The Apollo Debt Solutions BDC gated withdrawals for a second consecutive quarter after investors sought to redeem approximately 16.8% of outstanding shares in Q2.
Shareholders submitted an estimated $4.3 billion of Q3 repurchase requests, representing around 10% of shares outstanding, as of June.
GCRED will accept all of the 4.8% in withdrawal requests received at its June 30 NAV, down from 8.5% in the prior quarter.
The non-traded BDC accepted all valid tenders, representing about 3.6% of outstanding shares as of June, with payment to be made through State Street-held promissory notes.
Cox Capital currently has outstanding cash offers for five private debt vehicles, with discounts to NAV ranging from 14% to 37%.
The ~$30 million transaction will provide liquidity to shareholders in private debt funds managed by BlackRock, Apollo, and Ares at 15-30% discounts.
Mark Goldberg of Alternative Investments Market Intelligence analyzes why redemption queues across non-traded BDCs could take years to clear despite easing withdrawal demand.
The private debt vehicle recently capped Q2 redemptions after repurchase requests reached 16.8% of outstanding shares.
The rating agency does not expect positive rating momentum for Apollo Debt Solutions BDC in the near term.
Apollo Debt Solutions adhered to its 5% cap, fulfilling just 45% of total withdrawal requests.
