Apollo's private credit fund, with $26 billion of loans, got exit requests for 14.7% of shares. It will pay out 5%

Investors asked to cash out about 14.7% of the shares in Apollo Debt Solutions BDC, one of the largest private credit funds sold to individual investors, in the third quarter. The fund will honor requests for 5% of its shares, the limit its repurchase program sets, according to a shareholder letter Apollo filed with the SEC on Tuesday. Bloomberg also reported the cap.

Apollo estimates that the 5% comes to about $0.7 billion of gross outflows. New money of $0.2 billion came in over the quarter, so the fund expects net outflows of about $0.5 billion, or 3% of its net asset value.

The number behind the 14.7%

The letter gives the percentages, not the dollar amount requested. Its own figures let you work it out. If 5% of shares is about $0.7 billion, then 14.7% is roughly $2 billion (about $2.06 billion). That means about one dollar in three that investors asked for this quarter will be paid, and about $1.4 billion of requests stays in the queue.

Apollo's framing is different, and worth reading closely. It says requests fell from the prior quarter among both U.S. and offshore investors, and that it estimates the "vast majority" of this quarter's requests are investors re-submitting requests that were not filled before. It also says investors who asked for their money during 2026 will have received about 75% of what they requested once this quarter's payments go out. The filing does not give last quarter's request figure, so the decline cannot be checked from this document.

Both things can be true at once. A shrinking queue of repeat requests is not the same as a fresh wave of investors heading for the exit. But an investor who wants all of their money back from a fund like this still gets it in pieces, over several quarters, at whatever the net asset value is when each piece is paid.

What the fund owns

A separate filing the same day gives the portfolio as of August 31:

• About $25.9 billion of loans to 386 companies across 57 industries.
• About 99% first-lien loans and 96% floating rate.
• Weighted average yield at cost of 8.63%, interest coverage of 2.5 times and borrower net leverage of 4.8 times.
• Net asset value of $23.84 a share, up from $23.83 a month earlier. Class I shares returned 3.71% this year through August and 6.24% over one year.
• About $4.8 billion of undrawn secured borrowing capacity, and fund leverage of 0.83 times.

The fund declared an $0.18 monthly distribution on Tuesday, which it puts at an annualized 9.06% for Class I shares.

Who this actually hits

Two groups. The first is the investors themselves. The letter says the fund is designed for individual investors, and its shares do not trade on an exchange. The 5% quarterly limit is written into the repurchase program, so it is working as designed, and the queue is the cost of that design.

The second is the borrowers. With 96% of the book floating, these companies pay more every time short-term rates rise, and the Fed raised its target range to 3.75%-4% last week. An interest coverage ratio of 2.5 times means the average borrower earns two and a half dollars of operating profit for every dollar of interest. That cushion shrinks with each hike. These are not Main Street firms: the filing puts the weighted average earnings before interest, taxes, depreciation and amortization of Apollo's directly originated borrowers at $275 million. But their suppliers, landlords and staff are.

The fund says portfolio repayments were $0.9 billion in the second quarter, and that together with third-quarter subscriptions those cover about 160% of this quarter's buybacks. That is Apollo's argument that the cap reflects the program's rules rather than a shortage of cash.

Private credit managers are also consolidating: Goldman Sachs is in talks to buy Palmer Square, whose listed lending fund trades well below its asset value, as we reported earlier today.

Sources: Apollo Debt Solutions BDC Forms 8-K filed with the SEC on September 22, 2026; Bloomberg. Dollar figures for total requests are our arithmetic from the fund's own estimates. This is market information, not investment advice.