Regulation FD Disclosure (Form 8-K)

Item 7.01. Regulation FD Disclosures

Dear Shareholders,

The start of 2026 has brought heightened market volatility and increased scrutiny to private credit as an asset class, from product liquidity mechanisms, to carrying values for private investments, to the impact of technological innovation on different business models. Fortunately, none of this is new to us at Apollo. Liquidity management, the discipline of mark-to-marketaccounting and the recognition that secular shifts can be as sudden as they are profound are all hallmarks of sound risk management and are core to how we manage our clients' capital, as well as our own, each day.

The central innovation of the perpetual non-tradedBDC structure was providing individual investors with access, including the ability to subscribe and redeem at net asset value (NAV), to one of the most compelling segments of the private credit market: senior secured lending. But structure alone does not determine outcomes. Long-term performance is the result of underwriting rigor, disciplined portfolio construction and careful balance sheet management. After all, private credit is still just credit.

We believe Apollo Debt Solutions BDC's ("ADS" or the "Fund") commitment to first lien senior secured lending with its emphasis on downside protection¹ and focus on large-capcorporate borrowers position ADS well for the current environment. With that said, we expect to see more performance dispersion among BDCs over the coming quarters. Since the start, we have made a series of decisions as to how we manage ADS that have put us in a place today to drive future performance as a result of - not despite - the current cycle.

QUARTERLY LIQUIDITY: CONSIDERED & INTENTIONAL

As long-term stewards of capital, we have a fiduciary duty to act in the best interests of allFund investors, balancing the interests of shareholders seeking liquidity with those who choose to remain invested.

In the first quarter of 2026, ADS gross inflows totaled approximately $724 million in new subscriptions.² Against that, amidst a backdrop of rising redemption requests across the semi-liquid segment of the wealth market, the Fund received shareholder requests to repurchase approximately 11.2%³ of outstanding shares as of December 31, 2025, based on preliminary information. Consistent with the Fund's designated liquidity objectives, ADS will honor redemption requests for 5% of shares outstanding, which we estimate to represent approximately $730 million of gross outflows based on February 28, 2026 NAV per share. Taken together, we expect net flows into ADS will be approximately flat for the first quarter of 2026.

We will fulfill tender requests on a pro-ratedbasis, wherein, based on preliminary information, we estimate each redeeming investor will be returned approximately 45% of their requested capital.³ Consistent with the terms of the Fund which have been in place since inception, we intend to tender for up to 5% of the Fund's outstanding shares once again next quarter.

QUARTERLY LIQUIDITY: CONSIDERED & INTENTIONAL (CONTINUED)

The Fund's quarterly liquidity framework provides shareholders with access to their capital while intentionally aligning investors' liquidity with the expected natural liquidity of the Fund's underlying assets. Today's decision reflects our ongoing commitment to long-term value creation for the Fund's shareholders. Apollo has long believed that periods of complexity and uncertainty can create some of the most attractive investment opportunities, but only for those with the flexibility to act decisively. Preserving that flexibility has historically been an important source of upside and is a vital component of Apollo's investment philosophy.

TRANSPARENT, ACCURATE VALUATION IS FUNDAMENTAL TO RISK MANAGEMENT

Marks are important not only for transparency and credibility but also for fairness. A disciplined valuation process should protect new, redeeming and remaining investors equally by consistently ensuring an appropriate NAV for the vehicle.

The valuation process is also important for another reason - robust risk management.

Mark-to-marketis a form of discipline. For Apollo, this means our marks should reflect current market dynamics, even when they do not fully align with our assessment of long-term intrinsic value. When spreads widen in public markets or within a specific sector, we work closely with independent third-party valuation providers to ensure those conditions are appropriately reflected in our marks. When managing for the long-term, we believe it is crucial for valuations to reflect both underlying operating performance andbroader market conditions, which includes prevailing credit spreads and the cost of capital.

Over the past three months the cost of capital has changed. Over that period ADS generated a positive net total return of +1.0%,⁴ outperforming the US Leveraged Loan Index by approximately 145 basis points.⁵ Over the same period, ADS's NAV per share declined modestly by -1.2%⁶ compared to the US Leveraged Loan Index -2.2%.⁷ While the market has repriced risk, the fundamentals of the Fund's underlying borrowers remain strong. ADS portfolio companies are growing annual revenue and EBITDA by 8% and 11% year-over-year,⁸ respectively and weighted-average interest coverage has improved by 15% to 2.5x.⁹

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MANAGE ADS FOR ALL-WEATHER

BDCs are a structure, not a strategy - decisions regarding portfolio construction reflect a manager's priorities. While higher dividend yields can be manufactured in the short run - for instance, by reaching for yield or levering up - we believe long-term, all-inreturns are ultimately earned through underwriting rigor, intentional portfolio construction and proactive balance sheet management.

Over the past several years, benign market conditions and strong demand for yield compressed credit spreads. At Apollo, we remained patient, even during periods when discipline felt more like a headwind than an advantage. Rather than compete in increasingly aggressive transactions, Apollo emphasized proprietary origination, which allowed us to control documentation, structure and alignment while maintaining focus on high-quality, large-capcorporate borrowers on an entirely first lien senior secured basis.

For us, this approach is more than an investment philosophy. It reflects Apollo's role as a principal investor. Today, more than 85% of the ADS private portfolio is invested alongside Apollo's own balance sheet,¹⁰ meaning our interests are squarely aligned with yours.

UNDERWRITE FOR UNCERTAINTY

In any market environment, credit outcomes are determined first and foremost by rigorous underwriting and disciplined risk management. Within BDCs today, there is a wide dispersion of risk orientation. Yet since launching ADS four years ago, we have consistently maintained a highly diversified and conservatively constructed portfolio. The ADS portfolio is ~100% first lien - the highest of its peers,¹¹ with limited PIK income (approximately 2.5%),¹² average position sizes of 0.2% and weighted-average loan-to-valueof 41%.¹³

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UNDERWRITE FOR UNCERTAINTY (CONTINUED)

Our long-standing emphasis on lending to large-capcompanies is deliberate. Larger, more established businesses typically benefit from diversified revenue streams, stronger balance sheets, deeper liquidity options and the ability to invest through periods of disruption. With weighted- average EBITDA of approximately $258 million,¹⁴ the ADS portfolio reflects this focus on scale and durability.

We also believe we are entering the current period of technological disruption from a position of strength. Apollo has consciously chosen to create portfolios that are underweight software exposure relative to the broader private credit markets, guided by our commitment to cash-flow-based underwriting. For ADS, this translates to approximately 20%-30%lower software exposure than its peer set.¹¹

Our conservatism extends to how we manage the liability side of the ADS balance sheet. ADS has $5.3 billion of immediately available liquidity,¹⁵ representing ~7 quarters of coverage versus estimated first quarter 2026 redemptions. We remain focused on maintaining a fortress balance sheet with long duration, durable and diversified sources of funding. The 5.5 year weighted-average maturity of our liabilities is longer-dated than the maturity profile of our assets.¹⁶ ADS is also operating at approximately 0.6x net leverage,¹⁷ providing us with significant dry powder for when the opportunity set is most attractive.

Periods of market dislocation like today have historically marked important inflection points for private capital. As traditional lenders retrench, high-quality borrowers still need financing. When capital becomes scarce, spreads widen, structures tighten and documentation improves. For patient, well-capitalized platforms at scale and with conviction, these environments can create some of the most attractive opportunities in a credit cycle. ADS is prepared for this cycle and positioned beyond it.

Thank you for your continued trust and partnership.

Sincerely,

Apollo Debt Solutions

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IMPORTANT DISCLOSURES

Data as of February 28, 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.