Cover Page
Cover Page - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Apollo Infrastructure Company LLC | |
Entity Central Index Key | 0001971381 | |
Entity File Number | 000-56561 | |
Entity Tax Identification Number | 92-3084689 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Address, Address Line One | 9 West 57th Street | |
Entity Address, Address Line Two | 42nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 212 | |
Local Phone Number | 515-3200 | |
Entity Incorporation, State or Country Code | DE | |
Document Financial Statement Error Correction [Flag] | false | |
Document Annual Report | true | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
ICFR Auditor Attestation Flag | false | |
Auditor Name | Deloitte & Touche LLP | |
Auditor Firm ID | 34 | |
Auditor Location | New York | |
Entity Public Float | $ 0 | |
Class V Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40 | |
Class V Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 40 | |
Class S Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | S Shares | |
Class S Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | S Shares | |
Class I Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | I Shares | |
Class I Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | I Shares | |
Class F-S Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | F-S Shares | |
Class F-S Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | F-S Shares | |
Class F-I Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 124,118 | |
Title of 12(g) Security | F-I Shares | |
Class F-I Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 61,294 | |
Title of 12(g) Security | F-I Shares | |
Class A I Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | A-I Shares | |
Class A I Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | A-I Shares | |
Class A-II Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,206,849 | |
Title of 12(g) Security | A-II Shares | |
Class A-II Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,142,749 | |
Title of 12(g) Security | A-II Shares | |
Class E Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | E Shares | |
Class E Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Document Information [Line Items] | ||
Title of 12(g) Security | E Shares |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities $ in Thousands | Dec. 31, 2023 USD ($) $ / shares shares |
Assets | |
Investments at fair value (cost of $24,187; $112,121; and $136,308; respectively) | $ 137,015 |
Cash and cash equivalents | 121,271 |
Prepaid expenses and other assets | 1,067 |
Deferred offering expenses | 2,448 |
Subscription receivable | 500 |
Due from Operating Manager | 3,381 |
Total assets | 265,682 |
Liabilities | |
Management fee payable | 177 |
Accrued performance fee payable | 152 |
Organizational expenses payable | 79 |
Offering expenses payable | 197 |
Other accrued expenses and liabilities | 1,273 |
Due to Operating Manager | 3,016 |
Total liabilities | 4,894 |
Commitments and contingencies (Note 6) | |
Total net assets | 260,788 |
A-II shares [Member] | |
Liabilities | |
Common Shares | 260,786 |
Total net assets | $ 260,786 |
Net asset value per share | |
Shares outstanding | shares | 10,319,748 |
Net asset value per share | $ / shares | $ 25.27 |
V shares [Member] | |
Liabilities | |
Common Shares | $ 2 |
Total net assets | $ 2 |
Net asset value per share | |
Shares outstanding | shares | 80 |
Net asset value per share | $ / shares | $ 25 |
Series I [Member] | |
Assets | |
Investments at fair value (cost of $24,187; $112,121; and $136,308; respectively) | $ 24,314 |
Cash and cash equivalents | 21,575 |
Prepaid expenses and other assets | 190 |
Deferred offering expenses | 432 |
Subscription receivable | 500 |
Due from Operating Manager | 598 |
Total assets | 47,609 |
Liabilities | |
Management fee payable | 32 |
Accrued performance fee payable | 27 |
Organizational expenses payable | 12 |
Offering expenses payable | 34 |
Other accrued expenses and liabilities | 232 |
Due to Operating Manager | 530 |
Total liabilities | 867 |
Commitments and contingencies (Note 6) | |
Total net assets | 46,742 |
Series I [Member] | A-II shares [Member] | |
Liabilities | |
Common Shares | 46,741 |
Total net assets | $ 46,741 |
Net asset value per share | |
Shares outstanding | shares | 1,851,311 |
Net asset value per share | $ / shares | $ 25.25 |
Series I [Member] | V shares [Member] | |
Liabilities | |
Common Shares | $ 1 |
Total net assets | $ 1 |
Net asset value per share | |
Shares outstanding | shares | 40 |
Net asset value per share | $ / shares | $ 25 |
Series II [Member] | |
Assets | |
Investments at fair value (cost of $24,187; $112,121; and $136,308; respectively) | $ 112,701 |
Cash and cash equivalents | 99,696 |
Prepaid expenses and other assets | 877 |
Deferred offering expenses | 2,016 |
Subscription receivable | 0 |
Due from Operating Manager | 2,783 |
Total assets | 218,073 |
Liabilities | |
Management fee payable | 145 |
Accrued performance fee payable | 125 |
Organizational expenses payable | 67 |
Offering expenses payable | 163 |
Other accrued expenses and liabilities | 1,041 |
Due to Operating Manager | 2,486 |
Total liabilities | 4,027 |
Commitments and contingencies (Note 6) | |
Total net assets | 214,046 |
Series II [Member] | A-II shares [Member] | |
Liabilities | |
Common Shares | 214,045 |
Total net assets | $ 214,045 |
Net asset value per share | |
Shares outstanding | shares | 8,468,437 |
Net asset value per share | $ / shares | $ 25.28 |
Series II [Member] | V shares [Member] | |
Liabilities | |
Common Shares | $ 1 |
Total net assets | $ 1 |
Net asset value per share | |
Shares outstanding | shares | 40 |
Net asset value per share | $ / shares | $ 25 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) $ in Thousands | Dec. 31, 2023 USD ($) shares |
Investment owned, cost | $ | $ 136,308 |
Series I [Member] | |
Investment owned, cost | $ | 24,187 |
Series II [Member] | |
Investment owned, cost | $ | $ 112,121 |
A-II shares [Member] | |
Common units authorized | 10,319,748 |
Common units issued | 10,319,748 |
Common units outstanding | 10,319,748 |
A-II shares [Member] | Series I [Member] | |
Common units authorized | 1,851,311 |
Common units issued | 1,851,311 |
Common units outstanding | 1,851,311 |
A-II shares [Member] | Series II [Member] | |
Common units authorized | 8,468,437 |
Common units issued | 8,468,437 |
Common units outstanding | 8,468,437 |
V shares [Member] | |
Common units authorized | 80 |
Common units issued | 80 |
Common units outstanding | 80 |
V shares [Member] | Series I [Member] | |
Common units authorized | 40 |
Common units issued | 40 |
Common units outstanding | 40 |
V shares [Member] | Series II [Member] | |
Common units authorized | 40 |
Common units issued | 40 |
Common units outstanding | 40 |
Consolidated Statements of Oper
Consolidated Statements of Operations $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Investment Income | |
Interest Income | $ 2,451 |
Total Investment Income | 2,451 |
Expenses | |
Organizational expenses | 1,603 |
General and administration expenses | 1,581 |
Directors fees | 113 |
Deferred offering expenses amortization | 84 |
Management fees | 177 |
Performance fees | 152 |
Total expenses | 3,710 |
Less: Expense Support from Operating Manager | (3,381) |
Net expenses | 329 |
Net investment income before taxes | 2,122 |
Provision for (benefit from) income taxes | 444 |
Net investment income | 1,678 |
Realized and unrealized gain/(loss) | |
Net realized gain/(loss) from investments | 67 |
Net change in unrealized appreciation/(depreciation) from investments | 707 |
Net realized and unrealized gain/(loss) | 774 |
Net increase (decrease) in net assets resulting from operations | 2,452 |
Series I [Member] | |
Investment Income | |
Interest Income | 436 |
Total Investment Income | 436 |
Expenses | |
Organizational expenses | 282 |
General and administration expenses | 281 |
Directors fees | 20 |
Deferred offering expenses amortization | 14 |
Management fees | 32 |
Performance fees | 27 |
Total expenses | 656 |
Less: Expense Support from Operating Manager | (598) |
Net expenses | 58 |
Net investment income before taxes | 378 |
Provision for (benefit from) income taxes | 115 |
Net investment income | 263 |
Realized and unrealized gain/(loss) | |
Net realized gain/(loss) from investments | 12 |
Net change in unrealized appreciation/(depreciation) from investments | 127 |
Net realized and unrealized gain/(loss) | 139 |
Net increase (decrease) in net assets resulting from operations | 402 |
Series II [Member] | |
Investment Income | |
Interest Income | 2,015 |
Total Investment Income | 2,015 |
Expenses | |
Organizational expenses | 1,321 |
General and administration expenses | 1,300 |
Directors fees | 93 |
Deferred offering expenses amortization | 70 |
Management fees | 145 |
Performance fees | 125 |
Total expenses | 3,054 |
Less: Expense Support from Operating Manager | (2,783) |
Net expenses | 271 |
Net investment income before taxes | 1,744 |
Provision for (benefit from) income taxes | 329 |
Net investment income | 1,415 |
Realized and unrealized gain/(loss) | |
Net realized gain/(loss) from investments | 55 |
Net change in unrealized appreciation/(depreciation) from investments | 580 |
Net realized and unrealized gain/(loss) | 635 |
Net increase (decrease) in net assets resulting from operations | $ 2,050 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Investment Company, Change in Net Assets [Line Items] | |
Net investment income | $ 1,678 |
Net realized gain/(loss) from investments | 67 |
Net change in unrealized appreciation/(depreciation) from investments | 707 |
Net increase (decrease) in net assets resulting from operations | 2,452 |
Capital Share Transaction | |
Net increase (decrease) in capital share transaction | 258,336 |
Net Assets | |
Total increase (decrease) in net assets during the period | 260,788 |
Net assets at beginning of period | 0 |
Net assets at end of period | 260,788 |
A-II shares [Member] | |
Capital Share Transaction | |
Proceeds from issuance of shares | 258,334 |
V shares [Member] | |
Capital Share Transaction | |
Proceeds from issuance of shares | 2 |
Series I [Member] | |
Investment Company, Change in Net Assets [Line Items] | |
Net investment income | 263 |
Net realized gain/(loss) from investments | 12 |
Net change in unrealized appreciation/(depreciation) from investments | 127 |
Net increase (decrease) in net assets resulting from operations | 402 |
Capital Share Transaction | |
Net increase (decrease) in capital share transaction | 46,340 |
Net Assets | |
Total increase (decrease) in net assets during the period | 46,742 |
Net assets at beginning of period | 0 |
Net assets at end of period | 46,742 |
Series I [Member] | A-II shares [Member] | |
Capital Share Transaction | |
Proceeds from issuance of shares | 46,339 |
Series I [Member] | V shares [Member] | |
Capital Share Transaction | |
Proceeds from issuance of shares | 1 |
Series II [Member] | |
Investment Company, Change in Net Assets [Line Items] | |
Net investment income | 1,415 |
Net realized gain/(loss) from investments | 55 |
Net change in unrealized appreciation/(depreciation) from investments | 580 |
Net increase (decrease) in net assets resulting from operations | 2,050 |
Capital Share Transaction | |
Net increase (decrease) in capital share transaction | 211,996 |
Net Assets | |
Total increase (decrease) in net assets during the period | 214,046 |
Net assets at beginning of period | 0 |
Net assets at end of period | 214,046 |
Series II [Member] | A-II shares [Member] | |
Capital Share Transaction | |
Proceeds from issuance of shares | 211,995 |
Series II [Member] | V shares [Member] | |
Capital Share Transaction | |
Proceeds from issuance of shares | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Operating activities | |
Net increase/(decrease) in net assets resulting from operations | $ 2,452 |
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities: | |
Net change in unrealized (appreciation)/depreciation from investments | (707) |
Payment-in-kind interest capitalized | (1,029) |
Acquisition of Infrastructure Assets | (146,196) |
Acquisition of Infrastructure Assets" and name it "Proceeds from syndication of Infrastructure Assets | 10,917 |
Deferred offering expenses amortization | 84 |
Changes in operating assets and liabilities: | |
(Increase) in prepaid expenses and other assets | (1,067) |
(Increase) in deferred offering expenses | (2,532) |
(Increase) in due from Operating Manager | (3,381) |
Increase in management fee payable | 177 |
Increase in accrued performance fees | 152 |
Increase in organization expenses payable | 79 |
Increase in offering expenses payable | 197 |
Increase in other accrued expenses and liabilities | 1,273 |
Increase in due to Operating Manager | 3,016 |
Net cash used in operating activities | (136,565) |
Financing activities | |
Proceeds from issuance of shares | 257,836 |
Net cash provided by financing activities | 257,836 |
Cash and cash equivalents | |
Net increase/(decrease) in cash and cash equivalents | 121,271 |
Cash and cash equivalents at beginning of period | 0 |
Cash and cash equivalents at end of period | 121,271 |
Supplemental disclosure of cash flow information: | |
Income taxes paid | 220 |
Payment-in-kind income | 1,029 |
Noncash financing activities not included - subscription receivable | 500 |
Apollo Infrastructure Company LLC Series One [Member] | |
Operating activities | |
Net increase/(decrease) in net assets resulting from operations | 402 |
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities: | |
Net change in unrealized (appreciation)/depreciation from investments | (127) |
Payment-in-kind interest capitalized | (184) |
Acquisition of Infrastructure Assets | (25,923) |
Acquisition of Infrastructure Assets" and name it "Proceeds from syndication of Infrastructure Assets | 1,920 |
Deferred offering expenses amortization | 14 |
Changes in operating assets and liabilities: | |
(Increase) in prepaid expenses and other assets | (190) |
(Increase) in deferred offering expenses | (446) |
(Increase) in due from Operating Manager | (598) |
Increase in management fee payable | 32 |
Increase in accrued performance fees | 27 |
Increase in organization expenses payable | 12 |
Increase in offering expenses payable | 34 |
Increase in other accrued expenses and liabilities | 232 |
Increase in due to Operating Manager | 530 |
Net cash used in operating activities | (24,265) |
Financing activities | |
Proceeds from issuance of shares | 45,840 |
Net cash provided by financing activities | 45,840 |
Cash and cash equivalents | |
Net increase/(decrease) in cash and cash equivalents | 21,575 |
Cash and cash equivalents at beginning of period | 0 |
Cash and cash equivalents at end of period | 21,575 |
Supplemental disclosure of cash flow information: | |
Income taxes paid | 70 |
Payment-in-kind income | 184 |
Noncash financing activities not included - subscription receivable | 500 |
Apollo Infrastructure Company LLC Series Two [Member] | |
Operating activities | |
Net increase/(decrease) in net assets resulting from operations | 2,050 |
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities: | |
Net change in unrealized (appreciation)/depreciation from investments | (580) |
Payment-in-kind interest capitalized | (845) |
Acquisition of Infrastructure Assets | (120,273) |
Acquisition of Infrastructure Assets" and name it "Proceeds from syndication of Infrastructure Assets | 8,997 |
Deferred offering expenses amortization | 70 |
Changes in operating assets and liabilities: | |
(Increase) in prepaid expenses and other assets | (877) |
(Increase) in deferred offering expenses | (2,086) |
(Increase) in due from Operating Manager | (2,783) |
Increase in management fee payable | 145 |
Increase in accrued performance fees | 125 |
Increase in organization expenses payable | 67 |
Increase in offering expenses payable | 163 |
Increase in other accrued expenses and liabilities | 1,041 |
Increase in due to Operating Manager | 2,486 |
Net cash used in operating activities | (112,300) |
Financing activities | |
Proceeds from issuance of shares | 211,996 |
Net cash provided by financing activities | 211,996 |
Cash and cash equivalents | |
Net increase/(decrease) in cash and cash equivalents | 99,696 |
Cash and cash equivalents at beginning of period | 0 |
Cash and cash equivalents at end of period | 99,696 |
Supplemental disclosure of cash flow information: | |
Income taxes paid | 150 |
Payment-in-kind income | 845 |
Noncash financing activities not included - subscription receivable | $ 0 |
Consolidated Schedules of Inves
Consolidated Schedules of Investments - USD ($) $ in Thousands | 9 Months Ended | ||
Dec. 31, 2023 | Mar. 31, 2024 | ||
Schedule of Investments [Line Items] | |||
Fair Value | $ 137,015 | ||
Investment, Identifier [Axis]: Series I | Investments in Loans | Longroad High Street Holdings, LLC- SOFR +3.75% 11/30/30 | United States | Energy | |||
Schedule of Investments [Line Items] | |||
Industry | Energy | ||
Principal Amount or Number of Shares | 3,898,967 | ||
Fair Value | $ 3,840 | ||
Fair Value as a Percentage of Net Assets | 8.22% | ||
Investment, Identifier [Axis]: Series I | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | |||
Schedule of Investments [Line Items] | |||
Industry | Communications | ||
Principal Amount or Number of Shares | 13,258,898 | ||
Fair Value | 13,133 | ||
Fair Value as a Percentage of Net Assets | 28.10% | ||
Investment, Identifier [Axis]: Series I | Investments in Partnership Investment Vehicle | AIC 3-Z Subsidiary, LLC | Various | Various | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Various | |
Fair Value | [1] | 3,872 | |
Fair Value as a Percentage of Net Assets | [1] | 8.28% | |
Investment, Identifier [Axis]: Series I | Investments in Partnership Investment Vehicle | Atlas Tank Parent, L.P. | United States | Transportation | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Transportation | |
Fair Value | [1] | 3,469 | |
Fair Value as a Percentage of Net Assets | [1] | 7.42% | |
Investment, Identifier [Axis]: Series I | Total Investments - Series I (Cost of $24,187) | |||
Schedule of Investments [Line Items] | |||
Fair Value | 24,314 | ||
Fair Value as a Percentage of Net Assets | 52.02% | ||
Investment, Identifier [Axis]: Series I | Total Investments in Loans | |||
Schedule of Investments [Line Items] | |||
Fair Value | 16,973 | ||
Fair Value as a Percentage of Net Assets | 36.32% | ||
Investment, Identifier [Axis]: Series I | Total Investments in Partnership Investment Vehicle | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | 7,341 | |
Fair Value as a Percentage of Net Assets | [1] | 15.70% | |
Investment, Identifier [Axis]: Series II | Investments in Loans | Longroad High Street Holdings, LLC- SOFR +3.75% 11/30/30 | United States | Energy | |||
Schedule of Investments [Line Items] | |||
Industry | Energy | ||
Principal Amount or Number of Shares | 18,267,699 | ||
Fair Value | 17,993 | ||
Fair Value as a Percentage of Net Assets | 8.41% | ||
Investment, Identifier [Axis]: Series II | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | |||
Schedule of Investments [Line Items] | |||
Industry | Communications | ||
Principal Amount or Number of Shares | 61,319,161 | ||
Fair Value | 60,745 | ||
Fair Value as a Percentage of Net Assets | 28.38% | ||
Investment, Identifier [Axis]: Series II | Investments in Partnership Investment Vehicle | AIC 3-Z Subsidiary, LLC | Various | Various | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Various | |
Fair Value | [1] | 17,726 | |
Fair Value as a Percentage of Net Assets | [1] | 8.28% | |
Investment, Identifier [Axis]: Series II | Investments in Partnership Investment Vehicle | Atlas Tank Parent, L.P. | United States | Transportation | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Transportation | |
Fair Value | [1] | 16,237 | |
Fair Value as a Percentage of Net Assets | [1] | 7.59% | |
Investment, Identifier [Axis]: Series II | Total Investments - Series II (Cost of $112,121) | |||
Schedule of Investments [Line Items] | |||
Fair Value | 112,701 | ||
Fair Value as a Percentage of Net Assets | 52.66% | ||
Investment, Identifier [Axis]: Series II | Total Investments in Loans | |||
Schedule of Investments [Line Items] | |||
Fair Value | 78,738 | ||
Fair Value as a Percentage of Net Assets | 36.79% | ||
Investment, Identifier [Axis]: Series II | Total Investments in Partnership Investment Vehicle | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | 33,963 | |
Fair Value as a Percentage of Net Assets | [1] | 15.87% | |
Investment, Identifier [Axis]: Total | Investments in Loans | Longroad High Street Holdings, LLC- SOFR +3.75% 11/30/30 | United States | Energy | |||
Schedule of Investments [Line Items] | |||
Industry | Energy | ||
Principal Amount or Number of Shares | 22,166,666 | ||
Fair Value | 21,833 | ||
Fair Value as a Percentage of Net Assets | 8.37% | ||
Investment, Identifier [Axis]: Total | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | |||
Schedule of Investments [Line Items] | |||
Industry | Communications | ||
Principal Amount or Number of Shares | 74,578,059 | ||
Fair Value | 73,878 | ||
Fair Value as a Percentage of Net Assets | 28.33% | ||
Investment, Identifier [Axis]: Total | Investments in Partnership Investment Vehicle | AIC 3-Z Subsidiary, LLC | Various | Various | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Various | |
Fair Value | [1] | 21,598 | |
Fair Value as a Percentage of Net Assets | [1] | 8.28% | |
Investment, Identifier [Axis]: Total | Investments in Partnership Investment Vehicle | Atlas Tank Parent, L.P. | United States | Transportation | |||
Schedule of Investments [Line Items] | |||
Industry | [1] | Transportation | |
Fair Value | [1] | 19,706 | |
Fair Value as a Percentage of Net Assets | [1] | 7.56% | |
Investment, Identifier [Axis]: Total | Total Investments - Total (Cost of $136,308) | |||
Schedule of Investments [Line Items] | |||
Fair Value | 137,015 | ||
Fair Value as a Percentage of Net Assets | 52.54% | ||
Investment, Identifier [Axis]: Total | Total Investments in Loans | |||
Schedule of Investments [Line Items] | |||
Fair Value | 95,711 | ||
Fair Value as a Percentage of Net Assets | 36.70% | ||
Investment, Identifier [Axis]: Total | Total Investments in Partnership Investment Vehicle | |||
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 41,304 | |
Fair Value as a Percentage of Net Assets | [1] | 15.84% | |
[1]Partnership investment vehicle includes investments in both limited partnerships and limited liability companies. |
Consolidated Schedules of Inv_2
Consolidated Schedules of Investments (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Cost | $ 136,308 | |
Investment, Identifier [Axis]: Series I | Investments in Loans | Longroad High Street Holdings, LLC- SOFR +3.75% 11/30/30 | United States | Energy | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 3.75% | |
Investment maturity date | Nov. 30, 2030 | |
Investment, Identifier [Axis]: Series I | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | ||
Schedule of Investments [Line Items] | ||
Investment maturity date | Jun. 27, 2029 | |
Investment, Identifier [Axis]: Series I | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | Minimum [Member] | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 15.75% | |
Investment, Identifier [Axis]: Series I | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | Maximum [Member] | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 17.75% | |
Investment, Identifier [Axis]: Series I | Total Investments - Series I (Cost of $24,187) | ||
Schedule of Investments [Line Items] | ||
Cost | $ 24,187 | |
Investment, Identifier [Axis]: Series II | Investments in Loans | Longroad High Street Holdings, LLC- SOFR +3.75% 11/30/30 | United States | Energy | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 3.75% | |
Investment maturity date | Nov. 30, 2030 | |
Investment, Identifier [Axis]: Series II | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | ||
Schedule of Investments [Line Items] | ||
Investment maturity date | Jun. 27, 2029 | |
Investment, Identifier [Axis]: Series II | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | Minimum [Member] | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 15.75% | |
Investment, Identifier [Axis]: Series II | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | Maximum [Member] | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 17.75% | |
Investment, Identifier [Axis]: Series II | Total Investments - Series II (Cost of $112,121) | ||
Schedule of Investments [Line Items] | ||
Cost | $ 112,121 | |
Investment, Identifier [Axis]: Total | Investments in Loans | Longroad High Street Holdings, LLC- SOFR +3.75% 11/30/30 | United States | Energy | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 3.75% | |
Investment maturity date | Nov. 30, 2030 | |
Investment, Identifier [Axis]: Total | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | ||
Schedule of Investments [Line Items] | ||
Investment maturity date | Jun. 27, 2029 | |
Investment, Identifier [Axis]: Total | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | Minimum [Member] | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 15.75% | |
Investment, Identifier [Axis]: Total | Investments in Loans | Yondr Capital LP- 15.75%-17.75% 06/27/29 | Various | Communications | Maximum [Member] | ||
Schedule of Investments [Line Items] | ||
Investment interest rate | 17.75% | |
Investment, Identifier [Axis]: Total | Total Investments - Total (Cost of $136,308) | ||
Schedule of Investments [Line Items] | ||
Cost | $ 136,308 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Pay vs Performance Disclosure | |
Net Income (Loss) | $ 2,452 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization
Organization | 9 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Apollo Infrastructure Company LLC (the “ Company Series I Series II 1940 Act Infrastructure Assets The Company conducts a continuous private offering of its investor shares: S Shares, I Shares, F-S Shares, F-I Shares, A-I Shares, Shares Securities Act The Company is sponsored by Apollo Asset Management, Inc. (together with its subsidiaries, “ Apollo Operating Agreement Operating Manager The purchase of the Shares in a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. V Shares have special rights and privileges, including entitling the holders thereof to the right to increase or decrease the number of directors of the Company, appoint and remove directors from the Board, and fill any vacancies on the Company’s board of directors (the “ Board |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Accounting U.S. GAAP The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) 946, Financial Services – Investment Companies. Basis of Presentation NAV a Basis of Consolidation Use of Estimate s Cash and Cash Equivalents a Organizational and Offering Expenses , , and $1,603, respectively, for the period from April 3, 2023 (date of formation) to December 31, 2023. Offering expenses include registration fees and legal fees regarding the preparation of the registration statement on Form 10 , and $2,532, respectively, for the period from April 3, 2023 (date of formation) to December 31, 2023. Series I, Series II and Total amortized offering expenses of , , and $84 , respectively, The Operating Manager may elect to provide expense support for certain organizational and offering expenses which is subject to potential recoupment as described in Note 4 Investment Income – The Company records dividend income and accrues interest income pursuant to the terms of the respective Infrastructure Asset, unless, in the case of dividend income, the Company determines that the Infrastructure Asset does not have positive earnings in which case such dividend income is treated as a return of capital. Payment-in-Kind (PIK) interest is accrued monthly on PIK fixed income securities in accordance with the contractual terms of those Infrastructure Assets. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and record any interest income, dividend income, realized gains or returns of capital accordingly. For the period from April 3, 2023 (date of formation) to December 31, 2023, investment income was comprised of interest income from Infrastructure Assets and cash and cash a Net Realized gains or losses and Net Change in Unrealized Appreciation (Depreciation) on Investments – basis Investments, At Fair Value – Fair value is 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the Consolidated Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value. There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates. When making fair value determinations for Infrastructure Assets that do not have readily available market prices, we will consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. It is common to use only the income approach for Infrastructure Assets. We also consider a range of additional factors that we deem relevant, including a potential sale of the Infrastructure Assets, macro and local market conditions, industry information and the relevant Infrastructure Asset’s historical and projected financial data. Infrastructure Assets will generally be valued at the relevant transaction price initially; however, to the extent the Operating Manager does not believe an Infrastructure Asset’s transaction price reflects the current market value, the Operating Manager will adjust such valuation. When making fair value determinations for Infrastructure Assets, the Operating Manager will update the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the financial performance of the Infrastructure Assets since the prior valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Operating Manager will value Infrastructure Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions. When making fair value determinations for assets that do not have a reliable, readily available market price, which the Company expects to be the case for a significant number of its Infrastructure Assets, the Operating Manager may engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company’s valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation. At least annually, the Board, including our independent directors, will review the appropriateness of our valuation guidelines. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value. Income Taxes Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interests in Series II would then be treated as shareholders in a corporation, and Series II would become taxable as a corporation for U.S. federal income tax purposes. Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Infrastructure Assets, through subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes and therefore may be Deferred taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset and liability and its reported valuation in the accompanying consolidated financial statements. Income taxes for both Series I and Series II are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the temporary differences in the basis of assets and liabilities for income tax and financial reporting purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Consolidated Statement of Operations in the period that includes the enactment date. Both Series I and Series II recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. For a particular tax-paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount within prepaid expenses and other assets or other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities. Both Series I and Series II review and evaluate tax positions in their major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. The reserve for uncertain tax positions is recorded in other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities. Based on this review, both Series I and Series II have determined the major tax jurisdictions to be where both Series I and Series II are organized, where both Series I and Series II hold interests in Infrastructure Assets, and where the Operating Manager is located; however, no reserves for uncertain tax positions were recorded for any of Series I and Series II’s Consolidated Statements of Assets and Liabilities for the period from April 3, 2023 (date of formation) to December 31, 2023. Both Series I and Series II are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Generally, both Series I and Series II’s returns may be subject to examination for a period of thre from when they are filed under varying statutes of limitations. Calculation of NAV Recent Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures. The guidance makes amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant. The guidance is mandatorily effective for the Company for annual periods beginning in 2025, but early adoption is permitted. The Company is currently evaluating the impact of the new standard. There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the year beginning January 1, 2023 that would be expected to have a material impact on the Company. |
Fair Value Measurement and Disc
Fair Value Measurement and Disclosures | 9 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Fair Value Measurement and Disclosures | 3. Fair Value Measurement and Disclosures The following table summarizes the valuation of the Company’s investments and cash and cash equivalents in the fair value hierarchy levels as of December 31, 2023: Description Total Level I Level II Level III Investments Series I Investments in Partnership Investment Vehicle $ 7,341 $ — $ — $ 3,469 $ 3,872 Investments in Loans 16,973 — — 16,973 — Total Investments $ 24,314 $ — $ — $ 20,442 $ 3,872 Cash and cash equivalents 21,575 21,575 — — — Total $ 45,889 $ 21,575 $ — $ 20,442 $ 3,872 Series II Investments in Partnership Investment Vehicle $ 33,963 $ — $ — $ 16,237 $ 17,726 Investments in Loans 78,738 — — 78,738 — Total Investments $ 112,701 $ — $ — $ 94,975 $ 17,726 Cash and cash equivalents 99,696 99,696 — — — Total $ 212,397 $ 99,696 $ — $ 94,975 $ 17,726 Total Investments in Partnership Investment Vehicle $ 41,304 $ — $ — $ 19,706 $ 21,598 Investments in Loans 95,711 — — 95,711 — Total Investments $ 137,015 $ — $ — $ 115,417 $ 21,598 Cash and cash equivalents 121,271 121,271 — — — Total $ 258,286 $ 121,271 $ — $ 115,417 $ 21,598 Transfers of investments between levels, if any, shall be recorded at the end of the period. There were no transfers in or out of the Company’s investments that are classified as Level III investments for the period from April 3, 2023 (date of formation) to December 31, 2023. The following table shows changes in the fair value of our Level III investment during the period from April 3, 2023 (date of formation) to December 31, 2023: Description Level III Investments Series I Balance as of April 3, 2023 (date of formation) — Purchases, including capitalized PIK 20,344 Net change in unrealized appreciation/(depreciation) from investments 98 Transfers out of Level III — Transfers into Level III — Balance as of December 31, 2023 20,442 Series II Balance as of April 3, 2023 (date of formation) $ — Purchases, including capitalized PIK 94,526 Net change in unrealized appreciation/(depreciation) from investments 449 Transfers out of Level III — Transfers into Level III — Balance as of December 31, 2023 94,975 Total Balance as of April 3, 2023 (date of formation) $ — Purchases, including capitalized PIK 114,870 Net change in unrealized appreciation/(depreciation) from investments 547 Transfers out of Level III — Transfers into Level III — Balance as of December 31, 2023 115,417 The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized/(depreciation) from investments for the period from April 3, 2023 (date of formation) to December 31, 2023 attributable to Level III investments still held at December 31, 2023 for Series I, Series II and Total were $98, $449, and $547, respectively. The following table provides quantitative measure used to determine the fair values of the Level III investments as of December 31, 2023: Asset Type Level III Fair Value Valuation Technique Unobservable Input Input Series I Investments in Partnership Investment Vehicle $ 3,469 Discounted Cash Flow Discount Rate 15.10 % Terminal Multiple 8.5x Investments in Loans 16,973 Transaction Price (1) N/A N/A Total $ 20,442 Series II Investments in Partnership Investment Vehicle $ 16,237 Discounted Cash Flow Discount Rate 15.10 % Terminal Multiple 8.5x Investments in Loans 78,738 Transaction Price (1) N / N/A Total $ 94,975 Total Investments in Partnership Investment Vehicle $ 19,706 Discounted Cash Flow Discount Rate 15.10 % Terminal Multiple 8.5x Investments in Loans 95,711 Transaction Price (1) N/A N/A Total $ 115,417 (1) The Investments in Loans valued at Transaction Price include certain loans held by the Company that, pursuant to their contractual terms, produce PIK income. PIK income computed at the contractual rate is accrued into income and reflected as a receivable up to the capitalization date. For the period from April 3, 2023 (date of formation) to December 31, 2023, Series I, Series II and Total, earned and capitalized PIK income of $184, $845, and $1,029, respectively. Unconsolidated Significant Subsidiary The following table presents summarized financial information of the applicable significant subsidiary in which the Company, Series I and Series II has an indirect equity interest for the period from April 3, 2023 (date of formation) to December 31, 2023: Balance Sheet As of December 31, 2023 Total current assets $ 54,392 Total non-current assets 352,348 Total current liabilities 29,355 Total non-current liabilities 208,020 Shareholder equity 169,365 Income Statement For the year ended December 31, 2023 Total Revenue $ 235,331 Gross profit 53,458 Net operating income 28,979 Income (loss) before taxes 19,512 Net income (loss) 15,612 The summarized financial information above does not represent the Company’s proportionate share. |
Related Party Considerations
Related Party Considerations | 9 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Considerations | 4. Related Party Considerations Initial Capital Contribution On April 12, 2023, the Company issued 40 V Shares of each of Series I and Series II at the aggregate issue prices of $1 and $ 1 Infrastructure Assets On November 6, 2023, the Company acquired an indirect interest in Atlas Tank Parent, L.P. from an affiliate of the Operating Manager. As of December 31, 2023, the Company acquired debt obligations issued by Yondr Capital LP from an affiliate of the Operating Manager, through the partnership investment vehicle, AIC 2-Y Subsidiary LLC. Operating Agreement Pursuant to the Operating Agreement, the Operating Manager is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making recommendations to the Board related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations. Pursuant to the Operating Agreement, the Operating Manager is entitled to receive a management fee (the “ Management Fee Any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), break-up fees, directors’ fees, closing fees and merger and acquisition transaction advisory services fees related to the negotiation of the acquisition of an Infrastructure Asset (other than debt investments or investments with respect to which Apollo does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees, whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, the “ Special Fees For the period from April 3, 2023 (date of formation) to December 31, 2023, the Operating Manager earned gross Management Fees of $32 , $145, and from Series I, Series II and Total, respectively, with The Operating Manager or an affiliate may rebate, waive, or reduce the management fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder’s account. As of December 31, 2023, there were So long as the Operating Agreement has not been terminated, the Operating Manager is entitled to receive a performance fee equal to (i) 12.5% of the total return with respect to S Shares or I Shares, (ii) 9.0% of the total return with respect to F-S Shares or F-I Shares, (iii) 7.5% of the total return from inception through December 31, 2026 and 9.0% thereafter with respect to A-I Shares and (iv) 5.0% of the total return with respect to A-II Shares, in each case subject to a 5.0% hurdle amount and a high water mark with respect to such type of Shares, with a catch-up. Such fee will be paid annually and accrue monthly. The performance fee is not paid on Apollo Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares. For the period from April 3, 2023 (date of formation) to December 31, 2023, the Operating Manager earned Performance Fees of $27 , $125, and from Series I, Series II and Total, respectively. Various affiliates of the Operating Manager are potentially involved in transactions with the Company’s investments in Infrastructure Assets, and whereby affiliates of the Operating Manager may earn fees in, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, “ Capital Solution services For the period from April 3, 2023 (date of formation) to December 31, 2023, $12,000 of fees were paid by the Company’s Infrastructure Assets to affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II and Total. The Company incurred certain operating expenses and deferred offering expenses related to services provided by personnel of the Operating Manager and/or its affiliates. For the period from April 3, 2023 (date of formation) to December 31, 2023, these expenses were , $917, and , for Series I, Series II and Total, respectively, and are included in organizational expenses, general and administration expenses, and deferred offering expenses amortization in the Consolidated Statements of Operations; and also in the deferred offering expenses in the Consolidated Statements Assets and Liabilities. An affiliate of Apollo was issued 1,992,619 of A-II Shares within Series II as of December 1, 2023 for an aggregate consideration of $50,000. Company Expense Support and Conditional Reimbursement of the Operating Manager The Operating Manager may elect to pay certain of our expenses, including certain Organizational and Offering Expenses on our behalf (each, an “ Expense Support It is expected that following any calendar month in which the Specified Expenses are below 0.60% of the Company’s net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Supports, but only if and to the extent that Specified Expenses plus any “Reimbursement Payments” (defined below) do not exceed 0.60% of the Company’s net assets at the end of each calendar month on an annualized basis, until such time as all Expense Supports made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a “Reimbursement Payment.” “Specified Expenses” is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees, (iv) the dealer manager fees (including selling commissions), (v) Infrastructure Asset related expenses, (vi) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company; (vii) taxes; (viii) certain insurance costs, (ix) Organizational and Offering Expenses; (x) certain non-routine items (as determined in the sole discretion of the Operating Manager), and (xi) extraordinary expenses (as determined in the sole discretion of the Operating Manager). As of December 31, 2023, the Operating Manager agreed to provide an Expense Support of $598 , $2,783, and for expenses incurred by Series I, Series II, and Total, respectively , period. The expiration date for future possible recoupment is by the Operating Manager is As of December 31, 2023, Series I, Series II and Total had an outstanding amount payable to the Operating Manager of $530, $2,486, and $3,016, respectively, for payments made on their behalf. Dealer Manager Agreement On December 22, 2023, the Company entered into a dealer manager agreement (“ Dealer Manager Agreement Dealer Manager ”), an affiliate of the Operating Manager. The Dealer Manager is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of up to 0.5%, of the transaction price of each S Share and F-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5% of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85% per annum of the aggregate NAV of the Company’s outstanding S Shares and F-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the A-II Shares, I Shares or F-I Shares. The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers. The E Shares and V Shares will not incur any upfront selling costs or ongoing servicing costs. As of December 31, 2023, neither Series paid the Dealer Manager for any annual distribution fees, shareholder servicing fees, upfront selling commission or dealer manager fees. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | 5. Shareholders’ Equity On April 12, 2023, the Company has issued 40 V Shares of each of Series I and Series II at the aggregate issue prices of $1 and $1, respectively, to Apollo Principal Holdings VI, L.P., a subsidiary of Apollo Asset Management, Inc. On November 1, 2023, the Company had satisfied the minimum offering requirement and the Company’s Board authorized the release of proceeds from escrow; and accordingly, A-II Shares were issued at an offering price of $ 25.00 per share in each of Series I and Series II. The following tables summarizes Series I Series II Total Shares Consideration Shares Consideration Shares Consideration A-II Shares: Balance as of April 3, 2023 (date of formation) — $ — — $ — — $ — Proceeds from issuance of shares 1,851,311 46,339 8,468,437 211,995 10,319,748 258,334 Net increase (decrease) 1,851,311 $ 46,339 8,468,437 211,995 10,319,748 258,334 V Shares: Balance as of April 3, 2023 (date of formation) — $ — — $ — — $ — Proceeds from issuance of shares 40 1 40 1 80 2 Net increase (decrease) 40 $ 1 40 $ 1 80 $ 2 Total net increase (decrease) 1,851,351 $ 46,340 8,468,477 $ 211,996 10,319,828 $ 258,336 Distribution Reinvestment Plan The Company adopted a distribution reinvestment plan (the “ DRIP As of December 31, 2023, the Company has not issued any Shares under the DRIP. Share Repurchases The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchase under the Company’s share repurchase plan, or none at all, in our discretion at any time. We expect that each Series will conduct quarterly Share Repurchases for up to 5.0% of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of the share repurchase plan. As of December 31, 2023, the Company has not repurchased any Share under the share repurchase plan. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Litigation The Company was not subject to any litigation nor was the Company aware of any material litigation threatened against it. Infrastructure Assets As of December 31, 2023, the Company had unfunded commitments of $2,833 related to Infrastructure Assets. Series I, Series II, and Total share of unfunded commitments as of December 31, 2023 was $508, $2,325, and $2,833, respectively. Indemnifications Under the Company’s LLC Agreement and organizational documents, its members of the Board, the Operating Manager, Apollo, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons’ actions constitute actual fraud or willful misconduct. In the normal course of business, the Company enters into contracts that contain a variety of representations and that provide general indemnifications. The Company’s maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes Series I has elected to be treated as a corporation and is subject to current and deferred U.S. federal, state and/or local income taxes. Series II holds interests in Infrastructure Assets, through subsidiaries that are treated as corporations for U.S. and non-U.S. Series I Series II Total Current: Federal $ 71 $ 235 $ 306 State and Local — — — Total current income taxes $ 71 $ 235 $ 306 Deferred: Federal 41 80 121 State and Local 3 14 17 Total deferred income taxes $ 44 $ 94 $ 138 Total provision for (benefit from) income taxes $ 115 $ 329 $ 444 The following table reconciles the statutory U.S. federal income tax rate and the effective tax rate for the period from April 3, 2023 (date of formation) to December 31, 2023: Series I Series II Total U.S. Federal statutory tax rate 21 % 21 % 21 % Foreign tax rate differential 0 % -6 % -6 % Other 1 % -1 % 0 % Effective income tax rate 22 % 14 % 15 % The following table represents significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023: Series I Series II Total Deferred tax assets: Total deferred tax assets $ — $ — $ — Deferred tax liabilities: Unrealized appreciation and interest income from investments 41 83 124 Other 3 11 14 Total deferred tax liabilities $ 44 $ 94 $ 138 Deferred tax liabilities, net: $ 44 $ 94 $ 138 In evaluating the realizability of deferred tax assets, the Company assesses whether it is more likely than not that some portion, or all, of the deferred tax assets, will be realized. The Company considers, among other things, the generation of future taxable income (including reversals of deferred tax assets) during the periods in which the related temporary differences will become deductible. As of December 31, 2023, the Company has no gross deferred tax assets and therefore, no valuation allowance is necessary. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | 8. Financial Highlights The following are the financial highlighted for the period from April 3, 2023 (date of formation) to December 31, 2023: Series I Series II Total A-II Shares A-II Shares A-II Shares Per Share Data: Net asset value at beginning of period $ — $ — $ — Proceeds from issuance of shares 25.03 25.03 25.03 Net investment income (1) 0.18 0.20 0.20 Net realized and unrealized gain/(loss) (2) 0.04 0.05 0.04 Net increase (decrease) in net assets resulting from operations $ 0.22 $ 0.25 $ 0.24 Net asset value at end of period $ 25.25 $ 25.28 $ 25.27 Shares outstanding at end of period 1,851,311 8,468,437 10,319,748 Weighted average shares outstanding 1,496,289 6,909,474 8,405,763 Ratio/Supplemental Data: Net assets at end of period $ 46,741 $ 214,045 $ 260,786 Annualized ratio to average net assets (3) Total operating expenses before expense support and after performance fees (4),(5) 6.38 % 6.41 % 6.40 % Total operating expenses after expense support and after performance fees (4),(5) 0.58 % 0.58 % 0.58 % Total operating expenses after expense support and before performance fees (4),(5) 0.51 % 0.51 % 0.51 % Net investment income (4),(5) 6.11 % 6.21 % 6.20 % Total return (6) 0.99 % 1.10 % 1.08 % (1) The per share data was derived by using the weighted average shares outstanding during the applicable period. (2) The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of the Company’s shares in relation to fluctuating market value for the portfolio. (3) Actual results may not be indicative of future results. Additionally, an individual shareholder’s ratio may vary from the ratios presented for a share class as a whole. (4) The ratios were derived using the weighted average net assets during the applicable period. (5) For the applicable period, interest income and operating expenses are annualized except for organizational expenses and performance fees. (6) The Total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in “Note 4. Related Party Considerations.” The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company’s shares. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9 Subsequent Events Management has evaluated subsequent events and determined to disclose the following subsequent events and transactions. January Financial Update As of January 2, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Type Number of Aggregate Series I A-II Shares 300,066 $ 7,576 F-I Shares 39,043 986 Series II A-II Shares 932,124 $ 23,560 F-I Shares 17,012 430 February Financial Update As of February 1, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Type Number of Aggregate Series I A-II Shares 547,913 $ 13,897 F-I Shares 46,553 1,180 Series II A-II Shares 842,579 $ 21,400 F-I Shares 33,488 850 March Financial Update As of March 1, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Type Number of Aggregate Series I A-II Shares 507,560 $ 12,928 F-I Shares 38,523 980 Series II A-II Shares 899,608 $ 22,948 F-I Shares 10,794 275 On March 28, 2024, the Company declared distributions on the following outstanding shares of the Company in the amounts per share set forth below: Type Distribution Series I A-II Shares $ 0.1300 F-I Shares $ 0.1300 Series II A-II Shares $ 0.1300 F-I Shares $ 0.1300 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting U.S. GAAP The Company’s consolidated financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) 946, Financial Services – Investment Companies. |
Basis of Presentation | Basis of Presentation NAV a |
Basis of Consolidation | Basis of Consolidation |
Use of Estimates | Use of Estimate s |
Cash and Cash Equivalents | Cash and Cash Equivalents a |
Organizational and Offering Expenses | Organizational and Offering Expenses , , and $1,603, respectively, for the period from April 3, 2023 (date of formation) to December 31, 2023. Offering expenses include registration fees and legal fees regarding the preparation of the registration statement on Form 10 , and $2,532, respectively, for the period from April 3, 2023 (date of formation) to December 31, 2023. Series I, Series II and Total amortized offering expenses of , , and $84 , respectively, The Operating Manager may elect to provide expense support for certain organizational and offering expenses which is subject to potential recoupment as described in Note 4 |
Investment Income | Investment Income – The Company records dividend income and accrues interest income pursuant to the terms of the respective Infrastructure Asset, unless, in the case of dividend income, the Company determines that the Infrastructure Asset does not have positive earnings in which case such dividend income is treated as a return of capital. Payment-in-Kind (PIK) interest is accrued monthly on PIK fixed income securities in accordance with the contractual terms of those Infrastructure Assets. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and record any interest income, dividend income, realized gains or returns of capital accordingly. For the period from April 3, 2023 (date of formation) to December 31, 2023, investment income was comprised of interest income from Infrastructure Assets and cash and cash a |
Net Realized gains or losses and Net Change in Unrealized Appreciation (Depreciation) on Investments | Net Realized gains or losses and Net Change in Unrealized Appreciation (Depreciation) on Investments – basis |
Investments, At Fair Value | Investments, At Fair Value – Fair value is 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the Consolidated Statements of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value. There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates. When making fair value determinations for Infrastructure Assets that do not have readily available market prices, we will consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. It is common to use only the income approach for Infrastructure Assets. We also consider a range of additional factors that we deem relevant, including a potential sale of the Infrastructure Assets, macro and local market conditions, industry information and the relevant Infrastructure Asset’s historical and projected financial data. Infrastructure Assets will generally be valued at the relevant transaction price initially; however, to the extent the Operating Manager does not believe an Infrastructure Asset’s transaction price reflects the current market value, the Operating Manager will adjust such valuation. When making fair value determinations for Infrastructure Assets, the Operating Manager will update the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the financial performance of the Infrastructure Assets since the prior valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Operating Manager will value Infrastructure Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions. When making fair value determinations for assets that do not have a reliable, readily available market price, which the Company expects to be the case for a significant number of its Infrastructure Assets, the Operating Manager may engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company’s valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation. At least annually, the Board, including our independent directors, will review the appropriateness of our valuation guidelines. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value. |
Income Taxes | Income Taxes Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interests in Series II would then be treated as shareholders in a corporation, and Series II would become taxable as a corporation for U.S. federal income tax purposes. Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Infrastructure Assets, through subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes and therefore may be Deferred taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset and liability and its reported valuation in the accompanying consolidated financial statements. Income taxes for both Series I and Series II are accounted for under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the temporary differences in the basis of assets and liabilities for income tax and financial reporting purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the Consolidated Statement of Operations in the period that includes the enactment date. Both Series I and Series II recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. For a particular tax-paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities are offset and presented as a single amount within prepaid expenses and other assets or other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities. Both Series I and Series II review and evaluate tax positions in their major jurisdictions and determines whether or not there are uncertain tax positions that require financial statement recognition. The reserve for uncertain tax positions is recorded in other accrued expenses and liabilities, as applicable, in the accompanying Consolidated Statements of Assets and Liabilities. Based on this review, both Series I and Series II have determined the major tax jurisdictions to be where both Series I and Series II are organized, where both Series I and Series II hold interests in Infrastructure Assets, and where the Operating Manager is located; however, no reserves for uncertain tax positions were recorded for any of Series I and Series II’s Consolidated Statements of Assets and Liabilities for the period from April 3, 2023 (date of formation) to December 31, 2023. Both Series I and Series II are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. Generally, both Series I and Series II’s returns may be subject to examination for a period of thre from when they are filed under varying statutes of limitations. |
Calculation of NAV | Calculation of NAV |
Recent Accounting Pronouncements | Recent Accounting Pronouncements – In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures. The guidance makes amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant. The guidance is mandatorily effective for the Company for annual periods beginning in 2025, but early adoption is permitted. The Company is currently evaluating the impact of the new standard. There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the year beginning January 1, 2023 that would be expected to have a material impact on the Company. |
Fair Value Measurement and Di_2
Fair Value Measurement and Disclosures (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Schedule of the valuation of the company's investments in the fair value hierarchy levels | The following table summarizes the valuation of the Company’s investments and cash and cash equivalents in the fair value hierarchy levels as of December 31, 2023: Description Total Level I Level II Level III Investments Series I Investments in Partnership Investment Vehicle $ 7,341 $ — $ — $ 3,469 $ 3,872 Investments in Loans 16,973 — — 16,973 — Total Investments $ 24,314 $ — $ — $ 20,442 $ 3,872 Cash and cash equivalents 21,575 21,575 — — — Total $ 45,889 $ 21,575 $ — $ 20,442 $ 3,872 Series II Investments in Partnership Investment Vehicle $ 33,963 $ — $ — $ 16,237 $ 17,726 Investments in Loans 78,738 — — 78,738 — Total Investments $ 112,701 $ — $ — $ 94,975 $ 17,726 Cash and cash equivalents 99,696 99,696 — — — Total $ 212,397 $ 99,696 $ — $ 94,975 $ 17,726 Total Investments in Partnership Investment Vehicle $ 41,304 $ — $ — $ 19,706 $ 21,598 Investments in Loans 95,711 — — 95,711 — Total Investments $ 137,015 $ — $ — $ 115,417 $ 21,598 Cash and cash equivalents 121,271 121,271 — — — Total $ 258,286 $ 121,271 $ — $ 115,417 $ 21,598 |
Schedule of changes in the fair value of our Level III investment | The following table shows changes in the fair value of our Level III investment during the period from April 3, 2023 (date of formation) to December 31, 2023: Description Level III Investments Series I Balance as of April 3, 2023 (date of formation) — Purchases, including capitalized PIK 20,344 Net change in unrealized appreciation/(depreciation) from investments 98 Transfers out of Level III — Transfers into Level III — Balance as of December 31, 2023 20,442 Series II Balance as of April 3, 2023 (date of formation) $ — Purchases, including capitalized PIK 94,526 Net change in unrealized appreciation/(depreciation) from investments 449 Transfers out of Level III — Transfers into Level III — Balance as of December 31, 2023 94,975 Total Balance as of April 3, 2023 (date of formation) $ — Purchases, including capitalized PIK 114,870 Net change in unrealized appreciation/(depreciation) from investments 547 Transfers out of Level III — Transfers into Level III — Balance as of December 31, 2023 115,417 |
Schedule of quantitative measure used to determine the fair values of the level iii investments | The following table provides quantitative measure used to determine the fair values of the Level III investments as of December 31, 2023: Asset Type Level III Fair Value Valuation Technique Unobservable Input Input Series I Investments in Partnership Investment Vehicle $ 3,469 Discounted Cash Flow Discount Rate 15.10 % Terminal Multiple 8.5x Investments in Loans 16,973 Transaction Price (1) N/A N/A Total $ 20,442 Series II Investments in Partnership Investment Vehicle $ 16,237 Discounted Cash Flow Discount Rate 15.10 % Terminal Multiple 8.5x Investments in Loans 78,738 Transaction Price (1) N / N/A Total $ 94,975 Total Investments in Partnership Investment Vehicle $ 19,706 Discounted Cash Flow Discount Rate 15.10 % Terminal Multiple 8.5x Investments in Loans 95,711 Transaction Price (1) N/A N/A Total $ 115,417 (1) The Investments in Loans valued at Transaction Price include certain loans held by the Company that, pursuant to their contractual terms, produce PIK income. PIK income computed at the contractual rate is accrued into income and reflected as a receivable up to the capitalization date. For the period from April 3, 2023 (date of formation) to December 31, 2023, Series I, Series II and Total, earned and capitalized PIK income of $184, $845, and $1,029, respectively. |
Summary of financial information of the applicable significant subsidiary | Balance Sheet As of December 31, 2023 Total current assets $ 54,392 Total non-current assets 352,348 Total current liabilities 29,355 Total non-current liabilities 208,020 Shareholder equity 169,365 Income Statement For the year ended December 31, 2023 Total Revenue $ 235,331 Gross profit 53,458 Net operating income 28,979 Income (loss) before taxes 19,512 Net income (loss) 15,612 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of shareholder transactions in common shares of beneficial interest | The following tables summarizes Series I Series II Total Shares Consideration Shares Consideration Shares Consideration A-II Shares: Balance as of April 3, 2023 (date of formation) — $ — — $ — — $ — Proceeds from issuance of shares 1,851,311 46,339 8,468,437 211,995 10,319,748 258,334 Net increase (decrease) 1,851,311 $ 46,339 8,468,437 211,995 10,319,748 258,334 V Shares: Balance as of April 3, 2023 (date of formation) — $ — — $ — — $ — Proceeds from issuance of shares 40 1 40 1 80 2 Net increase (decrease) 40 $ 1 40 $ 1 80 $ 2 Total net increase (decrease) 1,851,351 $ 46,340 8,468,477 $ 211,996 10,319,828 $ 258,336 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense benefit | For the period from April 3, 2023 (date of formation) to December 31, 2023, the components of the provision for (benefit from) income taxes are as follows: Series I Series II Total Current: Federal $ 71 $ 235 $ 306 State and Local — — — Total current income taxes $ 71 $ 235 $ 306 Deferred: Federal 41 80 121 State and Local 3 14 17 Total deferred income taxes $ 44 $ 94 $ 138 Total provision for (benefit from) income taxes $ 115 $ 329 $ 444 |
Schedule of effective income tax rate reconciliation | The following table reconciles the statutory U.S. federal income tax rate and the effective tax rate for the period from April 3, 2023 (date of formation) to December 31, 2023: Series I Series II Total U.S. Federal statutory tax rate 21 % 21 % 21 % Foreign tax rate differential 0 % -6 % -6 % Other 1 % -1 % 0 % Effective income tax rate 22 % 14 % 15 % |
Schedule of deferred tax assets and liabilities | The following table represents significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023: Series I Series II Total Deferred tax assets: Total deferred tax assets $ — $ — $ — Deferred tax liabilities: Unrealized appreciation and interest income from investments 41 83 124 Other 3 11 14 Total deferred tax liabilities $ 44 $ 94 $ 138 Deferred tax liabilities, net: $ 44 $ 94 $ 138 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlight | The following are the financial highlighted for the period from April 3, 2023 (date of formation) to December 31, 2023: Series I Series II Total A-II Shares A-II Shares A-II Shares Per Share Data: Net asset value at beginning of period $ — $ — $ — Proceeds from issuance of shares 25.03 25.03 25.03 Net investment income (1) 0.18 0.20 0.20 Net realized and unrealized gain/(loss) (2) 0.04 0.05 0.04 Net increase (decrease) in net assets resulting from operations $ 0.22 $ 0.25 $ 0.24 Net asset value at end of period $ 25.25 $ 25.28 $ 25.27 Shares outstanding at end of period 1,851,311 8,468,437 10,319,748 Weighted average shares outstanding 1,496,289 6,909,474 8,405,763 Ratio/Supplemental Data: Net assets at end of period $ 46,741 $ 214,045 $ 260,786 Annualized ratio to average net assets (3) Total operating expenses before expense support and after performance fees (4),(5) 6.38 % 6.41 % 6.40 % Total operating expenses after expense support and after performance fees (4),(5) 0.58 % 0.58 % 0.58 % Total operating expenses after expense support and before performance fees (4),(5) 0.51 % 0.51 % 0.51 % Net investment income (4),(5) 6.11 % 6.21 % 6.20 % Total return (6) 0.99 % 1.10 % 1.08 % (1) The per share data was derived by using the weighted average shares outstanding during the applicable period. (2) The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of the Company’s shares in relation to fluctuating market value for the portfolio. (3) Actual results may not be indicative of future results. Additionally, an individual shareholder’s ratio may vary from the ratios presented for a share class as a whole. (4) The ratios were derived using the weighted average net assets during the applicable period. (5) For the applicable period, interest income and operating expenses are annualized except for organizational expenses and performance fees. (6) The Total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in “Note 4. Related Party Considerations.” The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company’s shares. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Subsequent Events | As of January 2, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Type Number of Aggregate Series I A-II Shares 300,066 $ 7,576 F-I Shares 39,043 986 Series II A-II Shares 932,124 $ 23,560 F-I Shares 17,012 430 As of February 1, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Type Number of Aggregate Series I A-II Shares 547,913 $ 13,897 F-I Shares 46,553 1,180 Series II A-II Shares 842,579 $ 21,400 F-I Shares 33,488 850 As of March 1, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Type Number of Aggregate Series I A-II Shares 507,560 $ 12,928 F-I Shares 38,523 980 Series II A-II Shares 899,608 $ 22,948 F-I Shares 10,794 275 On March 28, 2024, the Company declared distributions on the following outstanding shares of the Company in the amounts per share set forth below: Type Distribution Series I A-II Shares $ 0.1300 F-I Shares $ 0.1300 Series II A-II Shares $ 0.1300 F-I Shares $ 0.1300 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounting Policies [Line Items] | |
Organizational expenses | $ 1,603 |
Offering costs incurred but not paid | 2,532 |
Non interest expenses offering costs | 84 |
Cash and cash equivalents | 121,271 |
Series I [Member] | |
Accounting Policies [Line Items] | |
Organizational expenses | 282 |
Offering costs incurred but not paid | 446 |
Non interest expenses offering costs | 14 |
Cash and cash equivalents | $ 21,575 |
Series I [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Income tax years open to examination | 3 years |
Series I [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Income tax years open to examination | 5 years |
Series II [Member] | |
Accounting Policies [Line Items] | |
Organizational expenses | $ 1,321 |
Offering costs incurred but not paid | 2,086 |
Non interest expenses offering costs | 70 |
Cash and cash equivalents | $ 99,696 |
Series II [Member] | Minimum [Member] | |
Accounting Policies [Line Items] | |
Income tax years open to examination | 3 years |
Series II [Member] | Maximum [Member] | |
Accounting Policies [Line Items] | |
Income tax years open to examination | 5 years |
Fair Value Measurement and Di_3
Fair Value Measurement and Disclosures - Schedule of the Valuation of the Company's Investments in the Fair Value Hierarchy Levels (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | $ 137,015 |
Total | 258,286 |
Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 41,304 |
Cash and Cash Equivalents [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash and cash equivalents | 121,271 |
Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 95,711 |
Level I [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total | 121,271 |
Level I [Member] | Cash and Cash Equivalents [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash and cash equivalents | 121,271 |
Level III [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 115,417 |
Total | 115,417 |
Level III [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 19,706 |
Level III [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 95,711 |
Investments Measured at NAV [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 21,598 |
Total | 21,598 |
Investments Measured at NAV [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 21,598 |
Apollo Infrastructure Company LLC Series One [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 24,314 |
Total | 45,889 |
Apollo Infrastructure Company LLC Series One [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 7,341 |
Apollo Infrastructure Company LLC Series One [Member] | Cash and Cash Equivalents [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash and cash equivalents | 21,575 |
Apollo Infrastructure Company LLC Series One [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 16,973 |
Apollo Infrastructure Company LLC Series One [Member] | Level I [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total | 21,575 |
Apollo Infrastructure Company LLC Series One [Member] | Level I [Member] | Cash and Cash Equivalents [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash and cash equivalents | 21,575 |
Apollo Infrastructure Company LLC Series One [Member] | Level III [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 20,442 |
Total | 20,442 |
Apollo Infrastructure Company LLC Series One [Member] | Level III [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 3,469 |
Apollo Infrastructure Company LLC Series One [Member] | Level III [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 16,973 |
Apollo Infrastructure Company LLC Series One [Member] | Investments Measured at NAV [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 3,872 |
Total | 3,872 |
Apollo Infrastructure Company LLC Series One [Member] | Investments Measured at NAV [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 3,872 |
Apollo Infrastructure Company LLC Series Two [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 112,701 |
Total | 212,397 |
Apollo Infrastructure Company LLC Series Two [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 33,963 |
Apollo Infrastructure Company LLC Series Two [Member] | Cash and Cash Equivalents [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash and cash equivalents | 99,696 |
Apollo Infrastructure Company LLC Series Two [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 78,738 |
Apollo Infrastructure Company LLC Series Two [Member] | Level I [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total | 99,696 |
Apollo Infrastructure Company LLC Series Two [Member] | Level I [Member] | Cash and Cash Equivalents [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Cash and cash equivalents | 99,696 |
Apollo Infrastructure Company LLC Series Two [Member] | Level III [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 94,975 |
Total | 94,975 |
Apollo Infrastructure Company LLC Series Two [Member] | Level III [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 16,237 |
Apollo Infrastructure Company LLC Series Two [Member] | Level III [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 78,738 |
Apollo Infrastructure Company LLC Series Two [Member] | Investments Measured at NAV [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | 17,726 |
Total | 17,726 |
Apollo Infrastructure Company LLC Series Two [Member] | Investments Measured at NAV [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Total Investments | $ 17,726 |
Fair Value Measurement and Di_4
Fair Value Measurement and Disclosures - Schedule of changes in the fair value of our Level III investment (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net change in unrealized appreciation/(depreciation) from investments | $ 707 |
Apollo Infrastructure Company LLC Series One [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net change in unrealized appreciation/(depreciation) from investments | 127 |
Apollo Infrastructure Company LLC Series Two [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net change in unrealized appreciation/(depreciation) from investments | 580 |
Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Balance as of April 3, 2023 (date of formation) | 0 |
Purchases, including capitalized PIK | 114,870 |
Net change in unrealized appreciation/(depreciation) from investments | 547 |
Transfers out of Level III | 0 |
Transfers into Level III | 0 |
Balance as of December 31, 2023 | 115,417 |
Partnership Investment Vehicle [Member] | Apollo Infrastructure Company LLC Series One [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Balance as of April 3, 2023 (date of formation) | 0 |
Purchases, including capitalized PIK | 20,344 |
Net change in unrealized appreciation/(depreciation) from investments | 98 |
Transfers out of Level III | 0 |
Transfers into Level III | 0 |
Balance as of December 31, 2023 | 20,442 |
Partnership Investment Vehicle [Member] | Apollo Infrastructure Company LLC Series Two [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Balance as of April 3, 2023 (date of formation) | 0 |
Purchases, including capitalized PIK | 94,526 |
Net change in unrealized appreciation/(depreciation) from investments | 449 |
Transfers out of Level III | 0 |
Transfers into Level III | 0 |
Balance as of December 31, 2023 | $ 94,975 |
Fair Value Measurement and Di_5
Fair Value Measurement and Disclosures - Additional information (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Summary of Investment Holdings [Line Items] | |
Investment owned, unrecognized unrealized appreciation (depreciation), net | $ 547 |
Apollo Infrastructure Company LLC Series One [Member] | |
Summary of Investment Holdings [Line Items] | |
Investment owned, unrecognized unrealized appreciation (depreciation), net | 98 |
Apollo Infrastructure Company LLC Series Two [Member] | |
Summary of Investment Holdings [Line Items] | |
Investment owned, unrecognized unrealized appreciation (depreciation), net | $ 449 |
Fair Value Measurement and Di_6
Fair Value Measurement and Disclosures - Schedule of Quantitative Measure Used To Determine the Fair Values of the Level III Investments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | $ 137,015 |
Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 41,304 |
Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 95,711 |
Apollo Infrastructure Company LLC Series One [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 24,314 |
Apollo Infrastructure Company LLC Series One [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 7,341 |
Apollo Infrastructure Company LLC Series One [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 16,973 |
Apollo Infrastructure Company LLC Series Two [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 112,701 |
Apollo Infrastructure Company LLC Series Two [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 33,963 |
Apollo Infrastructure Company LLC Series Two [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 78,738 |
Level III [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 115,417 |
Level III [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 19,706 |
Level III [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | $ 95,711 |
Level III [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative Investment, Measurement Input | 15.1 |
Level III [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input Terminal Multiple [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative Investment, Measurement Input | 8.5 |
Level III [Member] | Apollo Infrastructure Company LLC Series One [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | $ 20,442 |
Level III [Member] | Apollo Infrastructure Company LLC Series One [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 3,469 |
Level III [Member] | Apollo Infrastructure Company LLC Series One [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | $ 16,973 |
Level III [Member] | Apollo Infrastructure Company LLC Series One [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative Investment, Measurement Input | 15.1 |
Level III [Member] | Apollo Infrastructure Company LLC Series One [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input Terminal Multiple [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative Investment, Measurement Input | 8.5 |
Level III [Member] | Apollo Infrastructure Company LLC Series Two [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | $ 94,975 |
Level III [Member] | Apollo Infrastructure Company LLC Series Two [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | 16,237 |
Level III [Member] | Apollo Infrastructure Company LLC Series Two [Member] | Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | $ 78,738 |
Level III [Member] | Apollo Infrastructure Company LLC Series Two [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative Investment, Measurement Input | 15.1 |
Level III [Member] | Apollo Infrastructure Company LLC Series Two [Member] | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input Terminal Multiple [Member] | Partnership Investment Vehicle [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative Investment, Measurement Input | 8.5 |
Fair Value Measurement and Di_7
Fair Value Measurement and Disclosures - Schedule of Quantitative Measure Used To Determine the Fair Values of the Level III Investments (Parenthetical) (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Payment-in-kind income | $ 1,029 |
Apollo Infrastructure Company LLC Series One [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Payment-in-kind income | 184 |
Apollo Infrastructure Company LLC Series Two [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Payment-in-kind income | $ 845 |
Fair Value Measurement and Di_8
Fair Value Measurement and Disclosures - Summary of Financial Information of the Applicable Significant Subsidiary (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Apr. 02, 2023 | |
Balance Sheet | ||
Shareholder equity | $ 260,788 | $ 0 |
Income Statement [Abstract] | ||
Net income (loss) | 2,452 | |
Significant Subsidiary With Indirect Equity Interest [Member] | ||
Balance Sheet | ||
Total current assets | 54,392 | |
Total non-current assets | 352,348 | |
Total current liabilities | 29,355 | |
Total non-current liabilities | 208,020 | |
Shareholder equity | 169,365 | |
Income Statement [Abstract] | ||
Total Revenue | 235,331 | |
Gross profit | 53,458 | |
Net operating income | 28,979 | |
Income (loss) before taxes | 19,512 | |
Net income (loss) | $ 15,612 |
Related Party Considerations -
Related Party Considerations - Additional information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Dec. 22, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Apr. 12, 2023 | |
Related Party Transaction [Line Items] | ||||
Management And Service Fees | $ 177 | |||
Rebate Or Waiver Of Management And Service Fees | 0 | $ 0 | ||
Performance Fee | 152 | |||
Investment Company, General Partner, Advisory Service Expense | 1,117 | |||
Investment Company, Expense Offset Arrangement | $ 3,381 | |||
Term Of Recoupment Of Expense Support | 3 years | |||
Expiration date for future recoupment | Dec. 31, 2026 | |||
Investment company, special fee offset arrangement | $ 0 | |||
Due to operating manager | $ 3,016 | $ 3,016 | ||
Capital Units Class S And I [Member] | ||||
Related Party Transaction [Line Items] | ||||
Performance Fees Rate | 12.50% | |||
Management and service fees, base rate | 1.25% | |||
Capital Units Class F S And F I [Member] | ||||
Related Party Transaction [Line Items] | ||||
Performance Fees Rate | 9% | |||
Management and service fees, base rate | 1% | |||
Capital Units Class AI [Member] | Until December 31 2026 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Performance Fees Rate | 7.50% | |||
Management and service fees, base rate | 0.75% | |||
Capital Units Class AI [Member] | After December 31 2026 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Performance Fees Rate | 9% | |||
Management and service fees, base rate | 1% | |||
Class A-II Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Performance Fees Rate | 5% | |||
Management and service fees, base rate | 0.50% | |||
Stock Issued During Period, Shares, New Issues | 10,319,748 | |||
Class A-II Shares [Member] | Maximum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Performance Fees Rate | 5% | |||
Capital Units Class V [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common Unit, Issued | 80 | 80 | ||
Apollo Infrastructure Company LLC Series One [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management And Service Fees | $ 32 | |||
Performance Fee | 27 | |||
Fees Transferred From Portfolio To Affiliates | 12,000 | |||
Investment Company, General Partner, Advisory Service Expense | 200 | |||
Investment Company, Expense Offset Arrangement | 598 | |||
Due to operating manager | $ 530 | $ 530 | ||
Apollo Infrastructure Company LLC Series One [Member] | Class A-II Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 1,851,311 | |||
Apollo Infrastructure Company LLC Series One [Member] | Capital Units Class V [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common Unit, Issued | 40 | 40 | ||
Apollo Infrastructure Company LLC Series Two [Member] | ||||
Related Party Transaction [Line Items] | ||||
Management And Service Fees | $ 145 | |||
Performance Fee | 125 | |||
Investment Company, General Partner, Advisory Service Expense | 917 | |||
Investment Company, Expense Offset Arrangement | 2,783 | |||
Due to operating manager | $ 2,486 | $ 2,486 | ||
Apollo Infrastructure Company LLC Series Two [Member] | Class A-II Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 8,468,437 | |||
Apollo Infrastructure Company LLC Series Two [Member] | Capital Units Class V [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common Unit, Issued | 40 | 40 | ||
Operating Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Specified expenses as a percentage of net assets maximum | 0.60% | |||
Specified expenses and reimbursement as a percentage of net assets maximum for payment to manager | 0.60% | |||
Apollo Principal Holdings Six L P [Member] | Apollo Infrastructure Company LLC Series One [Member] | Class A-II Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 1,992,619 | |||
Apollo Principal Holdings Six L P [Member] | Apollo Infrastructure Company LLC Series One [Member] | Capital Units Class V [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common Unit, Issued | 40 | |||
Common Unit, Issuance Value | $ 1 | |||
Apollo Principal Holdings Six L P [Member] | Apollo Infrastructure Company LLC Series Two [Member] | Class A-II Shares [Member] | ||||
Related Party Transaction [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 50,000 | |||
Apollo Principal Holdings Six L P [Member] | Apollo Infrastructure Company LLC Series Two [Member] | Capital Units Class V [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common Unit, Issued | 40 | |||
Common Unit, Issuance Value | $ 1 | |||
Dealer Manager Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of selling commissions | 3% | |||
Percentage of dealer manager fees | 0.50% | |||
Maximun limit of selling commissions, percent | 3.50% | |||
Percentage of annual distribution fee and shareholder servicing fee | 0.85% | |||
Management fee, description | The Dealer Manager is entitled to receive selling commissions of up to 3.0%, and dealer manager fees of up to 0.5%, of the transaction price of each S Share and F-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5% of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85% per annum of the aggregate NAV of the Company’s outstanding S Shares and F-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the A-II Shares, I Shares or F-I Shares. The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers. |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Shareholder Transactions in Common Shares of Beneficial Interest (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Class of Stock [Line Items] | |
Total net increase (decrease), shares | shares | 10,319,828 |
Total net increase (decrease) | $ 258,336 |
Apollo Infrastructure Company LLC Series One [Member] | |
Class of Stock [Line Items] | |
Total net increase (decrease), shares | shares | 1,851,351 |
Total net increase (decrease) | $ 46,340 |
Apollo Infrastructure Company LLC Series Two [Member] | |
Class of Stock [Line Items] | |
Total net increase (decrease), shares | shares | 8,468,477 |
Total net increase (decrease) | $ 211,996 |
Class A-II shares [Member] | |
Class of Stock [Line Items] | |
Balance as of April 3, 2023 (date of formation) | $ 0 |
Proceeds from issuance of shares, shares | shares | 10,319,748 |
Proceeds from issuance of shares | $ 258,334 |
Total net increase (decrease), shares | shares | 10,319,748 |
Total net increase (decrease) | $ 258,334 |
Class A-II shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | |
Class of Stock [Line Items] | |
Balance as of April 3, 2023 (date of formation) | $ 0 |
Proceeds from issuance of shares, shares | shares | 1,851,311 |
Proceeds from issuance of shares | $ 46,339 |
Total net increase (decrease), shares | shares | 1,851,311 |
Total net increase (decrease) | $ 46,339 |
Class A-II shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | |
Class of Stock [Line Items] | |
Balance as of April 3, 2023 (date of formation) | $ 0 |
Proceeds from issuance of shares, shares | shares | 8,468,437 |
Proceeds from issuance of shares | $ 211,995 |
Total net increase (decrease), shares | shares | 8,468,437 |
Total net increase (decrease) | $ 211,995 |
Class V shares [Member] | |
Class of Stock [Line Items] | |
Balance as of April 3, 2023 (date of formation) | $ 0 |
Proceeds from issuance of shares, shares | shares | 80 |
Proceeds from issuance of shares | $ 2 |
Total net increase (decrease), shares | shares | 80 |
Total net increase (decrease) | $ 2 |
Class V shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | |
Class of Stock [Line Items] | |
Balance as of April 3, 2023 (date of formation) | $ 0 |
Proceeds from issuance of shares, shares | shares | 40 |
Proceeds from issuance of shares | $ 1 |
Total net increase (decrease), shares | shares | 40 |
Total net increase (decrease) | $ 1 |
Class V shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | |
Class of Stock [Line Items] | |
Balance as of April 3, 2023 (date of formation) | $ 0 |
Proceeds from issuance of shares, shares | shares | 40 |
Proceeds from issuance of shares | $ 1 |
Total net increase (decrease), shares | shares | 40 |
Total net increase (decrease) | $ 1 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Nov. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Apr. 12, 2023 | |
Apollo Infrastructure Company LLC Series One [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of shares repurchases | 5% | |||
Apollo Infrastructure Company LLC Series Two [Member] | ||||
Class of Stock [Line Items] | ||||
Percentage of shares repurchases | 5% | |||
Class A-II shares [Member] | ||||
Class of Stock [Line Items] | ||||
Offering price per share | $ 25.03 | |||
Class A-II shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||||
Class of Stock [Line Items] | ||||
Offering price per share | $ 25 | 25.03 | ||
Class A-II shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||||
Class of Stock [Line Items] | ||||
Offering price per share | $ 25 | $ 25.03 | ||
Capital Units Class V [Member] | ||||
Class of Stock [Line Items] | ||||
Common units issued | 80 | 80 | ||
Capital Units Class V [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||||
Class of Stock [Line Items] | ||||
Common units issued | 40 | 40 | ||
Capital Units Class V [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||||
Class of Stock [Line Items] | ||||
Common units issued | 40 | 40 | ||
Apollo Principal Holdings VI, L.P. [Member] | Capital Units Class V [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||||
Class of Stock [Line Items] | ||||
Common units issued | 40 | |||
Common units issuance value | $ 1 | |||
Apollo Principal Holdings VI, L.P. [Member] | Capital Units Class V [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||||
Class of Stock [Line Items] | ||||
Common units issued | 40 | |||
Common units issuance value | $ 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional information (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | |
Unfunded commitment related to infrastructure assets | $ 2,833 |
Series I [Member] | |
Loss Contingencies [Line Items] | |
Unfunded commitment related to infrastructure assets | 508 |
Series II [Member] | |
Loss Contingencies [Line Items] | |
Unfunded commitment related to infrastructure assets | $ 2,325 |
Income Taxes - Schedule of comp
Income Taxes - Schedule of components of income tax expense benefit (Detail) $ in Thousands | 9 Months Ended |
Dec. 31, 2023 USD ($) | |
Current: | |
Federal | $ 306 |
Total current income taxes | 306 |
Deferred: | |
Federal | 121 |
State and Local | 17 |
Total deferred income taxes | 138 |
Total provision for (benefit from) income taxes | 444 |
Series I [Member] | |
Current: | |
Federal | 71 |
Total current income taxes | 71 |
Deferred: | |
Federal | 41 |
State and Local | 3 |
Total deferred income taxes | 44 |
Total provision for (benefit from) income taxes | 115 |
Series II [Member] | |
Current: | |
Federal | 235 |
Total current income taxes | 235 |
Deferred: | |
Federal | 80 |
State and Local | 14 |
Total deferred income taxes | 94 |
Total provision for (benefit from) income taxes | $ 329 |
Income Taxes - Schedule of effe
Income Taxes - Schedule of effective income tax rate reconciliation (Detail) | 9 Months Ended |
Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation [Line Items] | |
U.S. Federal statutory tax rate | 21% |
Foreign tax rate differential | (6.00%) |
Other | 0% |
Effective income tax rate | 15% |
Series I [Member] | |
Effective Income Tax Rate Reconciliation [Line Items] | |
U.S. Federal statutory tax rate | 21% |
Foreign tax rate differential | 0% |
Other | 1% |
Effective income tax rate | 22% |
Series II [Member] | |
Effective Income Tax Rate Reconciliation [Line Items] | |
U.S. Federal statutory tax rate | 21% |
Foreign tax rate differential | (6.00%) |
Other | (1.00%) |
Effective income tax rate | 14% |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred tax assets and liabilities (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Deferred tax assets: | |
Total deferred tax assets | $ 0 |
Deferred tax liabilities: | |
Unrealized appreciation and interest income from investments | 124 |
Other | 14 |
Total deferred tax liabilities | 138 |
Deferred tax liabilities, net: | 138 |
Series I [Member] | |
Deferred tax assets: | |
Total deferred tax assets | 0 |
Deferred tax liabilities: | |
Unrealized appreciation and interest income from investments | 41 |
Other | 3 |
Total deferred tax liabilities | 44 |
Deferred tax liabilities, net: | 44 |
Series II [Member] | |
Deferred tax assets: | |
Total deferred tax assets | 0 |
Deferred tax liabilities: | |
Unrealized appreciation and interest income from investments | 83 |
Other | 11 |
Total deferred tax liabilities | 94 |
Deferred tax liabilities, net: | $ 94 |
Income Taxes - Additional infor
Income Taxes - Additional information (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Deferred tax assets, gross, total | $ 0 |
Deferred tax assets, valuation allowance | $ 0 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlight (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Nov. 01, 2023 | Dec. 31, 2023 | |
Ratio/Supplemental Data: | ||
Net assets at end of period | $ 260,788 | |
Apollo Infrastructure Company LLC Series One [Member] | ||
Ratio/Supplemental Data: | ||
Net assets at end of period | 46,742 | |
Apollo Infrastructure Company LLC Series Two [Member] | ||
Ratio/Supplemental Data: | ||
Net assets at end of period | $ 214,046 | |
Class A-II Shares [Member] | ||
Per Share Data: | ||
Net asset value at beginning of period | $ 0 | |
Proceeds from issuance of shares | 25.03 | |
Net investment income | 0.2 | |
Net realized and unrealized gain/(loss) | 0.04 | |
Net increase (decrease) in net assets resulting from operations | 0.24 | |
Net asset value at end of period | $ 25.27 | |
Shares outstanding at end of period | 10,319,748 | |
Weighted average shares outstanding | 8,405,763 | |
Ratio/Supplemental Data: | ||
Net assets at end of period | $ 260,786 | |
Annualized ratio to average net assets | ||
Total operating expenses before expense support and after performance fees | 6.40% | |
Total operating expenses after expense support and after performance fees | 0.58% | |
Total operating expenses after expense support and before performance fees | 0.51% | |
Net investment income | 6.20% | |
Total return | 1.08% | |
Class A-II Shares [Member] | Apollo Infrastructure Company LLC Series One [Member] | ||
Per Share Data: | ||
Net asset value at beginning of period | $ 0 | |
Proceeds from issuance of shares | $ 25 | 25.03 |
Net investment income | 0.18 | |
Net realized and unrealized gain/(loss) | 0.04 | |
Net increase (decrease) in net assets resulting from operations | 0.22 | |
Net asset value at end of period | $ 25.25 | |
Shares outstanding at end of period | 1,851,311 | |
Weighted average shares outstanding | 1,496,289 | |
Ratio/Supplemental Data: | ||
Net assets at end of period | $ 46,741 | |
Annualized ratio to average net assets | ||
Total operating expenses before expense support and after performance fees | 6.38% | |
Total operating expenses after expense support and after performance fees | 0.58% | |
Total operating expenses after expense support and before performance fees | 0.51% | |
Net investment income | 6.11% | |
Total return | 0.99% | |
Class A-II Shares [Member] | Apollo Infrastructure Company LLC Series Two [Member] | ||
Per Share Data: | ||
Net asset value at beginning of period | $ 0 | |
Proceeds from issuance of shares | $ 25 | 25.03 |
Net investment income | 0.2 | |
Net realized and unrealized gain/(loss) | 0.05 | |
Net increase (decrease) in net assets resulting from operations | 0.25 | |
Net asset value at end of period | $ 25.28 | |
Shares outstanding at end of period | 8,468,437 | |
Weighted average shares outstanding | 6,909,474 | |
Ratio/Supplemental Data: | ||
Net assets at end of period | $ 214,045 | |
Annualized ratio to average net assets | ||
Total operating expenses before expense support and after performance fees | 6.41% | |
Total operating expenses after expense support and after performance fees | 0.58% | |
Total operating expenses after expense support and before performance fees | 0.51% | |
Net investment income | 6.21% | |
Total return | 1.10% |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Subsequent Events (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||||
Mar. 01, 2024 | Feb. 01, 2024 | Jan. 02, 2024 | Dec. 31, 2023 | Mar. 28, 2024 | |
Class A-II Shares [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Shares Sold | 10,319,748 | ||||
Aggregate Consideration | $ 258,334 | ||||
Class A-II Shares [Member] | Series I [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Shares Sold | 1,851,311 | ||||
Aggregate Consideration | $ 46,339 | ||||
Class A-II Shares [Member] | Series II [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Shares Sold | 8,468,437 | ||||
Aggregate Consideration | $ 211,995 | ||||
Subsequent Event [Member] | Class A-II Shares [Member] | Series I [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Shares Sold | 507,560 | 547,913 | 300,066 | ||
Aggregate Consideration | $ 12,928 | $ 13,897 | $ 7,576 | ||
Distribution | $ 0.13 | ||||
Subsequent Event [Member] | Class A-II Shares [Member] | Series II [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Shares Sold | 899,608 | 842,579 | 932,124 | ||
Aggregate Consideration | $ 22,948 | $ 21,400 | $ 23,560 | ||
Distribution | 0.13 | ||||
Subsequent Event [Member] | Class F-I Shares [Member] | Series I [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Shares Sold | 38,523 | 46,553 | 39,043 | ||
Aggregate Consideration | $ 980 | $ 1,180 | $ 986 | ||
Distribution | 0.13 | ||||
Subsequent Event [Member] | Class F-I Shares [Member] | Series II [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Shares Sold | 10,794 | 33,488 | 17,012 | ||
Aggregate Consideration | $ 275 | $ 850 | $ 430 | ||
Distribution | $ 0.13 |