largely consolidated in the hands of the largest platforms, and Apollo's scale allows it to lead and arrange transactions, acting as a full-service solution for borrowers and sponsors. Through an investment in ADS, individual investors generally have access to the same caliber of transactions and deals that Apollo's institutional investors receive, which we believe can potentially produce attractive risk-adjusted returns.

PURCHASE PRICE MATTERS:ADS focuses on downside protection¹⁰ through credit selection and portfolio construction with an emphasis on lending to large-cap,private US companies at the top of the capital structure. As of September 30, 2025, the weighted average EBITDA of ADS' directly originated debt investments was $285 million⁸ with an estimated weighted average net LTV of 40%.⁸ ADS' portfolio is 100%9 first lien, senior secured debt as of the same date. Further, ADS' direct originations during the nine months ended September 30, 2025, generated an average spread of 494 basis points, 174 basis points higher than new issue US leveraged loan market spreads.¹³ Further, we believe ADS' balance sheet is positioned for offense, with a net leverage ratio of 0.56x as of September 30, 2025.

SELECTIVITY& JUDGEMENT: Apollo's long-term approach to investing, which focuses on selectivity and underwriting discipline, has translated into very low default rates in the platform's broader portfolio. From 2009 to the second quarter of 2025, Apollo's Global Corporate Credit business experienced an average annual default rate of just 0.1%, compared to the 2.6% average for the leveraged loan market.¹⁴

ALIGNMENT: Apollo's long-term approach to investing, which focuses on selectivity and underwriting discipline, has translated into very low default rates in the platform's broader portfolio. From 2009 to the second quarter of 2025, Apollo's Global Corporate Credit business experienced an average annual default rate of just 0.1%, compared to the 2.6% average for the leveraged loan market.¹⁴

KEY TRANSACTIONS IN 3Q25¹⁵

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KEY TRANSACTIONS IN 3Q25 (CONTINUED)¹⁵

OUTLOOK

We expect the positive momentum in markets and deal activity to continue into the coming quarters. A more accommodative regulatory backdrop, easing trade tensions, and the prospect of lower funding costs have created fertile ground for continued expansion. Consensus forecasts for US GDP growth in the 1.75% to 2% range should support borrower fundamentals, while market pricing now implies roughly 125 basis points of rate cuts over the next 12 months, providing relief to interest coverage ratios and refinancing activity.¹⁷ Demand for private credit remains exceptionally strong. According to a mid-SeptemberPitchBook survey,²⁰ the biggest challenge identified by investors was not access to funding but sourcing quality assets, suggesting that credit availability remains ample even as spreads compress.

That said, several risks bear watching. Renewed trade tensions, the extended government shutdown, and signs of a weakening labor market could test investor confidence as the year progresses. Global credit markets have shown increased volatility in October amid a flurry of high-profile meltdowns that may signal late-cycle excess. While the broader high-yield market remains resilient-supported by steady fundamentals and robust investor appetite, we believe maintaining vigilance and discipline will be essential to navigating a more uneven landscape.

For Apollo, the combination of a stronger-than-expected economy, persistent M&A momentum, and deep investor demand continues to support a robust opportunity set in private credit-one where selectivity, structure, and active positioning remain essential to preserving resilience and capturing upside.

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END NOTES

Data as of September 30, 2025, unless otherwise indicated. Reflects Apollo's views and beliefs as of the date of this material and is subject to change without notice. Past performance is not indicative of future results.There can be no assurance that investment strategies or objectives described herein will be achieved and there can be no assurances that any of the trends described herein will continue or will not reverse. The value of any investment could decline and/or become worthless.