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Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+600, 0.75% Floor Maturity Date 3/19/20312025-09-300002052152none:CTTechnologiesIntermediateHoldingsMember2025-09-300002052152none:ElectronicEquipmentInstrumentsAndComponentsMember2025-09-300002052152none:IncentiveFeeOnCapitalGainsMember2024-12-310002052152Health Care Equipment & Supplies Zeus Zeus Company LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+550, 0.75% Floor Maturity Date 2/28/20312025-09-300002052152none:PharmaceuticalsMember2025-09-300002052152Automobile Components Clarience Technologies Truck-Lite Co., LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+575, 0.75% Floor Maturity Date 2/13/2032 One2025-09-300002052152none:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:RedwoodMember2025-09-300002052152none:CommunicationsEquipmentMember2025-09-300002052152none:SoftwareMember2025-09-300002052152none:ProteinForPetsOpcoLLCMember2025-09-300002052152none:HigginbothamOneMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:InsuranceMember2025-09-300002052152none:GoldeneyeParentLLCMember2025-09-300002052152none:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300002052152Professional Services Legends Legends Hospitality Holding Company, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 8/22/20302025-09-300002052152none:BuildingProductsMember2025-09-300002052152us-gaap:PreferredStockMember2025-09-300002052152Wireless Telecommunication Services Consumer Cellular CCI Buyer, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 5/13/20322025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareProvidersAndServicesMember2025-09-300002052152none:ElkBidcoIncMember2025-09-300002052152none:FirstLienSecuredDebtMembernone:MediaMember2025-09-300002052152IT Services Vensure Vensure Employer Services, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.50% Floor Maturity Date 9/27/20312025-09-300002052152none:HouseholdDurablesMembernone:FirstLienSecuredDebtMember2025-09-300002052152none:FirstLienSecuredDebtMember2025-09-300002052152Financial Services Wealth Enhancement Group Wealth Enhancement Group, LLC Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+450, 1.00% Floor Maturity Date 10/2/20282025-09-300002052152none:FirstLienSecuredDebtMembernone:WirelessTelecommunicationServicesMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:HigginbothamMembernone:InsuranceMember2025-09-300002052152none:TruckLiteCoLLCMember2025-09-300002052152none:SuvodaMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:HealthCareTechnologyMember2025-09-300002052152none:AOPIIMapleCreditFacilityMembersrt:MaximumMember2025-01-012025-09-300002052152none:WealthEnhancementGroupLLCMember2025-09-300002052152us-gaap:FairValueInputsLevel2Membernone:FirstLienSecuredDebtMember2025-09-300002052152none:ConstructionAndEngineeringMember2025-09-300002052152us-gaap:MoneyMarketFundsMember2025-09-300002052152us-gaap:FairValueInputsLevel3Member2025-01-012025-09-300002052152none:JensenHughesMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:FinancialServicesMember2025-09-300002052152us-gaap:InvestmentUnaffiliatedIssuerMembernone:CommercialServicesAndSuppliesMember2025-09-300002052152none:InsuranceMemberus-gaap:PreferredStockMember2025-09-300002052152none:ThreeMonthTORFInterestRateMember2025-09-300002052152srt:MaximumMember2025-09-300002052152Aerospace & Defense MRO Holdings MRO Holdings, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+450, 0.50% Floor Maturity Date 4/28/20322025-09-300002052152Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 1/31/20312025-09-300002052152Financial Services Jensen Hughes Jensen Hughes, Inc Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.75% Floor Maturity Date 9/1/2031 One2025-09-300002052152none:LHSBorrowerLLCMember2025-09-300002052152none:ChemicalsMembernone:FirstLienSecuredDebtMember2025-09-300002052152none:GannettHoldingsLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:MediaMember2025-09-300002052152none:SoftwareMembernone:QuorumMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152srt:MaximumMembernone:AOPIIJasmineCreditFacilityMember2025-01-012025-09-300002052152Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 0.75% Floor Maturity Date 1/31/20302025-09-300002052152none:KoalaInvestmentHoldingsIncMember2025-09-300002052152Software Quorum QBS Parent, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 0.75% Floor Maturity Date 6/3/20322025-09-300002052152Transportation Infrastructure GSI Geotechnical Merger Sub, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+475, 0.75% Floor Maturity Date 10/15/20312025-09-300002052152Commercial Services & Supplies Heritage Environmental Services Arcwood Environmental, Inc. Investment Type First Lien Secured Debt - Term Loan Interest Rate S+525, 0.75% Floor Maturity Date 1/31/20312025-09-300002052152IT Services Vensure Vensure Employer Services, Inc. Investment Type First Lien Secured Debt - Delayed Draw Interest Rate S+500, 0.50% Floor Maturity Date 9/27/20312025-09-300002052152none:ITServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002052152Insurance Keystone Koala Investment Holdings, Inc. Investment Type First Lien Secured Debt - Revolver Interest Rate S+450, 0.75% Floor Maturity Date 8/29/20322025-09-300002052152none:HealthCareProvidersAndServicesMember2025-09-300002052152none:KrollMemberus-gaap:InvestmentUnaffiliatedIssuerMembernone:ProfessionalServicesMember2025-09-30iso4217:USDxbrli:sharesxbrli:pureiso4217:JPYnone:Segmentxbrli:sharesiso4217:CADiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~September 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ______________

Commission File Number: 000-56722

Apollo Origination II (Levered) Capital Trust

(Exact Name of Registrant as Specified in its Charter)


Delaware	33-6481219
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57 Street New York, NY	10019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 515-3450

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading Symbol(s)

     Name of each exchange on which registered

      
None
 
     None
 
     None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~August~~November 11, 2025, the registrant had 2223,~~533~~467,~~408~~987 common shares of beneficial interest, $0.001 par value per share, outstanding.

Apollo Origination II (Levered) Capital Trust

Table of Contents

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements (Unaudited)	1
	Consolidated Statements of Assets and Liabilities as of June 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the three and six months ended June 30, 2025 (Unaudited)	2
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 (Unaudited)	2
	Consolidated Statements of Changes In Net Assets for the three and six months ended June 30, 2025 (Unaudited)	3
	Consolidated Statements of Changes In Net Assets for the three and nine months ended September 30, 2025 (Unaudited)	3
	Consolidated Statement of Cash Flows for the six months ended June 30, 2025 (Unaudited)	4
	Consolidated Statement of Cash Flows for the nine months ended September 30, 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of June 30, 2025 (Unaudited)	5
	Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	1920
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3537
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4446
Item 4.	Controls and Procedures	4547
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	4648
Item 1A.	Risk Factors	4648
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4648
Item 3.	Defaults Upon Senior Securities	4648
Item 4.	Mine Safety Disclosures	4648
Item 5.	Other Information	4648
Item 6.	Exhibits	4749
	Signatures	4850

Table of Contents

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us” and “our” refer to Apollo Origination II (Levered) Capital Trust unless the context specifically states otherwise.

Item 1. Consolidated Financial Statements

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

	June 30, 2025		December 31, 2024
	September 30, 2025		December 31, 2024
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost - $1,161,562 and $0 at June 30, 2025 and December 31, 2024, respectively)	$	1,161,257	$		—
Non-controlled/non-affiliated investments (cost - $1,263,060 and $0 at September 30, 2025 and December 31, 2024, respectively)	$	1,268,508	$		-
Cash and cash equivalents		3337,~~041~~766			2
Receivable for investments sold		7,~~217~~747			—-
Due from counterparties		93,~~814~~417			—-
Interest receivable		67,~~561~~605			—-
Other assets		~~261~~70			—-
Total Assets	$	1,~~218~~325,~~151~~113	$		2
Liabilities
Debt (net of deferred financing costs of $5,293 and $0, at June 30, 2025 and December 31, 2024, respectively)	$	616,705	$		—
Debt (net of deferred financing costs of $4,922 and $0 at September 30, 2025 and December 31, 2024, respectively)	$	679,076	$		-
Payable for investments purchased		1,~~604~~763			—-
Interest payable		8,~~022~~067			—-
Management fees payable		1,~~127~~135			—-
Performance-based incentive fees payable		12,~~688~~195			—-
Administration fees payable		~~264~~350			8
Professional fees payable		—-			65
Accrued organizational costs		1213			15
Other liabilities and accrued expenses		~~311~~335			—-
Total Liabilities	$	~~629~~692,~~733~~934	$		88
Commitments and contingencies (Note 7)
Total Net Assets	$	~~588~~632,~~418~~179	$		(86	)
Net Assets
Common stock, $0.001 par value (Unlimited shares authorized; 22,533,408 and 60 shares issued and outstanding, respectively)	$	23	$	0*
Common stock, $0.001 par value (Unlimited shares authorized; 23,467,987 and 60 shares issued and outstanding, respectively)	$	23	$	0*
Capital in excess of par value		~~563~~588,312			1
Accumulated distributed earnings (losses)		2543,~~083~~844			(87	)
Total Net Assets	$	~~588~~632,~~418~~179	$		(86	)
Net Asset Value Per Share	$	26.1194	$	N/A

* Rounded value

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three MonthsEnded June 30,			Six MonthsEnded June 30,
	Three MonthsEnded September 30,			Nine MonthsEnded September 30,
	2025			2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	27,~~091~~865		$	4775,~~320~~185
PIK interest income		~~631~~917			~~804~~1,721
Dividend income		~~151~~285			~~387~~672
Other income		~~598~~234			~~948~~1,182
Total Investment Income	$	2829,~~471~~301		$	4978,~~459~~760
Expenses
Management fees	$	1,~~090~~135		$	12,~~830~~965
Performance-based incentive fees		12,~~689~~085			24,~~796~~881
Interest and other debt expenses		1011,~~872~~787			1931,~~470~~257
Administration fees		~~171~~182			~~310~~492
Trustee fees		1640			68108
Other general and administrative expenses		~~507~~735			~~817~~1,552
Organizational fees		40130			~~105~~235
Total Expenses		1416,~~385~~094			2541,~~396~~490
Net Investment Income	$	1413,~~086~~207		$	2437,~~063~~270
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	~~1,220~~(180	)	$	1,~~388~~208
Foreign currency transactions		—1			(1918	)
Net realized gains (losses)		~~1,220~~(179	)		1,~~369~~190
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments		~~(255~~5,753	)		~~(305~~5,448	)
Foreign currency translations		70(20	)		4222
Net change in unrealized gains (losses)		~~(185~~5,733	)		~~(263~~5,470	)
Net Realized and Change in Unrealized Gains (Losses)	$	15,~~035~~554		$	16,~~106~~660
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1518,~~121~~761		$	2543,~~169~~930

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

	Three MonthsEnded June 30,			Six MonthsEnded June 30,
	Three MonthsEnded September 30,			Nine MonthsEnded September 30,
	2025			2025
Operations
Net investment income	$	1413,~~086~~207		$	2437,~~063~~270
Net realized gains (losses)		~~1,220~~(179	)		1,~~369~~190
Net change in unrealized gains (losses)		~~(185~~5,733	)		~~(263~~5,470	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1518,~~121~~761		$	2543,~~169~~930
Capital Share Transactions
Net proceeds from the issuance of common shares	$	—25,000		$	~~563~~588,335
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	—25,000		$	~~563~~588,335
Net Assets
Net increase (decrease) in net assets during the period	$	1543,~~121~~761		$	~~588~~632,~~504~~265
Net assets at beginning of period		~~573~~588,~~297~~418			(86	)
Net Assets at End of Period	$	~~588~~632,~~418~~179		$	~~588~~632,~~418~~179
Capital Share Activity
Shares issued during the period		—934,579			2223,~~533~~467,~~408~~987
Shares extinguished during the period		—-			(60	)
Shares issued and outstanding at beginning of period		22,533,408			60
Shares Issued and Outstanding at End of Period		2223,~~533~~467,~~408~~987			2223,~~533~~467,~~408~~987

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)

(In thousands)

	Six Months EndedJune 30,
	Nine Months Ended September 30,
	2025
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	2543,~~169~~930
Net realized (gains) losses		(1,~~369~~190	)
Net change in unrealized (gains) losses		~~263~~(5,470	)
PIK interest capitalized		~~698~~(1,542	)
Purchase of investments		(1,~~185~~362,~~011~~240	)
Proceeds from sale of investments and principal repayments		24101,~~160~~932
Changes in operating assets and liabilities:
Decrease (increase) in receivable for investments sold		(7,~~217~~747	)
Decrease (increase) in due from counterparties		(93,~~814~~417	)
Decrease (increase) in interest receivable		(67,~~561~~605	)
Decrease (increase) in other assets		(~~261~~70	)
Increase (decrease) in interest payable		8,~~022~~067
Increase (decrease) in payable for investments purchased		1,~~604~~763
Increase (decrease) in performance-based incentive fees payable		12,~~688~~195
Increase (decrease) in administration fees payable		~~256~~342
Increase (decrease) in professional fees payable		(65	)
Increase (decrease) in accrued organizational fees		(3	)
Increase (decrease) in accrued organizational costs		(2	)
Increase (decrease) in management fees payable		1,~~127~~135
Increase (decrease) in other liabilities and accrued expenses		~~311~~335
Net Cash Used in/Provided by Operating Activities	$	(1,~~147~~229,~~003~~649	)
Financing Activities
Issuances of debt	$	~~621~~800,998
Financing costs paid and deferred		(5,293	)
Payments of debt		(117,000	)
Financing costs paid and deferred		(4,922	)
Proceeds from extinguishment of common shares		2
Proceeds from issuance of common shares		~~563~~588,335
Net Cash Used in/Provided by Financing Activities	$	1,~~180~~267,~~042~~413
Cash, Cash Equivalents
Net increase (decrease) in cash, cash equivalents during the period	$	3337,~~039~~764
Cash, cash equivalents at beginning of period		2
Cash, Cash Equivalents at the End of Period	$	3337,~~041~~766
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	1223,~~307~~189
Non-Cash Activity
PIK income	$	804
PIK interest income	$	1,721

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Aerospace & Defense
MRO Holdings
MRO Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+450, 0.50% Floor	4/28/2032	$		4847,~~082~~961	$		48,~~684~~162		$		4847,~~082~~841		(8)(11)
			Total Aerospace & Defense				$		48,684		$		48,082
									48,162				47,841
Triumph
Titan BW Borrower L.P.
	First Lien Secured Debt - Term Loan	S+238 Cash (includes 2.88% PIK), 0.50% Floor	7/24/2032			21,962			21,692				21,742		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+475, 0.50% Floor	7/24/2032			-			(18	)			(19	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.50% Floor	7/24/2032			-			(36	)			(37	)	(8)(11)(14)(15)(17)
									21,638				21,686
			Total Aerospace & Defense				$		69,800		$		69,528
Automobile Components
Clarience Technologies
Truck-Lite Co., LLC
	First Lien Secured Debt - Term Loan	S+~~575~~500, 0.75% Floor	2/13/2032	$		22,~~248~~192	$		22,~~409~~134		$		2221,~~026~~975		(8)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	2/13/2032			~~9,626~~-			(~~108~~42	)			(9737	)	(8)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+575, 0.75% Floor	2/13/2031			2,214			24				(22	)	(8)(14)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+575, 0.75% Floor	2/13/2032			2,338			2,253				2,279		(8)(15)(17)
			Total Automobile Components				$		22,325		$		21,906
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	2/13/2031			-			-				(21	)	(8)(14)(15)(17)
			Total Automobile Components				$		24,345		$		24,196
Building Products
US LBM
Leaf Home
LBM Acquisition, LLC
LHS Borrower LLC
	First Lien Secured Debt - Term Loan	S+~~385~~525, 0.75% Floor	129/174/~~2027~~2031	$		~~683~~27,343	$		~~685~~26,936		$		~~676~~26,933		(48)(811)
			Total Building Products				$		685		$		676
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	9/4/2031			-			(32	)			(33	)	(8)(11)(14)(15)(17)
Commercial Services & Supplies
			Total Building Products				$		26,904		$		26,900
AVI-SPL
Chemicals
A&V Holdings Midco, LLC
Vantage Specialty Chemicals
	First Lien Secured Debt - Term Loan	S+500, 0.00% Floor	6/6/2031	$		33,485	$		33,031		$		33,027		(8)(11)
Vantage Specialty Chemicals Holdings, Inc.
	First Lien Secured Debt - Delayed Draw	S+500, 0.00% Floor	6/6/2031			6,869			(75	)			(94	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+625, 1.00% Floor	8/28/2029	$		15,805	$		15,417		$		15,410		(8)(11)
	First Lien Secured Debt - Revolver	S+~~500~~625, 01.00% Floor	62/628/~~2031~~2029			~~3,503~~120			—86				—85		(8)(11)(15)(17)
									32,956				32,933
			Total Chemicals				$		15,503		$		15,495

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Commercial Services & Supplies
Encore
AVSC Holding Corp.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	12/5/2031	$		46,~~420~~304	$		45,~~535~~445		$		45,~~840~~842		(8)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	12/5/2029			~~4,979~~-			(9186	)			(6250	)	(8)(11)(14)(15)(17)
									45,444				45,778
									45,359				45,792
Heritage Environmental Services
Heritage Environmental Services, Inc.
Arcwood Environmental, Inc.
	First Lien Secured Debt - Term Loan	S+~~500~~525, 0.75% Floor	1/31/2031			211,~~962~~926			212,~~948~~032				212,~~917~~045		(8)(11)
	First Lien Secured Debt - Term Loan	S+~~525~~500, 0.75% Floor	1/31/2031			114,~~956~~112			124,~~056~~092				124,~~046~~106		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	1/31/2031			1,576			(71,570	)			~~(24~~1,576	)	(8)(11)~~(14)(15)(17)~~
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	1/31/2030			263			—				—		(8)(11)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	1/31/2031			-			(5	)			(5	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+550, 40.5075% Floor	1/31/2030			~~1,661~~-			23				—-		(8)(11)(15)(17)
									14,999				14,939
									17,692				17,722
R.R. Donnelley
R. R. Donnelley & Sons Company
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/8/2029			488,~~451~~143			477,~~495~~934				478,~~482~~062		(~~7)(~~8)(11)
		Total Commercial Services & Supplies					$		140,894		$		141,132
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	8/8/2029			33,298			32,788				32,965		(7)(11)
									40,722				41,027
			Total Commercial Services & Supplies				$		103,773		$		104,541
Communications Equipment
CommScope
Commscope, LLC
	First Lien Secured Debt - Term Loan	S+~~525~~475, 2.00% Floor	12/17/2029	$		22,~~189~~755	$		2223,~~744~~329		$		2223,~~492~~063		(4)(8)(11)(13)
	First Lien Secured Debt - Corporate Bond	9.50%	12/15/2031			1,852			2,026				1,939		(4)(11)(13)
			Total Communications Equipment				$		23,329		$		23,063
			Total Communications Equipment				$		24,770		$		24,431
Construction & Engineering
ASC Engineered Solutions
Fire Flow Intermediate Corporation
	First Lien Secured Debt - Term Loan	S+~~500~~475, 0.75% Floor	7/10/2031	$		34,~~172~~086	$		3433,~~019~~943		$		3334,~~574~~172		(8)
			Total Construction & Engineering				$		3433,~~019~~943		$		3334,~~574~~172

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Consumer Finance
LendingTree
LendingTree, Inc.
	First Lien Secured Debt - Term Loan	S+575, 1.50% Floor	3/27/2031	$		15,427	$		15,461		$		15,427		(8)(11)(13)
	First Lien Secured Debt - Delayed Draw	S+575, 1.50% Floor	3/27/2031			6,866			6,877				6,866		(8)(11)(13)
			Total Consumer Finance				$		22,338		$		22,293
Consumer Staples Distribution & Retail
Protein for Pets
Protein For Pets Opco, LLC
	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	9/20/2030	$		10,~~470~~443	$		10,~~298~~279		$		10,~~286~~234		(87)(11)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	9/20/2030			~~1,102~~298			280				~~278~~275		(87)(11)(15)(17)
									10,578				10,564
									10,559				10,509
Rise Baking
Viking Baked Goods Acquisition Corporation
	First Lien Secured Debt - Term Loan	S+500, 0.00% Floor	11/4/2031			28,~~705~~633			28,~~294~~235				28,~~131~~275		(8)(11)
									28,294				28,131
									28,235				28,275
		Total Consumer Staples Distribution & Retail					$		38,~~872~~794		$		38,~~695~~784
Electronic Equipment, Instruments & Components
Wolfspeed
Wolfspeed Inc
	First Lien Secured Debt - Corporate Bond	13.88%	6/23/2030	$		14,809	$		13,687		$		15,818		(4)(13)
		Total Electronic Equipment, Instruments & Components					$		13,687		$		15,818
Financial Services
Jensen Hughes
Jensen Hughes, Inc
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	9/1/2031	$		18,812	$		18,~~543~~551		$		18,~~577~~671		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	9/1/2031			~~6,542~~-			(9319	)			(829	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	9/1/2031			2,122			(30	)			(27	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	9/1/2031			156			84				116		(8)(11)(15)(17)
									18,420				18,468
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	9/1/2031			-			(29	)			(16	)	(8)(11)(14)(15)(17)
									18,587				18,762
Wealth Enhancement Group
Wealth Enhancement Group, LLC
	First Lien Secured Debt - Delayed Draw	S+~~500~~450, 1.00% Floor	10/2/2028			4912,~~230~~641			1612,~~443~~654				1612,~~428~~580		(8)~~(15)(17)~~
	First Lien Secured Debt - Revolver	S+500, 1.00% Floor	10/2/2028			1,219			(5	)			(5	)	(8)(14)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 1.00% Floor	10/2/2028			5,743			5,592				5,568		(8)(15)(17)
									16,438				16,423
	First Lien Secured Debt - Revolver	S+450, 1.00% Floor	10/2/2028			-			(5	)			(6	)	(8)(14)(15)(17)
			Total Financial Services				$		34,858		$		34,891
									18,241				18,142
			Total Financial Services				$		36,828		$		36,903

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date			Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date			Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Health Care Equipment & Supplies
Vantive
Spruce Bidco II Inc.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	1/30/2032		$		13,~~036~~003	$		12,~~849~~822		$		12,~~841~~906		(8)(11)
	First Lien Secured Debt - Term Loan	C+500, 0.75% Floor	1/30/2032	C$	C$		2,~~360~~354			1,~~617~~610				1,~~708~~691		(3)(9)(11)
	First Lien Secured Debt - Term Loan	T+525, 0.75% Floor	1/30/2032		¥		~~252~~251,~~358~~727			1,~~659~~655				1,~~726~~698		(3)(10)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	1/3130/2032				~~2,938~~-			(4240	)			(4422	)	(8)(11)(14)(15)(17)
										16,083				16,231
										16,047				16,273
Zeus
Zeus Company LLC
	First Lien Secured Debt - Term Loan	S+~~550~~600 Cash (includes 3.00% PIK), 0.75% Floor	2/28/2031				8,~~208~~250			8,~~297~~280				8,~~228~~229		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+550, 0.75% Floor	2/28/2031				~~1,541~~769			~~787~~786				~~774~~765		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+550, 0.75% Floor	2/28/2030				~~1,157~~-			12				—(3	)	(8)(11)(14)(15)(17)
										9,085				9,002
										9,068				8,991
		Total Health Care Equipment & Supplies						$		25,~~168~~115		$		25,~~233~~264
Health Care Providers & Services
Advarra
Advarra Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	9/15/2031		$		1139,~~326~~386	$		1139,~~272~~209		$		1139,~~383~~780		(8)(11)
	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	9/15/2031				28,160			28,019				28,300		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	9/15/2031				-			(12	)			26		(8)(11)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	9/15/2031				2,610			(12	)			13		(8)(11)(15)(17)
										39,197				39,806
										39,279				39,696
Omega Healthcare
OMH-Healthedge Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+~~450~~425, 1.00% Floor	4/1/2030				30,~~957~~879			3130,~~307~~814				30,~~802~~879		(8)(11)
	First Lien Secured Debt - Revolver	S+450, 1.00% Floor	4/1/2030				~~3,387~~-			38(7	)			~~(17~~-	)	(8)(11)(~~14)(~~15)(17)
										31,345				30,785
										30,807				30,879
Tivity Health
One Call Medical
Tivity Health, Inc.
One Call Corporation
	First Lien Secured Debt - Term Loan	S+~~500~~575, 0.7550% Floor	69/2810/~~2029~~2030				3430,~~001~~801			3430,~~172~~343				3430,~~001~~339		(8)(11)
										34,172				34,001
	First Lien Secured Debt - Revolver	S+475, 0.50% Floor	9/10/2030				-			(32	)			(33	)	(8)(11)(14)(15)(17)
		Total Health Care Providers & Services						$		104,796		$		104,482
										30,311				30,306

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Tivity Health
Tivity Health, Inc.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	6/28/2029			33,915			34,087				33,915		(8)
									34,087				33,915
		Total Health Care Providers & Services					$		134,402		$		134,906
Health Care Technology
Datavant
CT Technologies Intermediate Holdings
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	9/2/2031	$		29,111	$		28,820		$		28,820		(8)(11)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	9/1/2031			8,793			8,705				8,705		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	8/30/2031			3,769			3,718				3,718		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	8/30/2031			-			(24	)			(25	)	(8)(11)(14)(15)(17)
									41,219				41,218
Suvoda
Goldeneye Parent, LLC
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	3/31/2032	$		2726,~~000~~933	$		26,~~869~~802		$		2627,~~866~~067		(8)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	3/31/2032			~~3,909~~-			(1915	)			(20	)	(8)(11)(~~14)(~~15)(17)
			Total Health Care Technology				$		26,850		$		26,846
									26,787				27,087
			Total Health Care Technology				$		68,006		$		68,305
Household Durables
Polywood
Poly-Wood, LLC
	First Lien Secured Debt - Term Loan	S+488, 1.00% Floor	3/20/2030	$		28,~~239~~167	$		28,~~213~~161		$		2728,~~957~~026		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+575, 1.00% Floor	3/20/2030			~~4,215~~-			711				(4221	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+488, 1.00% Floor	3/20/2030			~~4,215~~-			711				(4221	)	(8)(11)(14)(15)(17)
									28,227				27,873
			Total Household Durables				$		28,183		$		27,984
			Total Household Durables				$		28,227		$		27,873
Insurance
Higginbotham
HIG Intermediate, Inc.
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	11/24/2028	$		3,421	$		1,747		$		1,744		(8)(15)(17)
	Preferred Equity - Cumulative Preferred	Equity	12/10/2124	$		34	$		33		$		34
	Preferred Equity - Cumulative Preferred	Equity	12/10/2124			34			33				34
									33				34
									1,780				1,778
Hilb Group
Thg Acquisition, LLC
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	10/31/2031			14,890			14,743				14,785		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	10/31/2031			3,328			81				75		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/31/2031			1,664			108				111		(8)(11)(15)(17)
									14,932				14,971
Safe-Guard
SG Acquisition, Inc.
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	4/3/2030			26,966			26,986				26,966		(8)(11)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	4/3/2030			2,664			2				(13	)	(8)(11)(14)(15)(17)
									26,988				26,953
			Total Insurance				$		43,700		$		43,702

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)						Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
IT Services
Higginbotham
Vensure
Higginbotham Insurance Agency, Inc.
Vensure Employer Services, Inc.
	First Lien Secured Debt - Delayed Draw	S+475, 1.00% Floor	11/24/2028			1,956			1,961				1,956		(8)(15)(17)
	First Lien Secured Debt - Term Loan	S+500, 0.50% Floor	9/27/2031	$		28,650	$		28,396				$		28,363		(8)(11)
									1,961				1,956
	First Lien Secured Debt - Delayed Draw	S+500, 0.50% Floor	9/27/2031			5,724			460						456		(8)(11)(15)(17)
Hilb Group
			Total IT Services				$		28,856				$		28,819
Thg Acquisition, LLC
Life Sciences Tools & Services
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	10/31/2031			14,853			14,726				14,705		(8)(11)
Cambrex
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	10/31/2031			540			513				507		(8)(11)(15)(17)
Cambrex Corp.
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/31/2031			124			109				107		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	3/5/2032	$		21,468	$		21,255				$		21,253		(8)(11)
									15,348				15,319
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	3/6/2032			3,204			(32	)					(16	)	(8)(11)(14)(15)(17)
Keystone
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	3/6/2032			2,804			(28	)					(28	)	(8)(11)(14)(15)(17)
Koala Investment Holdings, Inc.
									21,195						21,209
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	8/29/2032			18,804			18,618				18,616		(8)(11)
Curia
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	8/29/2032			-			(36	)			(36	)	(8)(11)(14)(15)(17)
Curia Global, Inc.
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	8/29/2032			-			(16	)			(16	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+300 Cash plus 3.25% PIK	12/6/2029			47,062			45,937						46,238		(8)(11)
									18,566				18,564
									45,937						46,238
Safe-Guard
		Total Life Sciences Tools & Services					$		67,132				$		67,447
SG Acquisition, Inc.
Media
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	4/3/2030			26,053			26,090				26,052		(8)(11)
Gannett
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	4/3/2030			-			3				(13	)	(8)(11)(14)(15)(17)
Gannett Co., Inc.
									26,093				26,039
	First Lien Secured Debt - Term Loan	S+500, 1.50% Floor	10/15/2029	$		47,516	$		46,862				$		47,338		(4)(8)(11)(13)
			Total Insurance				$		62,001		$		61,912
	First Lien Secured Debt - Delayed Draw	S+500, 1.50% Floor	10/15/2029			3,007			855						884		(4)(8)(11)(13)(15)(17)
IT Services
	First Lien Secured Debt - Convertible Bond	6.00%	12/1/2031			10			13						12		(11)(13)
Vensure
			Total Media				$		47,730				$		48,234
Vensure Employer Services, Inc.
Personal Care Products
	First Lien Secured Debt - Term Loan	S+500, 0.50% Floor	9/27/2031	$		31,863	$		31,684		$		31,544		(8)(11)
PDC Brands
	First Lien Secured Debt - Delayed Draw	S+500, 0.50% Floor	9/27/2031			-			(24	)			(23	)	(8)(11)(14)(15)(17)
Parfums Holding Company, Inc.
					Total IT Services		$		31,660		$		31,522
	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	6/27/2030	$		32,015	$		31,715				$		31,695		(8)(11)
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	6/27/2029			2,005			(18	)					(20	)	(8)(11)(14)(15)(17)
									31,697		-				31,675

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Suave
Life Sciences Tools & Services
Silk Holdings III Corp.
Cambrex
	First Lien Secured Debt - Term Loan	S+550, 1.00% Floor	5/1/2029			19,831			19,688				19,682		(8)(11)
Cambrex Corp.
									19,688				19,682
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	3/5/2032	$		21,468	$		21,267		$		21,468		(8)(11)
			Total Personal Care Products				$		51,385		$		51,357
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	3/5/2032			-			(89	)			-		(8)(11)(15)(17)
Pharmaceuticals
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	3/5/2032			-			(26	)			-		(8)(11)(15)(17)
Catalent
									21,152				21,468
Creek Parent, Inc.
Curia
	First Lien Secured Debt - Term Loan	S+525, 0.75% Floor	12/18/2031	$		38,022	$		37,387		$		37,642		(8)(11)
Curia Global, Inc.
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	12/18/2031			5,785			(95	)			(58	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+625 Cash (includes 3.25% PIK), 0.00% Floor	12/6/2029			47,449			45,994				46,618		(8)(11)
			Total Pharmaceuticals				$		37,292		$		37,584
									45,994				46,618
Professional Services
			Total Life Sciences Tools & Services				$		67,146		$		68,086
BDO USA
Media
BDO USA, P.A.
Gannett
	First Lien Secured Debt - Term Loan	S+500, 2.00% Floor	8/31/2028	$		30,369	$		30,428		$		30,287		(8)(11)
Gannett Co., Inc.
									30,428				30,287
	First Lien Secured Debt - Convertible Bond	6.00%	12/1/2031	$		10	$		13		$		12		(11)(13)
Legends
									13				12
Legends Hospitality Holding Company, LLC
Gannett
	First Lien Secured Debt - Term Loan	S+275 Cash plus 2.75% PIK, 0.75% Floor	8/22/2031			22,583			22,090				22,357		(8)(11)
Gannett Holdings, LLC
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	8/22/2031			1,308			(12	)			(13	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+500, 1.50% Floor	10/15/2029			46,368			45,759				46,146		(4)(8)(11)(13)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	8/22/2030			2,748			1,075				1,072		(8)(11)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+500, 1.50% Floor	10/15/2029			876			837				861		(4)(8)(11)(13)(15)(17)
									23,153				23,416
									46,596				47,007
			Total Professional Services				$		53,581		$		53,703
					Total Media		$		46,609		$		47,020
Semiconductors & Semiconductor Equipment
Personal Care Products
Wolfspeed
PDC Brands
Wolfspeed, Inc.
Parfums Holding Company, Inc.
	First Lien Secured Debt - Corporate Bond	12.88%	6/23/2030	$		17,890	$		17,301		$		18,471		(13)
	First Lien Secured Debt - Term Loan	S+525, 1.00% Floor	6/27/2030	$		31,934	$		31,645		$		31,695		(8)(11)
		Total Semiconductors & Semiconductor Equipment					$		17,301		$		18,471
	First Lien Secured Debt - Revolver	S+525, 1.00% Floor	6/27/2029			-			(17	)			(15	)	(8)(11)(14)(15)(17)
									31,628				31,680

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Software
Suave
Alteryx
Silk Holdings III Corp.
Azurite Intermediate Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+450, 1.00% Floor	5/1/2029			19,782			19,420				19,584		(8)(11)
	First Lien Secured Debt - Term Loan	S+600, 0.75% Floor	3/19/2031	$		4,533	$		4,525		$		4,499		(8)
									19,420				19,584
	First Lien Secured Debt - Delayed Draw	S+600, 0.75% Floor	3/19/2031			10,303			10,285				10,226		(8)
			Total Personal Care Products				$		51,048		$		51,263
	First Lien Secured Debt - Revolver	S+650, 0.75% Floor	3/19/2031			1,649			(2	)			(12	)	(8)(14)(15)(17)
Pharmaceuticals
									14,808				14,713
Catalent
Databricks
Creek Parent, Inc.
Databricks, Inc.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	12/18/2031	$		37,927	$		37,311		$		37,548		(8)(11)
	First Lien Secured Debt - Term Loan	S+450, 0.00% Floor	1/3/2031			39,368			39,568				39,762		(4)(8)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	12/18/2031			-			(91	)			(58	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.00% Floor	1/19/2031			8,713			44				87		(4)(7)(15)(17)
			Total Pharmaceuticals				$		37,220		$		37,490
									39,612				39,849
Professional Services
Everbridge
BDO USA
Everbridge Holdings, LLC
BDO USA, P.A.
	First Lien Secured Debt - Term Loan	S+500, 02.7500% Floor	78/231/~~2031~~2028	$		2530,~~313~~291	$		2530,~~447~~385		$		2530,~~439~~216		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	7/2/2031			6,348			2,514				2,512		(8)(11)(15)(17)
									30,385				30,216
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	7/2/2031			2,544			1				—		(8)(11)(15)(17)
Kroll
									27,962				27,951
Deerfield Dakota Holding, LLC
G2CI
	First Lien Secured Debt - Term Loan	S+575, 0.75% Floor	9/12/2032			13,188			13,057				13,056		(8)
Evergreen IX Borrower 2023, LLC
	First Lien Secured Debt - Revolver	S+525, 0.75% Floor	9/12/2032			-			(12	)			(12	)	(8)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	9/30/2030			16,562			16,417				16,562		(8)(11)
									13,045				13,044
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/1/2029			1,365			(11	)			—		(8)(11)(15)(17)
Legends
									16,406				16,562
Legends Hospitality Holding Company, LLC
Quorum
	First Lien Secured Debt - Term Loan	S+275 Cash (includes 2.75% PIK), 0.75% Floor	8/22/2031			22,686			22,065				22,460		(8)(11)
QBS Parent, Inc.
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	8/22/2031			809			797				796		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	6/3/2032			37,598			37,411				37,410		(8)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	8/22/2030			275			253				247		(8)(11)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	6/3/2032			7,529			(37	)			(38	)	(8)(11)(14)(15)(17)
									23,115				23,503
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	6/3/2032			4,955			(25	)			(25	)	(8)(11)(14)(15)(17)
			Total Professional Services				$		66,545		$		66,762
									37,349				37,347
Redwood
Runway Bidco, LLC
	First Lien Secured Debt - Term Loan	S+500, 0.50% Floor	12/17/2031			40,629			40,241				40,222		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.50% Floor	12/17/2031			9,946			(93	)			(99	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+500, 0.50% Floor	12/17/2031			4,973			(47	)			(50	)	(8)(11)(14)(15)(17)
									40,101				40,073
			Total Software				$		176,238		$		176,495
Specialty Retail
Tailored Brands
The Men's Wearhouse, LLC
	First Lien Secured Debt - Term Loan	S+650, 0.00% Floor	2/26/2029	$		14,581	$		14,704		$		14,593		(4)(8)
			Total Specialty Retail				$		14,704		$		14,593

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry/ Company	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Technology Hardware, Storage & Peripherals
Software
Service Express
Alteryx
Victors Purchaser, LLC
Azurite Intermediate Holdings, Inc.
	First Lien Secured Debt - Term Loan	S+~~475~~600, 0.5075% Floor	83/1519/2031	$		284,~~402~~533	$		284,~~417~~528		$		284,~~118~~522		(8)
	First Lien Secured Debt - Delayed Draw	S+~~475~~600, 0.5075% Floor	83/1519/2031			610,~~789~~303			110,~~473~~290				110,~~401~~277		(8)~~(15)(17)~~
	First Lien Secured Debt - Revolver	S+~~475~~650, 0.5075% Floor	83/1519/2031			~~3,884~~-			(62	)			(394	)	(8)(14)(15)(17)
		Total Technology Hardware, Storage & Peripherals					$		29,884		$		29,480
									14,816				14,795
Transportation Infrastructure
Databricks
Eagle Railcar
Databricks, Inc.
Elk Bidco, Inc
	First Lien Secured Debt - Term Loan	S+450, 0.00% Floor	1/3/2031			39,368			39,574				39,762		(8)
	First Lien Secured Debt - Term Loan	S+450, 0.50% Floor	6/14/2032	$		11,318	$		11,262		$		11,262		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+450, 0.00% Floor	1/3/2031			-			45				87		(7)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+450, 0.50% Floor	6/14/2032			2,358			(12	)			(12	)	(8)(11)(14)(15)(17)
									39,619				39,849
	First Lien Secured Debt - Revolver	S+450, 0.50% Floor	6/14/2032			2,122			(11	)			(11	)	(8)(11)(14)(15)(17)
Everbridge
									11,239				11,239
Everbridge Holdings, LLC
GSI
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	7/2/2031			25,249			25,387				25,502		(8)(11)
Geotechnical Merger Sub, Inc.
	First Lien Secured Debt - Delayed Draw	S+500, 0.75% Floor	7/2/2031			2,474			2,509				2,538		(8)(11)(15)(17)
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	10/15/2031			18,204			18,030				18,022		(8)(11)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	7/2/2031			-			1				-		(8)(11)(15)(17)
	First Lien Secured Debt - Delayed Draw	S+475, 0.75% Floor	10/15/2031			6,742			2,836				2,832		(8)(11)(15)(17)
									27,897				28,040
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/15/2031			2,528			819				818		(8)(11)(15)(17)
G2CI
									21,685				21,672
Evergreen IX Borrower 2023, LLC
		Total Transportation Infrastructure					$		32,924		$		32,911
	First Lien Secured Debt - Term Loan	S+475, 0.75% Floor	9/30/2030			16,520			16,387				16,520		(8)(11)
Wireless Telecommunication Services
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/1/2029			-			(9	)			-		(8)(11)(15)(17)
Consumer Cellular
									16,378				16,520
CCI Buyer, Inc.
Quorum
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	5/13/2032	$		8,437	$		8,354		$		8,352		(8)
QBS Parent, Inc.
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	5/13/2032			493			(5	)			(5	)	(8)(14)(15)(17)
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	6/3/2032			37,598			37,416				37,410		(8)(11)
		Total Wireless Telecommunication Services					$		8,349		$		8,347
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	6/3/2032			-			(36	)			(38	)	(8)(11)(14)(15)(17)
		Total Investments before Cash Equivalents					$		1,161,562		$		1,161,257
	First Lien Secured Debt - Revolver	S+450, 0.75% Floor	6/3/2032			-			(38	)			(25	)	(8)(11)(14)(15)(17)
Money Market Fund
									37,342				37,347
Goldman Sachs Financial Square Government Fund Institutional Shares		N/A	N/A			27,592			27,592				27,592		(16)
		Total Investments after Cash Equivalents					$		1,189,154		$		1,188,849

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

(1) Fair value is determined in good faith by or under the direction of the Board of Trustees of the Company (the “Board) (see Note 2 to the consolidated financial statements).


Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Redwood
Runway Bidco, LLC
	First Lien Secured Debt - Term Loan	S+500, 0.50% Floor	12/17/2031			40,527			40,151				40,122		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+500, 0.50% Floor	12/17/2031			-			(90	)			(99	)	(8)(11)(14)(15)(17)
	First Lien Secured Debt - Revolver	S+500, 0.50% Floor	12/17/2031			-			(45	)			(50	)	(8)(11)(14)(15)(17)
									40,016				39,973
					Total Software		$		176,068		$		176,523

Specialty Retail
Tailored Brands
The Men's Wearhouse, LLC
	First Lien Secured Debt - Term Loan	S+575, 0.00% Floor	2/26/2029	$		10,639	$		10,892		$		10,702		(4)(8)
			Total Specialty Retail				$		10,892		$		10,702

Technology Hardware, Storage & Peripherals
Service Express
Victors Purchaser, LLC
	First Lien Secured Debt - Term Loan	S+475, 0.50% Floor	8/15/2031	$		28,331	$		28,355		$		28,048		(8)
	First Lien Secured Debt - Delayed Draw	S+475, 0.50% Floor	8/15/2031			1,465			1,471				1,397		(8)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.50% Floor	8/15/2031			-			(5	)			(39	)	(8)(14)(15)(17)
		Total Technology Hardware, Storage & Peripherals					$		29,821		$		29,406

Transportation Infrastructure
Eagle Railcar
Elk Bidco, Inc
	First Lien Secured Debt - Term Loan	S+450, 0.50% Floor	6/14/2032	$		11,318	$		11,263		$		11,431		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+450, 0.50% Floor	6/14/2032			-			(11	)			24		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+450, 0.50% Floor	6/14/2032			-			(10	)			-		(8)(11)(15)(17)
									11,242				11,455
GSI
Geotechnical Merger Sub, Inc.
	First Lien Secured Debt - Term Loan	S+450, 0.75% Floor	10/15/2031			18,204			18,036				18,159		(8)(11)
	First Lien Secured Debt - Delayed Draw	S+450, 0.75% Floor	10/15/2031			3,304			3,242				3,287		(8)(11)(15)(17)
	First Lien Secured Debt - Revolver	S+475, 0.75% Floor	10/15/2031			590			567				584		(8)(11)(15)(17)
									21,845				22,030
			Total Transportation Infrastructure				$		33,087		$		33,484

See notes to the consolidated financial statements.

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2025

(In thousands, except share data)


Industry/Company(12)	Investment Type	Interest Rate(6)	Maturity Date		Par/ Shares(3)			Cost(18)				Fair Value(1)(2)(19)
Wireless Telecommunication Services
Consumer Cellular
CCI Buyer, Inc.
	First Lien Secured Debt - Term Loan	S+500, 0.75% Floor	5/13/2032	$		8,437	$		8,356		$		8,479	(8)
	First Lien Secured Debt - Revolver	S+500, 0.75% Floor	5/13/2032			-			(5	)			-	(8)(15)(17)
		Total Wireless Telecommunication Services					$		8,351		$		8,479

		Total Investments before Cash Equivalents					$		1,263,060		$		1,268,508
Money Market Fund
Goldman Sachs Financial Square Government Fund Institutional Shares		N/A	N/A	$		23,347	$		23,347		$		23,347	(16)

		Total Investments after Cash Equivalents					$		1,286,407		$		1,291,855

(1) Fair value is determined in good faith by or under the direction of the Board of Trustees of the Company (the “Board”) (see Note 2 to the consolidated financial statements).

(2) Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

(3) Par amount is denominated in USD unless otherwise noted, Canadian Dollar (“C$”) and Japanese Yen (“¥”). Par amount represents funded commitments. See Note 2017 in the Consolidated Schedule of Investments and Note 7 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(4) Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(5) Security is pledged as collateral to our credit facilities (the “AOP II Maple Credit Facility” and the “AOP II Jasmine Credit Facility" as defined in Note 5 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(6) Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to SOFR, the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime Rate on select contracts and switch to an alternative base rate contract in the future.

(7) The interest rate on these loans is subject to 1 month SOFR, which as of ~~June~~September 30, 2025 was 4.3213%.

(8) The interest rate on these loans is subject to 3 months SOFR, which as of ~~June~~September 30, 2025 was 43.2998%.

(9) The interest rate on these loans is subject to 1 month Canadian Overnight Repo Rate Average (“CORRA”), which as of ~~June~~September 30, 2025 was 2.7453%.

(10) The interest rate on these loans is subject to 3 months Tokyo Term Risk Free Rate (“TORF”), which as of ~~June~~September 30, 2025 was 0.4858%.

(11) These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)

(12) Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of ~~June~~September 30, 2025, all of the company's investments were non-controlled, non-affiliated.

(13) Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of ~~June~~September 30, 2025, non-qualifying assets represented approximately 96.3148% of the total assets of the Company.

(14) The negative fair value is the result of the commitment being valued below par.

(15) The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(16) This security is included in Cash and Cash Equivalents on the Consolidated Statements of Assets and Liabilities.

See notes to the consolidated financial statements.

1415

Table of Contents

APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

(17) As of ~~June~~September 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See Note 7 to our consolidated financial statements in this quarterly report on Form 10-Q for further information on revolving and delayed draw loan commitments related to certain portfolio companies.

Name of Issuer	Total Revolving and Delayed Draw Loan Commitments		Less: FundedCommitments			Total UnfundedCommitments
A&V Holdings Midco, LLC	$	10,372	$	—		$	10,372
Advarra Holdings, Inc.	$	2,610	$	-		$	2,610
Advarra Holdings, Inc.		2,610		—			2,610
Arcwood Environmental, Inc.		4,538		(1,576	)		2,962
AVSC Holding Corp.		4,979		—-			4,979
Azurite Intermediate Holdings, Inc.		11,952		(10,303	)		1,649
Cambrex Corp.		612,~~008~~019		—-			612,~~008~~019
CCI Buyer, Inc.		493		—-			493
Creek Parent, Inc.		5,785		—-			5,785
Databricks, Inc.		8,713		—			8,713
CT Technologies Intermediate Holdings		10,103		(3,769	)		6,334
Elk Bidco, Inc		4,480		—			4,480
Databricks, Inc.		8,713		-			8,713
Everbridge Holdings, LLC		8,892		(2,481	)		6,411
Deerfield Dakota Holding, LLC		1,236		-			1,236
Evergreen IX Borrower 2023, LLC		1,365		—			1,365
Elk Bidco, Inc		4,480		-			4,480
Gannett Holdings, LLC		3,007		(896	)		2,111
Everbridge Holdings, LLC		8,885		(2,474	)		6,411
Geotechnical Merger Sub, Inc.		9,271		(3,742	)		5,529
Evergreen IX Borrower 2023, LLC		1,365		-			1,365
Goldeneye Parent, LLC		3,909		—			3,909
Gannett Holdings, LLC		2,987		(876	)		2,111
Heritage Environmental Services, Inc.		3,500		—			3,500
Geotechnical Merger Sub, Inc.		9,271		(3,894	)		5,377
Higginbotham Insurance Agency, Inc.		3,421		(1,744	)		1,677
Goldeneye Parent, LLC		3,909		-			3,909
Jensen Hughes, Inc		8,663		—			8,663
Higginbotham Insurance Agency, Inc.		3,417		(1,956	)		1,461
Legends Hospitality Holding Company, LLC		4,055		(1,099	)		2,956
Jensen Hughes, Inc		8,664		(156	)		8,508
LendingTree, Inc.		6,866		(6,866	)		-
Koala Investment Holdings, Inc.		5,237		-			5,237
OMH-Healthedge Holdings, Inc.		3,387		—			3,387
Legends Hospitality Holding Company, LLC		4,053		(1,083	)		2,970
Parfums Holding Company, Inc.		2,005		—			2,005
LHS Borrower LLC		2,193		-			2,193
Poly-Wood, LLC		8,430		—			8,430
OMH-Healthedge Holdings, Inc.		3,387		-			3,387
Protein For Pets Opco, LLC		1,101		(297	)		804
One Call Corporation		2,169		-			2,169
QBS Parent, Inc.		12,484		—			12,484
Parfums Holding Company, Inc.		2,005		-			2,005
Runway Bidco, LLC		14,919		—			14,919
Poly-Wood, LLC		8,430		-			8,430
SG Acquisition, Inc.		2,664		—			2,664
Protein For Pets Opco, LLC		1,102		(298	)		804
Spruce Bidco II Inc.		2,938		—			2,938
QBS Parent, Inc.		12,484		-			12,484
Thg Acquisition, LLC		4,991		(229	)		4,762
Runway Bidco, LLC		14,919		-			14,919
Truck-Lite Co., LLC		11,840		—			11,840
SG Acquisition, Inc.		2,664		-			2,664
Vensure Employer Services, Inc.		5,724		(5,724	)		-
Spruce Bidco II Inc.		2,938		-			2,938
Victors Purchaser, LLC		10,672		(1,468	)		9,204
Thg Acquisition, LLC		4,990		(663	)		4,327
Wealth Enhancement Group, LLC		50,449		(16,646	)		33,803
Titan BW Borrower L.P.		5,569		-			5,569
Zeus Company LLC		2,698		(770	)		1,928
Truck-Lite Co., LLC		11,835		(2,338	)		9,497
Grand Total	$	242,643	$	(52,265	)	$	190,378
Vantage Specialty Chemicals Holdings, Inc.		1,367		(120	)		1,247
Vensure Employer Services, Inc.		2,251		-			2,251
Victors Purchaser, LLC		10,669		(1,465	)		9,204
Wealth Enhancement Group, LLC		50,419		(18,384	)		32,035
Zeus Company LLC		2,697		(769	)		1,928
Grand Total	$	256,784	$	(50,124	)	$	206,660

See notes to the consolidated financial statements.

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APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

(18) The following shows the composition of the Company’s portfolio at cost by investment type and industry as of ~~June~~September 30, 2025:

Industry	First Lien - Secured Debt		Preferred Equity		Total
Aerospace & Defense	$	4869,~~684~~800	$	—-	$	4869,~~684~~800
Automobile Components		2224,~~325~~345		—-		2224,~~325~~345
Building Products		~~685~~26,904		—-		~~685~~26,904
Commercial Services & Supplies		140,894		—		140,894
Chemicals		15,503		-		15,503
Communications Equipment		24,770		—		24,770
Commercial Services & Supplies		103,773		-		103,773
Construction & Engineering		34,019		—		34,019
Communications Equipment		23,329		-		23,329
Consumer Finance		22,338		—		22,338
Construction & Engineering		33,943		-		33,943
Consumer Staples Distribution & Retail		38,~~872~~794		—-		38,~~872~~794
Financial Services		34,858		—		34,858
Electronic Equipment, Instruments & Components		13,687		-		13,687
Health Care Equipment & Supplies		25,168		—		25,168
Financial Services		36,828		-		36,828
Health Care Providers & Services		104,796		—		104,796
Health Care Equipment & Supplies		25,115		-		25,115
Health Care Technology		26,850		—		26,850
Health Care Providers & Services		134,402		-		134,402
Household Durables		28,227		—		28,227
Health Care Technology		68,006		-		68,006
Insurance		43,667		33		43,700
Household Durables		28,183		-		28,183
IT Services		28,856		—		28,856
Insurance		61,968		33		62,001
Life Sciences Tools & Services		67,132		—		67,132
IT Services		31,660		-		31,660
Media		47,730		—		47,730
Life Sciences Tools & Services		67,146		-		67,146
Personal Care Products		51,385		—		51,385
Media		46,609		-		46,609
Pharmaceuticals		37,292		—		37,292
Personal Care Products		51,048		-		51,048
Professional Services		53,581		—		53,581
Pharmaceuticals		37,220		-		37,220
Semiconductors & Semiconductor Equipment		17,301		—		17,301
Professional Services		66,545		-		66,545
Software		176,~~238~~068		—-		176,~~238~~068
Specialty Retail		1410,~~704~~892		—-		1410,~~704~~892
Technology Hardware, Storage & Peripherals		29,~~884~~821		—-		29,~~884~~821
Transportation Infrastructure		3233,~~924~~087		—-		3233,~~924~~087
Wireless Telecommunication Services		8,~~349~~351		—-		8,~~349~~351
Grand Total	$	1,~~161~~263,~~529~~027	$	33	$	1,~~161~~263,~~562~~060

See notes to the consolidated financial statements.

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APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

(19) The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of ~~June~~September 30, 2025:

Industry	First Lien - Secured Debt		Preferred Equity		Total
Aerospace & Defense	$	4869,~~082~~528	$	—-	$	4869,~~082~~528
Automobile Components		2124,~~906~~196		—-		2124,~~906~~196
Building Products		~~676~~26,900		—-		~~676~~26,900
Commercial Services & Supplies		141,132		—		141,132
Chemicals		15,495		-		15,495
Communications Equipment		24,431		—		24,431
Commercial Services & Supplies		104,541		-		104,541
Construction & Engineering		33,574		—		33,574
Communications Equipment		23,063		-		23,063
Consumer Finance		22,293		—		22,293
Construction & Engineering		34,172		-		34,172
Consumer Staples Distribution & Retail		38,~~695~~784		—-		38,~~695~~784
Financial Services		34,891		—		34,891
Electronic Equipment, Instruments & Components		15,818		-		15,818
Health Care Equipment & Supplies		25,233		—		25,233
Financial Services		36,903		-		36,903
Health Care Providers & Services		104,482		—		104,482
Health Care Equipment & Supplies		25,264		-		25,264
Health Care Technology		26,846		—		26,846
Health Care Providers & Services		134,906		-		134,906
Household Durables		27,873		—		27,873
Health Care Technology		68,305		-		68,305
Insurance		43,668		34		43,702
Household Durables		27,984		-		27,984
IT Services		28,819		—		28,819
Insurance		61,878		34		61,912
Life Sciences Tools & Services		67,447		—		67,447
IT Services		31,522		-		31,522
Media		48,234		—		48,234
Life Sciences Tools & Services		68,086		-		68,086
Personal Care Products		51,357		—		51,357
Media		47,020		-		47,020
Pharmaceuticals		37,584		—		37,584
Personal Care Products		51,263		-		51,263
Professional Services		53,703		—		53,703
Pharmaceuticals		37,490		-		37,490
Semiconductors & Semiconductor Equipment		18,471		—		18,471
Professional Services		66,762		-		66,762
Software		176,~~495~~523		—-		176,~~495~~523
Specialty Retail		1410,~~593~~702		—-		1410,~~593~~702
Technology Hardware, Storage & Peripherals		29,~~480~~406		—-		29,~~480~~406
Transportation Infrastructure		3233,~~911~~484		—-		3233,~~911~~484
Wireless Telecommunication Services		8,~~347~~479		—-		8,~~347~~479
Grand Total	$	1,~~161~~268,~~223~~474	$	34	$	1,~~161~~268,~~257~~508

See notes to the consolidated financial statements.

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APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2025

(In thousands, except share data)

Industry Classification	Percentage of TotalInvestments (at Fair Value)as of ~~June~~September 30, 2025
Software		1513.2092	%
Commercial Services & Supplies		12.15	%
Health Care Providers & Services		10.63	%
Health Care Providers & Services		9.00	%
Commercial Services & Supplies		8.24	%
Life Sciences Tools & Services		5.83	%
Aerospace & Defense		5.48	%
Professional Services		4.62	%
Health Care Technology		5.38	%
Personal Care Products		4.42	%
Life Sciences Tools & Services		5.37	%
Media		4.15	%
Professional Services		5.26	%
Aerospace & Defense		4.14	%
Insurance		4.88	%
Insurance		3.76	%
Personal Care Products		4.04	%
Consumer Staples Distribution & Retail		3.33	%
Media		3.71	%
Pharmaceuticals		3.24	%
Consumer Staples Distribution & Retail		3.06	%
Financial Services		3.00	%
Pharmaceuticals		2.96	%
Construction & Engineering		2.89	%
Financial Services		2.91	%
Transportation Infrastructure		2.83	%
Construction & Engineering		2.69	%
Technology Hardware, Storage & Peripherals		2.54	%
Transportation Infrastructure		2.64	%
IT Services		2.48	%
Household Durables		2.40	%
Technology Hardware, Storage & Peripherals		2.32	%
Health Care Technology		2.31	%
Household Durables		2.21	%
Health Care Equipment & Supplies		2.17	%
Building Products		2.12	%
Communications Equipment		2.10	%
Health Care Equipment & Supplies		1.99	%
Consumer Finance		1.92	%
Automobile Components		1.91	%
Automobile Components		1.89	%
Communications Equipment		1.82	%
Semiconductors & Semiconductor Equipment		1.59	%
Electronic Equipment, Instruments & Components		1.25	%
Specialty Retail		1.26	%
Chemicals		1.22	%
Wireless Telecommunication Services		0.72	%
Specialty Retail		0.84	%
Building Products		0.06	%
Wireless Telecommunication Services		0.67	%
Grand Total		100.00	%

Geographic Region	Percentage of TotalInvestments (at Fair Value)as of ~~June~~September 30, 2025
United States		100.00	%
Total		100.00	%

See notes to the consolidated financial statements.

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APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Note 1. Organization

Prior to electing to be regulated as a BDC, pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”), the Company merged with AOP II Capital Trust One, a Delaware statutory trust and a wholly-owned subsidiary of Apollo Direct Lending Fund II (Levered AIV), L.P. (formerly Apollo Origination Partnership II (Levered AIV), L.P.), a Cayman Islands exempted limited partnership (“Parent”), with the Company continuing as the surviving company and as a wholly-owned subsidiary of Parent (the “Merger”). Following the Merger, and pursuant to the terms of the Reorganization Agreement, the Company acquired all of the membership interests of AOP II Origination Holdings (L), LLC, a Delaware limited liability company that held an investment portfolio (the “Investment Portfolio HoldCo”), from AOP II Intermediate Holdings (DC I), LLC, a Delaware limited liability company (the “Intermediate HoldCo”), which was all of Parent’s interest in Intermediate HoldCo (the “Investment Portfolio HoldCo Transfer”). The Investment Portfolio HoldCo Transfer resulted in the Company acquiring an investment portfolio from the Intermediate HoldCo (the “Investment Portfolio”). The Investment Portfolio HoldCo Transfer did not result in the acquisition of all or substantially all of Intermediate HoldCo’s assets.

On December 31, 2024, Apollo Capital Management, L.P. purchased 60 common shares of beneficial interest of the Company (the “Shares”) at a price of $25.00 per share, as our initial capital. In connection with the Merger, these 60 Shares were cancelled on January 24, 2025. Further, on January 24, 2025, we issued 1 Share of the Company, which was reclassified into 22,533,408 Shares on January 27, 2025 following the Investment Portfolio HoldCo Transfer. Also, on January 21, 2025 we entered into a subscription agreement with an investor for $800 million in capital commitments, providing for the private placement of our Shares.

On March 26, 2025, the Board of Trustees of the Company (the “Board”) approved changing the name of the Company from “Apollo Origination II (L) Capital Trust” to “Apollo Origination II (Levered) Capital Trust” (the “Name Change”), the Company’s Second Amended and Restated Declaration of Trust and the Amended and Restated Bylaws. On March 27, 2025, the Company filed with the Secretary of State of the State of Delaware a Certificate of Amendment (the “Certificate of Amendment”) to its certificate of trust solely to reflect the Name Change.

Apollo Credit Management, LLC (the "“Adviser” or “ACM”) is our Adviser and is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Adviser, subject to the overall supervision of our Board, manages the day-to-day operations of the Company and will provide investment advisory services to the Company.

Apollo Credit Management, LLC, as our administrator (the “Administrator”), provides, among other things, administrative services and facilities to the Company. Furthermore, the Administrator will offer to provide, on our behalf, managerial assistance to those portfolio companies to which we are required to provide such assistance.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company expects to invest, directly or indirectly, globally across private credit opportunities, primarily investing in certain originated, secured loans or similar financial instruments, including bonds, debentures and other debt securities, made to or issued by corporate borrowers and issuers that generally generate on an annual basis $100 million or greater in earnings before interest, taxes, depreciation and amortization (“EBITDA”), and, to the extent applicable, equity-kickers or similar financial instruments issued, received or otherwise purchased in connection with such investment opportunities. While most of our investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution.

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Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

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Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services - Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us. All intercompany balances and transactions have been eliminated.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

As of ~~June~~September 30, 2025, the Company's consolidated subsidiaries were AOP II Origination Holdings (L), LLC, AOP II Funding Maple, LLC, AOP II Funding Jasmine LLC, AOP II Investment Holdings (L DC), LLC, AOP II (L) Alpha SPV, LLC, AOP II (L) Beta SPV, LLC, AOP II (L) Gamma SPV, LLC, and AOP II (L) Lender, LLC.

Segment Reporting

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the chief executive officer of the Company, who is responsible for determining the Company’s investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statements of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company’s shareholders. ~~The Company's adoption of this guidance did not have a material impact on the Company's financial position, results of operations or cash flows.~~

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost which approximates fair value. Cash and cash equivalents held as of ~~June~~September 30, 2025 were $3337,~~041~~766, of which $2723,~~592~~347 is held in money market funds. Cash held as of December 31, 2024 was $2.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not ~~yet settled are reported as a payable for investments purchased and a receivable for investments sold, respectively, in the Consolidated Statements of Assets and Liabilities.~~

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yet settled are reported as a payable for investments purchased and a receivable for investments sold, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

Investment Valuation Process

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Adviser as “valuation designee,” the Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third-party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third-party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Adviser. Such determination of fair values may involve subjective judgments and estimates.

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With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Adviser undertakes a multi-step valuation process each quarter, as described below:

(1)

Independent valuation firms engaged conduct independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Adviser;

(2)

At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;

(3)

Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;

(4)

The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

(5)

For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

Investments are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. During the ~~six~~nine months ended ~~June~~September 30, 2025, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

As of ~~June~~September 30, 2025 and December 31, 2024, the Company did not hold any derivative contracts.

Offsetting Assets and Liabilities

The Company has elected to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a net basis in the Consolidated Statements of Assets and Liabilities when, and only when, they are with the same counterparty, the Company has the legal right to offset the recognized amounts, and it intends to either settle on a net basis or realize the asset and settle the liability simultaneously.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 45 to our consolidated financial statements in this quarterly report on Form 10-Q). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

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Investment Income Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company may have loans in its portfolio that contain PIK provisions. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. PIK income computed at the contractual rate is accrued into income, which is included in interest income in the Company’s Consolidated Statements of Operations and reflected as interest receivable up to the capitalization date. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If at any point the Company believes PIK is not fully expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income on a cash or applied to reduce the principal under the cost recovery method, depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of ~~June~~September 30, 2025 and December 31, 2024, there were no loans placed on non-accrual status.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, trustee fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

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Organization Expenses

Costs associated with the organization of the Company were expensed as incurred. These expenses consisted primarily of legal fees and other costs of organizing the Company.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not ~~isolate~~separate ~~that portion of the results of operations resulting from changes in~~ foreign exchange ~~rates~~impacts ~~on investments~~ from ~~the~~market price fluctuations ~~arising from changes~~ in ~~market~~its ~~prices~~operating ~~of securities held~~results. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Distributions

Distributions to common shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and will depend on the Company's earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time.

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to shareholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable shareholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our shareholders our accumulated earnings and profits attributable to non-RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest,

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~~Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest,~~ if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the consolidated financial statements. As of ~~June~~September 30, 2025, there were no uncertain tax positions, and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 with early adoption being permitted. The Company ishas ~~currently~~evaluated ~~evaluating~~ the impact of this guidance and does not expect a material impact to the year-end financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. In January 2025, the FASB issued ASU 2025-01 to clarify ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact to the financial statements. Other than the aforementioned guidance, the Company's management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

Note 3. Agreements and Related Party Transactions

Advisory Agreement with ACM

On January 21, 2025, the Company entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Adviser, pursuant to which the Adviser will manage the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company's investments, and monitoring its investments and portfolio companies on an ongoing basis.

The Advisory Agreement is effective for an initial two-year term and thereafter will continue for successive annual periods provided that such continuance is specifically approved annually by a majority of the Board or by the holders of a majority of the Company's outstanding voting securities, and, in each case, a majority of the independent trustees. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment, within the meaning of the 1940 Act and related SEC guidance and interpretations.

The Company will pay the Adviser a fee for its services under the Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders.

Base Management Fee

The base management fee (the “Management Fee”) is accrued monthly and paid quarterly in arrears at an annual rate of 0.70% of the Company's net assets as of the beginning of the first business day of the applicable month. For purposes of the Advisory Agreement, "net assets" means the Company's total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP.

For the three and ~~six~~nine months ended ~~June~~September 30, 2025, the Company recognized $1,~~090~~135 and $12,~~830~~965, respectively, of management fees of which $1,~~127~~135 and $0 was payable as of ~~June~~September 30, 2025 and December 31, 2024, respectively.

Performance-~~based~~Based Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below:

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A. Incentive Fee on Pre-Incentive Fee Net Investment Income

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company's net assets at the end of the immediate preceding quarter from, interest income, dividend income, and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence, and consulting fees or other fees that are received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution and/or shareholder servicing fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company's net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.500% per quarter (6.000% annualized).

The Company will pay its Adviser an income-based incentive fee with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.500% per quarter (6.000% annualized);

•

100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.667% (6.667% annualized). This “catch-up” portion is meant to provide the Adviser with approximately 10% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.667% in any calendar quarter; and

•

10% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.667% (6.667% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.

B. Incentive Fee on Capital Gains

The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year in an amount equal to 10% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year (or upon termination of the investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.

For the three and ~~six~~nine months ended ~~June~~September 30, 2025, the Company recognized $1,~~585~~505 and $24,~~685~~191, respectively, of incentive fees based on income and $~~104~~580 and $~~111~~690, respectively, of incentive fees based on cumulative net realized gains (losses).

As of ~~June~~September 30, 2025 and December 31, 2024, performance-based incentive fees payable were $12,~~688~~195 and $0 respectively.

Fees From Affiliates

From time-to-time various affiliates of the Adviser are involved in transactions whereby certain fees, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, “Capital Solution Services”) are earned and rebated back to the Company. These fees are accounted for as “Other Income” in the Consolidated Statements of Operations. For the three and ~~six~~nine months ended ~~June~~September 30, 2025 the Company received $0 and $350, respectively, in fee rebates from affiliates related to Capital Solution Services.

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Administration Agreement with ACM

On January 21, 2025, the Company entered into an Administration Agreement (the “Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, ACM as the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value (“NAV”), compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

Such reimbursement will include the Company’s allocable portion of compensation, and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of AGM or any of its affiliates, subject to the limitations described in the Advisory Agreement and Administration Agreement.

In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed by such affiliate or third party. ACM may hire a sub-administrator to assist in the provision of administrative services. A sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

Sub-Administration Agreement

On February 12, 2025, the Administrator entered into a sub-administration agreement (the "Sub-Administration Agreement") with J.P. Morgan Chase Bank. The sub-administrator will receive compensation for its sub-administrative services under the Sub-Administration Agreement.

Co-Investment Activity

The Company, the Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the “Order”), that permits us, among other things, to co-invest with other funds and accounts managed by the Adviser or its affiliates, subject to certain conditions. Pursuant to such Order, the Board has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Adviser has adopted policies and procedures (the “Adviser Allocation Policy”) describing the allocation of investment opportunities in which we will have the opportunity to participate with one or more Apollo-managed BDCs, including us (the “Apollo BDCs”), certain Apollo-managed registered investment companies (the “Apollo RICs” and, together with the Apollo BDCs, the “Apollo Regulated Funds”) and other public or private Apollo funds that target similar assets. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Adviser. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The investment would generally be allocated to us, any other Apollo Regulated Funds and the other Apollo funds that target similar assets pro rata based on available capital in the applicable asset class. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us.

As of ~~June~~September 30, 2025, the Company’s co-investment holdings were 7980.9072% of the portfolio or $~~929~~1,~~350~~024,002, measured at fair value. On a cost basis, 7980.9677% of the portfolio or $~~922~~1,~~117~~020,221 were co-investments. The Company had no investment activity, and therefore no co-investment activity, as of December 31, 2024.

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Note 4. Investments

Fair Value Measurement and Disclosures

The table below shows the composition of our investment portfolio as of ~~June~~September 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820. The Company had no investments as of December 31, 2024.

						Fair Value Hierarchy
	Cost		Fair Value		Level 1			Level 2		Level 3
First Lien Secured Debt	$	1,~~161~~263,~~529~~027	$	1,~~161~~268,~~223~~474	$		—-	$	~~127~~96,~~771~~589	$	1,~~033~~171,~~452~~885
Preferred Equity		33		34			—-		—-		34
Total Investments	$	1,~~161~~263,~~562~~060	$	1,~~161~~268,~~257~~508	$		—-	$	~~127~~96,~~771~~589	$	1,~~033~~171,~~486~~919
Money Market Fund		2723,~~592~~347		2723,~~592~~347			2723,~~592~~347		—-		—-
Total Cash Equivalents		2723,~~592~~347		2723,~~592~~347			2723,~~592~~347		—-		—-
Total Investments after Cash Equivalents	$	1,~~189~~286,~~154~~407	$	1,~~188~~291,~~849~~855	$		2723,~~592~~347	$	~~127~~96,~~771~~589	$	1,~~033~~171,~~486~~919

27The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2025:


	Three Months Ended September 30,
					2025
	First Lien Secured Debt (2)			Preferred Equity				Total
Fair value as of June 30, 2025	$	1,033,451		$		34		$	1,033,485
Net realized gains (losses)		(44	)			-			(44	)
Net change in unrealized gains (losses)		4,886				(0	)		4,886
Net amortization on investments		546				-			546
Purchases, including capitalized PIK (1)		218,709				-			218,709
Sales (1)		(85,663	)			-			(85,663	)
Transfers out of Level 3 (3)		-				-			-
Transfers into Level 3 (3)		-				-			-
Fair value as of September 30, 2025	$	1,171,885		$		34		$	1,171,919

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	4,886		$		(0	)	$	4,885

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The following table shows changes in the fair value of our Level 3 investments during the ~~three~~nine months ended ~~June~~September 30, 2025:

	Three Months Ended June 30,
	Nine Months Ended September 30,
					2025
	First LienSecuredDebt (2)			PreferredEquity			Total
Fair value as of March 31, 2025	$	976,267		$		33	$	976,300
Fair value as of December 31, 2024	$	-		$		-	$	-
Net realized gains (losses)		1,~~190~~232				—-		1,~~190~~232
Net change in unrealized gains (losses)		~~(537~~4,534	)			1		~~(536~~4,535	)
Net amortization on investments		~~740~~1,495				—-		~~740~~1,495
Purchases, including capitalized PIK (1)		631,~~913~~265,277				—33		631,~~913~~265,310
Sales (1)		(8100,~~122~~653	)			—-		(8100,~~122~~653	)
Fair value as of June 30, 2025	$	1,033,452		$		34	$	1,033,486
Transfers out of Level 3 (3)		-				-		-
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025	$	(537	)	$		1	$	(536	)
Transfers into Level 3 (3)		-				-		-
Fair value as of September 30, 2025	$	1,171,885		$		34	$	1,171,919
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	4,534		$		1	$	4,535

(1)

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2025:

	Six Months Ended June 30,
					2025
	First LienSecuredDebt (2)			PreferredEquity			Total
Fair value as of December 31, 2024	$	—		$		—	$	—
Net realized gains (losses)		1,276				—		1,276
Net change in unrealized gains (losses)		(352	)			1		(351	)
Net amortization on investments		949				—		949
Purchases, including capitalized PIK (1)		1,046,568				33		1,046,601
Sales (1)		(14,990	)			—		(14,990	)
Fair value as of June 30, 2025	$	1,033,452		$		34	$	1,033,486
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025	$	(352	)	$		1	$	(351	)

Includes reorganizations and restructuring of investments.

(2)

Includes unfunded commitments measured at fair value.

(3)

~~The~~Transfers ~~following~~out ~~tables~~(if ~~summarize~~any) ~~the~~of ~~significant~~Level ~~unobservable~~3 ~~inputs~~are ~~the~~due ~~Company used~~ to ~~value~~an ~~its~~increase ~~investments~~in ~~categorized~~the ~~within~~quantity ~~Level~~and 3reliability as of ~~June~~broker ~~30,~~quotes ~~2025.~~obtained ~~In addition to the techniques~~ and ~~inputs~~transfers ~~noted~~into in(if ~~the~~any) ~~tables~~Level ~~below,~~3 ~~according~~are due to ~~our~~adecrease ~~valuation~~in ~~policy~~the wequantity ~~may~~and ~~also~~reliability ~~use~~of ~~other~~broker ~~valuation~~quotes ~~techniques~~obtained ~~and~~as ~~methodologies~~assessed ~~when~~by ~~determining~~the ~~our fair value measurements~~Adviser. ~~The~~Transfers ~~below tables~~ are ~~not~~assumed ~~intended~~ to behave ~~all-inclusive,~~occurred ~~but~~at ~~rather~~the ~~provide~~end ~~information~~of on the ~~significant~~period. ~~unobservable~~There ~~inputs~~were asno ~~they~~transfers ~~relate~~between toLevel ~~the~~1 ~~Company’s~~and ~~determination~~Level of2 fair ~~values~~value measurements during the periods shown.

The following tables summarize the significant unobservable inputs ~~used~~the inCompany ~~the~~used ~~fair~~to value ~~measurement~~its ofinvestments ~~our~~categorized within Level 3 ~~investments~~ as of ~~June~~September 30, 2025. ~~were~~In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as ~~follows:~~they relate to the Company’s determination of fair values.

			Quantitative Information about Level 3 Fair Value Measurements
Asset Category	Fair Value		ValuationTechniques/Methodologies	UnobservableInput	Range		WeightedAverage (1)
First Lien Secured Debt	$	19,587	Transactional Value	Cost	N/A	N/A	N/A
		1,013,865	Yield Analysis	Discount Rate	6.8%	15.6%		9.3	%
Preferred Equity		34	Yield Analysis	Discount Rate	11.9%	11.9%		11.9	%
Total Level 3 Investments	$	1,033,486

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2025 were as follows:


			Quantitative Information about Level 3 Fair Value Measurements

Asset Category	Fair Value		Valuation Techniques/ Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$	168,361	Transactional Value	Cost	N/A	N/A	N/A
		1,003,524	Yield Analysis	Discount Rate	6.7%	10.6%		8.7	%
Preferred Equity		34	Yield Analysis	Discount Rate	11.9%	11.9%		11.9	%
Total Level 3 Investments	$	1,171,919

(1)

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The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

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used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

Investment Transactions

As a part of the Merger, a portfolio of investments were transferred to the Company. For the three and ~~six~~nine months ended ~~June~~September 30, 2025 purchases of investments on a trade date basis were $66177,~~262~~229 and $1,~~185~~362,~~011~~240, respectively.

For the three and ~~six~~nine months ended ~~June~~September 30, 2025, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $1277,~~077~~772 and $24101,~~160~~932, respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. For the three and ~~six~~nine months ended ~~June~~September 30, 2025 PIK income earned was $~~631~~917 and $~~804~~1,721, respectively.

The following table shows the change in capitalized PIK balance for the three and ~~six~~nine months ended ~~June~~September 30, 2025:

	Three MonthsEnded June 30,		Six MonthsEnded June 30,
	Three MonthsEnded September 30,		Nine MonthsEnded September 30,
	2025		2025
PIK balance at beginning of period	$	~~100~~698	$	—-
PIK income capitalized		~~598~~844		~~698~~1,542
Adjustments due to investments exited or written off		—-		—-
PIK income received in cash		—-		—-
PIK balance at end of period	$	~~698~~1,542	$	~~698~~1,542

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Note 5. Debt

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of ~~June~~September 30, 2025, the Company’s asset coverage was ~~195~~192.4%. The Company had no debt outstanding as of December 31, 2024.

The Company’s outstanding debt obligations as of ~~June~~September 30, 2025 were as follows:

DateIssued/Amended

TotalAggregatePrincipalAmountCommitted

PrincipalAmountOutstanding

CarryingValue

FairValue (2)

UnusedPortion(1)

FinalMaturityDate

AOP II Maple Credit Facility

0607/0508/2025

500,000

~~195~~262,500

~~304~~237,500

07/23/2029

AOP II Jasmine Credit Facility

04/25/2025

550,000

~~426~~421,498

~~123~~128,502

11/14/2028

Total Debt Obligations

1,050,000

~~621~~683,998

~~428~~366,002

Deferred Financing Costs

~~(5,293~~

)

(4,922

)

Total Debt Obligations, net of Deferred Financing Cost

~~616,705~~

679,076

(1)

The unused portion is the amount upon which commitment fees, if any, are based.

(2)

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of ~~June~~September 30, 2025.

~~The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2025:~~31

	Three MonthsEnded June 30,			Six MonthsEnded June 30,
	2025			2025
Average debt outstanding	$	596,991		$	557,906
Maximum amount of debt outstanding		621,998			621,998
Weighted average annualized interest cost (1)		6.96	%		7.36	%
Annualized amortized debt issuance cost		0.25	%		0.25	%
Total annualized interest cost		7.21	%		7.61	%

Includes the stated interest expense and commitment fees on the unused portion of the Facility. Commitment fees for the three and six months ended June 30, 2025 were $156 and $289, respectively.

The components of interest expense for the three and six months ended June 30, 2025 were as follows:

	Three MonthsEnded June 30,		Six MonthsEnded June 30,
	2025		2025
Borrowing interest expense	$	10,345	$	18,536
Facility unused fees		156		289
Amortization of debt issuance costs		371		645
Total interest expense	$	10,872	$	19,470

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The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended September 30, 2025:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2025			2025
Average debt outstanding	$	653,395		$	593,046
Maximum amount of debt outstanding		703,998			703,998
Weighted average annualized interest cost (1)		6.84	%		7.14	%
Annualized amortized debt issuance cost		0.22	%		0.24	%
Total annualized interest cost		7.06	%		7.38	%

(1)

Includes the stated interest expense and commitment fees on the unused portion of the Facility. Commitment fees for the three and nine months ended September 30, 2025 were $102 and $391, respectively.

The components of interest expense for the three and nine months ended September 30, 2025 were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025		2025
Borrowing interest expense	$	11,315	$	29,851
Facility unused fees		102		391
Amortization of debt issuance costs		370		1,015
Total interest expense	$	11,787	$	31,257

AOP II Funding Maple Credit Facility

On July 23, 2024 (the “AOP II Maple Closing Date”), October 7, 2024, November 14, 2024, December 2, 2024, March 7, 2025, April 30, 2025, ~~and~~ June 5, 2025, and July 8, 2025 , AOP II Funding Maple LLC (“AOP II Maple”), a Delaware limited liability company and an indirect subsidiary of the Company entered into, and subsequently amended, a Loan and Servicing Agreement (the “AOP II Maple Loan and Servicing Agreement”), with AOP II Maple, as borrower, AOP II Origination Holdings (L), LLC, a Delaware limited liability company and a subsidiary of the Company, in its capacity as transferor (the “Transferor”), Apollo Origination Management, L.P., as servicer (the “Servicer”), the lenders from time to time parties thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, Citibank, N.A., as the collateral agent and the account bank, and Alter Domus (US) LLC, as collateral custodian.

Proceeds from the AOP II Maple Loan and Servicing Agreement will be used to finance the origination and acquisition of eligible assets by AOP II Maple, including the purchase of such assets from the Transferor. The Transferor retains a residual interest in assets contributed to or acquired by AOP II Maple through our ownership of AOP II Maple. The maximum principal amount of the AOP II Maple Loan and Servicing Agreement as of ~~June~~September 30, 2025 is $500 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of AOP II Maple’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The AOP II Maple Loan and Servicing Agreement provides for the ability to draw and redraw revolving loans under the AOP II Maple Loan and Servicing Agreement for a period of up to three years after the AOP II Maple Closing Date unless the commitments are terminated sooner as provided in the AOP II Maple Loan and Servicing Agreement (the “AOP II Maple Commitment Termination Date”). Unless otherwise terminated, the AOP II Maple Loan and Servicing Agreement will mature on July 23, 2029, which is five years after the AOP II Maple Closing Date.

Under the AOP II Maple Loan and Servicing Agreement, AOP II Maple is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. As of ~~June~~September 30, 2025 amounts drawn under the AOP II Maple Loan and Servicing Agreement, will bear interest at Term SOFR, Term CORRA, Daily Simple SONIA, EURIBOR, the BBSY Rate or TONA, in each case, plus a margin of (a) prior to the AOP II Maple Commitment Termination Date, 1.95% and (b) after the AOP II Maple Commitment Termination Date, 2.45%.

The AOP II Maple Loan and Servicing Agreement contains customary covenants, including certain limitations on the activities of AOP II Maple, including limitations on incurrence of incremental indebtedness, and customary events of default. The AOP II Maple Loan and Servicing Agreement is secured by a perfected first priority security interest in the assets of AOP II Maple and on any payments received by AOP II Maple in respect of those assets. Assets pledged to the lenders under the AOP II Maple Loan and Servicing Agreement will not be available to pay the debts of the Company.

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AOP II Funding Jasmine Credit Facility

On November 14, 2023 (the “AOP II Jasmine Closing Date”), August 14, 2024 and April 25, 2025, AOP II Funding Jasmine LLC (“AOP II Jasmine”) (f/k/a AOP II Investment Holdings (L) LLC), a Delaware limited liability company and an indirect subsidiary of the Company, entered into, and subsequently amended, a Loan and Security Agreement (the “AOP II Jasmine Loan and Security Agreement”), with AOP II Jasmine, as borrower, Apollo Origination Management, L.P., as portfolio manager (the “Portfolio Manager”), the lenders from time to time parties thereto, JPMorgan Chase Bank, National Association, as administrative agent, Virtus Group, LP, as collateral administrator, and Citibank, N.A., as the collateral agent and the securities intermediary.

Proceeds from the AOP II Jasmine Loan and Security Agreement will be used to finance the origination and acquisition of eligible assets by AOP II Jasmine, including the purchase of such assets from AOP II Origination Holdings (L), LLC (the “Parent”). The Parent retains a residual interest in assets contributed to or acquired by AOP II Jasmine through our ownership of AOP II Jasmine. The maximum principal amount of the AOP II Jasmine Loan and Security Agreement as of ~~June~~September 30, 2025 is $550 million, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of AOP II Jasmine’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits.

The AOP II Jasmine Loan and Security Agreement provides for the ability to draw and redraw revolving loans under the AOP II Jasmine Loan and Security Agreement for a period of up to three years after the AOP II Jasmine Closing Date unless the commitments are terminated sooner as provided in the AOP II Jasmine Loan and Security Agreement. Unless otherwise terminated, the AOP II Jasmine Loan and Security Agreement will mature on November 14, 2028, which is five years after the AOP II Jasmine Closing Date.

31Under the AOP II Jasmine Loan and Security Agreement, AOP II Jasmine is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. As of September 30, 2025, amounts drawn under the AOP II Jasmine Loan and Security Agreement, will bear interest at the Term SOFR Rate, Daily Simple SONIA, EURIBOR or the AUD Screen Rate, in each case, plus a margin of 2.00%.

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Under the AOP II Jasmine Loan and Security Agreement, AOP II Jasmine is permitted to borrow amounts in U.S. dollars or certain other permitted currencies. As of June 30, 2025, amounts drawn under the AOP II Jasmine Loan and Security Agreement, will bear interest at the Term SOFR Rate, Daily Simple SONIA, EURIBOR or the AUD Screen Rate, in each case, plus a margin of 2.00%.

The AOP II Jasmine Loan and Security Agreement contains customary covenants, including certain limitations on the activities of AOP II Jasmine, including limitations on incurrence of incremental indebtedness, and customary events of default. The AOP II Jasmine Loan and Security Agreement is secured by a perfected first priority security interest in the assets of AOP II Jasmine and on any payments received by AOP II Jasmine in respect of those assets. Assets pledged to the lenders under the AOP II Jasmine Loan and Security Agreement will not be available to pay the debts of the Company.

As of ~~June~~September 30, 2025, the Company was in compliance with all debt covenants for all outstanding debt obligations.

Note 6. Net Assets

The Company is authorized to issue an unlimited number of Shares. On December 31, 2024, Apollo Capital Management, L.P. purchased 60 Shares at a price of $25.00 per share, as our initial capital. In connection with the Merger, these 60 Shares were cancelled on January 24, 2025. Further, on January 24, 2025, we issued 1 Share of the Company, which was reclassified into 22,533,408 Shares on January 27, 2025 following the Investment Portfolio HoldCo Transfer.

~~Also,~~On on January 21, 2025 we entered into a subscription agreement with an investor for $800 million in capital commitments, providing for the private placement of our Shares. Investors are required to fund their capital commitments to purchase Shares each time the Company delivers a drawdown notice. The price per Share for each drawdown purchase will be equal to the Company's per share NAV as determined within 48 hours of the capital drawdown date, excluding Sundays and holidays. On September 11, 2025, the Company issued and sold 934,579 Shares and received $25 million as payment for such Shares pursuant to drawdown notices issued to investors.

As of ~~June~~September 30, 2025, the Company had the following capital commitments, pursuant to subscription agreements, and contributions from its shareholders:

	June 30, 2025
	September 30, 2025
	CapitalCommitments(1)		Funded CapitalCommitments		% of CapitalCommitmentsFunded
Common Shares	$	800,000	$	—25,000		03	%

(1) The investor will be released from any obligation to purchase additional Shares on the earlier of (i) the date that such Subscriber’s Capital Commitment is fully called and (ii) on August 1, 2027, subject to a one-year extension by the investor’s general partner at its sole discretion.

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Note 7. Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of ~~June~~September 30, 2025 and December 31, 2024, the Company had the following unfunded commitments to its portfolio companies:

(in thousands)	~~June~~September 30, 2025		December 31, 2024
Unfunded revolver obligations (1)	$	7284,~~488~~744	$	—-
Unfunded delayed draw loan commitments (2)		~~117~~121,~~890~~916		—-
Total Unfunded Commitments (3)	$	~~190~~206,~~378~~660	$	—-

(1) The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of ~~June~~September 30, 2025, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding.

(2) The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

(3) Additionally, from time to time, the Adviser and its affiliates may commit to an investment on behalf of the funds it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective fund's allocation may change prior to the date of funding. In this regard, the Company may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time.

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Note 8. Financial Highlights

The following are the financial highlights for the ~~six~~nine months ended ~~June~~September 30, 2025:

	Six MonthsEnded June 30,
	Nine MonthsEnded September 30,
	2025 (2)
Per Share Data*
Net asset value beginning of period	$	—
Net asset value at beginning of period	$	-
Net investment income (1)		1.0765
Net realized and change in unrealized gains (losses) (1)		0.0529
Net increase in net assets resulting from operations		1.1294
Net increase (decrease) in net assets relating to capital share transactions(6)		25.00
Net increase (decrease) in net assets relating to capital share transactions (6)		24.99
Net asset value at end of period	$	26.1194
Total return (3)		47.4575	%
Shares outstanding at end of period (1)		2223,~~533~~467,~~408~~987
Weighted average shares outstanding (1)		22,~~533~~604,~~408~~721
Ratio/Supplemental Data
Net assets at end of period (in thousands)	$	~~588~~632,~~418~~179
Annualized ratio of total expenses to average net assets (4)		1412.0079	%
Annualized ratio of net investment income to average net assets (4)		1311.8280	%
Portfolio turnover rate		29.2610	%
Asset coverage per unit (5)	$	1,~~946~~924

* Totals may not foot due to rounding.

(1)

Financial highlights are based on the activity and weighted average number of shares outstanding for the period presented.

(2)

Amounts have been derived based on the activity and the weighted average number of shares outstanding started on January 24, 2025.

(3)

Total return is calculated as the change in NAV per share divided by the beginning NAV per share (which for the purposes of this calculation is equal to the net offering price in effect at the commencement of investment operations). Total return is not annualized.

(4)

For the period ended ~~June~~September 30, 2025 amounts are annualized except for organizational costs.

(5)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of ~~June~~September 30, 2025, the Company's asset coverage was ~~195~~192.4%.

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(6)

The amount shown at this caption is the balancing amount derived from the other figures in this schedule. The amount shown for capital share transactions, including share issuances, will fluctuate due to the timing of the share issuances and the weighted average shares over the period.

Note 9. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Trustees of Apollo Origination II (Levered) Capital Trust

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Apollo Origination II (Levered) Capital Trust and subsidiaries (the “Company”) as of ~~June~~September 30, 2025, the related consolidated statements of operations and changes in net assets for the three-month and ~~six~~nine-month periods ended ~~June~~September 30, 2025, the consolidated statement of cash flows and financial highlights for the ~~six~~nine-month period then ended, and the related notes (collectively referred to as the “interim financial information”). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the statement of assets and liabilities of the Company as of December 31, 2024, and in our report dated March 7, 2025, we expressed an unqualified opinion on the financial statement. In our opinion, the information set forth in the accompanying statement of assets and liabilities as of December 31, 2024, is fairly stated, in all material respects, in relation to the statement of assets and liabilities from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, New York

~~August~~November 12, 2025

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The ~~six~~nine months ended ~~June~~September 30, 2025 represents the period from January 1, 2025 to ~~June~~September 30, 2025. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

our contractual arrangements and relationships with third parties;

•

the dependence of our future success on the general economy and its impact on the industries in which we invest;

•

the ability of our portfolio companies to achieve their objectives;

•

our expected financings and investments;

•

the adequacy of our cash resources and working capital; and

•

the timing of cash flows, if any, from the operations of our portfolio companies.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in the section entitled “Item 1A. Risk Factors” and elsewhere in this report. These forward looking statements apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by applicable law. Because we are an investment company, the forward-looking statements and projections contained in this report are excluded from the safe harbor protection provided by Section 21E of the U.S. Securities Exchange Act of 1934 Act, as amended (the “1934 Act”).

Overview

Apollo Origination II (Levered) Capital Trust (the “Company,” “we,” “us” or “our”) was organized as a Delaware statutory trust on June 26, 2024. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) on January 28, 2025. The Company's investment activities are managed by Apollo Credit Management, LLC (the “Adviser” or “ACM”, an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”) under the U.S. Investment Advisers Act of 1940 (the “Advisers Act”), as amended. The Adviser is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments, and monitoring our portfolio on an ongoing basis. We have also elected to be treated, and intend to qualify annually thereafter, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Assuming we qualify as a RIC, we generally do not pay corporate-level federal income taxes on any income we distribute to our shareholders.

On December 31, 2024, Apollo Capital Management, L.P. purchased 60 common shares of beneficial interest of the Company (the “Shares”) at a price of $25.00 per share, as our initial capital. In connection with Merger, these 60 Shares were cancelled on January 24, 2025. Further, on January 24, 2025, we issued 1 Share of the Company, which was reclassified into 22,533,408 Shares on January 27, 2025 following the Investment Portfolio HoldCo Transfer. Also, on January 21, 2025 we entered into a subscription agreement with an investor for $800 million in Capital Commitments, ~~providing for the private placement of our Shares.~~

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providing for the private placement of our Shares. Further, on September 11, 2025, the Company issued and sold 934,579 Shares and received $25 million as payment for such Shares pursuant to drawdown notices issued to investors.

Investments

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company expects to invest, directly or indirectly, globally across private credit opportunities, primarily investing in certain originated, secured loans or similar financial instruments, including bonds, debentures and other debt securities, made to or issued by corporate borrowers and issuers that generally generate on an annual basis $100 million or greater in earnings before interest, taxes, depreciation and amortization, and, to the extent applicable, equity-kickers (i.e., equity received in connection with a debt investment) or similar financial instruments issued, received or otherwise purchased in connection with such investment opportunities. While most of our investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Apollo funds. From time to time, we may co-invest with other Apollo funds.

Our level of investment activity will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to corporate borrowers, the level of merger and acquisition activity for such companies, the general economic environment, and the competitive environment for the types of investments we make. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions).

Portfolio and Investment Activity

Our portfolio and investment activity for the three and ~~six~~nine months ended ~~June~~September 30, 2025, were as follows:

	Three MonthsEnded June 30,			Six MonthsEnded June 30,
	Three MonthsEnded September 30,			Nine MonthsEnded September 30,
(in thousands)*	2025			2025
Investments made in portfolio companies	$	66177,~~262~~229		$		1,~~185~~362,~~011~~240
Investments sold		(1277,~~077~~772	)			(24101,~~160~~932	)
Net investment activity	$	5499,~~185~~457		$		1,~~160~~260,~~851~~308
Portfolio companies, at beginning of period		4345				—-
Number of investments in new portfolio companies		27				4653
Number of exited companies		—(3	)			1(4	)
Portfolio companies at end of period		4549				4549
Number of investments in existing portfolio companies		4549			4549

* Totals may not foot due to rounding.

~~Our portfolio composition and weighted average yields as of June 30, 2025 were as follows:~~38

	June 30, 2025
Portfolio composition, at fair value:
First Lien Secured Debt		100.0	%
Weighted average yields, at amortized cost (1):
First lien secured debt		9.2	%
Total portfolio		9.3	%
Interest rate type, at fair value:
Fixed rate amount (in thousands)	$	20,422
Floating rate amount (in thousands)	$	1,140,801
Fixed rate, as percentage of total		1.8	%
Floating rate, as percentage of total		98.2	%
Interest rate type, at amortized cost:
Fixed rate amount (in thousands)	$	19,341
Floating rate amount (in thousands)	$	1,142,187
Fixed rate, as percentage of total		1.7	%
Floating rate, as percentage of total		98.3	%

* Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of September 30, 2025 were as follows:


	September 30, 2025
Portfolio composition, at fair value:
First Lien Secured Debt		100.0	%
Weighted average yields, at amortized cost (1):
First lien secured debt		8.7	%
Total portfolio		8.7	%
Interest rate type, at fair value:
Fixed rate amount (in thousands)	$	15,830
Floating rate amount (in thousands)	$	1,252,644
Fixed rate, as percentage of total		1.2	%
Floating rate, as percentage of total		98.8	%
Interest rate type, at amortized cost:
Fixed rate amount (in thousands)	$	13,702
Floating rate amount (in thousands)	$	1,249,325
Fixed rate, as percentage of total		1.1	%
Floating rate, as percentage of total		98.9	%

* Totals may not foot due to rounding.

(1) An investor’s yield may be lower than the portfolio yield due to other expenses.

Results of Operations

Operating results for the three and ~~six~~nine months ended ~~June~~September 30, 2025 were as follows:

	Three MonthsEnded June 30,			Six MonthsEnded June 30,
	Three MonthsEnded September 30,			Nine MonthsEnded September 30,
(in thousands)*	2025			2025
Total Investment Income	$	2829,~~471~~301		$	4978,~~459~~760
Net Expenses		14(16,~~385~~094	)		25(41,~~396~~490	)
Net Investment Income		1413,~~086~~207			2437,~~063~~270
Net realized gains (losses)		~~1,220~~(179	)		1,~~369~~190
Net change in unrealized gains (losses)		~~(185~~5,733	)		~~(263~~5,470	)
Net realized and change in unrealized gains (losses)	$	15,~~035~~554		$	16,~~106~~660
Net increase in net assets resulting from operations	$	1518,~~121~~761		$	2543,~~169~~930

* Totals may not foot due to rounding.

Net increase (decrease) in net assets resulting from operations is due to the commencement of investment operations, purchase of investments, interest income from originations, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

Investment Income

Investment income, for the three and ~~six~~nine months ended ~~June~~September 30, 2025 were as follows:

	Three MonthsEnded June 30,		Six MonthsEnded June 30,
	Three MonthsEnded September 30,		Nine MonthsEnded September 30,
(in thousands)*	2025		2025
Interest income	$	27,~~091~~865	$	4775,~~320~~185
PIK interest income		~~631~~917		~~804~~1,721
Dividend income		~~151~~285		~~387~~672
Other income		~~598~~234		~~948~~1,182
Total investment income	$	2829,~~471~~301	$	4978,~~459~~760

* Totals may not foot due to rounding.

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For the three and ~~six~~nine months ended ~~June~~September 30, 2025, total investment income was $2829,~~471~~301 and $4978,~~459~~760 respectively, primarily driven by interest income from originations. The size of our investment portfolio at fair value was $1,~~161~~268,~~257~~508 as of ~~June~~September 30, 2025. Additionally, our weighted average yield on debt was 98.266% for the ~~six~~nine months ended ~~June~~September 30, 2025. For the three and ~~six~~nine months ended ~~June~~September 30, 2025, payment-in-kind interest income represented 23.21% and 12.62% of total investment income, respectively.

We plan to generate revenue primarily in the form of interest income from the securities we hold. We expect most of our debt investments, in the form of mezzanine or senior secured loans, will generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as the Secured Overnight Financing Rate (“SOFR”), the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments may provide for PIK interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. In addition, we may generate revenue in the form of prepayment and other fees in connection with transactions. Loan origination fees, original issue discount and market discount or premium will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on debt investments as interest income when earned. Dividend income on equity investments will be recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees.

Expenses

Expenses for the three and ~~six~~nine months ended ~~June~~September 30, 2025 were as follows:

	Three MonthsEnded June 30,		Six MonthsEnded June 30,
	Three MonthsEnded September 30,		Nine MonthsEnded September 30,
(in thousands)*	2025		2025
Management fees	$	1,~~090~~135	$	12,~~830~~965
Performance-based incentive fees		12,~~689~~085		24,~~796~~881
Interest and other debt expenses		1011,~~872~~787		1931,~~470~~257
Administration fees		~~171~~182		~~310~~492
Trustee fees		1640		68108
Other general and administrative expenses		~~507~~735		~~817~~1,552
Organizational fees		40130		~~105~~235
Net expenses	$	14,385	$	25,396
Total expenses	$	16,094	$	41,490

* Totals may not foot due to rounding.

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, is provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to (a) investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Advisory Agreement; (b) our allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) our Chief Compliance Officer, Chief Financial Officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that performs duties for us; and (iii) any personnel of AGM or any of its affiliates providing non-investment related services to us; and (c) all other expenses of our operations, administrations and transactions.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

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Net Realized Gain (Loss)

Net realized gains (losses) for the three and ~~six~~nine months ended ~~June~~September 30, 2025 were comprised of the following:

	Three MonthsEnded June 30,			Six MonthsEnded June 30,
	Three MonthsEnded September 30,			Nine MonthsEnded September 30,
(in thousands)*	2025			2025
Non-controlled/non-affiliated investments	$	~~1,220~~(180	)	$	1,~~388~~208
Foreign currency transactions		—1			(1918	)
Net realized gains (losses)	$	~~1,220~~(179	)	$	1,~~369~~190

* Totals may not foot due to rounding.

For the three and ~~six~~ nine months ended ~~June~~September 30, 2025, we generated total net realized gains (losses) of $~~1,220~~(179) and $1,~~369~~190, driven by net realized gains (losses) of $~~1,220~~(180) and $1,~~388~~208 respectively, from non-controlled/non-affiliated investments due to full or partial sales and/or restructuring and repayments of debt investments. Net realized gains on non-controlled/non-affiliated investments were increased by net realized gains of $1 and partially offset by net realized losses of $~~0 and $~~(1918) respectively for the three and nine months ended September 30, 2025, from foreign currency transactions, as a result of fluctuations primarily in the Canadian Dollar and Japanese Yen exchange rates.

Net Unrealized Gain (Loss)

Net unrealized gains (losses) for the three and ~~six~~nine months ended ~~June~~September 30, 2025 were comprised of the following:

	Three MonthsEnded June 30,			Six MonthsEnded June 30,
	Three MonthsEnded September 30,			Nine MonthsEnded September 30,
(in thousands)*	2025			2025
Non-controlled/non-affiliated investments	$	~~(255~~5,753	)	$	~~(305~~5,448	)
Foreign currency transactions		70			42
Foreign currency translations		(20	)		22
Net unrealized gains (losses)	$	~~(185~~5,733	)	$	~~(263~~5,470	)

* Totals may not foot due to rounding.

For the three months ended ~~June~~September 30, 2025, we recognized gross unrealized gain ~~on investments~~ of $15,~~482~~986 and gross unrealized loss ~~on investments~~ of $1253,~~667,~~ resulting in net change in unrealized ~~loss~~gain of $~~(185) for the second fiscal quarter of 2025~~5,733. For the ~~six~~nine months ended ~~June~~September 30, 2025, we recognized gross unrealized gain ~~on investments~~ of $17,~~901~~887 and gross unrealized loss ~~on investments~~ of $2,~~164~~417, resulting in net change in unrealized ~~loss~~gain of $~~(263) for the second fiscal quarter of 2025~~5,470. The fair value of our debt investments as a percentage of principal as of ~~June~~September 30, 2025 was 99100%.

Liquidity and Capital Resources

We expect to generate cash primarily from (i) the net proceeds of the private offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. Our primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying the Adviser and the Administrator), (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our Shares.

We have entered and may seek to enter into one or more credit facility or other financing arrangements on at least customary and market terms; however, we cannot assure you we will be able to do so. Any such incurrence may be from sources within the U.S. or from various foreign geographies or jurisdictions, and may be denominated in currencies other than the U.S. Dollar. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock if, immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock is at least 150%.

We may enter into investment commitments through signed commitment letters that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from our credit facility, unfunded capital commitments and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

~~Contractual Obligations~~41

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~~reimbursements~~Contractual ~~under the Administration Agreement are described in Note 3 to our consolidated financial statements in this quarterly report on Form 10-Q.~~Obligations

We have entered into the Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. Payments for investment advisory services under the Advisory Agreement and reimbursements under the Administration Agreement are described in Note 3 to our consolidated financial statements in this quarterly report on Form 10-Q.

We intend to establish one or more credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR or an alternative reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

Related-Party Transactions

We entered into a number of business relationships with affiliated or related parties, including through the Advisory Agreement and the Administration Agreement.

In addition to the aforementioned agreements, we, our Adviser and certain of our Adviser’s affiliates have been granted exemptive relief by the SEC to co-invest with other funds managed by our Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See Note 3 to our consolidated financial statements in this quarterly report on Form 10-Q for more information.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short term debt securities would qualify as cash equivalents. See Note 2 to our consolidated financial statements in this quarterly report on Form 10-Q for more information. At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. We may also utilize repurchase agreements or other balance sheet transactions, including drawing down on the AOP II Maple Loan and Servicing Agreement and/or the AOP II Jasmine Loan and Security Agreement, as we deem appropriate.

Debt

See Note 5 to our consolidated financial statements in this quarterly report on Form 10-Q for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of ~~June~~September 30, 2025:

Payments Due by Period

(in thousands)

Total

Less than1 Year

1 to 3Years

3 to 5Years

More than5 Years

AOP II Maple Credit Facility

~~195~~262,500

—-

~~195~~262,500

—-

AOP II Jasmine Credit Facility

~~426~~421,498

—-

~~426~~421,498

—-

Total Debt Obligations

~~621~~683,998

—-

~~621~~683,998

—-

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Net Assets

See Note 6 to our consolidated financial statements in this quarterly report on Form 10-Q for information on the Company’s Shares and related capital activities.

Distributions

For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Tax characteristics of all distributions will be reported to shareholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by the Board of Trustees of the Company (the “Board”).

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

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we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to shareholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to shareholders.

PIK Income

For the three and ~~six~~nine months ended ~~June~~September 30, 2025, PIK income totaled $~~631~~917 and $~~804~~1,721 on total investment income of $2829,~~471~~301 and $4978,~~459~~760, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 4 to our consolidated financial statements in this quarterly report on Form 10-Q for more information on the Company’s PIK income.

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements.

Investments

Investment transactions are all recorded on a trade date basis. Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Investment transactions that have not yet settled as of the period-end date are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Consolidated Statements of Assets and Liabilities.

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Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment. The cost of investments is relieved using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Pursuant to Rule 2a-5 under the 1940 Act, our Board has designated the Adviser as its “valuation designee” to perform the fair value determinations for investments held by us without readily available market quotations. The Board continues to be responsible for overseeing the processes for determining fair valuation.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to verify whether market quotations are deemed to represent fair value, the Adviser, looks at certain factors including the source and nature of the quotations. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. Examples of these events could include cases in which material events are announced after the close of the market on which a security is primarily traded, when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a “fire sale” by a distressed seller.

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If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. The Adviser engages multiple independent valuation firms based on a review of each firm’s expertise and relevant experience in valuing certain securities. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such Level 3 categorized assets.

At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;

Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;

The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

•

available current market data, including relevant and applicable market trading and transaction comparables,

•

applicable market yields and multiples,

•

security covenants,

•

seniority of investments in the investee company’s capital structure,

•

call protection provisions,

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•

information rights,

•

the nature and realizable value of any collateral,

•

the portfolio company’s ability to make payments,

•

earnings and discounted cash flows,

•

the markets in which the portfolio company does business,

•

comparisons of financial ratios of peer companies that are public,

•

M&A comparables,

•

our principal market (as the reporting entity), and

•

enterprise values, among other factors.

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Because there is not a readily available market value for most of the investments in our portfolio, substantially all of our portfolio investments are valued at fair value as determined in good faith by our Adviser, as the valuation designee, as described herein. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had an active market existed for such investments and may differ materially from the values that we may ultimately realize.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Fair Value Measurements

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 3: Unobservable inputs for the asset or liability.

See Notes 2 and 4 to our consolidated financial statements in this quarterly report on Form 10-Q for additional information regarding the fair value of our financial instruments.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. For additional information concerning potential impact on our business and our operating results, see “Part II - Other Information, Item 1A. Risk Factors.”

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, we value most of our portfolio investments at fair value as determined in good faith by our Board based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” as well as Notes 2 and 4 to our financial statements for the three and ~~six~~nine months ended ~~June~~September 30, 2025 for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of ~~June~~September 30, 2025, 98.2% of our debt portfolio investments bore interest at variable rates, which generally are SOFR based (or based on an equivalent applicable currency rate) and typically have durations of one to ~~six~~nine months after which they reset to current market interest rates, and many of which are subject to certain floors.The AOP II Maple Loan and Servicing Agreement will bear interest at Term SOFR, Term CORRA, Daily Simple SONIA, EURIBOR, the BBSY Rate or TONA and the AOP II Jasmine Loan and Security Agreement will bear interest at the Term SOFR Rate, Daily Simple SONIA, EURIBOR or the AUD Screen Rate.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of ~~June~~September 30, 2025, assuming no changes in our investment and borrowing structure:

Basis Point Change	Net Investment Income			Net Investment Income Per Share
(in millions)
Up 200 basis points		1319.08			0.68
Up 150 basis points		914.87			0.46
Up 100 basis points		69.56			0.34
Up 50 basis points		34.35			0.12
Down 50 basis points		(34.35	)		(0.12	)
Down 100 basis points		(69.56	)		(0.34	)
Down 150 basis points		(914.87	)		(0.46	)
Down 200 basis points		(1319.08	)		(0.68	)

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of ~~June~~September 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Controls Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in Amendment No. 1 to our Registration Statement on Form 10, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

~~None~~Refer to our Current Report on Form 8-K filed with SEC on September 15, 2025 for information about unregistered sales of our equity securities during the quarter.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

ExhibitNumber		Description
3.1		Second Amended and Restated Agreement and Declaration of Trust, dated March 26, 2025 (1)
3.2		Bylaws, dated March 26, 2025 (1)
10.1		Second Amendment to the AOP II Funding Jasmine Credit Facility Loan and Security Agreement (2)
10.2		Fifth Amendment to the AOP II Funding Maple Credit Facility Loan and Security Agreement (3)
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

(1)

Incorporated by Amendment No. 1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56722) filed on March 27, 2025.

~~Incorporated by reference to the Registrant's Current Report on Form 8-K (File No. 000-56722) filed on May 1, 2025.~~49

Incorporated by reference to the Registrants Current Report on Form 8-K (File No. 000-56722) filed on May 2, 2025.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	APOLLO ORIGINATION II (LEVERED) CAPITAL TRUST
Date: August 12, 2025	By:	/s/ Earl Hunt
Date: November 12, 2025	By:	/s/ Earl Hunt
		Name: Earl Hunt
		Title: Chief Executive Officer (Principal Executive Officer)
Date: August 12, 2025	By:	/s/ John Rhee
Date: November 12, 2025	By:	/s/ John Rhee
		Name: John Rhee
		Title: Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

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