Material Event (Form 8-K)

On December 3, 2025, Apollo Debt Solutions BDC (the "Fund") priced an offering of $400 million in aggregate principal amount of its 5.200% notes due 2028 (the "Notes") in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain non-U.S.persons outside the United States pursuant to Regulation S under the Securities Act. The Notes will mature on December 8, 2028 and may be redeemed in whole or in part at the Fund's option at any time at par value plus a "make-whole" premium. The offering is expected to close on December 8, 2025, subject to customary closing conditions.

The Fund expects to use the net proceeds of the offering for general corporate purposes of the Fund and the Fund's subsidiaries and/or to repay indebtedness, including under the Fund's revolving credit facility.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.