Lend nACRDX

Apollo Global Management

Apollo Credit Fund

Expected NAV Yield

10.00%

Redemption

T+2 – T+90

How lending nACRDX works

1. Deposit nACRDX into the vault — your tokens are supplied to the Morpho short market loan side.

2. Shorts borrow your tokens and pay interest. Your position grows continuously.

3. Withdraw at any time; the Morpho market must have available liquidity.

4. You keep NAV appreciation plus lending interest — no liquidation risk.

🔒Coming soon — vault not yet deployed

Passive Vault

Earn lending yield — no leverage

Coming soon

Estimated APY— (market pending)

TVL—

Your deposit—

Deposits are supplied to the Morpho short market loan side. Interest accrues continuously as shorts pay to borrow nACRDX. No lock-up.

🔒Coming soon — vault not yet deployed

Managed Vault

Maximize yield — allocator-controlled

Coming soon

Blended APY (est.)— (market pending)

TVL—

Your deposit—

Target lending—

Lending 50%Leverage 50%

Lending: —

Leverage: —

Lever Up vs Lend to Shorts

illustrative rates

Lever up (max)

26.74%

10.00% NAV yield

+ 16.74% carry

− 5.00% USDC borrow

Lend to shorts

14.00%

10.00% NAV yield

+ 4.00% lending fee

no liquidation risk

Levering up pays 12.74% more. Shorts need to offer >16.74% to attract lenders.

Shorts must pay >16.74% on nACRDX borrows to draw lenders away from leverage. Current rate: 4.00% (estimated).

Withdrawals draw from the lending allocation only. If lending liquidity is insufficient, the keeper must rebalance first.

Which vault should I use?

Passive Vault

100% of assets earn lending yield
No keeper dependency
Withdraw anytime (market permitting)

Managed Vault

Allocator shifts between lending & leverage
Higher blended yield when leverage is profitable
Withdrawals need adequate lending allocation