X0202 SCHEDULE 13D/A 0002011937 XXXXXXXX LIVE 3 Common shares of beneficial interest, par value $0.001 per share 03/20/2026 false 0002052152 000000000 Apollo Origination II (Levered) Capital Trust

9 West 57th Street 42nd Floor New York NY 10019

David W. Blass, Esq. 212-455-2000 Simpson Thacher & Bartlett LLP 900 G Street, N.W. Washington DC 20001 Steven Grigoriou, Esq. 212-455-2000 Simpson Thacher & Bartlett LLP 900 G Street, N.W. Washington DC 20001 Y Apollo Direct Lending Fund II (Levered AIV), L.P. OO N E9 0.00 30539823.70 0.00 30539823.70 30539823.70 N 100 PN Y Apollo Direct Lending Advisors II, L.P. OO N E9 0.00 30539823.70 0.00 30539823.70 30539823.70 N 100 PN Y Apollo Origination Advisors II GP, LLC OO N DE 0.00 30539823.70 0.00 30539823.70 30539823.70 N 100 OO Y APH Holdings (DC), L.P. OO N E9 0.00 30539823.70 0.00 30539823.70 30539823.70 N 100 PN 0002011937 N Apollo Principal Holdings B GP, LLC OO N DE 0.00 30539823.70 0.00 30539823.70 30539823.70 N 100 OO Common shares of beneficial interest, par value $0.001 per share Apollo Origination II (Levered) Capital Trust 9 West 57th Street 42nd Floor New York NY 10019 This Amendment No. 3 ("Amendment No. 3") amends and supplements the Schedule 13D filed with the Securities and Exchange Commission on September 15, 2025, as amended by Amendment No. 1 filed with the Securities and Exchange Commission on November 25, 2025 (as amended, the "Schedule 13D") and Amendment No. 2 filed with the Securities and Exchange Commission on December 23, 2025 relating to the common shares of beneficial interest, par value $0.001 per share (the "Common Shares"), of Apollo Origination II (Levered) Capital Trust, a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act") (the "Issuer" or the "Company"). Except as set forth herein, the initial Schedule 13D remains in full force and effect. Each capitalized term used but not defined herein has the meaning ascribed to such term in the initial Schedule 13D. Item 3 of the Schedule 13D is hereby amended and supplemented to add the following: The information set forth in Items 4, 5 and 6 hereof is hereby incorporated by reference into this Item 3. On March 18, 2026, the Issuer delivered a capital drawdown notice to Apollo Direct Lending Fund II (Levered AIV), L.P. (formerly known as Apollo Origination Partnership II (Levered AIV), L.P.), pursuant to which Apollo Direct Lending Fund II (Levered AIV), L.P. was obligated to make a capital contribution to purchase 2,506,748.9395 Common Shares at $25.93 per Common Share for an aggregate purchase price of $65,000,000. The purchase closed on March 20, 2026 when NAV was finalized, and the Common Shares were deemed issued on March 20, 2026. The Common Shares were paid for from Apollo Direct Lending Fund II (Levered AIV), L.P.'s invested capital. Items 5(a)-(c) of the Schedule 13D are hereby amended and restated in their entirety as follows: The information set forth in Items 3 and 6 hereof is hereby incorporated by reference into this Item 4. Calculation of the percentage of the Common Shares beneficially owned is based on 30,539,823.6996 Common Shares outstanding as of the date hereof, as disclosed by the Issuer to the Reporting Persons. The aggregate number and percentage of the Common Shares beneficially owned by each Reporting Person and, for each Reporting Person, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition are set forth on rows 7 through 11 and row 13 of the cover pages of this Schedule 13D and are incorporated herein by reference. Apollo Direct Lending Fund II (Levered AIV), L.P. directly holds 30,539,823.6996 Common Shares. Apollo Direct Lending Advisors II, L.P. (formerly known as Apollo Origination Advisors II, L.P.) is the general partner of Apollo Direct Lending Fund II (Levered AIV), L.P. Apollo Origination Advisors II GP, LLC is the general partner of Apollo Direct Lending Advisors II, L.P. The sole member of Apollo Origination Advisors II GP, LLC is APH Holdings (DC), L.P. Apollo Principal Holdings B GP, LLC is the general partner of APH Holdings (DC), L.P. Apollo Principal Holdings B GP, LLC is managed by a board of managers consisting of Marc Rowan, Scott Kleinman and James Zelter. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute an admission that any Reporting Person or Messrs. Rowan, Kleinman and Zelter is the beneficial owner of the Common Shares referred to herein for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each Reporting Person and Messrs. Rowan, Kleinman and Zelter expressly disclaims beneficial ownership of such Common Shares and any assertion or presumption that they and the other persons on whose behalf this statement is filed constitute a "group." See 5(a) above. Information set forth under Item 3 of this Schedule 13D is incorporated by reference herein. Except as set forth in this Schedule 13D, none of the Reporting Persons, to the best of the knowledge of such persons, has effected any transaction in the Common Shares in the past 60 days. Item 6 of the Schedule 13D is hereby amended and supplemented to add the following: The information set forth in Items 3 and 4 hereof is hereby incorporated by reference into this Item 6. Pursuant to the Subscription Agreement, the Reporting Persons have agreed to purchase Common Shares from the Issuer for an aggregate purchase price of up to $800,000,000. As of the date hereof, $215,000,000 of the Reporting Persons' Capital Commitments have been drawn down by the Issuer. Additional purchases of Common Shares for a purchase price up to the Capital Commitment may occur in one or more subsequent closings on dates to be selected by the Issuer in accordance with the Subscription Agreement. The purchase price for future drawdown dates will be the Drawdown Purchase Price (as defined therein). As previously disclosed, the assignability and transferability of the Common Shares are governed by the Second Amended and Restated Agreement and Declaration of Trust and the Subscription Agreement, each of which imposes substantial restrictions on transfers. Except for the matters described herein, the Reporting Persons have no contract, arrangement, understanding or relationship (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any other person with respect to the securities of the Issuer. Item 7 of the Schedule 13D is hereby amended and supplemented to add the following exhibit: Exhibit No. Description 99.1 Signature Page Apollo Direct Lending Fund II (Levered AIV), L.P. /s/ William B. Kuesel 03/24/2026 Apollo Direct Lending Advisors II, L.P. /s/ William B. Kuesel 03/24/2026 Apollo Origination Advisors II GP, LLC /s/ William B. Kuesel 03/24/2026 APH Holdings (DC), L.P. /s/ William B. Kuesel 03/24/2026 Apollo Principal Holdings B GP, LLC /s/ William B. Kuesel 03/24/2026