Regulation FD Disclosure (Form 8-K)

Dear Shareholders,

Apollo Debt Solutions BDC ("ADS" or the "Fund") continues to deliver on its core objective of delivering attractive risk-adjusted returns to our investors. Quarter- and year-to-date through May, ADS has generated a net total return of +1.4% / 1.5%¹ respectively. Since inception, ADS has generated 8.1% total net returns for Class I shares, a 179 and 370 basis point return premium to the leveraged loan² and high yield³ markets respectively over the same period.

Investor Flows: Composition in Flux

For those that were just reading the headlines around private credit, the leveraged lending market remains resilient. Excluding software, new-issue spreads are essentially unchanged from the start of the year, reflecting ample dry powder to absorb new deal flow. Away from the wealth channel, institutions continue to allocate new money to the asset class, further buffering spreads. We believe challenges are largely confined to the software sector and like other cycles that have come before, are likely to take time to play out, but in time dispersion among managers will become apparent. At Apollo, reflecting our disciplined and patient approach in the years leading up to this point, we continue to see strong institutional investor demand for our private credit strategies, including direct lending, and we expect institutional fundraising for our direct lending strategies will exceed that of the wealth channel this year.

In the second quarter of 2026, ADS gross inflows totaled $0.3 billion in new subscriptions⁴, equivalent to 2% of NAV⁵. Through the first half of 2026, gross inflows totaled $1.0 billion⁶. The Fund also received shareholder requests to repurchase approximately 16.8% of outstanding shares as of March 31, 2026⁷. As we have discussed previously, and consistent with the Fund's designated liquidity objectives, ADS will honor redemption request for 5% of shares outstanding, which we estimate represents approximately $0.7 billion of gross outflows based on May 31, 2026 NAV per share. Taken together, we expect net outflows from ADS will be approximately $0.4 billion for the second quarter of 2026 and year-to-date, representing 3% of NAV.

The redemption trends are underpinned by a notable regional split - U.S. onshore repurchase requests moderated sequentially to approximately 4.3%⁸, while redemptions from offshore investors increased to 12.5%⁹.

Recall that last quarter, we also elected to honor the 5% target for quarterly repurchases against elevated levels of redemption requests. The vast majority of investors in the Fund continue to choose to remain invested. We have a fiduciary duty to act in the best interests of all Fund investors. Adhering to our stated targets - and delivering on them - is important in our role as long-term stewards of capital. Said differently, consistency matters.

Direct Lending at an Inflection Point

The shift we are seeing in wealth channel flows is part of a broader recalibration underway across direct lending. After years of benign market conditions and robust inflows, we believe we are in the early stages of an inflection point. We have seen this dynamic before. In prior cycles, an influx in capital fueled over-allocation - dispersion followed, and patience was rewarded. We believe the same pattern is currently emerging in direct lending.

The decisions managers made along the way matter now more than ever. As some competitors face capital constraints or are focused on managing existing exposures, at Apollo, we expect to be able to take advantage of better pricing, stronger lender protections and higher-quality assets. Our ability to do so is a function of the scale and breadth of the Apollo platform, which is most valuable precisely when others are sidelined. Apollo's private credit franchise draws on multiple sources of capital - including our own - allowing us to provide scaled financing to large corporate borrowers regardless of conditions impacting any single fundraising channel. We have over $40 billion of dry powder across the Apollo direct lending ecosystem to deploy when the opportunity set is most compelling. ADS directly benefits from its affiliation with Apollo, the largest alternative credit manager.

Increasingly, some of the most attractive investment opportunities are being created by rapid technological innovation. For example, Apollo's recent transactions to support Valor's lease of GPUs to xAI and SpaceX are a clear example of our ability to capture the most compelling opportunities this cycle is creating. Over the past 6 months, Apollo has provided $10.5 billion across three bespoke investments, with ADS participating alongside other Apollo-managed investment funds. Each transaction is structured with the documentation, protections and alignment that have always defined Apollo's approach to underwriting. These are the types of scaled, structured solutions the Apollo platform is built to deliver.

Portfolio Health Remains Robust

Since Fund launch, ADS has maintained a highly diversified and durable portfolio. As of month-end May, the ADS portfolio remains approximately 100% first lien¹⁰, with limited PIK income (approximately 2.9%¹¹), average position sizes of 0.2%, significant equity cushion ahead of our investments (41% weighted-average loan-to-value¹²) and a focus on lending to large-scale businesses ($307 million weighted-average EBITDA¹³).

ADS portfolio credit quality also remains strong as the Fund's underlying borrowers grew annual EBITDA by 10% year-over-year¹⁴ and weighted-average interest coverage improved 10% to 2.6x over the same period¹⁵. Traditional indicators of credit stress have remained negligible, with ADS PIK income that is half the peer average¹⁶ and non-accruals representing only 1% of the portfolio at cost¹⁷.

Our discipline extends to how we manage the liability side of the ADS balance sheet. ADS remains well capitalized with $4.3 billion of immediately available liquidity¹⁸. We also continue to see a healthy level of repayment activity, with year-to-date portfolio repayments of $1.3 billion (approximately 12% annualized)¹⁹. As of month-end May, ADS is operating at 0.77x leverage²⁰, providing us with significant dry powder for the opportunities ahead.

Things can change quickly - just last week, during his first meeting, the new Federal Reserve Chair reinforced that rates are likely to stay higher for longer. And while we continue to believe we are at an inflection point for the direct lending sector, certain things are not changing. That includes the principles by which we have managed ADS since inception. Last quarter, we predicted more dispersion among managers. This quarter, we are seeing early indications - in deployment volumes, in pricing and in borrower fundamentals. The managers who built for this moment will become increasingly distinguishable from those who did not. The combination of higher base rates, firmer spreads and modestly higher leverage provide a compelling set-up as ADS remains focused on long-term performance. ADS is prepared for this cycle and positioned beyond it.

Thank you for your continued trust and partnership.

Sincerely,

Apollo Debt Solutions

IMPORTANT DISCLOSURES

Data as of May 31, 2026 unless otherwise indicated. All per share and return figures are presented for Class I Common Shares, unless otherwise indicated. Performance varies by share class. 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. Diversification does not ensure profit or protect against loss.