[Apollo Flagship Private Credit Fund Limits Redemptions for Third Consecutive Quarter, 14.7% of Shares Requested for Exit] BlockBeats News, September 23: Apollo Global Management's Apollo Debt Solutions BDC (ADS) has once again reached its liquidity cap this quarter. The fund received redemption requests equivalent to 14.7% of outstanding shares in its latest quarterly tender offer but will only repurchase 5% of the outstanding shares, marking the third consecutive quarter of processing exit requests at the cap. ADS has a scale of approximately $25.9 billion. The latest redemption demand has slightly decreased from 16.8% in the previous quarter but remains nearly three times the allowable repurchase limit. ADS is a non-traded BDC, meaning investors cannot sell shares freely on an exchange and can only apply for exits during quarterly repurchase windows. According to the fund's documentation, a maximum of 5% of issued shares can be repurchased each quarter. If requests exceed the limit, they are processed on a pro-rata basis, with unmet portions potentially rolling over to subsequent windows. Based on the 14.7% to 5% ratio, a rough calculation suggests that about one-third of the current round of exit requests can be immediately fulfilled, though actual allocations will also be affected by previously unfulfilled requests carried forward. Apollo stated that most redemption requests this quarter came from investors who had not been fully satisfied in prior rounds, rather than entirely new withdrawal requests. The fund estimates that after completing this round of repurchases, investors who have submitted liquidity requests in 2026 will have cumulatively received approximately 75% of their requested funds. The third quarter saw approximately $200 million in new subscriptions, with plans to repurchase about $700 million in shares, resulting in a net outflow of approximately $500 million, equivalent to 3% of net asset value. The decline in redemption demand indicates that liquidity pressures in private credit have slightly eased compared to the previous quarter. However, the fact that the cap has been reached for three consecutive quarters suggests that exit queues in wealth management channels have not yet been fully cleared. Similar institutions, such as BlackRock and Cliffwater, also imposed redemption limits on their private credit products earlier this year. The market continues to assess risks related to loan quality, financing conditions, and credit exposures to certain traditional software companies.