Offers provide a secondary cash-liquidity option for ADS and ASIF shareholders following oversubscribed issuer repurchase programs

Cox Capital Partners (“Cox Capital”) announced today that Cox Capital Retail Secondaries Fund I, LP (the “Purchaser”), a private investment fund managed by an affiliate of Cox Capital, has commenced two separate cash tender offers to purchase Class I shares of each of Apollo Debt Solutions BDC (“ADS”) and Ares Strategic Income Fund (“ASIF”) effective Sept. 25, 2026.

The tender offers represent aggregate consideration of approximately $25 million, at prices representing discounts of approximately 13% to 15% to each fund's reported Class I net asset value ("NAV") as of Aug. 31, 2026. In July, the Purchaser made similar tender offers for Class I shares of both funds that expired on Aug. 24 at discounts of 30% for ADS and 15% for ASIF.

Both funds recently reported that their Q3 2026 repurchase programs were substantially oversubscribed. ADS reported preliminary repurchase requests representing 14.7% of shares outstanding and said it would repurchase 5% of shares outstanding, which would satisfy approximately 34% of the repurchase requests. ASIF reported repurchase requests representing approximately 13% of shares outstanding, with approximately 38% of those requests expected to be accepted.

Cox Capital developed its secondary program to provide shareholders with an additional path to liquidity when a fund's own quarterly repurchase program does not satisfy all shareholder repurchase requests. The offers are independent of the target funds and do not modify or replace either fund's repurchase program.

The Purchaser is offering to acquire ADS shares at $20.35 per share, representing a 14.6% discount to the fund’s reported Class I NAV of $23.84 as of Aug. 31, 2026, and ASIF shares at $23.15 per share, representing a 13.4% discount to the fund’s reported Class I NAV of $26.74 as of Aug. 31, 2026. Both offers are scheduled to expire at 5:00 p.m. Eastern Time on Nov. 14, 2026, unless extended or earlier terminated, and are subject to the terms and conditions contained in the Purchaser’s applicable Offer to Purchase and Assignment Form. Cox Capital and the Purchaser are not affiliated with ADS, ASIF or their respective advisers.

The Purchaser is initially offering to purchase up to $15 million in aggregate value of Class I shares of ADS and $10 million in aggregate value of Class I shares of ASIF. The Purchaser has reserved the right, but not the obligation, to accept up to an additional 2% of ADS’s outstanding Class I shares as of Aug. 10, 2026, and up to an additional 2% of ASIF’s outstanding Class I shares as of August 5, 2026, without extending the offers. At the offer prices, this reserved right would permit additional purchases of approximately $191 million of ADS shares and $141 million of ASIF shares.

Class I shareholders of ADS and ASIF can review the applicable tender-offer materials containing the detailed terms of each tender offer and submit tender documents through CoxCapitalPortal.com.

“Demand for liquidity in these funds continues to run well ahead of what their repurchase programs can supply, with roughly one in three shares requested this quarter expected to be repurchased,” said John Cox, Chief Executive Officer and Chief Investment Officer of Cox Capital Partners. “We’re still in the early innings of building secondary liquidity options for retail investors, and we believe the meaningfully narrower discounts to NAV in these offers reflect how quickly that market is maturing. For shareholders who want to exit, this is an increasingly attractive option when their fund’s own repurchase program is oversubscribed.”

How to Participate

Class I shareholders and financial professionals can review the offer materials, obtain fund-specific instructions and submit tender documentation through CoxCapitalPortal.com. Shares held through a broker or custodian may require a countersignature and may be subject to separate platform requirements or earlier internal deadlines. Shareholders with questions or who would like to request copies of the applicable offer materials may contact the Purchaser at (484) 840-5281 or service@coxcp.com.

Important Information

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. Each tender offer is made solely pursuant to its applicable Offer to Purchase and Assignment Form. Those tender-offer documents contain important information that shareholders should read carefully before deciding whether to tender their shares. If this press release conflicts with an offer document, the offer document controls.

Each offer price is below the applicable fund’s reported net asset value, and no independent person has been retained to evaluate or render an opinion on the fairness of either offer price.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in Cox Capital Retail Secondaries Fund I, LP or any other private investment vehicle managed by Cox Capital or any of its affiliates. No such interests are offered through this release or CoxCapitalPortal.com.

The tender offers have not been approved or disapproved by the U.S. Securities and Exchange Commission or any state securities commission, and no commission has passed upon the fairness or merits of the offers or the accuracy or adequacy of the offer materials. Any representation to the contrary is unlawful.

Tendering is voluntary. Shareholders should consider, among other relevant factors, the offer price, the discount to NAV, the absence of an established trading market for the shares and the tax consequences of tendering their shares. Shareholders are encouraged to consult their financial, tax and legal advisers in considering whether to tender. The offers are not being made in any jurisdiction in which they would be unlawful.

Forward-Looking Statements

This release contains forward-looking statements related to the commencement of the tender offers for ADS and ASIF, including statements regarding the anticipated benefits and timing of the tender offers. These statements are based on the Purchaser’s expectations as of the date they were first made and involve risks and uncertainties that could cause actual results or transactions to differ materially from those expressed or implied.

These risks and uncertainties include, among other things, the extent to which the tender offers will serve as a meaningful liquidity option for shareholders and whether the tender offers will be completed. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of their respective dates.

Except as required by law, Cox Capital undertakes no obligation to update or revise forward-looking statements to reflect subsequent events, new information or future circumstances.

About Cox Capital Partners

Cox Capital Partners is a Conshohocken, Pennsylvania-based private investment firm focused on secondary-liquidity solutions for holders of non-traded and other illiquid alternative investments. Information about Cox Capital’s tender offers is available through CoxCapitalPortal.com. Additional information about the firm is available at coxcp.com.

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Cox Capital developed its secondary program to provide shareholders with an additional path to liquidity when a fund's own quarterly repurchase program does not satisfy their full request.