Apollo Debt Solutions BDC

Item 3.02. Unregistered Sale of Equity Securities As of July 1, 2026, Apollo Debt Solutions BDC (the “Fund,” “ADS,” “we” or “our”) sold unregistered Class I common shares of beneficial interest (“Class I Common Shares”) (with the final number of shares being determined on July 23, 2026) to feeder vehicles primarily created to hold the Fund’s Class I Common Shares. The offer and sale of these Class I Common Shares was exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and/or Regulation S thereunder (the “Private Offering”). The following table details the shares sold: Date of Unregistered Sale Amount of Class I Consideration Common Shares ────────────────────────────────────────────────────────────────────────────────────────────────────────────── As of July 1, 2026 (number of shares finalized on July 23, 2026) 186,709 $4,449,521

Item 7.01. Regulation FD Disclosures July 2026 Distributions On July 23, 2026, the Fund declared distributions for each class of its common shares of beneficial interest (the “Shares”) in the amount per share set forth below: Gross Distribution Shareholder Net Distribution Servicing and/or Distribution Fee ───────────────────────────────────────────────────────────────────────────────────────────── Class I Common Shares $0.1800 $0.0000 $0.1800 Class S Common Shares $0.1800 $0.0172 $0.1628 Class D Common Shares $0.1800 $0.0051 $0.1749 The distributions for each class of Shares are payable to shareholders of record as of the open of business on July 31, 2026 and will be paid on or around August 28, 2026. These distributions will be paid in cash or reinvested in shares of the Fund for shareholders participating in the Fund’s distribution reinvestment plan. Portfolio and Business Commentary (All figures as of June 30, 2026, unless otherwise noted) For the month ended June 30, 2026, the Fund’s net asset value (“NAV”) per share was $23.83, compared to $23.87 as of May 31, 2026. The Fund’s 1-month, 3-month, year-to-date, 1-year, 3-year and annualized inception-to-date returns through June 30, 2026 for Class I Common Shares were 0.58%, 2.00%, 2.13%, 6.11%, 9.33% and 8.11%, respectively (inception date was January 7, 2022). 1 As of July 23, 2026, the Fund’s annualized distribution rate for Class I Common Shares, including the distribution declared on July 23, 2026, was 9.06%. 2 During the quarter ended June 30, 2026, ADS originated approximately $1.3 billion of private debt investments, with a focus on large cap issuers. The Fund’s new directly originated investments had a weighted average spread of 498 basis points. During the quarter ended June 30, 2026, approximately 99% of the Fund’s new directly originated investments funded were first lien and approximately 91% were floating rate. As of June 30, 2026, our portfolio was approximately $25.4 billion based on fair market value across 399 portfolio companies and 57 industries. Our portfolio consisted of approximately 100% first lien debt investments and approximately 96% floating rate debt investments based on fair market value. The weighted average earnings before interest, taxes, depreciation and amortization (“EBITDA”) of our directly originated debt investments was $284 million,3 and our portfolio’s overall weighted-average net loan-to-value, weighted average yield at amortized cost, weighted-average net leverage and interest coverage were 41%, 8.59%,4 4.9x, and 2.6x, respectively. 5 As of June 30, 2026, there were 12 issuers on non-accrual status, which represented approximately 0.8% and 0.4% of the overall portfolio based on cost and fair market value, respectively. As of June 30, 2026, the Fund’s net leverage ratio was 0.76x,6 and we had approximately $5.8 billion of excess availability under our secured funding facilities. 7 Monthly Supplemental Disclosures As part of Apollo’s continued commitment to transparency, the Fund will expand its ongoing disclosure via a monthly supplemental data pack. The supplement will include details on the Fund’s holdings as of month-end and aggregate certain key metrics and will generally be posted within 20 business days after each month-end. The supplement will be made available to existing shareholders and may be accessed at http://www.apollo.com/ads-bdc-shareholder. Select Recent Transaction Highlights Invited Clubs In June 2026, Apollo served as a co-lender on a $1.7 billion credit facility for Invited Clubs (“Invited”) as part of an leveraged buyout financing by KSL Capital Partners. Invited is the largest operator of private golf and country clubs in the United States, with approximately 150 clubs serving over 100,000 members nationwide. Apollo had a unique opportunity to participate in the transaction given its prior relationship with Invited. ADS participated in the transaction alongside other Apollo-managed investment funds. Cumming Group In June 2026, Apollo participated in a $1.7 billion debt financing for Cumming Group (the “Company”) in support of Leonard Green & Partners, L.P.’s (“LGP”) acquisition of the Company from New Mountain Capital, LLC. Apollo was able to participate as one of the largest incremental lenders alongside the incumbent lender group due to its strong relationship with the sponsor. Cumming Group is a pure-play provider of project management and cost management advisory services for large, complex capital projects across North America and Western Europe. ADS participated in the transaction alongside other Apollo-managed investment funds. Past performance is not indicative of future results. Total returns for periods greater than one year are annualized. For Class S common shares of beneficial interest (“Class S Common Shares”), excluding maximum upfront placement fees, ADS generated returns of 0.51%, 1.79%, 1.70%, 5.21%, 8.41% and 7.19% for the 1-month, 3-month, year-to-date, 1-year, 3-year and annualized inception-to-date periods through June 30, 2026 (inception date is February 1, 2022), respectively. For Class S Common... The annualized distribution rate is as of July 23, 2026, and is calculated by multiplying the sum of the month’s stated base distribution per share by twelve and dividing the result by the prior month’s NAV per share. The annualized distribution rate, including the distribution declared on July 23, 2026, was 8.20% for Class S Common Shares and 8.81% for Class D Common Shares. Based on latest information tracked on our portfolio companies and excludes certain portfolio companies for which these metrics are not meaningful (for instance, portfolio companies with negative EBITDA). Excludes investments on non-accrual status. Based on latest information tracked on our portfolio companies and excludes certain portfolio companies for which these metrics are not meaningful (for instance, portfolio companies with negative EBITDA). Net loan-to-value is net debt through the respective loan tranche in which the Fund has invested divided by the estimated enterprise value of the portfolio company. The Fund’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. Includes borrowing base availability under secured financing facilities, cash and net receivables from investments.

Item 8.01. Other Events Net Asset Value and Portfolio Update The NAV per share of each class of the Fund’s Shares as of June 30, 2026, as determined in accordance with the Fund’s valuation policy, is set forth below. NAV as of June 30, 2026 ────────────────────────────────────────────────────── Class I Common Shares $23.83 Class S Common Shares $23.83 Class D Common Shares $23.83 As of June 30, 2026, the Fund’s aggregate NAV was $14.0 billion, the fair value of its investment portfolio was approximately $25.4 billion and it had approximately $12.2 billion of principal debt outstanding, resulting in a debt-to-equity leverage ratio of approximately 0.87x. The Fund’s net leverage ratio as of June 30, 2026 was approximately 0.76x. 1 The Fund’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. Status of Offering The Fund is currently publicly offering on a continuous basis up to $10.4 billion in Shares (the “Offering”). Additionally, the Fund has sold unregistered shares as part of the Private Offering. The following table lists the Shares issued and total consideration for both the Offering and the Private Offering as of the date of this filing, reflective of transfers between share classes. The table below does not include Shares sold through the Fund’s distribution reinvestment plan. The Fund intends to continue selling Shares in the Offering and the Private Offering on a monthly basis. Common Shares Issued Total Consideration Offering: Class I Common Shares 189,826,439 $4,658,134,132 Class S Common Shares 125,874,660 $3,091,868,862 Class D Common Shares 1,586,462 $38,960,681 Private Offering: Class I Common Shares 369,092,195 $9,105,969,217 Class S Common Shares — — Class D Common Shares — — Total Offering and Private Offering * 686,379,755 $16,894,932,892 Amounts may not sum due to rounding. ────────────────────────────────────────