Filed pursuant to Rule 424(b)(3)

File No. 333-278477

APOLLO DEBT SOLUTIONS BDC

SUPPLEMENT NO. 3 DATED JULY 18, 2025

TO THE PROSPECTUS DATED APRIL 16, 2025

This prospectus supplement (“Supplement”) is part of and should be read in conjunction with the prospectus of Apollo Debt Solutions BDC (the “Company”), dated April 16, 2025 (as supplemented to date, the “Prospectus”). Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus.

The purposes of this Supplement are:

• to disclose the Company priced a collateralized loan obligation transaction;

• to disclose the Company’s offering of the 2030 Notes (as defined below); and

• to update the Prospectus.

Barn Owl Credit Facility

As previously disclosed, on March 25, 2025, Barn Owl Funding LLC (“Barn Owl Funding”), a wholly owned, consolidated subsidiary of the Company, entered into a credit facility (the “Barn Owl Credit Facility”), among Barn Owl Funding, as borrower, the Company, in its capacities as collateral manager and subordinated investor, and Bank of America, N.A., as lender. On July 2, 2025, the Company priced a collateralized loan obligation transaction that is expected to close on August 12, 2025 (the “ADS CLO 2 Transaction”), whereby Barn Owl Funding is expected to issue $502,100,000 in notes collateralized by the assets held by Barn Owl Funding and for which the Company will act as collateral manager. In connection with the ADS CLO 2 Transaction, the Barn Owl Credit Facility is expected to be paid in full and terminated.

2030 Notes

On July 17, 2025, the Company issued $400 million in aggregate principal amount of 5.875% notes due 2030 (the “2030 Notes”) under the Company’s indenture with U.S. Bank Trust Company, National Association, dated as of March 21, 2024, and fourth supplemental indenture, dated as of July 17, 2025. The 2030 Notes were issued in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The 2030 Notes will mature on August 30, 2030 and may be redeemed in whole or in part at the Company’s option at any time at par value plus a “make-whole” premium.

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

Updates to Prospectus

The paragraph titled “Oklahoma” in the “Suitability Standards” section of the Prospectus is removed.

The following replaces “Appendix A: Form of Subscription Agreement”:

PAGE 1 OF 11 Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (2) OWNERSHIP TYPE (Select Only One) A. Investment Information Investment Amount $ _____________ ($2,500 minimum initial investment) B. Investment Method By mail: Please make checks payable to SS&C GIDS AS AGENT FOR APOLLO DEBT SOLUTIONS BDC and attach to this agreement.* By wire: Please wire funds according to the instructions below. Name: SS&C GIDS AS AGENT FOR APOLLO DEBT SOLUTIONS BDC Bank Name: UMB Bank, N.A. ABA: 1010-0069-5 DDA: 9872584627 Broker-Dealer/Registered Investment Advisor will make payment on your behalf *Cash, cashier’s checks/official bank checks, temporary checks, foreign checks, money orders, third party checks, or traveler’s checks are not accepted. C. Share Class Selection (Minimum Initial Investment is $2,500) Share Class S Share Class D ** Share Class I ** ** Available for certain fee-based wrap accounts and other eligible investors as disclosed in the prospectus, as amended and supplemented. (1) YOUR INVESTMENT Entity Name – Retirement Plan / Trust / Corporation / Partnership/Other Trustee(s) and/or authorized signatory(s) information MUST be provided in Sections 3.A and 3.B ENTITY NAME TAX ID NUMBER DATE OF TRUST EXEMPTIONS (See Form W-9 instructions at www.irs.gov) ENTITY ADDRESS (Legal Address – Required) Entity Type (Select one. Required) Retirement Plan Trust S-Corp C-Corp LLC Partnership Other Jurisdiction (if Non-U.S.) Exempt payee code (if any) Exemption from FATCA reporting code (Attach completed applicable Form W-8) (if any) Taxable Account Type Brokerage Account Number Individual or Joint Tenant With Rights of Survivorship Transfer on Death (Optional Designation. See Section 3.C) Tenants in Common Community Property Uniform Gift/Transfer to Minors State of Trust (Include Copy of Trust Agreement) Corporation/Partnership/Other (Corporate Resolution or Partnership Agreement Required) Estate Custodian Information (To Be Completed By Custodian) Custodian Name Custodian Tax ID # Custodian Phone # Non-Taxable Account Type Custodian Account Number IRA Roth IRA SEP IRA Simple IRA Pension/Profit Sharing Plan (Include Certification of Investment Powers Form) 401K Rollover IRA Inherited IRA Other Custodian Stamp Here

PAGE 2 OF 11 Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (3) INVESTOR INFORMATION C. Transfer on Death Beneficiary Information (Individual or Joint Account with rights of survivorship only. Not available for Louisiana residents. Beneficiary Date of Birth required. Whole percentages only; must equal 100%.) D. ERISA Plan Asset Regulations All investors are required to complete Section 7.b. attached hereto. B. Co-Investor Name (Co-Investor/Co-Trustee/Co-Executor/Co-Authorized Signatory Information, if applicable.) Residential street address MUST be provided. RESIDENTIAL STREET ADDRESS CITY STATE ZIP EMAIL ADDRESS If you are a non-U.S. citizen, please specify your country of citizenship (required): Resident Alien Non-Resident Alien (Attach a completed Form W-8BEN, Rev. Oct. 2021) Please specify if you are an Apollo employee/officer/director/affiliate (required): Apollo Employee Country of Citizenship SOCIAL SECURITY NUMBER/TAX ID DATE OF BIRTH (MM/DD/YYYY) DAYTIME PHONE NUMBER FIRST NAME (MI) LAST NAME Apollo Officer or Director I mmediate Family Member of Not Applicable Apollo Officer or Director Apollo Affiliate Custodian/Guardian for a minor Beneficiary (required, cannot be same as Investor or Co-Investor): PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) A. Investor Name (Investor/Trustee/Executor/Authorized Signatory Information) Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address. RESIDENTIAL STREET ADDRESS CITY STATE ZIP EMAIL ADDRESS If you are a non-U.S. citizen, please specify your country of citizenship (required): Resident Alien Non-Resident Alien (Attach a completed Form W-8BEN, Rev. Oct. 2021) Please specify if you are an Apollo employee/officer/director/affiliate (required): Apollo Employee Country of Citizenship SOCIAL SECURITY NUMBER/TAX ID DATE OF BIRTH (MM/DD/YYYY) DAYTIME PHONE NUMBER FIRST NAME (MI) LAST NAME Apollo Officer or Director I mmediate Family Member of Not Applicable Apollo Officer or Director Apollo AffiliatePAGE 2 OF 11 Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (3) INVESTOR INFORMATION C. Transfer on Death Beneficiary Information (Individual or Joint Account with rights of survivorship only. Not available for Louisiana residents. Beneficiary Date of Birth required. Whole percentages only; must equal 100%.) D. ERISA Plan Asset Regulations All investors are required to complete Section 7.b. attached hereto. B. Co-Investor Name (Co-Investor/Co-Trustee/Co-Executor/Co-Authorized Signatory Information, if applicable.) Residential street address MUST be provided. RESIDENTIAL STREET ADDRESS CITY STATE ZIP EMAIL ADDRESS If you are a non-U.S. citizen, please specify your country of citizenship (required): Resident Alien Non-Resident Alien (Attach a completed Form W-8BEN, Rev. Oct. 2021) Please specify if you are an Apollo employee/officer/director/affiliate (required): Apollo Employee Country of Citizenship SOCIAL SECURITY NUMBER/TAX ID DATE OF BIRTH (MM/DD/YYYY) DAYTIME PHONE NUMBER FIRST NAME (MI) LAST NAME Apollo Officer or Director I mmediate Family Member of Not Applicable Apollo Officer or Director Apollo Affiliate Custodian/Guardian for a minor Beneficiary (required, cannot be same as Investor or Co-Investor): PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) A. Investor Name (Investor/Trustee/Executor/Authorized Signatory Information) Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address. RESIDENTIAL STREET ADDRESS CITY STATE ZIP EMAIL ADDRESS If you are a non-U.S. citizen, please specify your country of citizenship (required): Resident Alien Non-Resident Alien (Attach a completed Form W-8BEN, Rev. Oct. 2021) Please specify if you are an Apollo employee/officer/director/affiliate (required): Apollo Employee Country of Citizenship SOCIAL SECURITY NUMBER/TAX ID DATE OF BIRTH (MM/DD/YYYY) DAYTIME PHONE NUMBER FIRST NAME (MI) LAST NAME Apollo Officer or Director I mmediate Family Member of Not Applicable Apollo Officer or Director Apollo AffiliatePAGE 2 OF 11 Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (3) INVESTOR INFORMATION C. Transfer on Death Beneficiary Information (Individual or Joint Account with rights of survivorship only. Not available for Louisiana residents. Beneficiary Date of Birth required. Whole percentages only; must equal 100%.) D. ERISA Plan Asset Regulations All investors are required to complete Section 7.b. attached hereto. B. Co-Investor Name (Co-Investor/Co-Trustee/Co-Executor/Co-Authorized Signatory Information, if applicable.) Residential street address MUST be provided. RESIDENTIAL STREET ADDRESS CITY STATE ZIP EMAIL ADDRESS If you are a non-U.S. citizen, please specify your country of citizenship (required): Resident Alien Non-Resident Alien (Attach a completed Form W-8BEN, Rev. Oct. 2021) Please specify if you are an Apollo employee/officer/director/affiliate (required): Apollo Employee Country of Citizenship SOCIAL SECURITY NUMBER/TAX ID DATE OF BIRTH (MM/DD/YYYY) DAYTIME PHONE NUMBER FIRST NAME (MI) LAST NAME Apollo Officer or Director I mmediate Family Member of Not Applicable Apollo Officer or Director Apollo Affiliate Custodian/Guardian for a minor Beneficiary (required, cannot be same as Investor or Co-Investor): PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) PRIMARY FIRST NAME (MI) LAST NAME SSN S ECONDARY _______% DATE OF BIRTH (MM/DD/YYYY) A. Investor Name (Investor/Trustee/Executor/Authorized Signatory Information) Residential street address MUST be provided. See Section 4 if mailing address is different than residential street address. RESIDENTIAL STREET ADDRESS CITY STATE ZIP EMAIL ADDRESS If you are a non-U.S. citizen, please specify your country of citizenship (required): Resident Alien Non-Resident Alien (Attach a completed Form W-8BEN, Rev. Oct. 2021) Please specify if you are an Apollo employee/officer/director/affiliate (required): Apollo Employee Country of Citizenship SOCIAL SECURITY NUMBER/TAX ID DATE OF BIRTH (MM/DD/YYYY) DAYTIME PHONE NUMBER FIRST NAME (MI) LAST NAME Apollo Officer or Director I mmediate Family Member of Not Applicable Apollo Officer or Director Apollo Affiliate

PAGE 3 OF 11 Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (5) DISTRIBUTION METHOD Select How You Want to Receive Your Distributions (Please Read Entire Section and Select, Only if Applicable, one payment method.) You are automatically enrolled in our Distribution Reinvestment Plan, unless you are a resident of ALABAMA, ARKANSAS, IDAHO, KANSAS, KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, NEBRASKA, NEW JERSEY, NORTH CAROLINA, OHIO, OKLAHOMA, OREGON, TEXAS, VERMONT OR WASHINGTON. If you are not a resident of the states listed above, you are automatically enrolled in the Distribution Reinvestment Plan; please check here if you DO NOT wish to be enrolled in the Distribution Reinvestment Plan and complete the Cash Distribution Information section below. ONLY complete the following information if you do not wish to enroll in the Distribution Reinvestment Plan. For custodial held accounts, if you elect cash distributions the funds must be sent to the custodian. A. Check mailed to street address in 3A (only available for non-custodial investors). B. Check mailed to secondary address in 4 (only available for non-custodial investors). C. Direct Deposit by ACH (only available for non-custodial investors). PLEASE ATTACH A PRE-VOIDED CHECK D. Check mailed to Third-Party Financial Institution (complete section below) If you ARE a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Texas, Vermont or Washington, you are not automatically enrolled in the Distribution Reinvestment Plan. Please check here if you wish to enroll in the Distribution Reinvestment Plan. You will automatically receive cash distributions unless you elect to enroll in the Distribution Reinvestment Plan. I authorize Apollo Debt Solutions BDC or its agent to deposit my distribution into my checking or savings account. This authority will remain in force until I notify Apollo Debt Solutions BDC in writing to cancel it. In the event that Apollo Debt Solutions BDC deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit. Initial here to consent to electronic delivery EMAIL ADDRESS (If blank, the email provided in Section 3 will be used.) (6) ELECTRONIC DELIVERY FORM (Optional) Instead of receiving paper copies of the prospectus, prospectus supplements, annual reports, proxy statements, and other shareholder communications and reports, you may elect to receive electronic delivery of shareholder communications from Apollo Debt Solutions BDC. If you would like to consent to electronic delivery, including pursuant to email, please check the box below for this election. We encourage you to reduce printing and mailing costs and to conserve natural resources by electing to receive electronic delivery of shareholder communications and statement notifications. By consenting below to electronically receive shareholder communications, including your account-specific information, you authorize said offering(s) to either (i) email shareholder communications to you directly or (ii) make them available on our website and notify you by email when and where such documents are available. You will not receive paper copies of these electronic materials unless specifically requested, the delivery of electronic materials is prohibited or we, in our sole discretion, elect to send paper copies of the materials. By consenting to electronic access, you will be responsible for certain costs, such as your customary internet service provider charges, and may be required to download software in connection with access to these materials. You understand this electronic delivery program may be changed or discontinued and that the terms of this agreement may be amended at any time. You understand that there are possible risks associated with electronic delivery such as emails not transmitting, links failing to function properly and system failure of online service providers, and that there is no warranty or guarantee given concerning the transmissions of email, the availability of the website, or information on it, other than as required by law. FINANCIAL INSTITUTION NAME MAILING ADDRESS CITY STATE ZIP YOUR BANK’S ABA ROUTING NUMBER YOUR BANK ACCOUNT NUMBER (4) CONTACT INFORMATION (If different than provided in Section 3A) MAILING STREET ADDRESS CITY STATE ZIP

Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) 7.b. Benefit Plan Investor—All purchasers please complete this section. 1. Are you a “benefit plan investor” within the meaning of the Plan Asset Regulations1 or will you use the assets of a “benefit plan investor”2 to invest in Apollo Debt Solutions BDC? Yes No 2. If Question (1) above is “yes” please indicate what percentage of the purchaser’s assets invested in Apollo Debt Solutions BDC are considered to be the assets of “benefit plan investors” within the meaning of the Plan Asset Regulations: % 3. If you are investing the assets of an insurance company general account please indicate what percentage of the insurance company general account’s assets invested in Apollo Debt Solutions BDC are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of the Employee Retirement Income Security Act of 1974, as amended, or the regulations promulgated thereunder? % 4. Please indicate if you are “Controlling Person” defined as: (i) a person (including an entity), other than a “benefit plan investor” who has discretionary authority or control with respect to the assets of Apollo Debt Solutions BDC, a person who provides investment advice for a fee (direct or indirect) with respect to such assets, or any “affiliate” of such a person. An “affiliate” of a person includes any person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the person. For purposes of this definition, “control,” with respect to a person other than an individual, means the power to exercise a controlling influence over the management or policies of such person. Yes No 7.c. If you live in any of the following states: Alabama, California, Idaho, Iowa, Kansas, Kentucky, Maine, Massachusetts, Missouri, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Oregon, Puerto Rico, Tennessee, and Vermont, please complete the following as applicable For purposes of determining whether you satisfy the standards below, your net worth is calculated excluding the value of your home, home furnishings and automobiles, and, unless otherwise indicated, “liquid net worth” is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable investments. Investors in the following states have the additional suitability standards as set forth below. If I am an Alabama resident, in addition to the suitability standards set forth above, an investment in Apollo Debt Solutions BDC will only be sold to me if I have a liquid net worth of at least 10 times my investment in Apollo Debt Solutions BDC and its affiliates. If I am a California resident, in addition to the suitability standards set forth above, I may not invest more than 10% of my net worth in Apollo Debt Solutions BDC. If I am an Idaho resident, I must have either (a) a liquid net worth of $85,000 and annual gross income of $85,000 or (b) a liquid net worth of $300,000. If I am an Iowa resident, I (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000 (net worth should be determined exclusive of home, auto and home furnishings); and (ii) limit my aggregate investment in this offering and in the securities of other non-traded business development companies to 10% of my liquid net worth (liquid net worth should be determined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities). If I am a Kansas resident, I understand that the Securities Commissioner of Kansas recommends that I limit my aggregate investment in Apollo Debt Solutions BDC’s securities and other similar investments to not more than 10% of my liquid net worth. INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS PRIMARY INVESTOR INITIALS CO-INVESTOR INITIALS _______________________________ 1 “Plan Asset Regulations” means the regulations issued by the United States Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code of Federal Regulations, as modified by Section 3(42) of ERISA, as the same may be amended from time to time. 2 The term “benefit plan investor” includes, for e.g.: (i) an “employee benefit plan” as defined in section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA (such as employee welfare benefit plans (generally, plans that provide for health, medical or other welfare benefits) and employee pension benefit plans (generally, plans that provide for retirement or pension income)); (ii) “plans” described in section 4975(e)(1) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), that is subject to section 4975 of the Code (including, for e.g., an “individual retirement account”, an “individual retirement annuity”, a “Keogh” plan, a pension plan, an Archer MSA described in section 220(d) of the Code, a Coverdell education savings account described in section 530 of the Code and a health savings account described in section 223(d) of the Code) and (iii) an entity that is, or whose assets would be deemed to constitute.

(7) SUBSCRIPTION SIGNATURES (Continued) INITIALS INITIALS INITIALS INITIALS Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) If I am a Kentucky resident, I may not invest more than 10% of my liquid net worth in Apollo Debt Solutions BDC or its affiliates. “Liquid net worth” is defined as that portion of net worth that is comprised of cash, cash equivalents and readily marketable securities. If I am a Maine resident, I acknowledge that it is recommended by the Maine Office of Securities that my aggregate investment in this offering and other similar direct participation investments not exceed 10% of my liquid net worth. For this purpose, “liquid net worth” is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities. If I am a Massachusetts resident, I have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, my total investment in Apollo Debt Solutions BDC, its affiliates and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of my liquid net worth. If I am a Missouri resident, in addition to the suitability standards set forth above, I may not invest more than 10% of my liquid net worth in Apollo Debt Solutions BDC. If I am a Nebraska resident, in addition to the suitability standards set forth above, I must limit my aggregate investment in this offering and the securities of other business development companies to 10% of such investor’s net worth. Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933 are not subject to the foregoing investment concentration limit. If I am a New Jersey resident, (1) I have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of home, home furnishings, and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, my total investment in Apollo Debt Solutions BDC, its affiliates and other non-publicly traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of my liquid net worth, and (2) I acknowledge that although Apollo Credit Management, LLC (the “Adviser”), the investment adviser to Apollo Debt Solutions BDC, will advance all organization and offering expenses of Apollo Debt Solutions BDC, and may elect to pay certain of Apollo Debt Solutions BDC’s expenses, Apollo Debt Solutions BDC is obligated to reimburse the Adviser, and this will reduce the returns available to investors. If I am a New Mexico resident, in addition to the general suitability standards listed above, I may not invest, and I may not accept from an investor more than ten percent (10%) of my liquid net worth in shares of Apollo Debt Solutions BDC, its affiliates and in other non-traded business development companies. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents and readily marketable securities. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit. If I am a North Dakota resident, I have a net worth of at least ten times my investment in Apollo Debt Solutions BDC. If I am an Ohio resident, it is unsuitable to invest more than 10% of my liquid net worth in the issuer, affiliates of the issuer, and in any other non-traded business development company. “Liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus, total liabilities) comprised of cash, cash equivalents and readily marketable securities. This condition does not apply, directly or indirectly, to federally covered securities. The condition also does not apply to purchasers who meet the definition of an accredited investor as defined in rule 501(a) of Regulation D under the Securities Act of 1933, 15 U.S.C.A. 77a, as amended. INITIALS INITIALS PRIMARY INVESTOR INITIALS CO-INVESTOR INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS

(7) SUBSCRIPTION SIGNATURES (Continued Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) If I am an Oregon resident, in addition to the suitability standards set forth above, I may not invest more than 10% of my liquid net worth in Apollo Debt Solutions BDC. Liquid net worth is defined as an investor’s total assets (excluding home, home furnishings, and automobiles) minus total liabilities. Investors who meet the definition of “accredited investor” as defined in Regulation D under the Securities Act are not subject to the foregoing investment concentration limit. If I am a Puerto Rico resident, I may not invest more than 10% of my liquid net worth in Apollo Debt Solutions BDC, its affiliates and other non-traded real estate investment programs. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus total liabilities) consisting of cash, cash equivalents and readily marketable securities. If I am a Tennessee resident, I must have a liquid net worth of at least ten times my investment in Apollo Debt Solutions BDC. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing investment concentration limit. If I am a Vermont resident and I am an accredited investor in Vermont, as defined in 17 C.F.R. § 230.501, I may invest freely in this offering. In addition to the suitability standards described above, if I am non-accredited Vermont investors, I may not purchase an amount in this offering that exceeds 10% of my liquid net worth. For these purposes, “liquid net worth” is defined as an investor’s total assets (not including home, home furnishings or automobiles) minus total liabilities. In the case of sales to fiduciary accounts, the minimum standards in Section 7.b. shall be met by the beneficiary, the fiduciary, account, or, by the donor or grantor, who directly or indirectly supplies the funds to purchase the shares if the donor or grantor is the fiduciary. If you do not have another broker-dealer or other financial intermediary introducing you to Apollo Debt Solutions BDC, then AGS may be deemed to be acting as your broker-dealer of record in connection with any investment in Apollo Debt Solutions BDC. For important information in this respect, see Section 8 below. I declare that the information supplied in this Subscription Agreement is true and correct and may be relied upon by Apollo Debt Solutions BDC. I acknowledge that the Broker-Dealer/Registered Investment Advisor (Broker-Dealer/Registered Investment Advisor of record) indicated in Section 8 of this Subscription Agreement and its designated clearing agent, if any, will have full access to my account information, including the number of shares I own, tax information (including the Form 1099) and redemption information. Investors may change the Broker-Dealer/Registered Investment Advisor of record at any time by contacting Apollo Debt Solutions BDC Investor Relations at the number indicated below. SUBSTITUTE IRS FORM W-9 CERTIFICATIONS (required for U.S. investors): Under penalties of perjury, I certify that: (1) The number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and (2) I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and (3) I am a U.S. citizen or other U.S. person (including a resident alien) (defined in IRS Form W-9); and (4) The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. SIGNATURE OF INVESTOR DATE SIGNATURE OF CO-INVESTOR OR CUSTODIAN DATE (If applicable) (MUST BE SIGNED BY CUSTODIAN OR TRUSTEE IF PLAN IS ADMINISTERED BY A THIRD PARTY) INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS PRIMARY INVESTOR INITIALS CO-INVESTOR INITIALS INITIALS INITIALS (7) SUBSCRIPTION SIGNATURES (Continued)

Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) If I am an Oregon resident, in addition to the suitability standards set forth above, I may not invest more than 10% of my liquid net worth in Apollo Debt Solutions BDC. Liquid net worth is defined as an investor’s total assets (excluding home, home furnishings, and automobiles) minus total liabilities. Investors who meet the definition of “accredited investor” as defined in Regulation D under the Securities Act are not subject to the foregoing investment concentration limit. If I am a Puerto Rico resident, I may not invest more than 10% of my liquid net worth in Apollo Debt Solutions BDC, its affiliates and other non-traded real estate investment programs. For these purposes, “liquid net worth” is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus total liabilities) consisting of cash, cash equivalents and readily marketable securities. If I am a Tennessee resident, I must have a liquid net worth of at least ten times my investment in Apollo Debt Solutions BDC. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing investment concentration limit. If I am a Vermont resident and I am an accredited investor in Vermont, as defined in 17 C.F.R. § 230.501, I may invest freely in this offering. In addition to the suitability standards described above, if I am non-accredited Vermont investors, I may not purchase an amount in this offering that exceeds 10% of my liquid net worth. For these purposes, “liquid net worth” is defined as an investor’s total assets (not including home, home furnishings or automobiles) minus total liabilities. In the case of sales to fiduciary accounts, the minimum standards in Section 7.b. shall be met by the beneficiary, the fiduciary, account, or, by the donor or grantor, who directly or indirectly supplies the funds to purchase the shares if the donor or grantor is the fiduciary. If you do not have another broker-dealer or other financial intermediary introducing you to Apollo Debt Solutions BDC, then AGS may be deemed to be acting as your broker-dealer of record in connection with any investment in Apollo Debt Solutions BDC. For important information in this respect, see Section 8 below. I declare that the information supplied in this Subscription Agreement is true and correct and may be relied upon by Apollo Debt Solutions BDC. I acknowledge that the Broker-Dealer/Registered Investment Advisor (Broker-Dealer/Registered Investment Advisor of record) indicated in Section 8 of this Subscription Agreement and its designated clearing agent, if any, will have full access to my account information, including the number of shares I own, tax information (including the Form 1099) and redemption information. Investors may change the Broker-Dealer/Registered Investment Advisor of record at any time by contacting Apollo Debt Solutions BDC Investor Relations at the number indicated below. SUBSTITUTE IRS FORM W-9 CERTIFICATIONS (required for U.S. investors): Under penalties of perjury, I certify that: (1) The number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting for a number to be issued to me); and (2) I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and (3) I am a U.S. citizen or other U.S. person (including a resident alien) (defined in IRS Form W-9); and (4) The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct. Certification instructions. You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return. The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. SIGNATURE OF INVESTOR DATE SIGNATURE OF CO-INVESTOR OR CUSTODIAN DATE (If applicable) (MUST BE SIGNED BY CUSTODIAN OR TRUSTEE IF PLAN IS ADMINISTERED BY A THIRD PARTY) INITIALS INITIALS INITIALS INITIALS INITIALS INITIALS PRIMARY INVESTOR INITIALS CO-INVESTOR INITIALS INITIALS INITIALS

Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (8a) REGISTERED REPRESENTATIVE (Please complete ONLY if you are a Registered Representative otherwise skip to 8b.) BROKER DEALER (Required Information for sales made directly through a broker dealer. If the shares are being purchased through an RIA, please complete Section 8b instead.) Please note that unless previously agreed to in writing by Apollo Debt Solutions BDC, all sales of securities must be made through a Broker-Dealer or an RIA. This Section 8a must be completed for shares being purchased directly through a Broker-Dealer. If the shares are being purchased through an RIA, please complete Section 8b of this Subscription Agreement instead. The Registered Representative must sign below to complete the order. Registered Representative hereby warrants that he/she is duly licensed and may lawfully sell shares in the state designated as the investor’s legal residence. BROKER DEALER REGISTERED REP MAILING ADDRESS CITY STATE ZIP FIRM CRD NUMBER REP NUMBER TELEPHONE NUMBER E-MAIL ADDRESS FAX NUMBER OPERATIONS CONTACT NAME OPERATIONS CONTACT E-MAIL ADDRESS The undersigned confirm(s), which confirmation is made on behalf of the Broker-Dealer with respect to sales of securities made through a Broker-Dealer, that they (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have discussed such investor’s prospective purchase of shares with such investor; (iii) have advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the shares; (iv) have delivered or made available a current prospectus and related supplements, if any, to such investor; (v) have reasonable grounds to believe that the investor is purchasing these shares for his or her own account; (vi) have reasonable grounds to believe that the purchase of shares is a suitable investment for such investor, that such investor meets the suitability standards applicable to such investor set forth in the prospectus and related supplements, if any, and that such investor is in a financial position to enable such investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto; and (vii) have advised such investor that the shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the prospectus. The undersigned Broker-Dealer or Registered Representative listed in Section 8a further represents and certifies that, in connection with this subscription for shares, he/she has complied with and has followed all applicable policies and procedures of his or her firm relating to, and performed functions required by, federal and state securities laws, rules promulgated under the Securities Exchange Act of 1934, as amended, including, but not limited to Rule 15l-1 (“Regulation Best Interest”) and FINRA rules and regulations including, but not limited to Know Your Customer, Suitability and PATRIOT Act (Anti Money Laundering, Customer Identification) as required by its relationship with the investor(s) identified on this document. THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. If you do not have another broker-dealer or other financial intermediary introducing you to Apollo Debt Solutions BDC, then Apollo Global Securities, LLC (“AGS”) may be deemed to act as your broker-dealer of record in connection with any investment in Apollo Debt Solutions BDC. AGS is not a full-service broker-dealer and may not provide the kinds of financial services that you might expect from another financial intermediary, such as holding securities in an account. If AGS is your broker-dealer of record, then your shares will be held in your name on the books of Apollo Debt Solutions BDC. AGS will not monitor your investments, and has not and will not make any recommendation regarding your investments. If you want to receive financial advice regarding a prospective investment in the shares, contact your broker-dealer or other financial intermediary. REGISTERED REPRESENTATIVE SIGNATURE DATE BRANCH MANAGER SIGNATURE DATE (If required by Broker-Dealer)

Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (8b) INVESTMENT ADVISER REPRESENTATIVE/ RIA INFORMATION (Required information for sales made through an RIA. If the shares are being purchased directly through a broker-dealer, please complete Section 8a instead.) The Investment Advisor Representative (“Representative”), on behalf of the Representative and the Registered Investment Adviser firm (“RIA”), must sign below to complete the order. A principal or other authorized signatory of RIA must also sign if required by RIA. Representative hereby warrants that Representative is duly licensed and authorized to execute this Subscription Agreement on behalf of Representative and RIA, and may lawfully provide investment advice regarding the shares in the state designated as the investor’s legal residence. RIA FIRM INVESTMENT ADVISOR REPRESENTATIVE NAME MAILING ADDRESS CITY STATE ZIP IARD NUMBER (if known) RIA NUMBER TELEPHONE NUMBER E-MAIL ADDRESS FAX NUMBER OPERATIONS CONTACT NAME OPERATIONS CONTACT E-MAIL ADDRESS The undersigned confirm by their signature, on behalf of the Representative and RIA, that Representative and RIA: (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have verified, if other than individual ownership, that the individual executing on behalf of the investor is properly authorized and identified; (iii) have discussed such investor’s prospective purchase of shares with such investor; and (iv) have advised such investor of all pertinent facts with regard to the liquidity and marketability of the shares. The Representative and RIA are not authorized or permitted to give, and represents that they have not given to a prospective investor, any information or any representation concerning the shares except (i) as set forth in the prospectus, as amended and supplemented, and (ii) any sales literature which has been approved in advance in writing by Apollo Debt Solutions BDC (“ADS”) (such information, the “Supplemental Information”). The Representative represents that Representative has not used or will not use any unapproved materials related to ADS. The Representative has delivered a copy of the prospectus, and all amendments and supplements thereto, to each investor to whom an offer is made prior to or simultaneously with the first solicitation and that investor received such documentation at least five (5) business days prior to investor’s execution of this Subscription Agreement. The Representative and RIA represent that it has not shown or given to the investor any material marked “RIA only,” “For Financial Advisor Use Only” or otherwise bearing a legend denoting that it is not to be shared with or given to investors. The Representative and RIA hereby agree to, and shall, indemnify and hold harmless ADS, its respective affiliates, and any trustees, officers, partners, employees or agents of the foregoing (collectively, “Apollo Affiliates”), against any and all direct or third-party claims, losses, damages, or liabilities, joint or several, including but not limited to any claims, losses, damages, or liabilities relating to or regarding the suitability of the investment for the investor, whether or not the investment was in the best interest of the investor, and/or any claims relating to statements made by the RIA to the investor with respect to the purchase of shares or otherwise with respect to ADS (including any investigative, legal, and other costs and expenses reasonably incurred in connection with, and any amounts paid in settlement of any action, suit, proceeding, or legislative or regulatory inquiry) (collectively “Claims”), for which any of the Apollo Affiliates may become subject, to the extent that such Claims arise out of or are based upon: (i) the Representative or RIA’s fraud, willful default, or negligence; or (ii) the Representative or RIA’s (a) violation of applicable law or regulation, (b) misrepresentation to the investor(s), (c) breach of any warranty or representation of the Representative or RIA herein, or (d) failure to fulfill any covenant or agreement of the Representative or RIA contained herein. The Representative and RIA shall not be liable under the indemnification provisions of this Subscription Agreement with respect to a party or other person entitled to indemnification hereunder (the “Indemnified Party”) unless such Indemnified Party shall have notified the Representative and RIA in writing within a reasonable time after notice giving information of the nature of the claim shall have been received by such Indemnified Party, but failure to notify the Representative or RIA of any such claim shall not relieve the Representative or RIA from any liability that it may have to the Indemnified Party against whom such claim is made, except to the extent that the failure to notify results in the failure of actual notice to the Representative or RIA and such indemnifying party is materially damaged by being unable effectively to defend such claim solely as a result of failure to give or delay in giving such notice. In case an action is brought directly against the Indemnified Party, or the Indemnified Party becomes directly involved in the action, the Representative or RIA will be entitled to participate, at their own expense, in the defense thereof. The Representative and RIA also shall be entitled to assume the defense thereof, with counsel satisfactory to the Indemnified Party in its reasonable judgment. After notice from the Representative or RIA to the Indemnified Party of the Representative’s or RIA’s election to assume the defense thereof, the Indemnified Party shall bear the fees and expenses of any additional counsel retained by it, and the Representative or RIA will not be liable to such party under this Subscription Agreement for any legal or other expenses subsequently incurred by such party independently in connection with the defense thereof other than reasonable costs of investigation, unless (i) the Representative or RIA and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) the named parties to any such proceeding (including any impleaded parties) include both the RIA and the Indemnified

Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between or among them. Neither the Representative nor the RIA shall be liable for any settlement of any proceeding effected without its written consent but if settled with such consent, the Representative and RIA agree to indemnify the Indemnified Party from and against any loss or liability by reason of such settlement. The RIA may settle any Claim covered by indemnification hereunder, provided such settlement involves solely the payment of money and a complete and total release from said Claim. A successor by law of the Indemnified Parties shall be entitled to the benefits of the indemnification contained in this Subscription Agreement. The RIA represents that it is properly licensed and presently registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and has complied with registration or notice filing requirements of the appropriate regulatory agency of each state in which the RIA has clients or is exempt from such registration requirements. The Representative and RIA represent that each is in compliance with all the applicable requirements imposed upon it under (a) the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) promulgated under both such acts, (b) all applicable state securities laws and regulations as from time to time in effect, (c) any other state and federal laws and regulations applicable to the activities of the Representative or RIA pursuant to this Subscription Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999, and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC; and (d) this Subscription Agreement and the prospectus as amended and supplemented. The RIA agrees to comply with the record-keeping requirements imposed by federal and state laws, including those records related to suitability and to make the suitability records available to ADS upon request. The Representative and RIA represent that the investor meets the suitability and financial qualifications set forth in Section 7 of this Subscription Agreement and the prospectus, as amended and supplemented, and is a person who is eligible to purchase the applicable class of shares as described in the prospectus, as amended and supplemented. The Representative and RIA have reasonable grounds to believe that the purchase of shares by the investor is a suitable and appropriate investment for such investor. In making this determination, the RIA has reasonable grounds to believe that the investor: (a) can reasonably benefit from an investment in ADS based on the prospective investor’s overall investment objectives and portfolio structure; (b) is able to bear the economic risk of the investment based on the prospective investor’s overall financial situation; and (c) has apparent understanding of (1) the fundamental risks of the investment, (2) the risk that the investor may lose the entire investment, (3) the lack of liquidity of the shares, (4) the restrictions on transferability of the shares, (5) the tax consequences of the investment, and (6) the background and qualifications of ADS’s external advisor. The Representative and RIA have made this determination on the basis of information it has obtained from the investor, including at least the age, investment objectives, investment experiences, income, net worth, financial situation, and other investments of the prospective investor, as well as any other pertinent factors. The Representative and RIA represent further that they have conducted, or have directed an agent or the account custodian to conduct on the RIA’s behalf, all necessary due diligence and “know your customer” checks on the investor in order to comply with any and all applicable laws, rules, and regulations including, but not limited to, the USA Patriot Act of 2001, the Bank Secrecy Act, regulations or orders issued by the Office of Foreign Asset Control at the Department of the Treasury, and any other applicable anti-money laundering laws, rules, or regulations. With respect to any use by the Representative and RIA of electronic delivery of the prospectus and Supplemental Information and electronic signature of the Subscription Agreement, the Representative and RIA represent and warrant that each will comply with (a) all applicable rules, regulations and guidelines issued by the SEC, the North American Securities Administrators Association, Inc. (NASAA) and individual state securities administrators and any other applicable laws or regulations and guidelines; and (b) the Electronic Signatures in the Global and National Commerce Act and the Uniform Electronic Transactions Act, to the extent applicable, as adopted in each applicable jurisdiction and any other applicable laws. The undersigned represents that the shares will be purchased through the RIA listed above. RIA and ADS acknowledge that if RIA and ADS have executed an RIA Selling Agreement for the offering of shares of ADS, then such agreement shall supersede any conflicting representations contained herein in this Section 8b. THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. INVESTMENT ADVISOR REPRESENTATIVE SIGNATURE DATE PRINCIPAL OR OTHER RIA AUTHORIZED SIGNATORY SIGNATURE (if required by RIA) (8b) INVESTMENT ADVISER REPRESENTATIVE/ RIA INFORMATION (Required information for sales made through an RIA. If the shares are being purchased directly through a broker-dealer, please complete Section 8a instead.) (Continued)

Subscription Agreement for Shares of Apollo Debt Solutions BDC (0725-22) (9) MISCELLANEOUS If investors participating in the Distribution Reinvestment Plan or making subsequent purchases of shares of Apollo Debt Solutions BDC experience a material adverse change in their financial condition or can no longer make the representations or warranties set forth in Section 7 above, they are asked to promptly notify Apollo Debt Solutions BDC and the investor’s Broker-Dealer or RIA, as applicable, in writing. The Broker-Dealer or RIA, as applicable, may notify Apollo Debt Solutions BDC if an investor participating in the Distribution Reinvestment Plan can no longer make the representations or warranties set forth in Section 7 above, and Apollo Debt Solutions BDC may rely on such notification to terminate such investor’s participation in the Distribution Reinvestment Plan. No sale of shares may be completed until at least five business days after you receive the final prospectus. To be accepted, a subscription request must be made with a completed and executed subscription agreement in good order and payment of the full purchase price at least five business prior to the first calendar day of the month (unless waived). You will receive a written confirmation of your purchase. All items on the Subscription Agreement must be completed in order for your subscription to be processed. Subscribers are encouraged to read the prospectus in its entirety for a complete explanation of an investment in the shares of Apollo Debt Solutions BDC. Return the completed Subscription Agreement to: Apollo Debt Solutions BDC Investor Relations: 1-888-926-2688 Regular Mail: Apollo Debt Solutions BDC PO Box 219845 Kansas City, MO 64121-9845 Overnight Mail: Apollo Debt Solutions BDC C/O SS&C GIDS, Inc. 801 Pennsylvania Ave, Suite 219845 Kansas City, MO 64105-1307 Email: apollo.ai@sscinc.com