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First Lien Secured Debt - Term Loan E+525, 0.00% Floor Maturity Date 1/7/20312025-09-300002006758Specialty Retail Paladone Group Bidco Limited Paladone Group Bidco Limited First Lien Secured Debt - Term Loan S+560, 1.00% Floor Maturity Date 11/12/20272024-12-310002006758ck0002006758:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:LegacyComMember2025-09-300002006758Lunar Buyer, LLC2024-12-310002006758Chemicals Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt - Revolver S+510, 2.50% Floor Maturity Date 8/19/20292025-09-300002006758ck0002006758:HealthCareTechnologyMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DiversifiedConsumerServicesMember2025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DiversifiedConsumerServicesMemberck0002006758:TCWMidcoLLCMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:CommunicationsEquipmentMember2024-12-310002006758Health Care Equipment & Supplies Dragonfly Health, Inc. Dragonfly Health, Inc. 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First Lien Secured Debt - Term Loan S+450, 1.00% Floor Maturity Date 3/17/20312025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:HealthCareProvidersServicesMember2024-12-310002006758Energy Equipment & Services Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Term Loan S+525, 0.75% Floor Maturity Date 7/22/20302024-12-310002006758American Restoration Holdings, LLC2025-09-300002006758Commercial Services & Supplies Vixxo Corporation Vixxo Corporation First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 8/1/20302024-12-310002006758Affiliated Investments AWRG Borrower LLC, Term Loan2025-09-300002006758Wireless Telecommunication Services Kane Communications LLC Kane Communications LLC First Lien Secured Debt - Term Loan S+626, 1.00% Floor Maturity Date 8/9/20272025-09-300002006758Vybond Buyer, LLC2025-09-300002006758Health Care Equipment & Supplies Medical Guardian, LLC Medical Guardian, LLC First Lien Secured Debt - Term Loan S+585, 1.00% Floor Maturity Date 4/26/20282024-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:EntertainmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MerativeMemberck0002006758:HealthCareTechnologyMember2025-09-300002006758Relevant Industrial, LLC2025-09-300002006758Distinct Holdings Inc2025-09-300002006758Chronicle Parent LLC2025-09-300002006758srt:MaximumMember2025-09-300002006758Diversified Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt - Revolver S+475, 1.00% Floor Maturity Date 6/7/20302025-09-300002006758Diversified Consumer Services TCW Midco LLC TCW Midco LLC First Lien Secured Debt - Delayed Draw S+575, 1.00% Floor Maturity Date 10/22/20292024-12-310002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:DiversifiedConsumerServicesMember2024-12-310002006758TCW Midco LLC2024-12-310002006758us-gaap:FairValueInputsLevel3Memberck0002006758:ValuationTechniqueMarketComparableTechniqueMemberck0002006758:FirstLienSecuredDebtMembersrt:MinimumMemberck0002006758:MeasurementInputComparableMultipleMember2024-12-310002006758USD Foreign Currency Forward Contract, Maturing September ,17,20252025-01-012025-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AutomobileComponentsMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:GroundTransportationMember2025-09-300002006758Leisure Products Wellbeam Consumer Health Intermediate, LLC Wellbeam Consumer Health Intermediate, LLC First Lien Secured Debt - Term Loan S+625 Cash plus 2.00% PIK, 1.00% Floor Maturity Date 10/4/20272024-12-310002006758Trading Companies & Distributors ORS Nasco WC ORS Buyer, Inc. First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 8/7/20312024-12-310002006758Traffic Management Solutions, LLC2025-09-300002006758ck0002006758:MachineryMember2024-12-3100020067582024-03-140002006758Health Care Providers & Services WelldyneRX, LLC WelldyneRX, LLC First Lien Secured Debt - Term Loan S+685, 0.75% Floor Maturity Date 3/09/20272024-12-310002006758us-gaap:FairValueInputsLevel3Memberck0002006758:CommonEquityInterestsMemberck0002006758:ValuationTechniqueMarketComparableTechniqueMembersrt:MinimumMemberck0002006758:MeasurementInputComparableMultipleMember2025-09-300002006758ck0002006758:HealthCareEquipmentSuppliesMember2025-09-300002006758GC Waves Holdings, Inc.2025-09-300002006758ck0002006758:MachineryMember2025-09-300002006758Diversified Consumer Services Rapid Express Car Wash, LLC Rapid Express Car Wash, LLC First Lien Secured Debt - Delayed Draw S+585, 1.00% Floor Maturity Date 12/23/20272025-09-300002006758Media HALO Buyer, Inc HALO Buyer, Inc First Lien Secured Debt - Revolver S+600, 1.00% Floor Maturity Date 8/7/20292025-09-300002006758Health Care Equipment & Supplies Capsa Healthcare CSHC Buyerco, LLC First Lien Secured Debt - Term Loan S+485, 1.00% Floor Maturity Date 9/8/20262025-09-300002006758Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt - Delayed Draw S+450, 0.75% Floor Maturity Date 3/24/20312025-09-300002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 07/10/20312024-12-310002006758Affiliated Investments AWRG Parent LLC, Stock2025-01-012025-09-300002006758Omnimax International, LLC2024-12-3100020067582024-09-300002006758Media HU Buyer, Inc. HU Buyer, Inc. First Lien Secured Debt - Term Loan S+610, 1.00% Floor Maturity Date 12/29/20262024-12-310002006758Professional Services North Highland Company LLC The North Highland Company LLC First Lien Secured Debt - Delayed Draw S+475, 0.75% Floor Maturity Date 12/22/20312024-12-310002006758Foreign currency forward contracts Counterparty STATE STREET BANK AND TRUST COMPANY Settlement Date 9/17/20252025-09-300002006758Health Care Providers & Services EyeSouth SCP Eye Care Services, LLC First Lien Secured Debt - Term Loan S+550, 1.00% Floor Maturity Date 10/7/20292024-12-310002006758Health Care Providers & Services SBH Buyer, LLC Salisbury House, LLC First Lien Secured Debt - Term Loan S+590, 1.00% Floor Maturity Date 2/28/20262024-12-310002006758Software Poppulo, Inc. Four Winds Interactive LLC First Lien Secured Debt - Revolver S+650, 0.75% Floor Maturity Date 2/20/20302025-09-300002006758ck0002006758:TruvantMemberck0002006758:ContainersPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758Health Care Providers & Services Pace Health Companies, LLC Pace Health Companies, LLC First Lien Secured Debt - Term Loan S+540, 1.00% Floor Maturity Date 8/2/20262024-12-310002006758Textiles, Apparel & Luxury Goods MTI Group Acquisition Company MTI Group Acquisition Company First Lien Secured Debt - Term Loan S+610 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 3/31/20252024-12-310002006758ck0002006758:CommonEquityMemberck0002006758:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300002006758Insurance West-NR AcquisitionCo, LLC West-NR AcquisitionCo, LLC First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 12/27/20272025-09-300002006758Construction & Engineering Carr and Duff, LLC Carr and Duff, LLC First Lien Secured Debt - Term Loan S+605, 1.00% Floor Maturity Date 3/11/20272024-12-310002006758Commercial Services & Supplies Monarch Landscape Companies Monarch Landscape Holdings, LLC First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 10/2/20282024-12-310002006758Health Care Equipment & Supplies ACP Hyperdrive, Inc. ACP Hyperdrive, Inc. First Lien Secured Debt - Term Loan S+590, 1.00% Floor Maturity Date 3/8/20282025-09-300002006758Electric Utilities Dynagrid Megavolt Borrower, LLC First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 2/13/20322025-09-300002006758ck0002006758:O2025M2DividendsMember2025-01-012025-09-300002006758Rarebreed Veterinary Partners, Inc.2025-09-300002006758ck0002006758:ElectronicEquipmentInstrumentsAndComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:EckhartBidCoLLCMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:WirelessTelecommunicationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758us-gaap:UnsecuredDebtMember2025-09-300002006758ck0002006758:PersonalCareProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:ElectricUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758Health Care Providers & Services Rarebreed Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 4/18/20302024-12-310002006758CRS Holdings, Inc.2024-12-310002006758us-gaap:CommonStockMember2025-01-242025-01-240002006758Machinery Flow Control Intermediate Holdings 2.0, LLC Flow Control Intermediate Holdings 2.0, LLC First Lien Secured Debt - Delayed Draw S+525, 1.00% Floor Maturity Date 5/1/20312025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ChemicalsMember2025-09-300002006758Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Term Loan S+525, 0.75% Floor Maturity Date 1/7/20312025-09-300002006758Commercial Services & Supplies Mariani CI (MG) GROUP, LLC First Lien Secured Debt - Delayed Draw S+715, 1.00% Floor Maturity Date 3/24/20282024-12-310002006758Diversified Consumer Services Regis Corporation Regis Corporation First Lien Secured Debt – Revolver S+450, 2.50% Floor Maturity Date 6/24/20292024-12-310002006758Hotels, Restaurants & Leisure YTC Enterprises, LLC YTC Enterprises, LLC First Lien Secured Debt –Term Loan S+636, 1.00% Floor Maturity Date 8/16/20262024-12-310002006758Machinery BW Colson Acquisition LLC BW Colson Acquisition LLC First Lien Secured Debt - Term Loan S+515, 1.00% Floor Maturity Date 2/26/20272024-12-310002006758srt:EuropeMember2025-09-300002006758ck0002006758:TransportationInfrastructureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:HotelsRestaurantsLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMemberck0002006758:AmericanWestMember2025-09-300002006758Machinery Flow Control Intermediate Holdings 2.0, LLC Flow Control Intermediate Holdings 2.0, LLC First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 5/1/20312025-09-300002006758Electrical Equipment International Wire Group IW Buyer LLC First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 6/28/20292025-09-300002006758ck0002006758:ConstructionEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AmericanRestorationMember2024-12-310002006758Club Champion LLC2024-12-310002006758IT Services VikingCloud Bullcave Limited First Lien Secured Debt - Term Loan Interest Rate S+500, 0.75% Floor Maturity Date 8/6/20302025-09-300002006758ck0002006758:SperryAcquisitionLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AerospaceDefenseMember2025-09-300002006758us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberck0002006758:ValuationTechniqueMarketComparableTechniqueMemberck0002006758:FirstLienSecuredDebtMemberck0002006758:MeasurementInputComparableMultipleMember2024-12-310002006758Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Delayed Draw S+510, 1.00% Floor Maturity Date 07/24/20302024-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DiversifiedConsumerServicesMember2025-09-300002006758Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Revolver S+510, 1.00% Floor Maturity Date 7/24/20302025-09-300002006758Commercial Services & Supplies LAV GEAR HOLDINGS INC LAV Gear Holdings, inc Common Equity - Stock2025-09-300002006758Machinery Relevant Industrial, LLC Relevant Industrial, LLC First Lien Secured Debt - Revolver S+475, 1.00% Floor Maturity Date 5/16/20312025-09-300002006758Trillium Health Care Products Inc.srt:MinimumMember2025-09-300002006758ck0002006758:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:BestTrashMember2025-09-300002006758Entertainment DHX WildBrain Ltd. First Lien Secured Debt - Term Loan S+550, 0.50% Floor Maturity Date 7/23/20292025-09-300002006758ck0002006758:AirFreightLogisticsMember2025-09-300002006758Media Terrier Gamut Holdings, Inc. Terrier Gamut Holdings, Inc. First Lien Secured Debt - Term Loan S+660, 1.00% Floor Maturity Date 8/15/20282024-12-310002006758us-gaap:FairValueInputsLevel3Memberck0002006758:CommonEquityInterestsMemberck0002006758:ValuationTechniqueMarketComparableTechniqueMembersrt:MaximumMemberck0002006758:MeasurementInputComparableMultipleMember2024-12-310002006758ck0002006758:CommunicationsEquipmentMember2024-12-310002006758ck0002006758:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:VikingCloudMember2024-12-310002006758Health Care Technology Arcadia Solutions Arcadia Solutions, Inc. First Lien Secured Debt - Revolver S+550, 1.00% Floor Maturity Date 8/12/20322025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ORSNascoMemberck0002006758:TradingCompaniesAndDistributorsMember2025-09-300002006758ck0002006758:ThreeMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300002006758Pharmaceuticals Orion Buyer, LLC Orion Buyer, LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 7/18/20302025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MachineryMemberck0002006758:IdealTridonMember2025-09-300002006758ck0002006758:ConstructionEngineeringMemberck0002006758:TrafficManagementSolutionsLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-3000020067582024-03-152024-09-300002006758AHP Timberwolf Bidco Corp.2024-12-310002006758Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 7/24/20302025-09-300002006758ck0002006758:AspenAerogelsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ChemicalsMember2024-12-310002006758Pavement Preservation Acquisition, LLC2025-09-300002006758Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt - Term Loan S+450, 0.75% Floor Maturity Date 3/24/20312025-09-300002006758Multi-Utilities Congruex Congruex Group LLC First Lien Secured Debt - Term Loan S+165 Cash plus 5.00% PIK, 1.50% Floor Maturity Date 5/3/20292025-09-300002006758Pavement Preservation Acquisition, LLC2024-12-310002006758WC ORS Holdings, L.P. Investment Type Common Equity - Limited Partnership2025-01-012025-09-300002006758us-gaap:FairValueInputsLevel3Memberck0002006758:FirstLienSecuredDebtMemberck0002006758:MeasurementInputRecoverableAmountMemberck0002006758:ValuationTechniqueRecoveryAnalysisMember2025-09-300002006758AMI Buyer, Inc.2025-09-300002006758Leisure Products Dan Dee International Holdings, Inc. Dan Dee International Holdings, Inc. First Lien Secured Debt - Term Loan S+710, 1.00% Floor Maturity Date 2/1/20262025-09-300002006758AWRG Parent LLC Investment Type Common Equity - Stock2025-01-012025-09-300002006758ck0002006758:SEKOGlobalLogisticsNetworkLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AirFreightLogisticsMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:ElectronicEquipmentInstrumentsComponentsMember2024-12-310002006758Orion Buyer, LLC2024-12-310002006758us-gaap:UnsecuredDebtMember2024-12-310002006758Wireless Telecommunication Services Kane Communications LLC Kane Communications LLC First Lien Secured Debt - Term Loan S+601, 1.00% Floor Maturity Date 8/9/20272024-12-310002006758Specialty Retail Club Champion LLC Club Champion LLC First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 6/14/20292024-12-310002006758Merative L.P.2025-09-300002006758Diversified Consumer Services Mariani CI First Lien Secured Debt - Term Loan S+550, 1.00% Floor Maturity Date 3/27/20302025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareProvidersServicesMember2024-12-310002006758ck0002006758:SeniorSecuredFacilityAndSpvFinancingFacilitiesMember2025-09-300002006758Health Care Equipment & Supplies Project Titan Titan Luxco I SARL First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 6/12/20322025-09-300002006758EUR Foreign Currency Forward Contract, Maturing September ,17,20252025-06-300002006758Diversified Consumer Services FEV Acquisition Corporation FEV Acquisition Corporation First Lien Secured Debt - Delayed Draw 13.50% Maturity Date 7/15/20282024-12-310002006758ck0002006758:ItServicesMember2025-09-300002006758us-gaap:LetterOfCreditMemberck0002006758:TotalCommitmentsMember2024-12-310002006758Software Forcura + Medalogix (Project Tarpon) F&M Buyer LLC First Lien Secured Debt - Delayed Draw S+450, 0.75% Floor Maturity Date 3/18/20322025-09-300002006758IT Services Distinct Holdings Inc Distinct Holdings Inc First Lien Secured Debt - Revolver Interest Rate S+575, 1.00% Floor Maturity Date 7/18/20292025-09-300002006758us-gaap:FairValueInputsLevel3Memberck0002006758:CommonEquityInterestsMemberck0002006758:ValuationTechniqueRecentTransactionMemberck0002006758:MeasurementInputRecentTransactionMember2024-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:BuildingProductsMember2025-09-300002006758Commercial Services & Supplies Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 8/9/20302025-09-300002006758us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2025-09-3000020067582024-01-012024-09-300002006758Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 11/27/20302025-09-300002006758ck0002006758:PharmaceuticalsMemberck0002006758:PAIPharmaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758Health Care Equipment & Supplies CSHC Buyerco, LLC CSHC Buyerco, LLC First Lien Secured Debt - Term Loan S+485, 1.00% Floor Maturity Date 9/8/20262024-12-310002006758Hotels, Restaurants & Leisure Taco Cabana YTC Enterprises, LLC First Lien Secured Debt - Term Loan S+636, 1.00% Floor Maturity Date 8/16/20262025-09-300002006758srt:MinimumMember2025-01-012025-09-300002006758Software American Megatrends AMI Buyer, Inc. 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First Lien Secured Debt - Revolver S+600, 1.00% Floor Maturity Date 7/23/20292024-12-310002006758Cool Buyer, Inc.2025-09-300002006758Machinery Relevant Industrial, LLC Relevant Industrial, LLC First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 5/16/20312025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:PaperAndForestProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2025-07-012025-09-300002006758ck0002006758:UnfundedRevolverObligationsAndBridgeLoanCommitmentsMember2024-12-310002006758Cool Acquisition Holdings, LP Investment Type Common Equity - Limited Partnership2025-01-012025-09-300002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Revolver S+500, 1.00% Floor Maturity Date 7/10/20312025-09-300002006758Health Care Providers & Services FP UC Intermediate Holdings, Inc. FP UC Intermediate Holdings, Inc. 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RailPros Consolidated, Inc. 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First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 11/1/20282025-09-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2025-03-060002006758Commercial Services & Supplies GS SEER Group Borrower LLC GS SEER Group Borrower LLC First Lien Secured Debt - Term Loan S+675, 1.00% Floor Maturity Date 4/29/20302024-12-310002006758Construction & Engineering Traffic Management Solutions Traffic Management Solutions, LLC First Lien Secured Debt – Revolver S+500, 1.00% Floor Maturity Date 11/26/20302024-12-310002006758ck0002006758:MediaMember2025-09-300002006758Financial Services GC Waves GC Waves Holdings, Inc. First Lien Secured Debt - Delayed Draw S+485, 0.75% Floor Maturity Date 10/4/20302024-12-310002006758ck0002006758:UniguestMemberck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:CoreRoofingMemberck0002006758:ConstructionEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:PrimeflightMemberck0002006758:AirFreightLogisticsMember2025-09-300002006758Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. 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First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 10/17/20312025-09-300002006758Aspen Aerogels, Inc.2024-12-310002006758Total Commitments2025-09-300002006758GC Waves Holdings, Inc.2024-12-310002006758Diversified Consumer Services FEV Acquisition Corporation FEV Acquisition Corporation First Lien Secured Debt - Term Loan 6.50% Maturity Date 7/15/20282024-12-310002006758us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:GCWavesMember2025-09-300002006758Transportation Infrastructure GAT GAT-Airline Ground Support Inc First Lien Secured Debt - Delayed Draw S+550, 1.00% Floor Maturity Date 5/9/20292024-12-310002006758Health Care Providers & Services TVG Shelby Buyer, Inc. TVG Shelby Buyer, Inc. First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 3/27/20282024-12-310002006758us-gaap:EntertainmentMember2025-09-300002006758us-gaap:DebtInstrumentRedemptionPeriodThreeMemberck0002006758:TotalCommitmentsMember2025-01-012025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:ElectronicEquipmentInstrumentsAndComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758ck0002006758:AssetTransferAgreementMember2025-07-012025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:NorthHighlandMemberck0002006758:ProfessionalServicesMember2025-09-300002006758us-gaap:FairValueInputsLevel3Memberck0002006758:ValuationTechniqueMarketComparableTechniqueMemberus-gaap:UnsecuredDebtMembersrt:MaximumMemberck0002006758:MeasurementInputComparableMultipleMember2025-09-300002006758ck0002006758:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758ck0002006758:CommonEquityMemberck0002006758:AirFreightLogisticsMember2024-12-310002006758ck0002006758:ClubChampionLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:SpecialtyRetailMember2024-12-310002006758us-gaap:DebtInstrumentRedemptionPeriodFourMemberck0002006758:TotalCommitmentsMember2025-01-012025-09-300002006758Building Products Decks & Docks D&D Buyer, LLC First Lien Secured Debt - Delayed Draw S+650, 2.00% Floor Maturity Date 10/4/20282025-09-300002006758ck0002006758:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758Specialty Retail Club Champion LLC Club Champion LLC First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 6/14/20292024-12-310002006758Diversified Consumer Services Go Car Wash Management, Corp. Go Car Wash Management, Corp. 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First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 4/18/20302025-09-300002006758ck0002006758:PersonalCareProductsMember2025-09-300002006758ck0002006758:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758ck0002006758:IncentiveFeesFromPreIncentiveFeeNetInvestmentIncomeMembersrt:MaximumMember2025-01-012025-09-300002006758ck0002006758:SeniorSecuredFacilityAndSpvFinancingFacilitiesMembercurrency:CAD2025-09-300002006758Chemicals Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt - Term Loan S+550, 0.75% Floor Maturity Date 10/3/20302025-09-300002006758Lotus Topco Inc.2024-12-310002006758ck0002006758:PMAMemberus-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758ck0002006758:AerospaceDefenseMember2024-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:UniversalAirConditionerMemberck0002006758:AutomobileComponentsMember2025-09-300002006758Commercial Services & Supplies Climate Pros Climate Pros, LLC First Lien Secured Debt - Term Loan S+585, 1.00% Floor Maturity Date 1/24/20262024-12-310002006758Machinery Ideal Tridon Ideal Components Acquisition, LLC First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 6/30/20322025-09-300002006758ck0002006758:PharmaceuticalsMember2025-09-300002006758ck0002006758:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:TeamLINXBuyerLLCMember2024-12-310002006758ck0002006758:O2025M3DividendsMember2025-01-012025-09-300002006758us-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LetterOfCreditMemberck0002006758:TotalCommitmentsMember2025-09-300002006758country:GB2025-09-300002006758Health Care Providers & Services Team Select Team Select TS Investors, LLC First Lien Secured Debt - Term Loan S+560, 1.00% Floor Maturity Date 5/4/20292024-12-310002006758us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:GCWavesMember2024-12-310002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:AirFreightLogisticsMember2024-12-310002006758Pharmaceuticals Trillium Trillium Health Care Products Inc. Investment Type First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 8/6/20312025-09-300002006758ck0002006758:FinancialServicesMember2024-12-310002006758Commercial Services & Supplies LAV GEAR HOLDINGS INC LAV Gear Holdings, inc First Lien Secured Debt - Term Loan S+643, 1.00% Floor Maturity Date 10/31/20252024-12-310002006758Financial Services GC Waves GC Waves Holdings, Inc. First Lien Secured Debt - Delayed Draw S+485, 0.75% Floor Maturity Date 10/4/20302025-09-300002006758Specialty Retail Club Champion Club Champion LLC First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 6/14/20292025-09-300002006758Ronnoco Holdings, Inc. Investment Type Preferred Equity - Preferred Stocks2025-01-012025-09-300002006758Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Revolver S+510, 1.00% Floor Maturity Date 07/24/20302024-12-310002006758Beverages Ronnoco Coffee Ronnoco Holdings, Inc. Common Equity - Stock2025-09-300002006758ck0002006758:PharmaceuticalsMemberck0002006758:SaffronBidcoLtdMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758The North Highland Company LLC2024-12-310002006758ck0002006758:FirstLienSecuredDebtMember2025-01-012025-09-300002006758Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt - Revolver S+575, 1.00% Floor Maturity Date 10/22/20292025-09-300002006758ck0002006758:FirstLienSecuredDebtMember2024-06-300002006758Personal Care Products Tranzonic TZ Buyer LLC First Lien Secured Debt - Term Loan S+610, 0.75% Floor Maturity Date 8/14/20282025-09-300002006758Pharmaceuticals Trillium Trillium Health Care Products Inc. Investment Type First Lien Secured Debt - Revolver CORRA+557, 1.00% Floor Maturity Date 8/6/20312025-09-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2025-01-012025-09-300002006758Software AMI Buyer, Inc. AMI Buyer, Inc. First Lien Secured Debt - Term Loan S+525, 0.75% Floor Maturity Date 10/17/20312024-12-310002006758ck0002006758:FoodProductsMember2024-12-310002006758GBP Foreign Currency Forward Contract, Maturing September ,17,20252025-06-300002006758Aerospace & Defense Jonathan Acquisition Company Jonathan Acquisition Company First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 12/22/20262024-12-310002006758us-gaap:EntertainmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758us-gaap:FairValueInputsLevel3Memberus-gaap:UnsecuredDebtMember2024-12-310002006758Health Care Technology Merative Merative L.P. First Lien Secured Debt - Revolver S+475, 0.75% Floor Maturity Date 9/30/20322025-09-300002006758Machinery Milacron IOTA HOLDINGS 3 First Lien Secured Debt - Revolver S+475, 0.00% Floor Maturity Date 3/31/20322025-09-300002006758Hotels, Restaurants & Leisure American West Restaurant Group Holdings LLC American West Restaurant Group Holdings LLC First Lien Secured Debt - Term Loan 7.75% Maturity Date 2/2/20282024-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ProfessionalServicesMember2024-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:BuildingProductsMember2024-12-310002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:AutomobileComponentsMember2024-12-310002006758ck0002006758:ConsumerStaplesDistributionAndRetailMember2024-12-310002006758Energy Equipment & Services Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Term Loan CORRA+525, 0.75% Floor Maturity Date 7/22/20302024-12-310002006758Consumer Staples Distribution Turkey Hill THLP CO., LLC First Lien Secured Debt - Term Loan S+600, 1.00% Floor Maturity Date 1/31/20282025-09-3000020067582025-06-300002006758Amylu Borrower Sub, LLC2025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DCMServicesMemberck0002006758:ProfessionalServicesMember2025-09-300002006758Energy Equipment & Services Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt - Delayed Draw CORRA+525, 0.75% Floor Maturity Date 7/22/20302024-12-310002006758Trading Companies & Distributors WC ORS Holdings, L.P. Common Equity - Limited Partnership2025-09-300002006758ck0002006758:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758Protein For Pets Opco, LLC2024-12-310002006758IOTA HOLDINGS 32025-09-300002006758ck0002006758:SixMonthsEuroInterbankOfferedRateEURIBORMember2025-09-300002006758Hotels, Restaurants & Leisure American West AWRG Parent LLC Common Equity - Stock2025-09-300002006758Automobile Components Universal Air Conditioner Cool Buyer, Inc. First Lien Secured Debt - Delayed Draw S+475, 1.00% Floor Maturity Date 10/31/20302025-09-300002006758TVG Orion Blocker, Inc. Investment Type Common Equity - Stock2024-01-012024-12-310002006758ck0002006758:CommonEquityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758Containers & Packaging Truvant NPPI Buyer, LLC First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 8/20/20292025-09-300002006758IT Services VikingCloud Sysnet North America, Inc. First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 8/6/20302024-12-310002006758Health Care Providers & Services TVG Shelby Buyer, Inc. TVG Shelby Buyer, Inc. First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 3/27/20282025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareTechnologyMember2024-12-310002006758Professional Services Escalent M&M OPCO, LLC First Lien Secured Debt - Term Loan S+810, 1.00% Floor Maturity Date 4/7/20292024-12-310002006758ck0002006758:TextilesApparelAndLuxuryGoodsMemberck0002006758:FirstLienSecuredDebtMember2024-12-310002006758us-gaap:DebtInstrumentRedemptionPeriodOneMemberck0002006758:TotalCommitmentsMember2025-01-012025-09-300002006758Software EVER.AG Corporation EVER.AG Corporation First Lien Secured Debt - Term Loan S+585, 1.00% Floor Maturity Date 6/24/20272024-12-310002006758ck0002006758:FoodProductsMember2025-09-300002006758Bingo Group Buyer, Inc.2025-09-300002006758ck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AMIBuyerIncMember2025-09-300002006758Pharmaceuticals Trillium Trillium Health Care Products Inc. Investment Type First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 8/6/20312025-09-300002006758Diversified Consumer Services Regis Corporation Regis Corporation First Lien Secured Debt - Term Loan S+450, 2.50% Floor Maturity Date 6/24/20292024-12-310002006758ck0002006758:LifeSciencesToolsAndServicesMemberck0002006758:FirstLienSecuredDebtMember2024-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AerospaceDefenseMember2025-09-300002006758ck0002006758:UnfundedRevolverObligationsAndBridgeLoanCommitmentsMember2025-09-300002006758Chemicals Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt - Term Loan S+450, 4.50% Floor Maturity Date 8/19/20292024-12-310002006758us-gaap:FairValueInputsLevel3Memberck0002006758:ValuationTechniqueMarketComparableTechniqueMembersrt:MinimumMemberus-gaap:UnsecuredDebtMemberck0002006758:MeasurementInputComparableMultipleMember2024-12-310002006758ck0002006758:AerospaceDefenseMember2025-09-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2024-07-012024-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FoodProductsMember2025-09-300002006758us-gaap:LetterOfCreditMemberus-gaap:DebtInstrumentRedemptionPeriodFourMemberck0002006758:TotalCommitmentsMember2025-09-300002006758Communications Equipment Congruex Congruex Group LLC First Lien Secured Debt - Term Loan S+165 Cash plus 5.00% PIK, 1.50% Floor Maturity Date 5/3/20292024-12-310002006758Pharmaceuticals TVG Orion Blocker, Inc. Unsecured Debt - Promissory Note 11.34% Maturity Date 7/11/20302025-09-300002006758Software AMI Buyer, Inc. AMI Buyer, Inc. First Lien Secured Debt - Revolver S+525, 0.75% Floor Maturity Date 10/17/20312024-12-310002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 07/10/20312024-12-310002006758Electronic Equipment, Instruments & Compone Li-Cor, Inc. Li-Cor, Inc. First Lien Secured Debt - Term Loan S+485, 1.00% Floor Maturity Date 12/1/20272025-09-300002006758srt:AffiliatedEntityMember2023-12-150002006758Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 07/24/20302024-12-310002006758ck0002006758:SeniorSecuredFacilityAndSpvFinancingFacilitiesMember2024-12-3100020067582024-12-310002006758Natus Sensory, Inc.2025-09-300002006758Leisure Products Paladone Group Bidco Limited Paladone Group Bidco Limited First Lien Secured Debt – Term Loan S+585, 1.00% Floor Maturity Date 11/12/20272025-09-300002006758us-gaap:FairValueInputsLevel3Memberck0002006758:FirstLienSecuredDebtMember2025-09-300002006758Trillium Health Care Products Inc.srt:MaximumMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:BuildingProductsMember2025-09-300002006758Health Care Providers & Services RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Delayed Draw S+540, 1.00% Floor Maturity Date 8/2/20272025-09-300002006758CI (MG) GROUP, LLC2025-09-300002006758Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt - Revolver S+450, 0.75% Floor Maturity Date 3/24/20312025-09-300002006758IT Services VikingCloud Bullcave Limited First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 8/6/20302024-12-310002006758Financial Services PMA PMA Parent Holdings, LLC First Lien Secured Debt - Term Loan S+550, 0.75% Floor Maturity Date 1/31/20312025-09-300002006758Diversified Consumer Services Regis Regis Corporation First Lien Secured Debt - Revolver S+450, 2.50% Floor Maturity Date 6/24/20292025-09-300002006758Transportation Infrastructure GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 5/9/20292025-09-300002006758Construction & Engineering Core Roofing CRS Holdings, Inc. First Lien Secured Debt - Revolver S+500, 1.00% Floor Maturity Date 6/6/20302025-09-300002006758ck0002006758:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:ConstructionEngineeringMember2024-12-310002006758ck0002006758:RegisCorporationMemberck0002006758:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758PAI Co-Investor FT Aggregator LLC Investment Type Common Equity - Stock2025-01-012025-09-300002006758Beverages Ronnoco Coffee Ronnoco Holdings, Inc. Preferred Equity - Preferred Stocks2025-09-300002006758Air Freight & Logistics SEKO Global Logistics Network, LLC SEKO Global Logistics Network, LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 5/27/20302024-12-310002006758Professional Services KL Charlie Acquisition Company KL Charlie Acquisition Company First Lien Secured Debt - Term Loan S+560, 1.00% Floor Maturity Date 12/30/20262024-12-310002006758us-gaap:UnsecuredDebtMemberck0002006758:PharmaceuticalsMember2024-12-310002006758Diversified Consumer Services Ultra Clean Holdco LLC Ultra Clean Holdco LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 7/1/20302024-12-310002006758ck0002006758:PaperAndForestProductsMember2025-09-300002006758Financial Services PMA PMA Parent Holdings, LLC First Lien Secured Debt - Term Loan S+550, 0.75% Floor Maturity Date 1/31/20312024-12-310002006758ck0002006758:ElectricUtilitiesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MegavoltBorrowerLLCMember2025-09-300002006758ck0002006758:TransportationInfrastructureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758Diversified Consumer Services Ultra Clean Holdco LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 7/1/20302025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AerospaceDefenseMember2024-12-310002006758ck0002006758:HotelsRestaurantsLeisureMemberck0002006758:WaltersWeddingEstatesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMember2024-12-3100020067582025-09-300002006758Financial Services Wealth Enhancement Group Wealth Enhancement Group, LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 10/2/20282025-09-300002006758Energy Equipment & Services Generator Buyer, Inc. Generator Buyer, Inc. First Lien Secured Debt – Revolver CORRA+525, 0.75% Floor Maturity Date 7/22/20302024-12-310002006758ck0002006758:GroundTransportationMember2025-09-300002006758ck0002006758:InsuranceMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:CommonEquityInterestsMember2024-12-310002006758Regis Corporation2025-09-300002006758Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 11/27/20302024-12-310002006758Health Care Providers & Services Veristat Group Inc. Veristat Group Inc. First Lien Secured Debt - Term Loan 0.1094709 Maturity Date 3/31/20272025-09-300002006758Health Care Providers & Services Maxor National Pharmacy Services, LLC Maxor Acquisition, Inc. First Lien Secured Debt - Term Loan S+610, 1.00% Floor Maturity Date 3/1/20292025-09-300002006758ck0002006758:LeisureProductsMember2024-12-310002006758Health Care Providers & Services Veristat Group Inc. Veristat Group Inc. First Lien Secured Debt - Term Loan S+585, 1.00% Floor Maturity Date 3/31/20272024-12-310002006758ck0002006758:TVGOrionBlockerIncMemberck0002006758:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:HotelsRestaurantsLeisureMember2024-12-310002006758ck0002006758:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:WaltersWeddingMember2024-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:LeisureProductsMember2025-09-300002006758ck0002006758:ElectricalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758DCM Parent, LLC2025-09-300002006758Pharmaceuticals Orion Buyer, LLC Orion Buyer, LLC First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 7/18/20302025-09-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2024-12-310002006758Machinery BW Colson Acquisition LLC BW Colson Acquisition LLC First Lien Secured Debt - Term Loan S+515, 1.00% Floor Maturity Date 2/26/20272025-09-300002006758ck0002006758:ContainersPackagingMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2024-06-300002006758ck0002006758:MultiUtilitiesMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:LexitasMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ProfessionalServicesMember2025-09-300002006758Health Care Technology Merative Merative L.P. First Lien Secured Debt - Delayed Draw S+475, 0.75% Floor Maturity Date 9/30/20322025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:AerospaceDefenseMember2024-12-310002006758us-gaap:UnsecuredDebtMember2024-07-012024-09-300002006758Automobile Components Cool Buyer, Inc. Cool Buyer, Inc. First Lien Secured Debt - Delayed Draw S+475, 1.00% Floor Maturity Date 10/31/20302024-12-310002006758WC ORS Buyer, Inc.2025-09-300002006758Hotels, Restaurants & Leisure American West AWRG Borrower LLC First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 6/18/20302025-09-300002006758Chemicals Aspen Aerogels, Inc. Aspen Aerogels, Inc. First Lien Secured Debt - Term Loan S+500, 4.50% Floor Maturity Date 8/19/20292025-09-300002006758ck0002006758:CommonEquityMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AerospaceDefenseMember2025-09-300002006758Health Care Equipment & Supplies ACP Hyperdrive, Inc. ACP Hyperdrive, Inc. First Lien Secured Debt - Term Loan S+590, 1.00% Floor Maturity Date 3/8/20282024-12-310002006758GAT-Airline Ground Support Inc2024-12-310002006758Hotels, Restaurants & Leisure PARS PARS Group LLC First Lien Secured Debt - Term Loan S+685, 1.50% Floor Maturity Date 4/3/20282024-12-310002006758Aerospace & Defense Sperry Acquisition, LLC Sperry Acquisition, LLC First Lien Secured Debt - Revolver S+525, 0.75% Floor Maturity Date 2/3/20312025-09-300002006758ck0002006758:FirstLienSecuredDebtMember2024-09-300002006758Software EVER.AG Corporation EVER.AG Corporation First Lien Secured Debt - Term Loan S+535, 1.00% Floor Maturity Date 6/24/20272025-09-300002006758Commercial Services & Supplies Vixxo Corporation Vixxo Corporation First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 8/1/20302024-12-310002006758ck0002006758:CommonEquityInterestsMember2025-01-012025-09-300002006758ck0002006758:DiversifiedConsumerServicesMember2025-09-300002006758Chemicals Universal Fiber Systems LLC Universal Fiber Systems LLC First Lien Secured Debt - Term Loan S+511, 1.00% Floor Maturity Date 9/30/20282025-09-300002006758Food Products Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan S+565, 1.00% Floor Maturity Date 7/30/20272025-09-300002006758Lexitas Chronicle Parent LLC Investment Type First Lien Secured Debt – Term Loan S+500, 1.00% Floor Maturity Date 4/15/20312025-09-300002006758ck0002006758:GoldmanSachsFinancialSquareGovernmentFundInstitutionalMember2025-09-300002006758ck0002006758:InsuranceMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758The North Highland Company LLC2025-09-300002006758Software Poppulo, Inc. Four Winds Interactive LLC First Lien Secured Debt - Term Loan S+650, 0.75% Floor Maturity Date 2/20/20302025-09-300002006758Personal Products Advantice Health Jazz AH Holdco, LLC First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 4/3/20282024-12-310002006758Automobile Components Universal Air Conditioner Cool Acquisition Holdings, LP Common Equity - Limited Partnership2025-09-300002006758Health Care Providers & Services TST Intermediate Holdings, LLC TST Intermediate Holdings, LLC First Lien Secured Debt - Delayed Draw S+585, 1.00% Floor Maturity Date 11/27/20262024-12-310002006758Machinery OEH OEH Parent Holdings, Inc. First Lien Secured Debt - Term Loan S+560, 1.00% Floor Maturity Date 11/9/20272024-12-310002006758ck0002006758:SeniorSecuredFacilityAndSpvFinancingFacilitiesMembercurrency:GBP2025-09-300002006758Health Care Equipment & Supplies Project Titan Titan Luxco I SARL First Lien Secured Debt - Revolver E+500, 0.75% Floor Maturity Date 6/12/20312025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:TradingCompaniesAndDistributorsMember2024-12-310002006758us-gaap:DebtInstrumentRedemptionPeriodOneMemberck0002006758:TotalCommitmentsMember2024-01-012024-12-310002006758Insurance West-NR AcquisitionCo, LLC West-NR AcquisitionCo, LLC First Lien Secured Debt –Term Loan S+510, 1.00% Floor Maturity Date 12/27/20272024-12-310002006758Cool Buyer, Inc.2024-12-310002006758ck0002006758:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HALOBuyerIncMember2025-09-300002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 7/10/20312025-09-300002006758us-gaap:ForeignExchangeForwardMember2025-07-012025-09-300002006758TCW Midco LLC2025-09-300002006758Containers & Packaging Berry Tapes & Adhesives Vybond Buyer, LLC First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 2/3/20322025-09-300002006758ck0002006758:ConstructionEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMember2024-12-310002006758Diversified Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 6/7/20302024-12-310002006758ck0002006758:PharmaceuticalsMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:ItServicesMember2024-12-310002006758Food Products Amylu Foods Amylu Borrower Sub, LLC First Lien Secured Debt - Delayed Draw S+500, 0.75% Floor Maturity Date 6/10/20312025-09-300002006758Financial Services GC Waves GC Waves Holdings, Inc. First Lien Secured Debt - Term Loan S+485, 0.75% Floor Maturity Date 10/4/20302025-09-300002006758Electrical Equipment Generator Buyer, Inc.Generator Buyer, Inc. First Lien Secured Debt - Revolver CORRA+525, 0.75% Floor Maturity Date 7/22/20302025-09-300002006758Software CM Acquisitions Holdings Inc. (fka Sisterco CM Acquisitions Holdings Inc. First Lien Secured Debt - Term Loan S+550, 1.00% Floor Maturity Date 5/6/20262025-09-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FinancialServicesMember2025-09-300002006758Air Freight & Logistics PrimeFlight PrimeFlight Acquisition, LLC First Lien Secured Debt - Term Loan S+550, 1.00% Floor Maturity Date 5/1/20292025-09-300002006758Pharmaceuticals Orion Buyer, LLC Orion Buyer, LLC First Lien Secured Debt - Revolver S+400, 1.00% Floor Maturity Date 7/18/20302024-12-310002006758ck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300002006758ck0002006758:CommonEquityMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300002006758Traffic Management Solutions, LLC2024-12-310002006758ck0002006758:ElectricalEquipmentMember2025-09-30iso4217:EURck0002006758:Segmentxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:GBPiso4217:USD

Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_____ to_____

Commission File Number: 814-01710

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

(Exact name of Registrant as specified in its charter)

Delaware	93-4353274
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57th Street New York, New York	10019
(Address of principal executive offices)	(Zip Code)

(212) 515-3450

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading symbol(s)		Name of each exchange on which registered
None		None		None

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	¨	Non-accelerated filer	x	Smaller reporting company	¨	Emerging growth company	x

(Do not check if a smaller reporting company)

If an emerging growth company indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of November 7, 2025, there was no established public market for the Registrant’s common shares of beneficial interest, $0.001 par value, (“Common Shares”).

The number of shares of the Registrant’s Common Shares outstanding as of November 7, 2025 was 17,072,253.

 

 

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Table of Contents

 

 

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

 

Table of Contents

 

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (Unaudited) and December 31, 2024	1
	Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited)	3
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and September 30, 2024 (Unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2025 (Unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2024	28
	Notes to Consolidated Financial Statements (Unaudited)	46
	Report of Independent Registered Public Accounting Firm	74
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	75
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	85
Item 4.	Controls and Procedures	86
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	87
Item 1A.	Risk Factors	87
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 3.	Defaults Upon Senior Securities	87
Item 4.	Mine Safety Disclosures	87
Item 5.	Other Information	87
Item 6.	Exhibits	88
	Signatures	89

 

 

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PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us,” and “our” refer to MidCap Apollo Institutional Private Lending unless the context specifically states otherwise.

 

Item 1. Consolidated Financial Statements

 

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share and per share data)
		September 30, 2025					December 31, 2024
		(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost $912,822 and $918,595, respectively)		$		899,528			$		909,845
Non-controlled/affiliated investments (cost $7,217 and $0 respectively)				6,998					—
Cash and cash equivalents				14,015					33,276
Foreign currencies (cost $1,002 and $711, respectively)				1,002					678
Receivable for investments sold				1,232					8,607
Interest receivable				11,172					5,399
Unrealized appreciation on foreign currency forward contracts				38					—
Total assets		$		933,985			$		957,804
Liabilities
Debt (net of deferred financing costs and unamortized original issue discount of $7,951 and $5,150 as of September 30, 2025 and December 31, 2024, respectively)		$		511,496			$		573,522
Payable for investments purchased				84					—
Management fees payable				504					—
Performance-based incentive fees payable				827					—
Distributions payable				12,779					13,169
Interest payable				2,639					3,256
Accrued administrative services expense payable				270					1,414
Other liabilities and accrued expenses				2,474					1,916
Total liabilities		$		531,073			$		593,277
Commitments and contingencies (Note 8)
Total Net Assets		$		402,912			$		364,527
Net Assets (Note 6)
Common shares, $0.001 par value (Unlimited shares authorized; 17,038,441 shares issued and outstanding as of September 30, 2025 and 14,922,603 shares issued and outstanding as of December 31, 2024)		$		17			$		15
Capital in excess of par value				408,769					375,365
Accumulated under-distributed (over-distributed) earnings				(5,874	)				(10,853	)
Net Assets		$		402,912			$		364,527
Net Asset Value Per Share		$		23.65			$		24.43

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share and per share data)
	Three Months Ended September 30,										Nine Months Ended September 30,
	2025					2024					2025					2024
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$		23,884			$		25,039			$		71,725			$		72,349
PIK interest income			808					709					2,388					1,197
Other income			168					329					422					892
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)			134					—					153					—
PIK interest income			—					—					—					—
Other income			—					—					—					—
Total Investment Income	$		24,994			$		26,077			$		74,688			$		74,438
Operating Expenses
Interest and other debt expenses	$		9,712			$		10,929			$		29,537			$		31,152
Service fees			—					—					—					553
Management fees			1,008					961					2,918					1,875
Performance-based incentive fees			1,654					1,574					4,885					3,386
Legal expenses			353					402					1,047					1,454
Administrative service expenses			273					447					663					973
Other general and administrative expenses			436					746					1,472					2,210
Total expenses			13,436					15,059					40,522					41,603
Management fees waived			(504	)				(961	)				(1,845	)				(1,874	)
Performance-based incentive fees waived			(827	)				(1,574	)				(3,094	)				(3,386	)
Net Expenses	$		12,105			$		12,524			$		35,583			$		36,343
Net Investment Income	$		12,889			$		13,553			$		39,105			$		38,095
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$		(9,496	)		$		—			$		(9,892	)		$		—
Non-controlled/affiliated investments			—					—					—					—
Foreign currency forward contracts			(17	)				—					(162	)				—
Foreign currency transactions			(28	)				(18	)				(31	)				(18	)
Net realized gains (losses)	$		(9,541	)		$		(18	)		$		(10,085	)		$		(18	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments			3,692					(4,201	)				(4,543	)				(5,401	)
Non-controlled/affiliated investments			(219	)				—					(219	)				—
Foreign currency forward contracts			77					—					38					—
Foreign currency translations			(9	)				(60	)				(176	)				(60	)
Net change in unrealized gains (losses)			3,541					(4,261	)				(4,900	)				(5,461	)
Net Realized and Change in Unrealized Gains (Losses)	$		(6,000	)		$		(4,279	)		$		(14,985	)		$		(5,479	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$		6,889			$		9,274			$		24,120			$		32,616

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(In thousands, except share and per share data)
		Three Months Ended September 30,										Nine Months Ended September 30,
		2025					2024					2025					2024
Operations
Net investment income		$		12,889			$		13,553			$		39,105			$		38,095
Net realized gains (losses)				(9,541	)				(18	)				(10,085	)				(18	)
Net change in unrealized gains (losses)				3,541					(4,261	)				(4,900	)				(5,461	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$		6,889			$		9,274			$		24,120			$		32,616
Distributions to Shareholders
Distribution of net investment income		$		(12,779	)		$		(15,879	)		$		(37,322	)		$		(15,879	)
Net Decrease in Net Assets Resulting from Distributions to Shareholders		$		(12,779	)		$		(15,879	)		$		(37,322	)		$		(15,879	)
Capital Share Transactions
Net proceeds from the issuance of common shares (Note 6)		$		25,000			$		—			$		50,000			$		60,000
Distributions reinvested				824					450					1,587					450
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		$		25,824			$		450			$		51,587			$		60,450
Net Assets
Net increase (decrease) in net assets during the period		$		19,934			$		(6,155	)		$		38,385			$		77,187
Net assets at beginning of period				382,978					377,792					364,527					294,450
Net Assets at End of Period		$		402,912			$		371,637			$		402,912			$		371,637
Capital Share Activity
Shares issued during the period (Note 6)				1,034,768					—					2,050,615					14,474,953
Distributions reinvested				33,999					17,218					65,223					—
Shares issued and outstanding at beginning of period				15,969,674					14,457,735					14,922,603					—
Shares Issued and Outstanding at End of Period				17,038,441					14,474,953					17,038,441					14,474,953

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands, except share and per share data)
		Nine Months Ended September 30,
		2025					2024
Operating Activities
Net increase (decrease) in net assets resulting from operations		$		24,120			$		32,616
Net realized (gains) losses on investments				9,892					—
Net change in unrealized (gains) losses				4,900					5,461
Payment-in-kind interest capitalized				(2,357	)				(1,341	)
Net accretion of discount and amortization of premium				(2,307	)				(2,950	)
Amortization of deferred financing costs				917					849
Purchases of investments				(176,016	)				(171,794	)
Proceeds from sale of investments and principal repayments				169,344					59,205
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable				(5,773	)				(6,068	)
Decrease (increase) in receivable for investments sold				7,375					—
Decrease (increase) in other assets				—					—
Increase (decrease) in payable for investments purchased				84					—
Increase (decrease) in management fees payable				504					—
Increase (decrease) in performance-based incentive fees payable				827					—
Increase (decrease) in interest payable				(617	)				2,728
Increase (decrease) in service fees payable				—					(38	)
Increase (decrease) in accrued organization cost				—					(470	)
Increase (decrease) in accrued administrative services expense payable				(1,144	)				967
Increase (decrease) in other liabilities and accrued expenses				558					589
Net Cash (Used in)/Provided by Operating Activities		$		30,307			$		(80,246	)
Financing Activities
Issuances of debt		$		96,136			$		134,872
Payments of debt				(156,000	)				(80,500	)
Financing costs paid and deferred				(3,290	)				(1,171	)
Proceeds from issuance of common shares				50,000					60,000
Distributions paid				(36,125	)				(15,429	)
Net Cash (Used in)/Provided by Financing Activities		$		(49,279	)		$		97,772
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash and cash equivalents during the period		$		(18,972	)		$		17,526
Effect of foreign exchange rate changes on cash and cash equivalents				35					10
Cash and cash equivalents at beginning of period				33,954					3,176
Cash, Cash Equivalents and Foreign Currencies at the End of Period		$		15,017			$		20,712
Supplemental Disclosure and Non-Cash Information
Cash interest paid		$		29,237			$		27,575
Reinvestment of distributions during the period		$		1,587			$		450
PIK income		$		2,388			$		1,197

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Aerospace & Defense
Jonathan Acquisition Company
Jonathan Acquisition Company		First Lien Secured Debt - Term Loan				S+510, 1.00% Floor				12/22/2026				$		7,835			$		7,790			$		7,739			(17)
Sperry Acquisition, LLC
Sperry Acquisition, LLC		First Lien Secured Debt - Term Loan				S+525, 0.75% Floor				2/3/2031						4,788					4,722					4,727			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+525, 0.75% Floor				2/3/2031											(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+525, 0.75% Floor				2/3/2031											(1	)				(1	)		(9)(12)(13)(14)
Sperry Parent Holdings, L.P.		Common Equity - Stock				N/A				N/A					494 Shares						50					46			(6)(9)(15)
																					4,770					4,771
						Total Aerospace & Defense													$		12,560			$		12,510
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC		First Lien Secured Debt - Term Loan				S+550, 1.00% Floor				5/1/2029				$		7,840			$		7,668			$		7,840			(9)(17)
		First Lien Secured Debt - Term Loan				S+525, 1.00% Floor				5/1/2029						2,494					2,470					2,481			(9)(17)
																					10,138					10,321
SEKO Global Logistics Network, LLC
SEKO Global Logistics Network, LLC		First Lien Secured Debt - Term Loan				S+700 PIK, 1.00% Floor				5/27/2030						1,911					1,911					1,911			(17)
		Common Equity - Equity Unit				N/A				N/A					876 Shares						2,737					1,076			(6)(15)
																					4,648					2,987
						Total Air Freight & Logistics													$		14,786			$		13,308
Automobile Components
AAMP Global Holdings, Inc.
AAMP Global Holdings, Inc.		First Lien Secured Debt - Term Loan				S+485, 1.00% Floor				11/5/2026				$		7,771			$		7,735			$		7,736			(17)
Universal Air Conditioner
Cool Acquisition Holdings, LP		Common Equity - Limited Partnership				N/A				N/A					34,483 Shares						35					22			(6)(9)(15)
Cool Buyer, Inc.		First Lien Secured Debt - Term Loan				S+475, 1.00% Floor				10/31/2030						4,764					4,701					4,618			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+475, 1.00% Floor				10/31/2030											(1	)				(3	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+475, 1.00% Floor				10/31/2030						43					42					40			(9)(13)(14)(17)
																					4,777					4,677
						Total Automobile Components													$		12,512			$		12,413

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company				Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.				First Lien Secured Debt - Term Loan				S+450, 1.00% Floor				3/17/2031				$		3,534			$		3,485			$		3,481			(9)(17)
				First Lien Secured Debt - Revolver				S+450, 1.00% Floor				3/17/2031											(20	)				(22	)		(9)(12)(13)(14)
				Preferred Equity - Preferred Stocks				N/A				N/A					500 Shares						50					50			(6)(9)
				Common Equity - Stock				N/A				N/A					53 Shares						—					—			(6)(9)(15)
								Total Beverages													$		3,515			$		3,509
Building Products
Decks & Docks
D&D Buyer, LLC				First Lien Secured Debt - Delayed Draw				S+650, 2.00% Floor				10/4/2028				$		2,484			$		2,435			$		2,435			(9)(17)
OmniMax International, LLC
Omnimax International, LLC				First Lien Secured Debt - Term Loan				S+575, 1.00% Floor				12/6/2030						7,363					7,231					7,200			(9)(18)
				First Lien Secured Debt - Delayed Draw				S+575, 1.00% Floor				12/6/2030						100					98					97			(9)(18)
																							7,329					7,297
								Total Building Products													$		9,764			$		9,732
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.				First Lien Secured Debt - Term Loan				S+500, 4.50% Floor				8/19/2029				$		7,841			$		7,713			$		7,762			(9)(11)(16)
				First Lien Secured Debt - Revolver				S+510, 2.50% Floor				8/19/2029						15					15					15			(9)(11)(13)(14) (16)
																							7,728					7,777
Meristem Crop Performance
Lunar Buyer, LLC				First Lien Secured Debt - Term Loan				S+550, 0.75% Floor				10/3/2030						4,764					4,681					4,645			(9)(17)
				First Lien Secured Debt - Delayed Draw				S+550, 0.75% Floor				10/3/2030											(1	)				(2	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver				S+550, 0.75% Floor				10/3/2030						42					41					40			(9)(13)(14)(17)
																							4,721					4,683
Universal Fiber Systems LLC
Universal Fiber Systems LLC				First Lien Secured Debt - Term Loan				S+511, 1.00% Floor				9/30/2028						5,727					5,681					5,480			(17)
								Total Chemicals													$		18,130			$		17,940
Commercial Services & Supplies
Best Trash
Bingo Group Buyer, Inc.				First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				7/10/2031				$		8,712			$		8,617			$		8,668			(9)(17)
				First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				7/10/2031						83					82					82			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver				S+500, 1.00% Floor				7/10/2031						3					2					3			(9)(13)(14)(17)
																							8,701					8,753
Climate Pros
Climate Pros, LLC				First Lien Secured Debt - Term Loan				S+585, 1.00% Floor				7/24/2027						7,872					7,847					7,754			(17)

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
LAV GEAR HOLDINGS INC
LAV Gear Holdings, inc		First Lien Secured Debt - Term Loan		S+250 Cash plus 3.44% PIK, 1.00% Floor				7/31/2029						4,266					4,132					4,131			(16)
		Common Equity - Stock		N/A				N/A					18,105 Shares						2,816					2,834			(15)
																			6,948					6,965
Monarch Landscape Companies
Monarch Landscape Holdings, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				10/2/2028						7,838					7,772					7,766			(17)
Pavement Preservation
Pavement Preservation Acquisition, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				8/9/2030						4,730					4,649					4,671			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				8/9/2030						100					98					99			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				8/9/2030						8					7					7			(9)(13)(14)(17)
																			4,754					4,777
Rasa Floors & Carpet Cleaning, LLC
Rasa Floors & Carpet Cleaning, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				12/22/2027						7,821					7,417					7,328			(17)
Vixxo
Vixxo Corporation		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				8/1/2030						4,913					4,850					4,876			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				8/1/2030										—					—				(9)(13)(14)
																			4,850					4,876
				Total Commercial Services & Supplies													$		48,289			$		48,219
Construction & Engineering
Accelevation, LLC
Accelevation LLC		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				1/2/2031				$		4,788			$		4,723			$		4,764			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				1/2/2031						8					8					8			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				1/2/2031						17					15					16			(9)(13)(14)(17)
																			4,746					4,788
American Restoration
American Restoration Holdings, LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				7/24/2030						8,613					8,468					8,570			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+510, 1.00% Floor				7/24/2030						350					347					348			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+510, 1.00% Floor				7/24/2030						100					98					100			(9)(14)(17)
																			8,913					9,018
Carr and Duff, LLC
Carr and Duff, LLC		First Lien Secured Debt - Term Loan		S+605, 1.00% Floor				3/11/2027						7,495					7,444					7,464			(17)
Core Roofing
CRS Holdings, Inc.		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				6/6/2030						1,808					1,778					1,785			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				6/6/2030											—					(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				6/6/2030											(1	)				(1	)		(9)(12)(13)(14)
																			1,777					1,783

 

See notes to the consolidated financial statements.

 

7

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Kauffman
Kauffman Intermediate, LLC		First Lien Secured Debt - Term Loan				10.60%				9/30/2026						8,690					8,408					5,318			(5)(9)(16)
SAFEbuilt, LLC
SAFEbuilt, LLC		First Lien Secured Debt - Term Loan				S+685, 1.00% Floor				12/31/2025						7,951					7,943					7,926			(16)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				11/26/2030						4,665					4,603					4,622			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				11/26/2030						96					94					95			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				11/26/2030											(1	)				(1	)		(9)(12)(13)(14)
																					4,696					4,716
						Total Construction & Engineering													$		43,927			$		41,013
Consumer Staples Distribution & Retail
3D Protein
Protein For Pets Opco, LLC		First Lien Secured Debt - Term Loan				S+525, 1.00% Floor				9/20/2030				$		7,801			$		7,674			$		7,645			(9)(16)
		First Lien Secured Debt - Revolver				S+525, 1.00% Floor				9/20/2030						27					25					25			(9)(13)(14)(16)
																					7,699					7,670
Turkey Hill
THLP CO., LLC		First Lien Secured Debt - Term Loan				S+600, 1.00% Floor				1/31/2028						8,389					8,380					8,263			(9)(17)
						Total Consumer Staples Distribution & Retail													$		16,079			$		15,933
Containers & Packaging
Berry Tapes & Adhesives
Vybond Buyer, LLC		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				2/3/2032				$		9,776			$		9,639			$		9,702			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 0.75% Floor				2/3/2032											(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+500, 0.75% Floor				2/3/2032											(1	)				(1	)		(9)(12)(13)(14)
																					9,637					9,700
MSI Express, Inc.
NCP-MSI Buyer		First Lien Secured Debt - Term Loan				S+450, 0.75% Floor				3/24/2031						2,909					2,875					2,873			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+475, 0.75% Floor				3/24/2031											(4	)				(9	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+375, 0.75% Floor				3/24/2031						787					772					771			(9)(13)(14)(17)
																					3,643					3,635
Truvant
NPPI Buyer, LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				8/20/2029						9,702					9,583					9,629			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				8/20/2029											(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				8/20/2029											(1	)				(1	)		(9)(12)(13)(14)
																					9,581					9,627
						Total Containers & Packaging													$		22,861			$		22,962

 

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Diversified Consumer Services
Club Car Wash
Club Car Wash Operating, LLC		First Lien Secured Debt - Delayed Draw				S+565, 1.00% Floor				6/16/2027				$		8,780			$		8,712			$		8,709			(9)(13)(14)(17)
Go Car Wash
Go Car Wash Management, Corp.		First Lien Secured Debt - Delayed Draw				S+585, 1.00% Floor				12/31/2026						7,836					7,776					7,699			(9)(17)
Legacy.com
Lotus Topco Inc.		First Lien Secured Debt - Term Loan				S+475, 1.00% Floor				6/7/2030						3,376					3,331					3,325			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+475, 1.00% Floor				6/7/2030						13					12					12			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+475, 1.00% Floor				6/7/2030											(1	)				(1	)		(9)(12)(13)(14)
																					3,342					3,336
Mariani
CI		First Lien Secured Debt - Term Loan				S+550, 1.00% Floor				3/27/2030						4,731					4,666					4,669			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+550, 1.00% Floor				3/27/2030						289					272					259			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+550, 1.00% Floor				3/27/2030						243					236					237			(9)(13)(14)(17)
																					5,174					5,165
Rapid Express Car Wash, LLC
Rapid Express Car Wash, LLC		First Lien Secured Debt - Delayed Draw				S+585, 1.00% Floor				12/23/2027						7,899					7,783					7,904			(17)
Regis
Regis Corporation		First Lien Secured Debt - Term Loan				S+450, 2.50% Floor				6/24/2029						10,159					10,000					10,007			(9)(16)
		First Lien Secured Debt - Revolver				S+450, 2.50% Floor				6/24/2029						4					3					3			(9)(13)(14)(16)
																					10,003					10,010
Team Car Wash
TCW Midco LLC		First Lien Secured Debt - Term Loan				S+575, 1.00% Floor				10/22/2029						4,764					4,722					4,716			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+575, 1.00% Floor				10/22/2029						340					312					312			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+575, 1.00% Floor				10/22/2029											(1	)				(1	)		(9)(12)(13)(14)
																					5,033					5,027
Ultra Clean Newco
Ultra Clean Holdco LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				7/1/2030						6,722					6,624					6,604			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				7/1/2030						1,063					1,040					1,026			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				7/1/2030											(1	)				(1	)		(9)(12)(13)(14)
																					7,663					7,629
						Total Diversified Consumer Services													$		55,486			$		55,479

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company				Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Electric Utilities
Dynagrid
Megavolt Borrower, LLC				First Lien Secured Debt - Term Loan				S+475, 1.00% Floor				2/13/2032				$		898			$		881			$		891			(9)(17)
								Total Electric Utilities													$		881			$		891
Electrical Equipment
Brush Group
Brush Group Bidco Limited				First Lien Secured Debt - Term Loan				SONIA+500, 0.00% Floor				7/30/2031				£		6,000			$		7,831			$		7,948			(9)(11)(24)
				First Lien Secured Debt - Revolver				SONIA+500, 0.00% Floor				7/30/2031				£							(29	)				(30	)		(9)(11)(12)(13) (14)
																							7,802					7,918
Generator Buyer, Inc.
Generator Buyer, Inc.				First Lien Secured Debt - Term Loan				CORRA+525, 0.75% Floor				7/22/2030				C$		8,734					6,253					6,197			(9)(11)(20)
				First Lien Secured Debt - Term Loan				S+525, 0.75% Floor				7/22/2030						990					975					985			(9)(11)(17)
				First Lien Secured Debt - Delayed Draw				CORRA+525, 0.75% Floor				7/22/2030				C$		63					45					44			(9)(11)(13)(14) (20)
				First Lien Secured Debt - Revolver				CORRA+525, 0.75% Floor				7/22/2030				C$		16					9					11			(9)(11)(13)(14) (20)
																							7,282					7,237
International Wire Group
IW Buyer LLC				First Lien Secured Debt - Term Loan				S+510, 1.00% Floor				6/28/2029						10,200					10,072					10,098			(9)(17)
								Total Electrical Equipment													$		25,156			$		25,253
Electronic Equipment, Instruments & Compone
Eckhart BidCo, LLC
Eckhart BidCo, LLC				First Lien Secured Debt - Term Loan				S+560, 1.00% Floor				1/10/2029				$		7,838			$		7,729			$		7,663			(17)
Li-Cor, Inc.
Li-Cor, Inc.				First Lien Secured Debt - Term Loan				S+485, 1.00% Floor				12/1/2027						7,837					7,792					7,847			(16)
								Total Electronic Equipment, Instruments & Components													$		15,521			$		15,510
Entertainment
Chernin Entertainment
Jewel Purchaser, Inc.				First Lien Secured Debt - Term Loan				S+560, 0.50% Floor				7/1/2027				$		7,385			$		7,385			$		7,366			(17)
DHX
WildBrain Ltd.				First Lien Secured Debt - Term Loan				S+550, 0.50% Floor				7/23/2029						4,793					4,715					4,733			(9)(11)(17)
				First Lien Secured Debt - Revolver				S+550, 0.50% Floor				7/23/2029						40					38					39			(9)(11)(13)(14) (17)
																							4,753					4,772
								Total Entertainment													$		12,138			$		12,138
Financial Services
AML Rightsource
Gabriel Partners, LLC				First Lien Secured Debt - Term Loan				S+195 Cash plus 4.45% PIK, 1.00% Floor				9/21/2026				$		8,012			$		7,990			$		7,812			(9)(17)

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
GC Waves
GC Waves Holdings, Inc.		First Lien Secured Debt - Term Loan				S+485, 0.75% Floor				10/4/2030						9,702					9,702					9,666			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+485, 0.75% Floor				10/4/2030						78					78					78			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+475, 0.75% Floor				10/4/2030										—					—				(9)(13)(14)
																					9,780					9,744
PMA
PMA Parent Holdings, LLC		First Lien Secured Debt - Term Loan				S+475, 0.75% Floor				1/31/2031						4,888					4,842					4,839			(9)(17)
		First Lien Secured Debt - Revolver				S+475, 0.75% Floor				1/31/2031											(1	)				(1	)		(9)(12)(13)(14)
																					4,841					4,838
Wealth Enhancement Group
Wealth Enhancement Group, LLC		First Lien Secured Debt - Term Loan				S+450, 1.00% Floor				10/2/2028						7,855					7,832					7,817			(11)(17)
						Total Financial Services													$		30,443			$		30,211
Food Products
Amylu Foods
Amylu Borrower Sub, LLC		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				6/10/2031				$		5,469			$		5,416			$		5,414			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 0.75% Floor				6/10/2031											(4	)				(9	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+500, 0.75% Floor				6/10/2031						78					68					67			(9)(13)(14)(17)
																					5,480					5,472
Berner Foods
Berner Food & Beverage, LLC		First Lien Secured Debt - Term Loan				S+665, 1.00% Floor				7/30/2027						7,837					7,662					7,680			(9)(17)
Casper's Ice Cream, LLC
Casper's Ice Cream, LLC		First Lien Secured Debt - Term Loan				S+615, 1.00% Floor				12/29/2027						7,837					7,769					7,708			(16)
Fortune International LLC
Fortune International LLC		First Lien Secured Debt - Delayed Draw				S+510, 1.00% Floor				7/17/2027						7,816					7,755					7,645			(17)
						Total Food Products													$		28,666			$		28,505
Ground Transportation
Heniff and Superior
Heniff Holdco, LLC		First Lien Secured Debt - Term Loan				S+610, 1.00% Floor				12/3/2026				$		7,674			$		7,657			$		7,578			(9)(17)
						Total Ground Transportation													$		7,657			$		7,578
Health Care Equipment & Supplies
ACP Hyperdrive, Inc.
ACP Hyperdrive, Inc.		First Lien Secured Debt - Term Loan				S+590, 1.00% Floor				3/8/2028				$		7,838			$		7,691			$		7,445			(9)(17)
Capsa Healthcare
CSHC Buyerco, LLC		First Lien Secured Debt - Term Loan				S+485, 1.00% Floor				9/8/2026						10,331					10,258					10,245			(9)(17)

 

 

 

See notes to the consolidated financial statements.

 

11

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Dr. Scholl's
DRS Holdings III, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				11/1/2028						9,099					9,059					9,054			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				11/1/2028											(2	)				(3	)		(9)(12)(13)(14)
																			9,057					9,051
Dragonfly Health, Inc (fka StateServ Acquisition, Inc.)
Dragonfly Health, Inc		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				11/19/2030						7,837					7,751					7,782			(17)
Medical Guardian
Medical Guardian, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				4/26/2028						7,858					7,807					7,858			(9)(17)
Natus Sensory
Natus Sensory, Inc.		First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				1/7/2031						4,677					4,613					4,579			(9)(17)
		First Lien Secured Debt - Term Loan		E+525, 0.00% Floor				1/7/2031				€		96					98					110			(9)(22)
		First Lien Secured Debt - Delayed Draw		S+525, 0.75% Floor				1/7/2031											(1	)				(2	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+525, 0.75% Floor				1/7/2031											(1	)				(2	)		(9)(12)(13)(14)
																			4,709					4,685
Project Titan
Titan Luxco I SARL		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				6/12/2032						3,022					2,993					2,992			(9)(17)
		First Lien Secured Debt - Term Loan		E+500, 0.75% Floor				6/12/2032				€		589					675					684			(9)(22)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				6/12/2032											(4	)				(8	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				6/12/2031						139					135					135			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		E+500, 0.75% Floor				6/12/2031				€		65					63					63			(9)(13)(14)(22)
																			3,862					3,866
				Total Health Care Equipment & Supplies													$		51,135			$		50,932
Health Care Providers & Services
EmpiRx
EmpiRx Health LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				8/5/2027				$		7,837			$		7,816			$		7,837			(9)(17)
EyeSouth
SCP Eye Care Services, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				10/5/2029						7,839					7,638					7,646			(9)(17)
FP UC Intermediate Holdings, Inc.
FP UC Intermediate Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				11/22/2027						7,878					7,825					7,612			(17)
KureSmart
Kure Pain Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				8/30/2030						6,745					6,745					6,742			(9)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.		First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				3/1/2029						7,839					7,698					7,780			(9)(17)

 

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Midwest Vision
Midwest Vision Partners Management, LLC		First Lien Secured Debt - Term Loan		S+100 Cash plus 5.75% PIK, 1.00% Floor				1/12/2028						7,987					7,880					7,887			(9)(17)
		First Lien Secured Debt - Term Loan		SOFR+650 PIK, 1% Floor				1/12/2028						417					411					325			(9)(17)
																			8,291					8,212
Natural Partners
Natural Partners, Inc.		First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				11/29/2030						7,838					7,834					7,801			(17)
Rarebreed
Rarebreed Veterinary Partners, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				4/18/2030						7,703					7,578					7,587			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				4/18/2030						94					92					92			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				4/18/2030											(1	)				(1	)		(9)(12)(13)(14)
																			7,669					7,678
RHA Health Services
Pace Health Companies, LLC		First Lien Secured Debt - Term Loan		S+540, 1.00% Floor				8/2/2027						7,833					7,786					7,755			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+540, 1.00% Floor				8/2/2027											(20	)				(20	)		(9)(12)(13)(14)
																			7,766					7,735
Team Select
TS Investors, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				5/4/2029						7,840					7,783					7,800			(9)(17)
Thomas Scientific
Thomas Scientific, LLC		First Lien Secured Debt - Term Loan		S+340 Cash plus 4.25% PIK, 1.00% Floor				12/14/2027						8,291					8,212					7,991			(9)(16)
TST Intermediate Holdings, LLC
TST Intermediate Holdings, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				12/31/2028						7,458					7,368					7,141			(17)
TVG Shelby Buyer, Inc.
TVG Shelby Buyer, Inc.		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				3/27/2028						7,957					7,881					7,826			(9)(17)
TVG-MEDULLA, LLC
TVG-MEDULLA, LLC		First Lien Secured Debt - Term Loan		S+460 Cash plus 2.50% PIK, 1.00% Floor				9/30/2027						8,179					8,105					7,496			(17)
Veristat Group Inc.
Veristat Group Inc.		First Lien Secured Debt - Term Loan		10.95%				3/31/2027						8,025					7,923					4,030			(5)(17)
WelldyneRX, LLC
WelldyneRX, LLC		First Lien Secured Debt - Term Loan		S+685, 0.75% Floor				3/9/2027						7,838					7,732					7,779			(17)
				Total Health Care Providers & Services													$		124,286			$		119,106

 

See notes to the consolidated financial statements.

 

13

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.		First Lien Secured Debt - Term Loan				S+550, 1.00% Floor				8/12/2032				$		6,429			$		6,365			$		6,364			(9)(17)
		First Lien Secured Debt - Revolver				S+550, 1.00% Floor				8/12/2032											(11	)				(11	)		(9)(12)(13)(14)
																					6,354					6,353
Merative
Merative L.P.		First Lien Secured Debt - Term Loan				S+475, 0.75% Floor				9/30/2032						2,059					2,049					2,049			(17)
		First Lien Secured Debt - Delayed Draw				S+475, 0.75% Floor				9/30/2032											(1	)				(1	)		(12)(13)(14)
		First Lien Secured Debt - Revolver				S+475, 0.75% Floor				9/30/2032											(1	)				(1	)		(12)(13)(14)
																					2,047					2,047
MRO Parent Corporation
MRO Parent Corporation		First Lien Secured Debt - Term Loan				S+450, 0.75% Floor				6/9/2032						2,130					2,100					2,098			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+450, 0.75% Floor				6/9/2032											(3	)				(3	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+450, 0.75% Floor				6/9/2032											(3	)				(3	)		(9)(12)(13)(14)
																					2,094					2,092
Parcelshield Holdings LLC
Parcelshield Holdings LLC		First Lien Secured Debt - Term Loan				S+560, 1.00% Floor				9/30/2027						7,783					7,649					6,963			(17)
						Total Health Care Technology													$		18,144			$		17,455
Hotels, Restaurants & Leisure
American West (25)
AWRG Borrower LLC		First Lien Secured Debt - Term Loan				S+510, 1.00% Floor				6/18/2030				$		5,557			$		5,557			$		5,522			(9)(17)
AWRG Parent LLC		Common Equity - Stock				N/A				N/A					807,101 Shares						1,660					1,476			(6)(9)(15)
																					7,217					6,998
Crumbl
Crumbl Enterprises LLC		First Lien Secured Debt - Term Loan				S+450, 0.75% Floor				5/5/2032						2,309					2,287					2,286			(9)(17)
		First Lien Secured Debt - Revolver				S+450, 0.75% Floor				5/5/2032						30					28					28			(9)(13)(14)(17)
																					2,315					2,314
PARS Group LLC
PARS Group LLC		First Lien Secured Debt - Term Loan				S+685, 1.50% Floor				4/3/2028						7,734					7,660					7,347			(9)(16)
Taco Cabana
YTC Enterprises, LLC		First Lien Secured Debt - Term Loan				S+636, 1.00% Floor				8/16/2026						7,139					7,088					6,835			(9)(16)

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Walters Wedding Estates
WH BorrowerCo, LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				8/2/2030						8,800					8,688					8,602			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				8/2/2030						38					37					36			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				8/2/2030						23					22					21			(9)(13)(14)(17)
																					8,747					8,659
						Total Hotels, Restaurants & Leisure													$		33,027			$		32,153
Insurance
Spectrum Automotive
Shelby 2021 Holdings Corp.		First Lien Secured Debt - Term Loan				S+525, 0.75% Floor				6/29/2028				$		7,836			$		7,736			$		7,797			(9)(17)
West-NR AcquisitionCo, LLC
West-NR AcquisitionCo, LLC		First Lien Secured Debt - Term Loan				S+510, 1.00% Floor				12/27/2027						7,838					7,774					7,809			(9)(17)
						Total Insurance													$		15,510			$		15,606
IT Services
Distinct
Distinct Holdings Inc		First Lien Secured Debt - Term Loan				S+575, 1.00% Floor				7/18/2029				$		9,801			$		9,663			$		9,616			(9)(17)
		First Lien Secured Debt - Revolver				S+575, 1.00% Floor				7/18/2029											(1	)				(2	)		(9)(12)(13)(14)
																					9,662					9,614
VikingCloud
Bullcave Limited		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				8/6/2030						9,801					9,676					9,727			(9)(17)
		First Lien Secured Debt - Revolver				S+500, 0.75% Floor				8/6/2030						67					65					66			(9)(13)(14)(17)
																					9,741					9,793
						Total IT Services													$		19,403			$		19,407
Leisure Products
Dan Dee
Dan Dee International Holdings, Inc.		First Lien Secured Debt - Term Loan				S+710, 1.00% Floor				9/1/2026				$		5,820			$		5,805			$		5,792			(9)(17)
LashCo
Lash OpCo, LLC		First Lien Secured Debt - Term Loan				S+275 Cash plus 5.10% PIK, 1.00% Floor				9/17/2027						8,731					8,676					8,566			(9)(17)
Paladone
Paladone Group Bidco Limited		First Lien Secured Debt - Term Loan				S+585, 1.00% Floor				11/12/2027						7,837					7,782					7,771			(9)(11)(17)
Wellbeam Consumer Health Intermediate, LLC
Wellbeam Consumer Health Intermediate, LLC		First Lien Secured Debt - Term Loan				S+640, 1.00% Floor				10/4/2027						81					81					80			(17)
		First Lien Secured Debt - Delayed Draw				S+640, 1.00% Floor				10/4/2027						5,260					5,103					5,212			(17)
																					5,184					5,292
						Total Leisure Products													$		27,447			$		27,421

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Machinery
BW Colson Acquisition LLC
BW Colson Acquisition LLC		First Lien Secured Debt - Term Loan				S+515, 1.00% Floor				2/26/2027				$		7,958			$		7,894			$		7,856			(17)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC		First Lien Secured Debt - Term Loan				S+525, 1.00% Floor				5/1/2031						2,660					2,622					2,647			(9)(16)
		First Lien Secured Debt - Delayed Draw				S+525, 1.00% Floor				5/1/2031											(12	)				(8	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+525, 1.00% Floor				5/1/2031											(9	)				(3	)		(9)(12)(13)(14)
																					2,601					2,636
Ideal Tridon
Ideal Components Acquisition, LLC		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				6/30/2032						5,611					5,529					5,527			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 0.75% Floor				6/30/2032											(7	)				(15	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+500, 0.75% Floor				6/30/2032											(12	)				(13	)		(9)(12)(13)(14)
																					5,510					5,499
Milacron (Project Iota)
IOTA HOLDINGS 3		First Lien Secured Debt - Term Loan				S+475, 0.00% Floor				3/31/2032						6,169					6,080					6,153			(9)(17)
		First Lien Secured Debt - Revolver				S+475, 0.00% Floor				3/31/2032						347					330					344			(9)(13)(14)(17)
																					6,410					6,497
OEH
OEH Parent Holdings, Inc.		First Lien Secured Debt - Term Loan				S+585, 1.00% Floor				11/9/2027						7,837					7,746					7,716			(16)
Relevant Industrial, LLC
Relevant Industrial, LLC		First Lien Secured Debt - Term Loan				S+475, 1.00% Floor				5/16/2031						2,731					2,699					2,697			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+475, 1.00% Floor				5/16/2031						65					55					44			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+475, 1.00% Floor				5/16/2031						71					66					65			(9)(13)(14)(17)
																					2,820					2,806
						Total Machinery													$		32,981			$		33,010
Media
FingerPaint Marketing
KL Charlie Acquisition Company		First Lien Secured Debt - Term Loan				S+510, 1.00% Floor				12/30/2026				$		7,835			$		7,748			$		7,777			(9)(17)
HALO Branded Solutions
HALO Buyer, Inc		First Lien Secured Debt - Term Loan				S+600, 1.00% Floor				8/7/2029						4,876					4,790					4,790			(9)(17)
		First Lien Secured Debt - Revolver				S+600, 1.00% Floor				8/7/2029						19					17					17			(9)(13)(14)(17)
																					4,807					4,807

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
HU Buyer, Inc.
HU Buyer, Inc.		First Lien Secured Debt - Term Loan				S+610, 1.00% Floor				12/29/2026						7,835					7,748					7,726			(17)
Terrier Gamut Holdings, Inc.
Terrier Gamut Holdings, Inc.		First Lien Secured Debt - Term Loan				S+560, 1.00% Floor				8/15/2028						6,706					6,526					6,388			(17)
						Total Media													$		26,829			$		26,698
Multi-Utilities
Congruex
Congruex Group LLC		First Lien Secured Debt - Term Loan				S+165 Cash plus 5.00% PIK, 1.50% Floor				5/3/2029				$		8,364			$		8,210			$		7,109			(4)(9)(17)
SEER
GS SEER Group Borrower LLC		First Lien Secured Debt - Term Loan				S+675, 1.00% Floor				4/29/2030						7,840					7,669					7,800			(9)(17)
						Total Multi-Utilities													$		15,879			$		14,909
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				2/4/2031				$		7,463			$		7,360			$		7,345			(9)(17)
						Total Paper & Forest Products													$		7,360			$		7,345
Personal Care Products
Advantice Health
Jazz AH Holdco, LLC		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				4/2/2029				$		7,838			$		7,727			$		7,718			(17)
Elida Beauty
PHOENIX YW BUYER, INC.		First Lien Secured Debt - Term Loan				S+475, 1.00% Floor				5/31/2030						1,640					1,610					1,607			(9)(17)
		First Lien Secured Debt - Revolver				S+475, 1.00% Floor				5/31/2030											(1	)				(1	)		(9)(12)(13)(14)
																					1,609					1,606
Tranzonic
TZ Buyer LLC		First Lien Secured Debt - Term Loan				S+610, 0.75% Floor				8/14/2028						7,838					7,733					7,799			(17)
						Total Personal Care Products													$		17,069			$		17,123
Pharmaceuticals
Ora LLC
Orion Buyer, LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				7/18/2030				$		8,712			$		8,565			$		8,429			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				7/18/2030											(1	)				(3	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				7/18/2030						100					98					97			(9)(14)(17)
TVG Orion Blocker, Inc.		Common Equity - Stock				N/A				N/A					2 Shares						100					52			(6)(9)(15)
		Unsecured Debt - Promissory Note				11.34%				7/11/2030						19					19					19			(9)
																					8,781					8,594
PAI Pharma
Pai Middle Tier, LLC		First Lien Secured Debt - Term Loan				S+450, 0.75% Floor				2/13/2032						7,382					7,278					7,296			(9)(17)
Total Investments		First Lien Secured Debt - Revolver				S+450, 0.75% Floor				2/13/2032											(1	)				(1	)		(9)(12)(13)(14)
PAI Co-Investor FT Aggregator LLC		Common Equity - Stock				N/A				N/A					50 Shares						50					53			(6)(9)(15)
																					7,327					7,348

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Sterling Pharma
Saffron Bidco Ltd		First Lien Secured Debt - Term Loan				S+325 Cash plus 3.00% PIK, 0.75% Floor				9/23/2031						9,603					9,433					9,315			(9)(11)(18)
		First Lien Secured Debt - Term Loan				E+325 Cash plus 3.00% PIK, 0.75% Floor				9/23/2031				€		97					105					110			(9)(11)(23)
		First Lien Secured Debt - Delayed Draw				SON+325 Cash plus 3.00% PIK, 0.75% Floor				9/23/2031				£							—					(4	)		(9)(11)(12)(13) (14)
																					9,538					9,421
TersSera
TerSera Therapeutics LLC		First Lien Secured Debt - Term Loan				S+575, 1.00% Floor				4/4/2029						7,840					7,798					7,840			(9)(17)
Trillium
Trillium Health Care Products Inc.		First Lien Secured Debt - Term Loan				S+525, 1.00% Floor				8/6/2031						9,826					9,653					9,556			(9)(17)
		First Lien Secured Debt - Revolver				S+525, 1.00% Floor				8/6/2031				$		54					53					52			(9)(13)(14)
		First Lien Secured Debt - Revolver				CORRA+557, 1.00% Floor				8/6/2031				C$		45					32					31			(9)(13)(14)
																					9,738					9,639
						Total Pharmaceuticals													$		43,182			$		42,842
Professional Services
DCM Services
DCM Parent, LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				3/12/2031				$		4,204			$		4,145			$		4,141			(9)(17)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				3/12/2031											(11	)				(12	)		(9)(12)(13)(14)
																					4,134					4,129
Escalent
M&M OPCO, LLC		First Lien Secured Debt - Term Loan				S+600, 1.00% Floor				4/7/2029						7,799					7,670					7,702			(9)(17)
Lexitas
Chronicle Parent LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				4/15/2031						3,510					3,477					3,475			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				4/15/2031						91					86					80			(9)(14)(17)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				4/15/2031											(3	)				(4	)		(9)(12)(13)(14)
																					3,560					3,551
North Highland
The North Highland Company LLC		First Lien Secured Debt - Term Loan				S+475, 0.75% Floor				12/22/2031						4,764					4,720					4,716			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+475, 0.75% Floor				12/22/2031											—					(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+475, 0.75% Floor				12/20/2030						49					48					48			(9)(13)(14)(17)
																					4,768					4,763
Team LINX, LLC
TeamLINX Buyer, LLC		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				12/18/2030						5,861					5,781					5,773			(9)(17)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				12/18/2030											(1	)				(1	)		(9)(12)(13)(14)
																					5,780					5,772
						Total Professional Services													$		25,912			$		25,917

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Software
American Megatrends
AMI Buyer, Inc.		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				10/17/2031				$		4,876			$		4,837			$		4,876			(9)(19)
		First Lien Secured Debt - Revolver				S+500, 0.75% Floor				10/17/2031											(1	)				-			(9)(13)(14)
																					4,836					4,876
CM Acquisitions Holdings Inc. (fka Sisterco
CM Acquisitions Holdings Inc.		First Lien Secured Debt - Term Loan				S+550, 1.00% Floor				5/6/2026						8,241					8,210					8,162			(17)
EVER.AG Corporation
EVER.AG Corporation		First Lien Secured Debt - Term Loan				S+535, 1.00% Floor				6/24/2027						10,041					9,968					9,932			(9)(17)
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC		First Lien Secured Debt - Term Loan				S+450, 0.75% Floor				3/18/2032						3,380					3,348					3,380			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+475, 0.75% Floor				3/18/2032											(5	)			—				(9)(13)(14)
		First Lien Secured Debt - Revolver				S+475, 0.75% Floor				3/18/2032											(5	)			—				(9)(13)(14)
																					3,338					3,380
Litify
Litify LLC		First Lien Secured Debt - Term Loan				S+560, 1.00% Floor				2/2/2029						4,000					3,925					3,920			(9)(17)
Poppulo, Inc.
Four Winds Interactive LLC		First Lien Secured Debt - Term Loan				S+650, 0.75% Floor				2/20/2030						4,788					4,701					4,704			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+650, 0.75% Floor				2/20/2030											(1	)				(2	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+650, 0.75% Floor				2/20/2030											(2	)				(2	)		(9)(12)(13)(14)
																					4,698					4,700
Uniguest
Uniguest Holdings, Inc		First Lien Secured Debt - Term Loan				S+500, 1.00% Floor				11/27/2030						9,727					9,597					9,598			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 1.00% Floor				11/27/2030											(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver				S+500, 1.00% Floor				11/27/2030											(1	)				(1	)		(9)(12)(13)(14)
																					9,595					9,596
						Total Software													$		44,570			$		44,566
Specialty Retail
Club Champion
Club Champion LLC		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				6/14/2029				$		9,824			$		9,705			$		9,726			(9)(17)
		First Lien Secured Debt - Revolver				S+500, 0.75% Floor				6/14/2029						10					9					9			(9)(13)(14)(17)
						Total Specialty Retail													$		9,714			$		9,735

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Industry/Company		Investment Type				Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Trading Companies & Distributors
MacQueen Equipment
MacQueen Equipment, LLC		First Lien Secured Debt - Term Loan				S+551, 1.00% Floor				1/7/2028				$		7,788			$		7,756			$		7,788			(16)
ORS Nasco
WC ORS Buyer, Inc.		First Lien Secured Debt - Term Loan				S+500, 0.75% Floor				8/7/2031						9,702					9,574					9,554			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+500, 0.75% Floor				8/7/2031						100					98					98			(9)(17)
		First Lien Secured Debt - Revolver				S+500, 0.75% Floor				8/7/2031						28					27					27			(9)(13)(14)(17)
WC ORS Holdings, L.P.		Common Equity - Limited Partnership				N/A				N/A					30,000 Shares						30					44			(6)(9)(15)
																					9,729					9,723
						Total Trading Companies & Distributors													$		17,485			$		17,511
Transportation Infrastructure
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc		First Lien Secured Debt - Term Loan				S+525, 1.00% Floor				5/9/2029				$		3,753			$		3,709			$		3,724			(9)(17)
		First Lien Secured Debt - Delayed Draw				S+525, 1.00% Floor				5/9/2029						100					98					98			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver				S+525, 1.00% Floor				5/9/2029						20					19					19			(9)(13)(14)(17)
						Total Transportation Infrastructure													$		3,826			$		3,841
Wireless Telecommunication Services
Kane Communications LLC
Kane Communications LLC		First Lien Secured Debt - Term Loan				S+626, 1.00% Floor				8/9/2027				$		8,000			$		7,909			$		7,845			(17)
						Total Wireless Telecommunication Services													$		7,909			$		7,845
Total Investment before Cash Equivalents																			$		920,039			$		906,526
Goldman Sachs Financial Square Government Fund, Institutional						N/A				N/A						2,047			$		2,047			$		2,047
Total Investments after Cash Equivalents																			$		922,086			$		908,573			(2)(7)

 

 

 

Derivative Instrument

Settlement Date

Notional amount to be purchased

Notional amount to be sold

Footnote Reference

Foreign currency forward contract

12/17/2025

$

2,656

C$

3,658

Note 4

Foreign currency forward contract

12/17/2025

999

€

848

Note 4

Foreign currency forward contract

12/17/2025

3,537

£

2,616

Note 4

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

 

 

(1)

Fair value is determined in good faith subject to the oversight of the board of trustees of the Company (the "Board") (see Note 2 to the consolidated financial statements).

(2)

Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

(3)

Par amount is denominated in USD unless otherwise noted, British Pound (“£”), Canadian Dollar (“C$”), European Euro (“€”). Par amount represents funded commitments. See Note 20 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(4)

Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(5)

Non-accrual status (see Note 2 to the consolidated financial statements).

(6)

Non-income producing security.

(7)

Unless otherwise indicated, all securities are pledged as collateral to our credit facility (the “AP Leaf Secured Credit Facility” as defined in Note 5 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(8)

Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime rate on select contracts and switch to an alternative base rate contract in the future.

(9)

These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)

(10)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company.

(11)

Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2025, non-qualifying assets represented approximately 4.8% of the total assets of the Company.

(12)

The negative fair value is the result of the commitment being valued below par.

(13)

The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

(14)

As of September 30, 2025, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
AMI Buyer, Inc.		$		100			$		—			$		—			$		100
Accelevation LLC				192					17					—					175
American Restoration Holdings, LLC				425					100					—					325
Amylu Borrower Sub, LLC				2,031					78					—					1,953
Arcadia Solutions, Inc.				1,071					—					—					1,071
Aspen Aerogels, Inc.				100					15					—					85
Bingo Group Buyer, Inc.				117					3					—					114
Brush Group Bidco Limited*				2,017					—					—					2,017
Bullcave Limited				100					67					—					33
CI (MG) GROUP, LLC				2,448					243					—					2,204
CRS Holdings, Inc.				100					—					8					92
Chronicle Parent LLC				1,390					—					—					1,390
Club Car Wash Operating, LLC				2,400					—					—					2,400
Club Champion LLC				100					10					—					90
Cool Buyer, Inc.				200					43					1					155
Crumbl Enterprises LLC				185					30					—					155
DCM Parent, LLC				775					—					—					775
DRS Holdings III, Inc.				570					—					—					570
Distinct Holdings Inc				100					—					—					100
F&M Buyer LLC				1,620					—					—					1,620
Flow Control Intermediate Holdings 2.0, LLC				2,333					—					—					2,333
Four Winds Interactive LLC				200					—					1					199
GAT-Airline Ground Support Inc				201					20					1					180
GC Waves Holdings, Inc.				122					—					—					122
Generator Buyer, Inc.*				99					11					2					85
HALO Buyer, Inc				100					19					0					81
IOTA HOLDINGS 3				1,316					347					2					967
Ideal Components Acquisition, LLC				1,889					—					—					1,889
Lotus Topco Inc.				88					—					—					88
Lunar Buyer, LLC				200					42					—					158
MRO Parent Corporation				370					—					—					370
Merative L.P.				441					—					—					441
NCP-MSI Buyer				2,083					787					13					1,283
NPPI Buyer, LLC				200					—					—					200
Natus Sensory, Inc.				200					—					—					200
Orion Buyer, LLC				200					100					—					100
PHOENIX YW BUYER, INC.				50					—					—					50
PMA Parent Holdings, LLC				100					—					—					100
Pace Health Companies, LLC				2,000					—					—					2,000
Pai Middle Tier, LLC				100					—					—					100
Pavement Preservation Acquisition, LLC				100					8					4					87
Protein For Pets Opco, LLC				100					27					—					73
Rarebreed Veterinary Partners, Inc.				130					—					1					130
Regis Corporation				100					4					20					76

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
Relevant Industrial, LLC				2,196					71					—					2,125
Ronnoco Holdings, Inc.				1,448					—					—					1,448
Saffron Bidco Ltd*				134					—					—					134
Sperry Acquisition, LLC				200					—					—					200
TCW Midco LLC				2,527					—					—					2,527
TeamLINX Buyer, LLC				100					—					—					100
The North Highland Company LLC				200					49					—					151
Titan Luxco I SARL				1,389					204					—					1,185
Traffic Management Solutions, LLC				104					—					4					100
Trillium Health Care Products Inc.				68					54					—					15
Trillium Health Care Products Inc.*				32					32					—					—
Ultra Clean Holdco LLC				1,121					—					—					1,121
Uniguest Holdings, Inc				200					—					—					200
Vixxo Corporation				50					—					—					50
Vybond Buyer, LLC				200					—					—					200
WC ORS Buyer, Inc.				100					28					—					72
WH BorrowerCo, LLC				162					23					—					138
WildBrain Ltd.				100					40					—					60
Total Commitments				39,096					2,475					56					36,565

 

* These investments are in a foreign currency and the total commitment has been converted to USD using the September 30, 2025 exchange rate.

** For all letters of credit issued and outstanding on September 30, 2025, $21 will expire in 2029, $21 will expire in 2030, $13 will expire in 2031 and $1 will expire in 2032.

(15)

Securities that are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2025, the aggregate fair value of these securities is $5,647 or 1.4% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

 

Issuer		Investment Type		Acquisition Date
AWRG Parent LLC		Common Equity - Stock		6/18/2025
AWRG Parent LLC		Common Equity - Stock		6/18/2025
Cool Acquisition Holdings, LP		Common Equity - Limited Partnership		10/31/2024
LAV Gear Holdings, inc (d/b/a 4Wall Entertainment, Inc.)		Common Equity - Stock		7/31/2025
PAI Co-Investor FT Aggregator LLC		Common Equity - Stock		2/13/2025
Ronnoco Holdings, Inc.		Preferred Equity - Preferred Stocks		3/17/2025
Ronnoco Holdings, Inc.		Common Equity - Stock		4/1/2025
SEKO Global Logistics Network, LLC		Common Equity - Equity Unit		12/27/2024
Sperry Parent Holdings, L.P.		Common Equity - Stock		2/3/2025
TVG Orion Blocker, Inc.		Common Equity - Stock		7/18/2024
WC ORS Holdings, L.P.		Common Equity - Limited Partnership		8/7/2024

 

(16)

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.

(17)

The interest rate on these loans is subject to 3 months SOFR, which as of September 30, 2025 was 3.98%.

(18)

The interest rate on these loans is subject to 6 months SOFR, which as of September 30, 2025 was 3.84%.

(19)

The interest rate on these loans is subject to 12 months SOFR, which as of September 30, 2025 was 3.66%.

(20)

The interest rate on these loans is subject to 1 month CORRA, which as of September 30, 2025 was 2.54%.

(21)

The interest rate on these loans is subject to 3 month CORRA, which as of September 30, 2025 was 2.45%.

(22)

The interest rate on these loans is subject to 3 months EURIBOR, which as of September 30, 2025 was 2.03%

(23)

The interest rate on these loans is subject to 6 months EURIBOR, which as of September 30, 2025 was 2.10%.

(24)

The interest rate on these loans is subject to SONIA, which as of September 30, 2025 was 3.97%.

(25)

The interest rate on these loans is subject to Prime, which as of September 30, 2025 was 7.25%.

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

(26)

Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of December 31, 2024 and September 30, 2025 along with transactions during the nine months ended September 30, 2025 in these affiliated investments are as follows:

 

Name of Issuer		Fair Value at Year ended December 31, 2024						Gross Additions ●					Gross Reductions ■					Net Change in Unrealized Gains (Losses)					Fair Value at September 30, 2025					Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
AWRG Borrower LLC, Term Loan		$		—			$		5,557			$		—			$		(35	)		$		5,522			$		—			$		43
AWRG Parent LLC, Stock				—					1,660					—					(184	)				1,476					—					—
		$		—			$		7,217			$		—			$		(219	)		$		6,998			$		—			$		43

•

Gross additions include increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

 

•

Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

(27)

The following shows the composition of the Company’s portfolio at cost by investment type and industry as of September 30, 2025:

 

Industry			First Lien - Secured Debt					Unsecured Debt				Common Equity					Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense			$		12,510			$		—		$		50			$		12,560
Air Freight & Logistics					12,049					—				2,737					14,786
Automobile Components					12,477					—				35					12,512
Beverages					3,465					—				50					3,515
Building Products					9,764					—				—					9,764
Chemicals					18,130					—				—					18,130
Commercial Services & Supplies					45,473					—				2,816					48,289
Construction & Engineering					43,927					—				—					43,927
Consumer Staples Distribution & Retail					16,079					—				—					16,079
Containers & Packaging					22,861					—				—					22,861
Diversified Consumer Services					55,486					—				—					55,486
Electric Utilities					881					—				—					881
Electrical Equipment					25,156					—				—					25,156
Electronic Equipment, Instruments & Components					15,521					—				—					15,521
Entertainment					12,138					—				—					12,138
Financial Services					30,443					—				—					30,443
Food Products					28,666					—				—					28,666
Ground Transportation					7,657					—				—					7,657
Health Care Equipment & Supplies					51,135					—				—					51,135
Health Care Providers & Services					124,286					—				—					124,286
Health Care Technology					18,144					—				—					18,144
Hotels, Restaurants & Leisure					25,810					—				—					25,810
Insurance					15,510					—				—					15,510
IT Services					19,403					—				—					19,403
Leisure Products					27,447					—				—					27,447
Machinery					32,981					—				—					32,981
Media					26,829					—				—					26,829
Multi-Utilities					15,879					—				—					15,879
Paper & Forest Products					7,360					—				—					7,360
Personal Care Products					17,069					—				—					17,069
Pharmaceuticals					43,013					19				150					43,182
Professional Services					25,912					—				—					25,912
Software					44,570					—				—					44,570
Specialty Retail					9,714					—				—					9,714
Trading Companies & Distributors					17,455					—				30					17,485
Transportation Infrastructure					3,826					—				—					3,826
Wireless Telecommunication Services					7,909					—				—					7,909
					—					—				—					—
Total Non-Controlled / Non-Affiliated Investments			$		906,935			$		19		$		5,868			$		912,822
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure					5,557					—				1,660					7,217
Total Non-Controlled / Affiliated Investments			$		5,557			$		—		$		1,660			$		7,217
Total			$		912,492			$		19		$		7,528			$		920,039

 

 

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

(28)

The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of September 30, 2025:

 

Industry			First Lien - Secured Debt					Unsecured Debt					Common Equity					Total					% of Net Assets
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense			$		12,464			$		—			$		46			$		12,510				3.1	%
Air Freight & Logistics					12,232					—					1,076					13,308				3.3	%
Automobile Components					12,391					—					22					12,413				3.1	%
Beverages					3,459					—					50					3,509				0.9	%
Building Products					9,732					—					—					9,732				2.4	%
Chemicals					17,940					—					—					17,940				4.5	%
Commercial Services & Supplies					45,385					—					2,834					48,219				12.0	%
Construction & Engineering					41,013					—					—					41,013				10.2	%
Consumer Staples Distribution & Retail					15,933					—					—					15,933				4.0	%
Containers & Packaging					22,962					—					—					22,962				5.7	%
Diversified Consumer Services					55,479					—					—					55,479				13.8	%
Electric Utilities					891					—					—					891				0.3	%
Electrical Equipment					25,253					—					—					25,253				6.3	%
Electronic Equipment, Instruments & Components					15,510					—					—					15,510				3.8	%
Entertainment					12,138					—					—					12,138				3.0	%
Financial Services					30,211					—					—					30,211				7.5	%
Food Products					28,505					—					—					28,505				7.1	%
Ground Transportation					7,578					—					—					7,578				1.9	%
Health Care Equipment & Supplies					50,932					—					—					50,932				12.6	%
Health Care Providers & Services					119,106					—					—					119,106				29.6	%
Health Care Technology					17,455					—					—					17,455				4.3	%
Hotels, Restaurants & Leisure					25,155					—					—					25,155				6.2	%
Insurance					15,606					—					—					15,606				3.9	%
IT Services					19,407					—					—					19,407				4.8	%
Leisure Products					27,421					—					—					27,421				6.8	%
Machinery					33,010					—					—					33,010				8.2	%
Media					26,698					—					—					26,698				6.6	%
Multi-Utilities					14,909					—					—					14,909				3.7	%
Paper & Forest Products					7,345					—					—					7,345				1.8	%
Personal Care Products					17,123					—					—					17,123				4.2	%
Pharmaceuticals					42,718					19					105					42,842				10.6	%
Professional Services					25,917					—					—					25,917				6.4	%
Software					44,566					—					—					44,566				11.1	%
Specialty Retail					9,735					—					—					9,735				2.4	%
Trading Companies & Distributors					17,467					—					44					17,511				4.3	%
Transportation Infrastructure					3,841					—					—					3,841				1.0	%
Wireless Telecommunication Services					7,845					—					—					7,845				1.9	%
					—					—					—					—				0.0	%
Total Non-Controlled / Non-Affiliated Investments			$		895,332			$		19			$		4,177			$		899,528				223.3	%
% of Net Assets					222.2	%				0.0	%				1.0	%				223.3	%
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure					5,522					—					1,476					6,998				1.7	%
Total Non-Controlled / Affiliated Investments			$		5,522			$		—			$		1,476			$		6,998				1.7	%
% of Net Assets					1.4	%				0.0	%				0.4	%				1.7	%
Total			$		900,854			$		19			$		5,653			$		906,526				225.0	%
% of Net Assets					223.6	%				0.0	%				1.4	%				225.0	%

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2025 (Unaudited)

(In thousands, except share data)
 

 

Industry Classification	Percentage of Total Investments (at Fair Value) as of September 30, 2025
Health Care Providers & Services		13.1	%
Diversified Consumer Services		6.1	%
Health Care Equipment & Supplies		5.6	%
Commercial Services & Supplies		5.3	%
Software		4.9	%
Pharmaceuticals		4.7	%
Construction & Engineering		4.5	%
Machinery		3.6	%
Hotels, Restaurants & Leisure		3.5	%
Financial Services		3.3	%
Food Products		3.1	%
Leisure Products		3.0	%
Media		2.9	%
Professional Services		2.9	%
Electrical Equipment		2.8	%
Containers & Packaging		2.5	%
IT Services		2.1	%
Chemicals		2.0	%
Trading Companies & Distributors		1.9	%
Health Care Technology		1.9	%
Personal Care Products		1.9	%
Consumer Staples Distribution & Retail		1.8	%
Insurance		1.7	%
Electronic Equipment, Instruments & Components		1.7	%
Multi-Utilities		1.6	%
Air Freight & Logistics		1.5	%
Aerospace & Defense		1.4	%
Automobile Components		1.4	%
Entertainment		1.3	%
Specialty Retail		1.1	%
Building Products		1.1	%
Wireless Telecommunication Services		0.9	%
Ground Transportation		0.8	%
Paper & Forest Products		0.8	%
Transportation Infrastructure		0.4	%
Beverages		0.4	%
Electric Utilities		0.1	%
		100.0	%

 

Geographic Region	September 30, 2025
United States		94.4	%
United Kingdom		2.8	%
Canada		2.4	%
Europe		0.4	%

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Aerospace & Defense
Jonathan Acquisition Company
Jonathan Acquisition Company		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				12/22/2026		$		7,897			$		7,826			$		7,769			(10)
SI Holdings, Inc.
SI Holdings, Inc.		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				12/31/2027				7,896					7,830					7,879			(10)
				Total Aerospace & Defense											$		15,656			$		15,648
Air Freight & Logistics
PrimeFlight Acquisition, LLC
PrimeFlight Acquisition, LLC		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				5/1/2029		$		7,900			$		7,698			$		7,900			(10)
SEKO Global Logistics Network, LLC
SEKO Global Logistics Network, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				5/27/2030				1,834					1,833					1,834			(10)
		Common Equity - Equity Unit		N/A				N/A			876 Shares						2,736					2,737			(6)(21)
																	4,569					4,571
				Total Air Freight & Logistics											$		12,267			$		12,471
Automobile Components
AAMP Global Holdings, Inc.
AAMP Global Holdings, Inc.		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				11/5/2025		$		7,896			$		7,854			$		7,884			(10)
Cool Buyer, Inc.
Cool Acquisition Holdings, LP		Common Equity - Limited Partnership		N/A				N/A			34,483 Shares						34					34			(6)(15)(21)
Cool Buyer, Inc.		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				10/31/2030				4,800					4,730					4,728			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				10/31/2030				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				10/31/2030				—					(1	)				(1	)		(15)(18)(19)(20)
																	4,762					4,760
				Total Automobile Components											$		12,616			$		12,644
Building Products
Omnimax
Omnimax International, LLC		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				12/6/2030		$		7,400			$		7,253			$		7,252			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+575, 1.00% Floor				12/6/2030									(1	)				(1	)		(15)(18)(20)
				Total Building Products											$		7,252			$		7,251

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Capital Markets
Stout
Stout Intermediate II, LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				11/22/2027		$		7,898			$		7,792			$		7,858			(9)
				Total Capital Markets											$		7,792			$		7,858
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.		First Lien Secured Debt - Term Loan		S+450, 4.50% Floor				8/19/2029		$		9,385			$		9,209			$		9,197			(9)(15)(17)
		First Lien Secured Debt - Revolver		S+460, 2.50% Floor				8/19/2029				43					43					43			(9)(15)(17)(19)(20)
																	9,252					9,240
Lunar Buyer, LLC
Lunar Buyer, LLC		First Lien Secured Debt - Term Loan		S+550, 0.75% Floor				10/3/2030				4,800					4,707					4,704			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+550, 0.75% Floor				10/3/2030				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+550, 0.75% Floor				10/3/2030				11					9					9			(10)(15)(19)(20)
																	4,715					4,712
Universal Fiber Systems LLC
Universal Fiber Systems LLC		First Lien Secured Debt - Term Loan		S+561, 1.00% Floor				9/30/2028				7,483					7,425					7,325			(10)
				Total Chemicals											$		21,392			$		21,277
Commercial Services & Supplies
Applied Technical Services, LLC
Applied Technical Services, LLC		First Lien Secured Debt - Term Loan		S+590, 1.00% Floor				12/29/2026		$		7,897			$		7,795			$		7,757			(10)
Best Trash
Bingo Group Buyer, Inc.		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				7/10/2031				8,778					8,674					8,690			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				7/10/2031				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				7/10/2031				3					2					2			(10)(15)(19)(20)
																	8,675					8,691
Climate Pros
Climate Pros, LLC		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				1/24/2026				7,891					7,851					7,858			(10)
CRS Holdings, Inc.
CRS Holdings, Inc.		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				6/6/2030				1,822					1,788					1,795			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				6/6/2030				—					—					(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				6/6/2030				—					(1	)				(1	)		(15)(18)(19)(20)
																	1,787					1,793

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Encore Fire Protection
Encore Holdings, LLC		First Lien Secured Debt - Term Loan		S+535, 0.75% Floor				11/23/2028				7,898					7,787					7,976			(10)
GS SEER Group Borrower LLC
GS SEER Group Borrower LLC		First Lien Secured Debt - Term Loan		S+675, 1.00% Floor				4/29/2030				7,900					7,707					7,781			(10)
Jones
JF Acquisition, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				7/31/2026				7,897					7,897					7,887			(10)
LAV GEAR HOLDINGS INC
LAV Gear Holdings, inc		First Lien Secured Debt - Term Loan		S+643, 1.00% Floor				10/31/2025				8,863					8,833					8,824			(10)
Mariani
CI (MG) GROUP, LLC		First Lien Secured Debt - Delayed Draw		S+715, 1.00% Floor				3/24/2028				7,899					7,767					7,719			(9)
Monarch Landscape Companies
Monarch Landscape Holdings, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				10/2/2028				7,898					7,822					7,802			(10)
RailPros Consolidated, Inc.
RailPros Consolidated, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				7/31/2026				6,910					6,902					6,910			(9)
Rasa Floors & Carpet Cleaning, LLC
Rasa Floors & Carpet Cleaning, LLC		First Lien Secured Debt - Term Loan		S+535, 1.00% Floor				12/22/2027				7,898					7,374					7,377			(10)
Tranzonic
TZ Buyer LLC		First Lien Secured Debt - Term Loan		S+635, 0.75% Floor				8/12/2028				7,899					7,769					7,761			(10)
Vixxo Corporation
Vixxo Corporation		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				8/1/2030				4,950					4,880					4,876			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				8/1/2030				—					—					(1	)		(15)(18)(19)(20)
																	4,880					4,875
				Total Commercial Services & Supplies											$		100,846			$		101,011
Communications Equipment
Congruex
Congruex Group LLC		First Lien Secured Debt - Term Loan		S+165 Cash plus 5.00% PIK, 1.50% Floor				5/3/2029		$		8,060			$		7,874			$		6,272			(4)(10)
				Total Communications Equipment											$		7,874			$		6,272
Construction & Engineering
American Restoration
American Restoration Holdings, LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				7/24/2030		$		8,678			$		8,514			$		8,526			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+510, 1.00% Floor				7/24/2030				169					165					165			(10)(15)(19)(20)
		First Lien Secured Debt - Revolver		S+510, 1.00% Floor				7/24/2030				22					20					20			(10)(15)(19)(20)
																	8,699					8,711

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Carr and Duff, LLC
Carr and Duff, LLC		First Lien Secured Debt - Term Loan		S+605, 1.00% Floor				3/11/2027				7,898					7,819					7,838			(10)
Kauffman Intermediate, LLC
Kauffman Intermediate, LLC		First Lien Secured Debt - Term Loan		S+660, 1.00% Floor				5/8/2025				8,361					8,335					7,935			(9)
Pave America
Pave America Interco, LLC		First Lien Secured Debt - Term Loan		S+690, 1.00% Floor				2/7/2028				7,899					7,711					7,781			(10)
Pavement Preservation Acquisition, LLC
Pavement Preservation Acquisition, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				8/9/2030				4,775					4,684					4,680			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				8/9/2030				100					98					98			(10)(15)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				8/9/2030				—					(2	)				(2	)		(15)(18)(19)(20)
																	4,780					4,776
SAFEbuilt, LLC
SAFEbuilt, LLC		First Lien Secured Debt - Term Loan		S+685, 1.00% Floor				12/31/2025				8,015					7,977					7,982			(9)
Traffic Management Solutions
Traffic Management Solutions, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				11/26/2030				4,700					4,630					4,630			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				11/26/2030				—					(2	)				(2	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				11/26/2030				8					7					7			(10)(15)(19)(20)
																	4,635					4,635
				Total Construction & Engineering											$		49,956			$		49,658
Consumer Staples Distribution & Retail
Protein for Pets
Protein For Pets Opco, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				9/20/2030		$		7,861			$		7,717			$		7,723			(9)(15)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				9/20/2030				—					(2	)				(2	)		(15)(18)(19)(20)
																	7,715					7,721
THLP CO., LLC
THLP CO., LLC		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				1/31/2027				8,389					8,377					8,305			(10)
				Total Consumer Staples Distribution & Retail											$		16,092			$		16,026
Containers & Packaging
Truvant
NPPI Buyer, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				8/20/2029		$		9,776			$		9,637			$		9,629			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				8/20/2029				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				8/20/2029				—					(1	)				(1	)		(15)(18)(19)(20)
				Total Containers & Packaging											$		9,635			$		9,627

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Diversified Consumer Services
Club Car Wash
Club Car Wash Operating, LLC		First Lien Secured Debt - Delayed Draw		S+565, 1.00% Floor				6/16/2027		$		7,680			$		7,591			$		7,613			(10)
FEV Acquisition Corporation
FEV Acquisition Corporation		First Lien Secured Debt - Term Loan		6.50%				7/15/2028				8,228					7,369					2,683			(5)(17)
		First Lien Secured Debt - Delayed Draw		13.50%				7/15/2028				176					176					169			(5)(17)(19)(20)
																	7,545					2,852
Go Car Wash Management, Corp.
Go Car Wash Management, Corp.		First Lien Secured Debt - Delayed Draw		S+585, 1.00% Floor				12/31/2026				7,898					7,803					7,696			(10)
Legacy.com
Lotus Topco Inc.		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				6/7/2030				1,891					1,864					1,862			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				6/7/2030				—					—					(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				6/7/2030				—					(1	)				(1	)		(15)(18)(19)(20)
																	1,863					1,860
Owl Acquisition, LLC
Owl Acquisition, LLC		First Lien Secured Debt - Term Loan		S+535, 1.00% Floor				2/4/2028				8,000					7,953					7,960			(10)
Rapid Express Car Wash, LLC
Rapid Express Car Wash, LLC		First Lien Secured Debt - Delayed Draw		S+585, 1.00% Floor				12/23/2027				7,959					7,808					7,905			(10)
Regis Corporation
Regis Corporation		First Lien Secured Debt - Term Loan		S+450, 2.50% Floor				6/24/2029				10,591					10,397					10,379			(9)(15)
		First Lien Secured Debt - Revolver		S+450, 2.50% Floor				6/24/2029				17					15					15			(9)(15)(19)(20)
																	10,412					10,394
TCW Midco LLC
TCW Midco LLC		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				10/22/2029				4,800					4,753					4,752			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+575, 1.00% Floor				10/22/2029				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+575, 1.00% Floor				10/22/2029				—					(1	)				(1	)		(15)(18)(19)(20)
																	4,751					4,750
Ultra Clean Holdco LLC
Ultra Clean Holdco LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				7/1/2030				6,773					6,662					6,672			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				7/1/2030				856					832					824			(10)(15)(19)(20)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				7/1/2030									(1	)				(1	)		(15)(18)(19)(20)
																	7,493					7,495
				Total Diversified Consumer Services											$		63,219			$		58,525

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Electrical Equipment
International Wire Group
IW Buyer LLC				First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				6/28/2029		$		6,408			$		6,298			$		6,344			(10)
						Total Electrical Equipment											$		6,298			$		6,344
Electronic Equipment, Instruments & Compone
Li-Cor, Inc.
Li-Cor, Inc.				First Lien Secured Debt - Term Loan		S+485, 1.00% Floor				12/1/2027		$		7,898			$		7,839			$		7,898			(9)
						Total Electronic Equipment, Instruments & Components											$		7,839			$		7,898
Energy Equipment & Services
Generator Buyer, Inc.
Generator Buyer, Inc.				First Lien Secured Debt - Term Loan		CORRA+525, 0.75% Floor				7/22/2030		C$		8,778			$		6,275			$		6,027			(12)(15)(17)
				First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				7/22/2030				998					981					980			(10)(15)(17)
				First Lien Secured Debt - Delayed Draw		CORRA+525, 0.75% Floor				7/22/2030		C$		12					8					7			(12)(15)(17)(19)(20)
				First Lien Secured Debt - Revolver		CORRA+525, 0.75% Floor				7/22/2030		C$		—					(1	)				(1	)		(15)(17)(18)(19)(20)
						Total Energy Equipment & Services											$		7,263			$		7,013
Entertainment
Chernin Entertainment
Jewel Purchaser, Inc.				First Lien Secured Debt - Term Loan		S+560, 0.50% Floor				7/1/2027		$		7,692			$		7,692			$		7,692			(10)
DHX
WildBrain Ltd.				First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				7/23/2029				4,876					4,785					4,790			(10)(15)(17)
				First Lien Secured Debt - Revolver		S+600, 1.00% Floor				7/23/2029				15					13					13			(10)(15)(17)(19)(20)
																			4,798					4,803
						Total Entertainment											$		12,490			$		12,495
Financial Services
Gabriel Partners, LLC
Gabriel Partners, LLC				First Lien Secured Debt - Term Loan		S+640, 1.00% Floor				9/21/2026		$		7,896			$		7,857			$		7,778			(9)
GC Waves
GC Waves Holdings, Inc.				First Lien Secured Debt - Term Loan		S+485, 0.75% Floor				10/4/2030				9,776					9,776					9,736			(10)(15)
				First Lien Secured Debt - Delayed Draw		S+485, 0.75% Floor				10/4/2030				12					12					12			(10)(15)(19)(20)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				10/4/2030				—					—					—			(15)(19)(20)
																			9,788					9,748
PMA
PMA Parent Holdings, LLC				First Lien Secured Debt - Term Loan		S+550, 0.75% Floor				1/31/2031				4,900					4,850					4,848			(10)(15)
				First Lien Secured Debt - Revolver		S+550, 0.75% Floor				1/31/2031				—					(1	)				(1	)		(15)(18)(19)(20)
																			4,849					4,847

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)		Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Wealth Enhancement Group
Wealth Enhancement Group, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor		10/4/2028				7,917					7,891					7,881			(10)
				Total Financial Services									$		30,385			$		30,254
Food Products
Berner Food & Beverage, LLC
Berner Food & Beverage, LLC		First Lien Secured Debt - Term Loan		S+565, 1.00% Floor		7/30/2027		$		7,898			$		7,659			$		7,720			(10)
Casper's Ice Cream, LLC
Casper's Ice Cream, LLC		First Lien Secured Debt - Term Loan		S+615, 1.00% Floor		12/29/2027				7,898					7,810					7,829			(9)
Fortune International LLC
Fortune International LLC		First Lien Secured Debt - Delayed Draw		S+510, 1.00% Floor		1/17/2026				7,877					7,817					7,757			(10)
				Total Food Products									$		23,286			$		23,306
Ground Transportation
Beacon Mobility Corp.
Beacon Mobility Corp.		First Lien Secured Debt - Delayed Draw		S+635, 1.00% Floor		12/31/2025		$		7,867			$		7,853			$		7,816			(10)(15)
HENIFF HOLDCO LLC
Heniff Holdco, LLC		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor		12/3/2026				7,895					7,868					7,855			(9)
				Total Ground Transportation									$		15,721			$		15,671
Health Care Equipment & Supplies
ACP Hyperdrive, Inc.
ACP Hyperdrive, Inc.		First Lien Secured Debt - Term Loan		S+590, 1.00% Floor		3/8/2028		$		7,899			$		7,722			$		7,622			(10)
CSHC Buyerco, LLC
CSHC Buyerco, LLC		First Lien Secured Debt - Term Loan		S+485, 1.00% Floor		9/8/2026				7,898					7,804					7,726			(10)
Dragonfly Health, Inc.
Dragonfly Health, Inc.		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor		11/19/2027				7,898					7,785					7,898			(10)
Medical Guardian, LLC
Medical Guardian, LLC		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor		4/26/2028				7,919					7,865					7,879			(10)
Solmetex
Solmetex, LLC		First Lien Secured Debt - Term Loan		S+635, 1.00% Floor		1/14/2027				7,898					7,821					7,968			(10)
				Total Health Care Equipment & Supplies									$		38,997			$		39,093
Health Care Providers & Services
EmpiRx Health LLC
EmpiRx Health LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor		8/5/2027		$		7,898			$		7,869			$		7,898			(10)

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
EyeSouth
SCP Eye Care Services, LLC		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				10/7/2029				7,899					7,668					7,765			(10)(15)
FP UC Intermediate Holdings, Inc.
FP UC Intermediate Holdings, Inc.		First Lien Secured Debt - Term Loan		S+650 Cash plus 1.00% PIK, 1.00% Floor				11/22/2026				7,919					7,858					7,758			(9)
Kure Pain Holdings, Inc.
Kure Pain Holdings, Inc.		First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				8/27/2027				7,896					7,895					7,896			(10)
MAXOR ACQUISITION INC
Maxor Acquisition, Inc.		First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				3/1/2029				7,899					7,732					7,821			(10)
Midwest Vision Partners Management, LLC
Midwest Vision Partners Management, LLC		First Lien Secured Debt - Term Loan		S+450 Cash plus 2.00% PIK, 1.00% Floor				1/12/2027				7,686					7,553					7,590			(9)(15)
		First Lien Secured Debt - Term Loan		S+650 PIK, 1.00% Floor				1/12/2027				417					410					333			(9)(15)
																	7,963					7,923
Pace Health Companies, LLC
Pace Health Companies, LLC		First Lien Secured Debt - Term Loan		S+540, 1.00% Floor				8/2/2026				7,896					7,843					7,841			(10)
Rarebreed
Rarebreed Veterinary Partners, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				4/18/2030				7,761					7,620					7,606			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				4/18/2030				44					42					41			(10)(15)(19)(20)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				4/18/2030				—					(1	)				(2	)		(15)(18)(19)(20)
																	7,661					7,645
SBH Buyer, LLC
Salisbury House, LLC		First Lien Secured Debt - Term Loan		S+590, 1.00% Floor				2/28/2026				8,000					7,934					7,915			(10)
Team Select
TS Investors, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				5/4/2029				7,900					7,833					7,801			(10)
Thomas Scientific, LLC
Thomas Scientific, LLC		First Lien Secured Debt - Term Loan		S+325 Cash plus 4.50% PIK, 1.00% Floor				12/14/2027				8,029					7,926					7,850			(9)
TST Intermediate Holdings, LLC
TST Intermediate Holdings, LLC		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				12/31/2028				1,576					1,549					1,576			(10)
		First Lien Secured Debt - Delayed Draw		S+585, 1.00% Floor				11/27/2026				5,939					5,837					5,939			(10)
																	7,386					7,515
TVG Shelby Buyer, Inc.
TVG Shelby Buyer, Inc.		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				3/27/2028				8,000					7,904					7,828			(10)(15)
TVG-MEDULLA, LLC
TVG-MEDULLA, LLC		First Lien Secured Debt - Term Loan		S+550 Cash plus 1.50% PIK, 1.00% Floor				6/30/2026				8,066					7,953					7,813			(10)

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Veristat Group Inc.
Veristat Group Inc.		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				3/31/2027				7,897					7,809					7,061			(9)
WelldyneRX, LLC
WelldyneRX, LLC		First Lien Secured Debt - Term Loan		S+685, 0.75% Floor				3/9/2027				7,898					7,742					7,741			(10)
				Total Health Care Providers & Services											$		124,976			$		124,071
Health Care Technology
MRO Parent Corporation
MRO Parent Corporation		First Lien Secured Debt - Term Loan		S+485, 1.00% Floor				10/22/2027		$		7,896			$		7,896			$		7,896			(10)
Parcelshield Holdings LLC
Parcelshield Holdings LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				9/30/2027				7,844					7,664					7,745			(10)
				Total Health Care Technology											$		15,560			$		15,641
Hotels, Restaurants & Leisure
American West Restaurant Group Holdings LLC
American West Restaurant Group Holdings LLC		First Lien Secured Debt - Term Loan		7.75%				2/2/2028		$		7,939			$		7,689			$		7,119			(5)(9)
Cave Enterprises Operations, LLC
Cave Enterprises Operations, LLC		First Lien Secured Debt - Term Loan		S+660, 1.50% Floor				8/9/2028				7,920					7,920					7,920			(9)
PARS
PARS Group LLC		First Lien Secured Debt - Term Loan		S+685, 1.50% Floor				4/3/2028				7,835					7,740					7,717			(9)
Walter's Wedding
WH BorrowerCo, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				8/1/2030				8,800					8,675					8,668			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				8/1/2030				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				8/1/2030				49					47					47			(10)(15)(20)
																	8,721					8,714
YTC Enterprises, LLC
YTC Enterprises, LLC		First Lien Secured Debt - Term Loan		S+636, 1.00% Floor				8/16/2026				7,508					7,411					7,245			(9)
				Total Hotels, Restaurants & Leisure											$		39,481			$		38,715
Insurance
Spectrum Automotive
Shelby 2021 Holdings Corp.		First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				6/29/2028		$		7,898			$		7,773			$		7,858			(9)
West-NR AcquisitionCo, LLC
West-NR AcquisitionCo, LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				12/27/2027				7,898					7,815					7,819			(10)
				Total Insurance											$		15,588			$		15,677

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
IT Services
Distinct Holdings Inc
Distinct Holdings Inc		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				7/18/2029		$		9,875			$		9,715			$		9,717			(10)(15)
		First Lien Secured Debt - Revolver		S+575, 1.00% Floor				7/18/2029				—					(2	)				(2	)		(15)(18)(19)(20)
																	9,713					9,715
TeamLINX Buyer, LLC
TeamLINX Buyer, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				12/18/2030				4,900					4,827					4,827			(10)(15)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				12/18/2030				—					(1	)				(1	)		(15)(18)(19)(20)
																	4,826					4,826
VikingCloud
Bullcave Limited		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				8/6/2030				9,875					9,734					9,727			(10)(15)
Sysnet North America, Inc.		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				8/6/2030				53					52					52			(10)(15)(19)(20)
																	9,786					9,779
				Total IT Services											$		24,325			$		24,320
Leisure Products
Dan Dee International Holdings, Inc.
Dan Dee International Holdings, Inc.		First Lien Secured Debt - Term Loan		S+710, 1.00% Floor				2/1/2026		$		6,673			$		6,664			$		6,634			(10)
Lash OpCo, LLC
Lash OpCo, LLC		First Lien Secured Debt - Term Loan		S+275 Cash plus 4.35% PIK, 1.00% Floor				3/18/2026				8,401					8,347					8,231			(10)
Wellbeam Consumer Health Intermediate, LLC
Wellbeam Consumer Health Intermediate, LLC		First Lien Secured Debt - Term Loan		S+625 Cash plus 2.00% PIK, 1.00% Floor				10/4/2027				46					46					45			(10)
		First Lien Secured Debt - Delayed Draw		S+625 Cash plus 2.00% PIK, 1.00% Floor				10/4/2027				5,253					5,045					5,115			(10)
																	5,091					5,160
				Total Leisure Products											$		20,102			$		20,025
Life Sciences Tools & Services
VCR Buyer, Inc.
VCR Buyer, Inc.		First Lien Secured Debt - Term Loan		S+675 Cash plus 1.00% PIK, 0.75% Floor				4/28/2028		$		8,017			$		7,621			$		7,174			(9)
				Total Life Sciences Tools & Services											$		7,621			$		7,174
Machinery
BW Colson Acquisition LLC
BW Colson Acquisition LLC		First Lien Secured Debt - Term Loan		S+515, 1.00% Floor				2/26/2027		$		8,000			$		7,903			$		7,912			(10)
OEH
OEH Parent Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				11/9/2027				7,898					7,777					7,857			(9)
				Total Machinery											$		15,680			$		15,769

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Media
HU Buyer, Inc.
HU Buyer, Inc.		First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				12/29/2026		$		7,897			$		7,761			$		7,735			(10)
Terrier Gamut Holdings, Inc.
Terrier Gamut Holdings, Inc.		First Lien Secured Debt - Term Loan		S+660, 1.00% Floor				8/15/2028				7,894					7,637					7,614			(10)
				Total Media											$		15,398			$		15,349
Personal Products
Advantice Health
Jazz AH Holdco, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				4/3/2028		$		7,899			$		7,774			$		7,747			(10)
Elida Beauty
PHOENIX YW BUYER, INC.		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				5/31/2030				1,790					1,753					1,754			(10)(15)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				5/31/2030				—					(1	)				(1	)		(15)(18)(19)(20)
																	1,752					1,753
Natural Partners
Natural Partners, Inc.		First Lien Secured Debt - Term Loan		S+465, 1.00% Floor				11/29/2027				7,898					7,894					7,786			(10)
				Total Personal Products											$		17,420			$		17,286
Pharmaceuticals
AHP Timberwolf Bidco Corp.
AHP Timberwolf Bidco Corp.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				8/6/2031		$		9,900			$		9,710			$		9,702			(10)(15)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				8/6/2031				—					(2	)				(2	)		(15)(18)(19)(20)
																	9,708					9,700
Orion Buyer, LLC
Orion Buyer, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				7/18/2030				8,778					8,612					8,602			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				7/18/2030				—					(1	)				(2	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+400, 1.00% Floor				7/18/2030				20					18					18			(10)(15)(19)(20)
TVG Orion Blocker, Inc.		Common Equity - Stock		N/A				N/A			2 Shares						99					93			(6)(15)(21)
		Unsecured Debt - Promissory Note		11.34%				7/18/2030				19					19					19			(15)
																	8,747					8,730
Saffron Bidco Ltd
Saffron Bidco Ltd		First Lien Secured Debt - Term Loan		S+575, 0.75% Floor				9/11/2031				9,530					9,342					9,339			(11)(15)(17)
		First Lien Secured Debt - Term Loan		E+575, 0.75% Floor				9/11/2031		€		96					104					97			(13)(15)(17)
		First Lien Secured Debt - Delayed Draw		SONIA+575, 0.75% Floor				9/11/2031		£		—					—					(3	)		(15)(17)(18)(19)(20)
																	9,446					9,433

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
TerSera Therapeutics
TerSera Therapeutics LLC		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				4/4/2029				7,900					7,850					7,900			(10)
				Total Pharmaceuticals											$		35,751			$		35,763
Professional Services
Career Certified, LLC
Career Certified, LLC		First Lien Secured Debt - Term Loan		S+635, 1.00% Floor				12/18/2026		$		7,897			$		7,709			$		7,787			(10)
Escalent
M&M OPCO, LLC		First Lien Secured Debt - Term Loan		S+810, 1.00% Floor				4/7/2029				7,899					7,747					7,742			(10)
KL Charlie Acquisition Company
KL Charlie Acquisition Company		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				12/30/2026				7,897					7,759					7,818			(10)
North Highland Company LLC
The North Highland Company LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				12/22/2031				4,800					4,752					4,752			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				12/22/2031				—					—					—			(15)(19)(20)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				12/20/2030				20					19					19			(10)(15)(19)(20)
																	4,771					4,771
				Total Professional Services											$		27,986			$		28,118
Software
AMI Buyer, Inc.
AMI Buyer, Inc.		First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				10/17/2031		$		4,900			$		4,834			$		4,827			(10)(15)
		First Lien Secured Debt - Revolver		S+525, 0.75% Floor				10/17/2031				24					23					23			(10)(15)(19)(20)
																	4,857					4,850
CM Acquisitions Holdings Inc.
CM Acquisitions Holdings Inc.		First Lien Secured Debt - Term Loan		S+350 Cash plus 2.50% PIK, 1.00% Floor				5/6/2026				8,148					8,105					7,869			(10)
EVER.AG Corporation
EVER.AG Corporation		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				6/24/2027				7,898					7,835					7,740			(10)
Uniguest
Uniguest Holdings, Inc		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				11/27/2030				9,800					9,655					9,653			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				11/27/2030				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				11/27/2030				—					(1	)				(1	)		(15)(18)(19)(20)
																	9,653					9,651
				Total Software											$		30,450			$		30,110

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (22)					Fair Value (1)(23)
Specialty Retail
Club Champion LLC
Club Champion LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				6/14/2029		$		8,856			$		8,732			$		8,701			(10)(15)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				6/14/2029				37					35					35			(10)(15)(19)(20)
																	8,767					8,736
Paladone Group Bidco Limited
Paladone Group Bidco Limited		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				11/12/2027				7,898					7,825					7,867			(10)(17)
				Total Specialty Retail											$		16,592			$		16,603
Textiles, Apparel & Luxury Goods
MTI Group Acquisition Company
MTI Group Acquisition Company		First Lien Secured Debt - Term Loan		S+610 Cash plus 1.00% PIK, 1.00% Floor				3/31/2025		$		7,932			$		7,914			$		7,912			(4)(10)(17)
				Total Textiles, Apparel & Luxury Goods											$		7,914			$		7,912
Trading Companies & Distributors
Eckhart BidCo, LLC
Eckhart BidCo, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				1/10/2029		$		7,899			$		7,768			$		7,813			(10)
MacQueen Equipment
MacQueen Equipment, LLC		First Lien Secured Debt - Term Loan		S+551, 1.00% Floor				1/7/2028				7,816					7,773					7,816			(9)
ORS Nasco
WC ORS Buyer, Inc.		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				8/7/2031				9,776					9,635					9,629			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				8/7/2031				—					(1	)				(1	)		(15)(18)(19)(20)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				8/7/2031				26					25					25			(10)(15)(19)(20)
WC ORS Holdings, L.P.		Common Equity - Limited Partnership		N/A				N/A			30,000 Shares						30					31			(6)(15)(21)
																	9,689					9,684
				Total Trading Companies & Distributors											$		25,230			$		25,313
Transportation Infrastructure
GAT
GAT-Airline Ground Support Inc		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				5/9/2029		$		3,781			$		3,730			$		3,743			(10)(15)
		First Lien Secured Debt - Delayed Draw		S+550, 1.00% Floor				5/9/2029				40					39					39			(10)(15)(19)(20)
		First Lien Secured Debt - Revolver		S+550, 1.00% Floor				5/9/2029				—					(1	)				(1	)		(15)(18)(19)(20)
				Total Transportation Infrastructure											$		3,768			$		3,781
Wireless Telecommunication Services
Kane Communications LLC
Kane Communications LLC		First Lien Secured Debt - Term Loan		S+601, 1.00% Floor				8/9/2027		$		8,000			$		7,877			$		7,876			(10)
				Total Wireless Telecommunication Services											$		7,877			$		7,876
Total Investments															$		918,595			$		909,845

 

 

 

 

 

 

 

 

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

 

(1)

Fair value is determined in good faith by the Company (See Note 2 to the consolidated financial statements).

(2)

Currently there are no differences for federal income tax purposes as it relates to unrealized gain and loss.

(3)

Par amount is denominated in USD unless otherwise noted, British Pound (“£”), Canadian Dollar (“C$”), European Euro (“€”). Par amount represents funded commitments. See Note 20 in the Consolidated Schedule of Investments and Note 8 to the consolidated financial statements for further information on undrawn revolving and delayed draw loan commitments, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

(4)

Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the consolidated financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(5)

Non-accrual status (See Note 2 to the consolidated financial statements).

(6)

Non-income producing security.

(7)

Unless otherwise indicated, all securities are pledged as collateral to our credit facility (the “AP Leaf Secured Credit Facility” as defined in Note 5 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(8)

Unless otherwise indicated, loan contains a variable rate structure, and the terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period which may be subject to interest floors. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or an alternate base rate (which can include but is not limited to LIBOR, the Federal Funds Effective Rate or the Prime Rate), at the borrower’s option, and which reset periodically based on the terms of the loan agreement. Certain borrowers may elect to borrow Prime rate on select contracts and switch to an alternative base rate contract in the future.

(9)

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2024 was 4.33%.

(10)

The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2024 was 4.31%.

(11)

The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2024 was 4.25%.

(12)

The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2024 was 4.25%.

(13)

The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2024 was 2.57%.

(14)

The interest rate on these loans is subject to SONIA, which as of December 31, 2024 was 4.70%.

(15)

These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the consolidated financial statements for discussion of the exemptive order from the SEC.)

(16)

Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2024, all of the company's investments were non-controlled, non-affiliated.

(17)

Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2024, non-qualifying assets represented approximately 5.4% of the total assets of the Company.

(18)

The negative fair value is the result of the commitment being valued below par.

(19)

The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(20)

As of December 31, 2024, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the consolidated financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

Name of Issuer		Total Commitment						Drawn Commitment						Letters of Credit **					Undrawn Commitment
AHP Timberwolf Bidco Corp.		$		100			$		—				$		—			$		100
AMI Buyer, Inc.				100					24						—					76
American Restoration Holdings, LLC				131					22						—					109
Aspen Aerogels, Inc.				100					43						—					57
Bingo Group Buyer, Inc.				200					3						—					197
CRS Holdings, Inc.				100					—						7					93
Club Champion LLC				100					37						—					63
Cool Buyer, Inc.				200					—						—					200
Distinct Holdings Inc				100					—						—					100
FEV Acquisition Corporation (i)				—					—						—					—
GAT-Airline Ground Support Inc				160					—						—					160
GC Waves Holdings, Inc.				188					—						—					188
Generator Buyer, Inc.*				131					—						2					129
Lotus Topco Inc.				100					—						—					100
Lunar Buyer, LLC				200					11						—					189
NPPI Buyer, LLC				200					—						—					200
Omnimax International, LLC				100					—						—					100
Orion Buyer, LLC				200					20						—					180
PHOENIX YW BUYER, INC.				50					—						—					50
PMA Parent Holdings, LLC				100					—						—					100
Pavement Preservation Acquisition, LLC				100					—						—					100
Protein For Pets Opco, LLC				100					—						—					100
Rarebreed Veterinary Partners, Inc.				181					—						—					181
Regis Corporation				100					17						15					68
Saffron Bidco Ltd*				125					—						—					125
Sysnet North America, Inc.				100					53						—					47
TCW Midco LLC				200					—						—					200
TeamLINX Buyer, LLC				100					—						—					100
The North Highland Company LLC				200					20						—					180
Traffic Management Solutions, LLC				300					8						—					292
Ultra Clean Holdco LLC				1,336					—						—					1,336
Uniguest Holdings, Inc				200					—						—					200
Vixxo Corporation				50					—						—					50
WC ORS Buyer, Inc.				200					26						—					174
WH BorrowerCo, LLC				200					49						—					151
WildBrain Ltd.				100					15						—					85
Total Commitments		$		6,152			$		349				$		24			$		5,779

 

(i) The Company had an unfunded commitment to its own discretion, hence the timing and the amount of funding has not been determined

 

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2024 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2024, $24 will expire in 2025.

(21)

Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2024, the aggregate fair value of these securities is $2,895 or 0.8% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

 

Issuer		Investment Type		Acquisition Date
TVG Orion Blocker, Inc.		Common Equity - Stock		7/18/2024
WC ORS Holdings, L.P.		Common Equity - Limited Partnership		8/7/2024
Cool Acquisition Holdings, LP		Common Equity - Limited Partnership		10/31/2024
SEKO Global Logistics Network, LLC		Common Equity - Stock		12/27/2024

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

(22) The following shows the composition of the Company’s portfolio at cost by investment type and industry as of December 31, 2024:

 

Industry		First Lien - Secured Debt					Unsecured Debt					Common Equity					Total
Aerospace & Defense		$		15,656			$		—			$		—			$		15,656
Air Freight & Logistics				9,531					—					2,736					12,267
Automobile Components				12,582					—					34					12,616
Building Products				7,252					—					—					7,252
Capital Markets				7,792					—					—					7,792
Chemicals				21,392					—					—					21,392
Commercial Services & Supplies				100,846					—					—					100,846
Communications Equipment				7,874					—					—					7,874
Construction & Engineering				49,956					—					—					49,956
Consumer Staples Distribution & Retail				16,092					—					—					16,092
Containers & Packaging				9,635					—					—					9,635
Diversified Consumer Services				63,219					—					—					63,219
Electrical Equipment				6,298					—					—					6,298
Electronic Equipment, Instruments & Components				7,839					—					—					7,839
Energy Equipment & Services				7,263					—					—					7,263
Entertainment				12,490					—					—					12,490
Financial Services				30,385					—					—					30,385
Food Products				23,286					—					—					23,286
Ground Transportation				15,721					—					—					15,721
Health Care Equipment & Supplies				38,997					—					—					38,997
Health Care Providers & Services				124,976					—					—					124,976
Health Care Technology				15,560					—					—					15,560
Hotels, Restaurants & Leisure				39,481					—					—					39,481
Insurance				15,588					—					—					15,588
IT Services				24,325					—					—					24,325
Leisure Products				20,102					—					—					20,102
Life Sciences Tools & Services				7,621					—					—					7,621
Machinery				15,680					—					—					15,680
Media				15,398					—					—					15,398
Personal Products				17,420					—					—					17,420
Pharmaceuticals				35,633					19					99					35,751
Professional Services				27,986					—					—					27,986
Software				30,450					—					—					30,450
Specialty Retail				16,592					—					—					16,592
Textiles, Apparel & Luxury Goods				7,914					—					—					7,914
Trading Companies & Distributors				25,200					—					30					25,230
Transportation Infrastructure				3,768					—					—					3,768
Wireless Telecommunication Services				7,877					—					—					7,877
Total		$		915,677			$		19			$		2,899			$		918,595

 

 

 

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

(23) The following shows the composition of the Company’s portfolio at fair value by investment type and industry as of December 31, 2024:

 

Industry		First Lien - Secured Debt					Unsecured Debt					Common Equity					Total					% of Net Assets
Aerospace & Defense		$		15,648			$		—			$		—			$		15,648				4.3	%
Air Freight & Logistics				9,734					—					2,737					12,471				3.4	%
Automobile Components				12,610					—					34					12,644				3.5	%
Building Products				7,251					—					—					7,251				2.0	%
Capital Markets				7,858					—					—					7,858				2.2	%
Chemicals				21,277					—					—					21,277				5.8	%
Commercial Services & Supplies				101,011					—					—					101,011				27.8	%
Communications Equipment				6,272					—					—					6,272				1.7	%
Construction & Engineering				49,658					—					—					49,658				13.6	%
Consumer Staples Distribution & Retail				16,026					—					—					16,026				4.4	%
Containers & Packaging				9,627					—					—					9,627				2.6	%
Diversified Consumer Services				58,525					—					—					58,525				16.1	%
Electrical Equipment				6,344					—					—					6,344				1.7	%
Electronic Equipment, Instruments & Components				7,898					—					—					7,898				2.2	%
Energy Equipment & Services				7,013					—					—					7,013				1.9	%
Entertainment				12,495					—					—					12,495				3.4	%
Financial Services				30,254					—					—					30,254				8.3	%
Food Products				23,306					—					—					23,306				6.4	%
Ground Transportation				15,671					—					—					15,671				4.3	%
Health Care Equipment & Supplies				39,093					—					—					39,093				10.7	%
Health Care Providers & Services				124,071					—					—					124,071				34.0	%
Health Care Technology				15,641					—					—					15,641				4.3	%
Hotels, Restaurants & Leisure				38,715					—					—					38,715				10.6	%
Insurance				15,677					—					—					15,677				4.3	%
IT Services				24,320					—					—					24,320				6.7	%
Leisure Products				20,025					—					—					20,025				5.5	%
Life Sciences Tools & Services				7,174					—					—					7,174				2.0	%
Machinery				15,769					—					—					15,769				4.3	%
Media				15,349					—					—					15,349				4.2	%
Personal Products				17,286					—					—					17,286				4.7	%
Pharmaceuticals				35,651					19					93					35,763				9.8	%
Professional Services				28,118					—					—					28,118				7.7	%
Software				30,110					—					—					30,110				8.3	%
Specialty Retail				16,603					—					—					16,603				4.6	%
Textiles, Apparel & Luxury Goods				7,912					—					—					7,912				2.2	%
Trading Companies & Distributors				25,282					—					31					25,313				6.9	%
Transportation Infrastructure				3,781					—					—					3,781				1.0	%
Wireless Telecommunication Services				7,876					—					—					7,876				2.2	%
Total		$		906,931			$		19			$		2,895			$		909,845				249.6	%
% of Net Assets				248.8	%				0.0	%				0.8	%				249.6	%

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2024

(In thousands, except share data)

 

	Percentage of Total Investments (at Fair Value) as of December 31, 2024
Industry Classification
Health Care Providers & Services		13.6	%
Commercial Services & Supplies		11.0	%
Diversified Consumer Services		6.3	%
Construction & Engineering		5.5	%
Health Care Equipment & Supplies		4.3	%
Hotels, Restaurants & Leisure		4.3	%
Pharmaceuticals		3.9	%
Financial Services		3.3	%
Software		3.3	%
Professional Services		3.1	%
Trading Companies & Distributors		2.8	%
IT Services		2.7	%
Food Products		2.6	%
Chemicals		2.3	%
Leisure Products		2.2	%
Personal Products		1.9	%
Specialty Retail		1.8	%
Consumer Staples Distribution & Retail		1.8	%
Machinery		1.7	%
Insurance		1.7	%
Ground Transportation		1.7	%
Aerospace & Defense		1.7	%
Health Care Technology		1.7	%
Media		1.7	%
Automobile Components		1.4	%
Entertainment		1.4	%
Air Freight & Logistics		1.4	%
Containers & Packaging		1.1	%
Textiles, Apparel & Luxury Goods		0.9	%
Electronic Equipment, Instruments & Components		0.9	%
Wireless Telecommunication Services		0.9	%
Capital Markets		0.9	%
Building Products		0.8	%
Life Sciences Tools & Services		0.8	%
Energy Equipment & Services		0.8	%
Electrical Equipment		0.7	%
Communications Equipment		0.7	%
Transportation Infrastructure		0.4	%
		100.0	%

 

Geographic Region	December 31, 2024
United States		94.6	%
Canada		2.4	%
United Kingdom		1.9	%
Europe		1.1	%
		100.0	%

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Note 1. Organization

 

MidCap Apollo Institutional Private Lending (the “Company,” “we,” “us,” or “our”), a Delaware statutory trust formed on November 6, 2023, is a closed-end, externally managed, non-diversified management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) on March 15, 2024 (the “Conversion Date”). Prior to the Company's election to be regulated as a BDC, the Company was operated as a private fund in reliance on an exception from the definition of “investment company” under Section 3(c)(7) of the 1940 Act. The Company has elected to be treated for federal income tax purposes, and intends to qualify thereafter, as a regulated investment company (“RIC”) beginning on the Conversion Date as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) (see Note 2). Prior to the Conversion Date, the Company was taxed as a partnership for U.S. federal income tax purposes.

On March 17, 2025, the Company changed its name from “Middle Market Apollo Institutional Private Lending” to “MidCap Apollo Institutional Private Lending.”

Apollo Credit Management, LLC (the “Adviser” or “ACM”) is our investment adviser and is an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM” or “Apollo”). The Adviser, subject to the overall supervision of our Board of Trustees (the “Board”), manages the day-to-day operations of the Company and provides investment advisory services to the Company.

Apollo Credit Management, LLC, as our administrator (in such capacity, the “Administrator”), provides among other things, administrative services and facilities to the Company. Furthermore, the Administrator will offer to provide, on our behalf, managerial assistance to those portfolio companies to which we are required to provide such assistance.

Apollo Capital Management, L.P. (the “Servicer”), is an affiliate of AGM. Prior to the Conversion Date, the Servicer was contracted to assist in the management of the day-to-day operations of the Company, and provide investment advisory and administrative services and facilities for the Company.

Our investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. We primarily invest in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than $75 million in earnings before interest, taxes, depreciation and amortization (“EBITDA”), as may be adjusted for market disruptions, mergers and acquisitions-related charges and synergies, and other items.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

 

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the consolidated financial statements.

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the consolidated financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.

 

These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Use of Estimates

The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, and any other parameters used in determining these estimates could cause actual results to differ materially.

Consolidation

 

As provided under Regulation S-X and ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

As of September 30, 2025, the Company's consolidated subsidiaries were AP Leaf, LLC (“AP Leaf”) and MAIPL Lender, LLC.

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity, that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury Bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost, which approximates fair value. The cash and cash equivalents balance as of September 30, 2025 and December 31, 2024 were $14,015 and $33,276 respectively.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a payable for investment purchased and receivable for investment sold, respectively, in the Consolidated Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Investment Valuation Process

 

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company's investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Adviser as “valuation designee,” the Board continues to be responsible for overseeing the processes for determining fair valuation.

Under the Company's valuation policies and procedures, the Adviser values investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of the Adviser including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Adviser. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Adviser undertakes a multi-step valuation process each quarter, as described below:

(1)

Independent valuation firms engaged conduct independent appraisals and assessments for all the investments they have been engaged to review. If an independent valuation firm is not engaged during a particular quarter, the valuation may be conducted by the Adviser;

(2)

At least each quarter, the valuation will be reassessed and updated by the Adviser or an independent valuation firm to reflect company specific events and latest market data;

(3)

Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;

(4)

The Adviser discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of the applicable independent valuation firm; and

(5)

For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

 

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. During the three months ended September 30, 2025, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and the Company presents changes in fair value and realized gains or losses through current period earnings.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts are recorded within derivative assets or derivative liabilities on the Consolidated Statements of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statements of Operations.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Offsetting Assets and Liabilities

The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of September 30, 2025, the Company held certain foreign currency forward contracts with a fair market value of $38. The Company did not hold any derivatives as of December 31, 2024.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 5 to the consolidated financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company may have loans in its portfolio that contain payment-in-kind ("PIK") provisions. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. PIK income computed at the contractual rate is accrued into income, which is included in interest income in the Company’s Consolidated Statements of Operations, and reflected as interest receivable up to the capitalization date. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If at any point the Company believes PIK is not fully expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Fee Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Non-Accrual Income

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, trustee fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Organization Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Financing Costs

The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Statements of Assets and Liabilities. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For extinguishments of our debt, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Dividends and Distributions

Dividends and distributions to shareholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board each quarter. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

 

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) intend to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending December 31, 2025. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to shareholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable shareholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our shareholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

As of December 31, 2024, the Company was taxed as a RIC for U.S. federal income tax purposes.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. As of September 30, 2025, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

Segment Reporting

The Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, “Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company operates under one operating segment and reporting unit, investment management. The CODM is the chief executive officer of the Company, who is responsible for determining the Company’s investment strategy, capital allocation, expense structure, and significant transactions impacting the Company. Key metrics include, but are not limited to, net investment income and net increase in net assets resulting from operations that is reported on the Consolidated Statements of Operations, fair value of investments as disclosed on the Consolidated Schedule of Investments, as well as distributions made to the Company’s shareholders.

Recent Accounting Pronouncements

Income Taxes

In December 2023, the FASB issued Accounting Standard Update 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its year-end financial statements.

Income Statement - Reporting Comprehensive Income

In November 2024, the FASB issued Accounting Standard Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in ASU 2024-03 improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information generally is not presented in the consolidated financial statements today. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

 

Note 3. Related Party Agreements and Transactions

 

Advisory Agreement

On March 15, 2024, the Company entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser, pursuant to which the Adviser manages the Company on a day-to-day basis. The Adviser is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis.

The Advisory Agreement is effective for an initial two-year term and thereafter will continue for successive annual periods provided that such continuance is specifically approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

 

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by the shareholders. Substantial additional fees and expenses may also be charged by the Administrator to the Company, which is an affiliate of the Adviser.

 

Base Management Fee

 

The Management Fee is accrued monthly and paid quarterly in arrears at an annual rate of 1.00% of the Company's net assets as of the beginning of the first business day of the applicable month. For these purposes, “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar quarter in which the Company has operations, net assets was measured as the average of net assets (i) at the date the Company first delivers a drawdown notice to its investors and (ii) at the end of such first calendar quarter. The Adviser waived the management fee through March 15, 2025 and has agreed to waive 50% of the management fee from March 15, 2025 to March 15, 2026.

 

Incentive Fee

 

The Incentive Fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on a percentage of our income and a portion is based on a percentage of our capital gains, each as described below.

 

(i) Incentive Fee on Pre-Incentive Fee Net Investment Income

 

The portion based on the Company’s income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement entered into between us and our Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee).

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

 

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.500% per quarter (6.000% annualized). We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

 

•

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.500% per quarter (6.000% annualized);

•

100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.710% (6.860% annualized). This “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.710% in any calendar quarter; and

•

12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.710% (6.860% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

 

(ii) Incentive Fee on Capital Gains

 

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year. Fees are computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.

Both components of the incentive fee calculations are for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. The Adviser waived the incentive fee through March 15, 2025 and has agreed to waive 50% of the incentive fee from March 15, 2025 to March 15, 2026.

 

For the three and nine months ended September 30, 2025, the Company recognized $1,008 and $2,918, respectively, of management fees, and $1,654 and $4,885, respectively, of performance-based incentive fees before impact of waived fees. For the three and nine months ended September 30, 2025, $504 and $1,845, respectively, of management fees were waived and $827 and $3,094, respectively, of performance-based incentive fees were waived.

For the three and nine months ended September 30, 2024, the Company recognized $961 and $1,875, respectively, of management fees, and $1,574 and 3,386, respectively, of performance-based incentive fees before impact of waived fees. For the three and nine months ended September 30, 2024, $961 and $1,874, respectively, of management fees were waived and $1,574 and $3,386, respectively, of performance-based incentive fees were waived.

As of September 30, 2025, management and performance-based incentive fees payable were $504 and $827, respectively. As of December 31, 2024, there were no amounts payable to the Adviser relating to management fees or incentive fees.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Administration Agreement

 

On March 15, 2024, the Company entered into an administration agreement (the “Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of net asset value, compliance monitoring (including diligence and oversight of other service providers), preparing reports to shareholders and reports filed with the Securities and Exchange Commission (the “SEC”), preparing materials and coordinating meetings of the Company’s Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Company will reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Such reimbursement will include the Company’s allocable portion of compensation, overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of AGM or any of its affiliates, subject to the limitations described in Advisory and Administration Agreements. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed by such affiliate or third party. The Administrator hired a sub-administrator to assist in the provision of administrative services. The sub-administrator will receive compensation for its sub-administrative services under a sub-administration agreement.

Transaction Agreement

In December 2023, the Company entered into a transaction agreement whereby, among other things, accepted initial capital commitments and entered into a master participation and sale agreement (the “Asset Transfer Agreement”) to acquire the initial loan portfolio of an affiliated Cayman Islands exempted limited partnership (the “Affiliate”). See below for additional information on the Asset Transfer Agreement and Note 6 for information on initial capital commitments.

Asset Transfer Agreement

In December 2023, AP Leaf entered into an Asset Transfer Agreement with the Affiliate pursuant to which AP Leaf would acquire and hold (a) initially participation rights in the initial loan portfolio and (b) legal and beneficial title to the initial loan portfolio. As part of the initial loan portfolio, the Affiliate transferred $785,224 of secured, floating rate, middle market term loans to AP Leaf. AP Leaf also acquired $1,280 of capitalized PIK for no additional consideration.

In January 2024, all loans acquired in the initial loan portfolio were assigned to the Company and ceased to be owned through the Asset Transfer Agreement with the Affiliate. Additional consideration of $236 was provided to the Affiliate in conjunction with settlement of the Asset Transfer Agreement.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Servicing Fee Agreement

As part of the Transaction Agreement, the Company entered into an agreement with the Servicer to provide, or oversee the performance of, administrative and compliance services, including, but not limited to: (a) possessing, keeping and maintaining the books and records of the Company; (b) preparing and delivering financial information (including financial statements); and (c) the day-to-day administration of the loan portfolio, including opening and maintaining bank accounts for the Company and receiving and disbursing funds therefrom. The Company acknowledges that these services, in whole or in part, will be sub-contracted to MidCap Financial Services, LLC.

In exchange for these services, a servicing fee will be paid quarterly in arrears to the Servicer, as described below:

(1) With respect to certain assets acquired by the Affiliate before December 20, 2018 and sold to the Company in conjunction with the Asset Transfer Agreement above, a service fee equal to 0.0625% of the aggregate face value of the final day of the quarter; and

(2) With respect to certain assets acquired by the Affiliate after December 20, 2018 and sold to the Company in conjunction with the Asset Transfer Agreement above, a service fee equal to 0.0875% of the aggregate face value of the final day of the quarter.

For the three and nine months ended September 30, 2025, the Company recognized $– and $–, respectively, of servicing fees. For the three and nine months ended September 30, 2024, the Company recognized $– and $553, respectively, of servicing fees. The agreement with the Servicer terminated after the Conversion Date, when the Company elected to be regulated as a BDC.

Expense Support and Conditional Reimbursement Agreement

The Company entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest or distributions and/or servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser 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 shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any month will be made if: (1) the “Effective Rate of Distributions Per Share” (as defined below) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) our “Operating Expense Ratio” (as defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. Pursuant to the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to Adviser, and interest expense, by our net assets.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash distribution or other distribution. distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. No action is required on the part of a registered shareholder to have his, her or its cash distribution or other distribution reinvested in our shares.

Co-Investment Activity

The Company, the Adviser and certain affiliates received an exemptive order from the SEC on May 14, 2025 (the “Order”), that permits us, among other things, to co-invest with other funds and accounts managed by the Adviser or its affiliates, subject to certain conditions. Pursuant to such Order, the Board has approved co-investment policies and procedures describing how the Company will comply with the Order. Further, the Adviser has adopted policies and procedures (the “Adviser Allocation Policy”) describing the allocation of investment opportunities in which we will have the opportunity to participate with one or more Apollo-managed BDCs, including us (the “Apollo BDCs”), certain Apollo-managed registered investment companies (the “Apollo RICs” and, together with the Apollo BDCs, the “Apollo Regulated Funds”) and other public or private Apollo funds that target similar assets. Pursuant to the Adviser Allocation Policy, the Company will be given the opportunity to participate in any investments that fall within certain criteria established by the Adviser. The Company may determine to participate or not to participate, depending on whether the Adviser determines that the investment is appropriate for the Company (e.g., based on investment strategy). The investment would generally be allocated to us, any other Apollo Regulated Funds and the other Apollo funds that target similar assets pro rata based on available capital in the applicable asset class. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us.

As of September 30, 2025, the Company’s co-investment holdings were 69.9% of the portfolio or $634,060, measured at fair value. On a cost basis, 69.5% of the portfolio or $639,676 were co-investments.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

 

Note 4. Investments

Fair Value Measurement and Disclosures

 

The following table shows the composition of our investments as of September 30, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

												Fair Value Hierarchy
		Cost					Fair Value					Level 1					Level 2					Level 3
First Lien Secured Debt		$		912,492			$		900,854			$		—			$		7,109			$		893,745
Unsecured Debt				19					19					—					—					19
Common Equity/Interests				7,528					5,653					—					—					5,653
Preferred Equity				—					—					—					—					—
Total Investments before Cash Equivalents		$		920,039			$		906,526			$		—			$		7,109			$		899,417
Money Market Fund		$		2,047			$		2,047			$		2,047			$		—			$		—
Total Cash Equivalents		$		2,047			$		2,047			$		2,047			$		—			$		—
Total Investments after Cash Equivalents		$		922,086			$		908,573			$		2,047			$		7,109			$		899,417
Foreign currency forward transactions				—					38					—					38					—
Total Investments at Fair Value		$		922,086			$		908,611			$		2,047			$		7,147			$		899,417

 

The following table shows the composition of our investments as of December 31, 2024, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

 

													Fair Value Hierarchy
		Cost					Fair Value					Level 1					Level 2					Level 3
First Lien Secured Debt		$		915,677			$		906,931			$		—			$		14,183			$		892,748
Unsecured Debt				19					19					—					—					19
Common Equity/Interests				2,899					2,895					—					—					2,895
Total Investments at Fair Value		$		918,595			$		909,845			$		—			$		14,183			$		895,662

 

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Fair Value Measurement and Disclosures

 

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2025:

 

		Three Months Ended September 30, 2025
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of June 30, 2025		$		917,856					19					4,286			$		922,161
Net realized gains (losses)				(8,813	)				—					—					(8,813	)
Net change in unrealized gains (losses)				5,170					—					(1,453	)				3,717
Net amortization on investments				839					—					—					839
Purchases, including capitalized PIK (2)				38,858					—					2,820					41,678
Sales (2)				(60,165	)				—					—					(60,165	)
Transfers out of Level 3 (1)				—					—					—					—
Transfers into Level 3 (1)				—					—					—					—
Fair value as of September 30, 2025 (3)		$		893,745					19					5,653			$		899,417
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025		$		7,357			$		—			$		(329	)		$		7,028

 

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2025:

 

		Nine Months Ended September 30, 2025
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of December 31, 2024		$		892,748					19					2,895			$		895,662
Net realized gains (losses)				(8,397	)				—					—					(8,397	)
Net change in unrealized gains (losses)				(3,397	)				—					(1,870	)				(5,267	)
Net amortization on investments				2,270					—					—					2,270
Purchases, including capitalized PIK (2)				166,351					—					4,628					170,979
Sales (2)				(155,830	)				—					—					(155,830	)
Transfers out of Level 3 (1)				—					—					—					—
Transfers into Level 3 (1)				—					—					—					—
Fair value as of September 30, 2025 (3)		$		893,745			$		19			$		5,653			$		899,417
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025		$		3,748			$		—			$		(1,865	)		$		1,883

 

(1)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

(2)

Includes reorganizations and restructuring of investments.

(3)

Includes unfunded commitments measured at fair value of $(389).

 

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2024:

 

		Three Months Ended September 30, 2024
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of June 30, 2024		$		780,885					—					—			$		780,885
Net realized gains (losses)				—					—					—					—
Net change in unrealized gains (losses)				(4,196	)				—					—					(4,196	)
Net amortization on investments				1,155					—					—					1,155
Purchases, including capitalized PIK (2)				129,907					19					129					130,055
Sales (2)				(18,109	)				—					—					(18,109	)
Transfers out of Level 3 (1)				—					—					—					—
Transfers into Level 3 (1)				—					—					—					—
Fair value as of September 30, 2024 (3)		$		889,642					19					129			$		889,790
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024		$		(4,196	)				—					—			$		(4,196	)

 

The following table shows changes in the fair value of our Level 3 investments during the nine months ended September 30, 2024:

 

		Nine Months Ended September 30, 2024
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of December 31, 2023		$		777,220					—					—					777,220
Net realized gains (losses)				—					—					—					—
Net change in unrealized gains (losses)				(5,408	)				—					—					(5,408	)
Net amortization on investments				3,625					—					—					3,625
Purchases, including capitalized PIK (2)				172,942					19					129					173,090
Sales (2)				(58,737	)				—					—					(58,737	)
Transfers out of Level 3 (1)				—					—					—					—
Transfers into Level 3 (1)				—					—					—					—
Fair value as of September 30, 2024 (3)		$		889,642					19					129			$		889,790
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024		$		(5,408	)				—					—			$		(5,408	)

 

(1)

Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

(2)

Includes reorganizations and restructuring of investments.

(3)

Includes unfunded commitments measured at fair value of $(72).

 

The following table summarizes the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below table is not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2025 were as follows:

 

						Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value				Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average (1)
First Lien Secured Debt	$		865,643			Yield Analysis	Discount Rate	7.7%		16.8%	10.1%
			18,753			Cost Approach	Cost Approach	N/A		N/A	N/A
			9,349			Recovery Analysis	Recoverable Amount	N/A		N/A	N/A
Unsecured Debt			19			Market Comparable Technique	Comparable Multiple	19.3x		19.3x	19.3x
Common Equity/Interests			5,653			Market Comparable Technique	Comparable Multiple	6.0x		19.3x	7.9x
Total Level 3 Investments	$		899,417

 

(1)

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

 

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2024 were as follows:

 

						Quantitative Information about Level 3 Fair Value Measurements
Asset Category		Fair Value				Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average (1)
First Lien Secured Debt	$		839,729			Yield Analysis	Discount Rate	8.6%		19.9%	11.1%
			2,852			Market Comparable Technique	Comparable Multiple	2.0x		2.0x	2.0x
			50,167			Recent Transaction	Recent Transaction	N/A		N/A	N/A
Unsecured Debt			19			Market Comparable Technique	Comparable Multiple	20.5x		20.5x	20.5x
Common Equity/Interests			2,861			Market Comparable Technique	Comparable Multiple	9.0x		20.5x	10.8x
			34			Recent Transaction	Recent Transaction	N/A		N/A	N/A
Total Level 3 Investments	$		895,662

 

(1)

The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

 

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(In thousands, except share and per share data)

 

 

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

Investment Transactions

For the three and nine months ended September 30, 2025, purchases of investments on a trade date basis were $40,895 and $168,926, respectively. For the three and nine months ended September 30, 2025, repayments (including prepayments and unamortized fees) of investments on a trade date basis were $59,073 and $162,600, respectively.

For the three and nine months ended September 30, 2024, purchases of investments on a trade date basis were $129,442 and $171,794, respectively. For the three and nine months ended September 30, 2024, repayments (including prepayments and unamortized fees) of investments on a trade date basis were $18,109 and $50,836, respectively.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and nine months ended September 30, 2025, PIK income earned was $808 and $2,388, respectively. During the three and nine months ended September 30, 2024, PIK income earned was $709 and $1,197, respectively.

The following table shows the change in capitalized PIK balance for the three and nine months ended September 30, 2025 and 2024:

		Three Months Ended September 30,										Nine Months Ended September 30,
		2025					2024					2025					2024
PIK balance at beginning of period		$		4,991			$		1,997			$		3,839			$		1,280
PIK income capitalized				882					620					2,357					1,337
Adjustments due to investments exited or written off				(72	)				—					(395	)				—
PIK income received in cash				—					—					—					—
PIK balance at end of period		$		5,801			$		2,617			$		5,801			$		2,617

 

Investments on Non-Accrual Status

As of September 30, 2025, 1.8% of total investments at amortized cost, or 1.0% of total investments at fair value, were on non-accrual status. As of December 31, 2024, 1.7% of total investments at amortized cost, or 1.1% of total investments at fair value, were on non-accrual status.

Derivative Instruments

In the normal course of business, the Company enters into derivative financial instruments to achieve certain risk management objectives, including managing its interest rate and foreign currency risk exposures.

Certain information related to the Company’s foreign currency forward contracts is presented below as of September 30, 2025:

Counterparty		Notional amount to be purchased					Notional amount to be sold					Settlement Date			Fair Value				Balance Sheet Location of Net Amounts
STATE STREET BANK AND TRUST COMPANY		$		2,656			C$		3,658			12/17/2025				19			Unrealized (appreciation) depreciation on foreign currency forward contracts
STATE STREET BANK AND TRUST COMPANY				999			€		848			12/17/2025				-			Unrealized (appreciation) depreciation on foreign currency forward contracts
STATE STREET BANK AND TRUST COMPANY				3,537			£		2,616			12/17/2025				19			Unrealized (appreciation) depreciation on foreign currency forward contracts
														$		38

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

The Company’s foreign currency forward contracts are not designated in a qualifying hedge accounting relationship. Net realized and change in unrealized gains and losses for the three and nine months ended September 30, 2025 and 2024, for the Company’s foreign currency forward contracts, are in the following locations in the Consolidated Statement of Operations:

					Three Months Ended September 30,										Nine Months Ended September 30,
Derivative Instrument			Financial Statement Location		2025					2024					2025					2024
Foreign currency forward contracts			Net realized gain (loss) on foreign currency forward contracts		$		(17	)		$		—			$		(162	)		$		—
					$		(17	)		$		—			$		(162	)				—

 

					Three Months Ended September 30,										Nine Months Ended September 30,
Derivative Instrument			Financial Statement Location		2025					2024					2025					2024
Foreign currency forward contracts			Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		$		77			$		—			$		38			$		—
					$		77			$		—			$		38			$		—

 

Note 5. Debt and Foreign Currency Transactions and Translations

 

AP Leaf, LLC

 

On December 20, 2023 (the “Closing Date”), AP Leaf, a Delaware limited liability company and newly formed subsidiary of the Company, entered into a Loan and Security Agreement (the “AP Leaf Secured Credit Facility”), with AP Leaf, as borrower, the Company, in its capacity as collateral manager and in its capacity as equity holder, the lenders from time to time parties thereto, Wells Fargo bank, N.A., as administrative agent, State Street Bank and Trust Company, as trustee and collateral agent, and Virtus Group, LP, as collateral administrator. After the Conversion Date, in accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of September 30, 2025 and December 31, 2024, the Company's asset coverage was 177.6% and 163.0%, respectively.

The maximum principal amount of the AP Leaf Secured Credit Facility as of the Closing Date was $500,000, which can be drawn in multiple currencies subject to certain conditions; the availability of this amount is subject to the borrowing base, which is determined on the basis of the value and types of AP Leaf’s assets from time to time, and satisfaction of certain conditions, including certain concentration limits. Amounts drawn under the AP Leaf Secured Credit Facility, will bear interest at the term SOFR Reference Rate, the CORRA Rate, SONIA or the EURIBOR Rate (the “Applicable Reference Rate”), in each case, plus a spread of 2.65% or 4.75% in the event of a default. The contractual maturity date of the AP Leaf Secured Credit Facility is December 20, 2028.

In January 2024, AP Leaf entered into Amendment No. 1 (the “First AP Leaf Amendment”) for the AP Leaf Secured Credit Facility. The First AP Leaf Amendment amended the AP Leaf Secured Credit Facility to have ComputerShare Trust N.A. succeed State Street Bank and Trust Company as trustee and collateral agent, and Virtus Group, LP as collateral administrator.

In June 2024, AP Leaf entered into Amendment No. 2 (the “Second AP Leaf Amendment”) for the AP Leaf Secured Credit Facility. The Second AP Leaf Amendment amended the AP Leaf Secured Credit Facility to increase the facility amount to $650,000.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

On March 6, 2025 (the “Third Amendment Closing Date”), AP Leaf entered into the Third Amendment to Loan and Security Agreement (“Third AP Leaf Amendment”) for the AP Leaf Secured Credit Facility, dated as of December 20, 2023, by and among AP Leaf, as borrower, the Company, in its capacity as collateral manager and in its capacity as equityholder, the lenders from time to time party thereto, Wells Fargo, National Association, as administrative agent for the Secured Parties, and Computershare Trust Company, N.A., in its capacity as collateral agent and in its capacity as trustee. Capitalized terms used but not otherwise defined herein have the meanings given to them in the Third AP Leaf Amendment.

 

The Third AP Leaf Amendment amended the AP Leaf Secured Credit Facility to, among other things, (i) increase the AP Leaf Secured Credit Facility Amount to $750,000, (ii) reduce the spread to 2.05% per annum, (iii) extend the Reinvestment Period to the three years after the Third Amendment Closing Date and (iv) extend the AP Leaf Secured Credit Facility Maturity Date to five years after the Third Amendment Closing Date.

 

As of September 30, 2025, the Company's outstanding debt obligations under the AP Leaf Secured Credit Facility was $519,018 with a fair value of $514,335 and deferred financing costs of $7,523. The fair value of the Company’s debt under the AP Leaf Secured Credit Facility would be categorized as Level 3 under ASC 820 as of September 30, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

 

 

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(In thousands, except share and per share data)

 

 

As of December 31, 2024, the Company's outstanding debt obligations under the AP Leaf Secured Credit Facility was $578,672 with the fair value of $578,325 and deferred financing costs of $5,150. The fair value of the Company’s debt under the AP Leaf Secured Credit Facility would be categorized as Level 3 under ASC 820 as of December 31, 2024. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

 

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended September 30, 2025 and 2024:

 

		Three Months Ended September 30,										Nine Months Ended September 30,
		2025					2024					2025					2024
Average debt outstanding		$		554,281			$		510,773			$		564,913			$		495,960
Maximum amount of debt outstanding				583,565					554,450					584,357					554,450
Weighted average annualized interest cost (1)				6.56	%				7.93	%				6.68	%				7.95	%
Annualized amortized debt issuance cost				0.30	%				0.25	%				0.21	%				0.23	%
Total annualized interest cost				6.86	%				8.18	%				6.89	%				8.18	%

 

(1)

Includes the stated interest expense and commitment fees on the unused portion of AP Leaf Secured Credit Facility. No commitment fees accrued for the three and nine months ended September 30, 2025 and 2024.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt obligations outstanding on its SPV Financing Facilities as of September 30, 2025:

 

		Original Principal Amount (Local)					Original Principal Amount (USD)					Principal Amount Outstanding					Unrealized Gain/(Loss)					Reset Date
Candian Dollar		C$		6,000			$		4,372			$		4,311			$		60				10/15/2025
Great Britian Pound		£		3,500			$		4,636			$		4,707			$		(71	)
Total							$		9,008			$		9,018			$		(11	)

 

 

The Company had the following foreign-denominated debt obligations outstanding on its SPV Financing Facilities as of December 31, 2024:

 

		Original Principal Amount (Local)					Original Principal Amount (USD)					Principal Amount Outstanding					Unrealized Gain/(Loss)					Reset Date
Candian Dollar		C$		6,000			$		4,372			$		4,172			$		200				10/10/2024
Total							$		4,372			$		4,172			$		200

 

 

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(In thousands, except share and per share data)

 

Note 6. Net Assets

 

The Company is authorized to issue an unlimited number of common shares of beneficial interest ("Common Shares") at $0.001 per share par value. Since the commencement of operations on December 15, 2023, the Company has entered into subscription agreements with investors, including affiliates of the Adviser, to make commitments to purchase Common Shares (“Capital Commitments”). Under the terms of the Capital Commitments, investors are required to fund capital contributions to purchase Common Shares at a price per share equal to the most recent net asset value ("NAV") per share determined within 48 hours of a date specified in the drawdown notice. Drawdown notices will be delivered at least 10 business days prior to the date on which contributions will be due and drawdown amounts will generally be made pro rata, in accordance with unfunded Capital Commitments of all investors.

 

On December 15, 2023, two beneficial owners (the “Limited Owners”) were admitted to the Company in exchange for $433,333 in Capital Commitments including $33,333 committed by an affiliate of the Adviser. Of the $433,333 in Capital Commitments, the Company called $293,587 prior to the Conversion Date. All Limited Owners funded Capital Commitments were converted into 12,145,597 Common Shares on the Conversion Date.

 

On January 24, 2025, the Company issued and sold 1,015,847 Common Shares and the Company received $25 million as payment for such Common Shares.

 

On July 29, 2025, the Company issued and sold 1,034,768 Common Shares and the Company received $25 million as payment for such Common Shares.

 

As of September 30, 2025 and December 31, 2024, the Company had the following Capital Commitments, pursuant to subscription agreements, and contributions from its shareholders:

 

		September 30, 2025													December 31, 2024
		Capital Commitments				Funded Capital Commitments				% of Capital Commitments Funded					Capital Commitments				Funded Capital Commitments				% of Capital Commitments Funded
Common Shares	$		500,000		$		414,877		$		83	%		$		475,000		$		364,877		$		77	%

 

The following table summarizes the Common Shares of the Company issued for the nine months ended September 30, 2025 and period between Conversion Date to September 30, 2024:

 

		Nine Months Ended										For Period between March 15
		September 30, 2025										and September 30, 2024
		Shares					Amount					Shares					Amount
Proceeds from shares sold				2,050,615			$		50,000					2,312,138			$		60,000
Distributions reinvested				65,223					1,587					17,218					450
Total net increase (decrease)				2,115,838			$		51,587					2,329,356			$		60,450

 

The following table presents distributions that were declared during the nine months ended September 30, 2025:

 

						Distributions
Record Date		Declaration Date		Payment Date		Per Share					Amount*
March 17, 2025		March 17, 2025		April 11, 2025		$		0.7509			$		11,968
May 21, 2025		May 7, 2025		July 11, 2025				0.7874					12,575
August 20, 2025		August 6, 2025		October 14, 2025				0.7500					12,779
						$		2.2883			$		37,322

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

The following table presents distributions that were declared during the nine months ended September 30, 2024:

 

						Distributions
Record Date		Declaration Date		Payment Date		Per Share					Amount*
September 19, 2024		September 19, 2024		September 20, 2024		$		1.0983			$		15,879
						$		1.0983			$		15,879

* Totals may not foot due to rounding.

 

 

Note 7. Earnings Per Share

 

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three and nine months ended September 30, 2025 and 2024:

		Three Months Ended September 30,										Nine Months Ended September 30,
		2025					2024					2025					2024 (1)
Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations		$		6,889			$		9,274			$		24,120			$		23,426
Weighted average shares outstanding				16,719,816					14,459,794					16,125,448					13,406,659
Basic earnings (loss) per share		$		0.41			$		0.64			$		1.50			$		1.75

 

(1) Prior to the Conversion Date, the Company had no shares outstanding. EPS has been derived based on the net increase (decrease) in net assets resulting from operations and the weighted average number of shares outstanding for the period between March 15, 2024 (Conversion Date) and September 30, 2024.

Diluted earnings per share equal basic EPS because there were no common share equivalents outstanding during the period presented.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

 

Note 8. Commitments and Contingencies

 

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2025 and December 31, 2024, the Company had the following unfunded commitments to its portfolio companies:

 

		September 30, 2025					December 31, 2024
Unfunded revolver obligations and bridge loan commitments (1)		$		15,270			$		2,597
Standby letters of credit issued and outstanding (2)				56					24
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)				20,224					3,182
Total Unfunded Commitments (4)		$		35,550			$		5,803

 

(1)

The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 30, 2025, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of September 30, 2025, no bridge loan commitments were outstanding.

(2)

For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Consolidated Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.

(3)

The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

(4)

The Company also had unfunded revolver commitments of $1,071 and $176 as of September 30, 2025 and December 31, 2024, respectively. Given the commitment is subject to the Company’s discretion, the timing and the amount of the funding have not been determined.

 

Organizational and Offering Costs

 

The Adviser agreed to bear all of the Company’s organization and offering expenses through the date on which the Company commenced operations. The Company is obligated to reimburse the Adviser for such expenses. The total organization and offering costs incurred were $469, which were recognized by the Company when it commenced operations.

 

If actual organization costs incurred exceed 0.25% of the Company's total Capital Commitments, the Adviser or its affiliates will bear such excess costs for the 36 months beginning on the date which the Company commenced operations. To the extent that the Company's Capital Commitments later increase following such 36 month period, the Adviser or its affiliates may be reimbursed for past payments of excess organization costs made on the Company’s behalf, provided that the total organization costs borne by the Company do not exceed 0.25% of total Capital Commitments at any time and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization expenses that were incurred more than three years prior to the proposed reimbursement. Any sales load, platform fees, servicing fees or similar fees or expenses charged directly to an investor in an offering by a placement agent or similar party will not be considered organization expenses of the Company for purposes of the Company’s cap on organization expenses. As of September 30, 2025, the Company’s actual organizational costs were less than 0.25% of the Company’s total Capital Commitments and the Company has been organized. Accordingly, the Adviser did not cover any organizational costs.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

Note 9. Financial Highlights

 

The following is a schedule of financial highlights for the nine months ended September 30, 2025 and period between Conversion Date to September 30, 2024:

 

		Nine Months Ended September 30, 2025					For Period between March 15 and September 30, 2024
		(Unaudited)					(Unaudited)
Per Share Data*
Net asset value at beginning of period	$		24.43			$		25.00
Net investment income (1)			2.43					2.16
Net realized and change in unrealized gains (losses) (1)			(0.92	)				(0.42	)
Net increase in net assets resulting from operations			1.51					1.75
Distribution of net investment income (1)(2)			(2.29	)				(1.10	)
Net asset value at end of period	$		23.65			$		25.67
Total return (3)			6.27	%				13.39	%
Shares outstanding at end of period (1)			17,038,441					14,474,953
Weighted average shares outstanding (1)			16,125,448					13,406,659
Ratio/Supplemental Data
Net assets at end of period (in millions)	$		402.9			$		371.6
Annualized ratio of operating expenses to average net assets (4)(5)			2.10	%				2.68	%
Annualized ratio of interest and other debt expenses to average net assets (5)			10.28	%				12.32	%
Annualized ratio of total expenses to average net assets (4)(5)			12.38	%				15.00	%
Annualized ratio of net investment income to average net assets (5)			13.61	%				15.07	%
Average debt outstanding (in millions)	$		564.9			$		510.8
Average debt per share	$		35.03			$		38.10
Annualized portfolio turnover rate (5)			23.77	%				9.74	%
Asset coverage per unit (6)	$		1,776			$		1,670

 

* Totals may not foot due to rounding.

(1)

Prior to the Conversion Date, the Company had no shares outstanding. Amount has been derived based on the activity and the weighted average number of shares outstanding for the period between March 15, 2024 (Conversion Date) and September 30, 2024.

(2)

The tax character of distributions will be determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distributions paid to shareholders may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.

(3)

Total return is based on the change in net asset value per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s distribution reinvestment plan. Total return does not reflect sales load. Total Return is not annualized.

(4)

The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all management and incentive fee waivers (see Note 3 to the consolidated financial statements). For the nine months ended September 30, 2025, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 3.82% and 14.10%, respectively, without the fee waivers.

(5)

Annualized for the nine months ended September 30, 2025. Organizational costs, servicing expense, and other non-reoccurring expenses are not annualized. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to use expense support, and other unpredictable variables.

(6)

The asset coverage ratio representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by our secured credit facility, divided by secured credit facility representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of September 30, 2025, the Company's asset coverage was 177.6%.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

 

 

Note 10. Subsequent Events

 

Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below.

 

Distribution Declarations

On November 4, 2025, the Board declared a base distribution of $0.72 per share, payable on January 22, 2026 to shareholders of record as of November 20, 2025. There can be no assurances that the Board will continue to declare a base distribution of $0.72 per share.

 

 

 

 

 

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the shareholders and the Board of Trustees of MidCap Apollo Institutional Private Lending:

 

Results of Review of Interim Financial Information

 

We have reviewed the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of MidCap Apollo Institutional Private Lending and subsidiaries (formerly known as Middle Market Apollo Institutional Private Lending) (the "Company") as of September 30, 2025, the related consolidated statements of operations and changes in net assets for the three-month and nine-month periods ended September 30, 2025 and 2024, the consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the financial highlights for the nine-month period ended September 30, 2025 and period from March 15, 2024 to September 30, 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities, including the consolidated schedule of investments, of the Company as of December 31, 2024, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended, and the financial highlights for the period from March 15, 2024 to December 31, 2024, (not presented herein); and in our report dated March 17, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments from which it has been derived.

Basis for Review Results

 

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

 

 

/s/ Deloitte & Touche LLP

 

New York, New York

November 10, 2025

 

 

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

•

our future operating results;

•

our business prospects and the prospects of our portfolio companies;

•

the impact of investments that we expect to make;

•

our contractual arrangements and relationships with third parties;

•

the dependence of our future success on the general economy and its impact on the industries in which we invest;

•

changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effects of inflation, trade policies and government regulation;

•

the ability of our portfolio companies to achieve their objectives;

•

our expected financings and investments;

•

the adequacy of our cash resources and working capital; and

•

the timing of cash flows, if any, from the operations of our portfolio companies.

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

 

Overview

MidCap Apollo Institutional Private Lending (the “Company,” “we,” “us” or “our”) was organized as a Delaware statutory trust on November 6, 2023. We are a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) on March 15, 2024 (the “Conversion Date”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes, we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our shareholders. We commenced operations on December 15, 2023, upon the admission of two beneficial owners (the “Limited Owners”) in the Company in exchange for $433,333 in Capital Commitments including $33,333 committed by an affiliate of the Adviser. Of the $433,333 in investor commitments to purchase common shares of beneficial interest ("Capital Commitments"), the Company called $293,587 prior to its election to be regulated as a BDC (the “Conversion Date”). All Limited Owners funded Capital Commitments were converted into 12,145,597 common shares of beneficial interest ("Common Shares") at the Conversion Date. Since the Conversion Date, and through September 30, 2025, we have raised approximately $121,290 in net proceeds from additional offerings of Common Shares.

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On March 17, 2025, the Company changed its name from “Middle Market Apollo Institutional Private Lending” to “MidCap Apollo Institutional Private Lending.”

 

Portfolio and Investment Activity

Our portfolio and investment activity during the three and nine months ended September 30, 2025 and 2024 were as follows:

		Three Months Ended September 30,										Nine Months Ended September 30,
(in millions)*		2025					2024					2025					2024
Investments made in portfolio companies		$		40.9					129.4			$		168.9			$		171.8
Investments sold				(1	)				—					(1	)				(8.1	)
Net activity before repaid investments				39.8					129.4					167.8					163.7
Investments repaid				(59.1	)				(18.1	)				(162.6	)				(50.8	)
Net investment activity		$		(19.3	)				111.3			$		5.2			$		112.9
Portfolio companies, at beginning of period				129					104					126					100
Number of investments in new portfolio companies				13					18					41					26
Number of exited companies				(8	)				(3	)				(33	)				(7	)
Portfolio companies at end of period				134					119					134					119
Number of investments in existing portfolio companies				12					1					62					1

 

* Totals may not foot due to rounding.

Our portfolio composition and weighted average yields as of September 30, 2025 and December 31, 2024 were as follows:

		September 30, 2025					December 31, 2024
Portfolio composition, at fair value:
First lien secured debt				99	%				100	%
Total secured debt				99	%				100	%
Unsecured debt				—	%				—	%
Common equity/interests and warrants				1	%				—	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)				9.8	%				10.7	%
Secured debt portfolio (2)				9.8	%				10.7	%
Unsecured debt portfolio (2)				11.3	%				11.3	%
Total debt portfolio (2)				9.8	%				10.7	%
Total portfolio (3)				9.5	%				10.5	%
Interest rate type, at fair value (2):
Fixed rate amount		$	0.0 million				$	0.0 million
Floating rate amount		$	891.7 million				$	897.0 million
Fixed rate, as percentage of total				0	%				0	%
Floating rate, as percentage of total				100	%				100	%
Interest rate type, at amortized cost (2):
Fixed rate amount		$	0.0 million				$	0.0 million
Floating rate amount		$	896.4 million				$	900.5 million
Fixed rate, as percentage of total				0	%				0	%
Floating rate, as percentage of total				100	%				100	%

 

(1) An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.

(2) Calculated exclusive of investments on non-accrual status.

(3) Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

 

Since the commencement of operation and through September 30, 2025, invested capital totaled $1,195.5 million in 179 portfolio companies.

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Recent Developments

Chief Accounting Officer Appointment

On September 4, 2025, our Board of Trustees (the "Board") appointed Joseph Durkin as Chief Accounting Officer of the Company, effective as of the close of business on September 4, 2025.

 

Critical Accounting Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements.

 

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as 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. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

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ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

As of September 30, 2025, $899.4 million or 99.2% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

 

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Results of Operations

Operating results for the three and nine months ended September 30, 2025 and 2024 were as follows:

		Three Months Ended September 30,										Nine Months Ended September 30,
(in millions)*		2025					2024						2025				2024
Investment Income
Interest income		$		24.0			$		25.0			$		71.9			$		72.3
Dividend income				—					—					—					—
PIK interest income				0.8					0.7					2.4					1.2
Other income				0.2					0.3					0.4					0.9
Total investment income		$		25.0			$		26.1			$		74.7			$		74.4
Expenses
Management and performance-based incentive fees, net of amounts waived		$		1.3			$		—			$		2.9			$		—
Service fees				—					—					—					0.6
Interest and other debt expenses, net of reimbursements				9.7					10.9					29.5					31.2
Administrative services expense, net of reimbursements				0.3					0.4					0.7					1.0
Legal and other general and administrative expenses				0.8					1.1					2.5					3.8
Net Expenses		$		12.1			$		12.5			$		35.6			$		36.3
Net Investment Income		$		12.9			$		13.6			$		39.1			$		38.1
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)		$		(9.5	)		$		—			$		(10.1	)		$		—
Net change in unrealized gains (losses)				3.5					(0.0	)				(4.9	)				(0.0	)
Net Realized and Change in Unrealized Gains (Losses)		$		(6.0	)		$		(0.0	)		$		(15.0	)		$		(0.0	)
Net Increase in Net Assets Resulting from Operations		$		6.9			$		13.5			$		24.1			$		38.1
Net Investment Income on Per Average Share Basis (1)(2)		$		0.77			$		0.94			$		2.43			$		2.84
Earnings per share — basic (1)(2)		$		0.41			$		0.64			$		1.50			$		1.75

* Totals may not foot due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.

(2) Prior to the Conversion Date, the Company had no shares outstanding. Net Investment Income on Per Average Share Basis and EPS has been derived based on the net increase (decrease) in net assets resulting from operations and the weighted average number of shares outstanding for the period between March 15, 2024 (Conversion Date) and September 30, 2024.

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Total Investment Income

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

Total investment income (including PIK) for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 decreased by $1.1 million. The decline in total interest income was primarily due to the stability of the income-bearing investment portfolio and a reduction in the average yield of the total debt portfolio, from 11.1% for the three months ended September 30, 2024 to 9.9% for the three months ended September 30, 2025.

For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

Total investment income (including PIK) for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 increased by $0.3 million. Total interest income increased primarily because the income-bearing investment portfolio grew over the trailing twelve months, partially offset by a decline in the total debt portfolio’s average yield from 11.9% for the nine months ended September 30, 2024 to 10.9% for the nine months ended September 30, 2025.

Net Expenses

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

For the three months ended September 30, 2025 and 2024, net expenses were $12.1 million and $12.5 million, respectively. Net expenses declined primarily due to lower interest expense from an amendment to the AP Leaf Secured Credit Facility, partially offset by higher management and performance-based incentive fees (net of waivers). The Adviser waived all management and incentive fees through March 15, 2025, and agreed to waive 50% of the management fee from March 15, 2025 through March 15, 2026. Administrative services, legal, and other general and administrative expenses also decreased following a budget realignment based on actual results.

For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

For the nine months ended September 30, 2025 and 2024, net expenses were $35.6 million and $36.3 million, respectively.Net expenses declined primarily due to lower interest expense from an amendment to the AP Leaf Secured Credit Facility, partially offset by higher management and performance-based incentive fees (net of waivers). The Adviser waived all management and incentive fees through March 15, 2025, and agreed to waive 50% of the management fee from March 15, 2025 through March 15, 2026. Administrative services, legal, and other general and administrative expenses also decreased following a budget realignment based on actual results.

Net Realized Gains (Losses) from Investments

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

During the three months ended September 30, 2025, we recognized gross realized gains of $0 million and gross realized losses of $9.5 million, resulting in net realized losses of $9.5 million.

(in millions)		Net Realized Gain (Loss)
FEV Acquisition Corporation		$		(7.5	)
LAV Gear Holdings INC				(2.0	)

During the three months ended September 30, 2024, we did not have any realized gains or losses.

 

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For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

During the nine months ended September 30, 2025, we recognized gross realized gains of $0 million and gross realized losses of $9.9 million, resulting in net realized losses of $9.9 million.

(in millions)		Net Realized Gain (Loss)
FEV Acquisition Corporation		$		(7.5	)
LAV Gear Holdings INC				(2.0	)

 

During the nine months ended September 30, 2024, we did not have any realized gains or losses.

Net Change in Unrealized Gains (Losses) from Investments

 

For the three months ended September 30, 2025 as compared to the three months ended September 30, 2024

During the three months ended September 30, 2025, we recognized gross unrealized gains of $11.4 million and gross unrealized losses of $7.9 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gain of $3.5 million, which was primarily driven by the gain associated with flipping FEV Acquisition Corporation and LAV Gear Holdings INC to realized loss. Other significant drivers of unrealized gains (losses) include the financial underperformance of SEKO Global Logistics Network, LLC and Kauffman. Significant changes in unrealized gains (losses) for the three months ended September 30, 2025 are summarized below:

(in millions)		Net Unrealized Gain (Loss)
FEV Acquisition Corporation		$		7.5
LAV Gear Holdings INC				2.1
Kauffman				(2.7	)
SEKO Global Logistics Network, LLC				(1.3	)

 

During the three months ended September 30, 2024, we recognized gross unrealized gains of $0.6 million and gross unrealized losses of $4.8 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $4.2 million.

(in millions)		Net Unrealized Gain (Loss)
SEKO Global Logistics Network, LLC		$		(1.3	)

 

For the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024

During the nine months ended September 30, 2025, we recognized gross unrealized gains of $8.4 million and gross unrealized losses of $13.2 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $4.8 million which was primarily driven by financial underperformance of Veristat Group, Inc., Kauffman, and SEKO Global Logistics Nework, LLC. Significant changes in unrealized gains (losses) for the nine months ended September 30, 2025 are summarized below:

(in millions)		Net Realized Gain (Loss)
FEV Acquisition Corporation		$		4.7
Veristat Group Inc.				(3.1	)
Kauffman				(2.7	)
SEKO Global Logistics Network, LLC				(1.7	)

 

 

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During the nine months ended September 30, 2024, we recognized gross unrealized gains of $2.4 million and gross unrealized losses of $7.9 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $5.5 million. Net change in unrealized gains (losses) for the nine months ended September 30, 2024 was primarily driven by the financial underperformance of SEKO Global Logistics Network, LLC, FEV Acquisition Corporation. Significant changes in unrealized gains (losses) for the nine months ended September 30, 2024 are summarized below:

(in millions)		Net Realized Gain (Loss)
SEKO Global Logistics Network, LLC		$		(2.5	)
FEV Acquisition Corporation				(1.3	)

 

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Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, the AP Leaf Secured Credit Facility (as defined in Note 5 to the consolidated financial statements), our Capital Commitments, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

We believe that our current cash and cash equivalents on hand, our short-term investments, the AP Leaf Secured Credit Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury Bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (see Note 2 to the consolidated financial statements). At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury Bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. The Company may also utilize other balance sheet transactions, including calling Capital Commitments, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.

Debt

See Note 5 to the consolidated financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of September 30, 2025:

 

			Payments Due by Period
(in millions)		Total					Less than 1 Year					1 to 3 Years					3 to 5 Years					More than 5 Years
Senior Secured Facility (1)		$		519.0			$		—			$		—			$		519.0			$		—
Total Debt Obligations		$		519.0			$		—			$		—			$		519.0			$		—

 

(1)

As of September 30, 2025, aggregate lender commitments under the Senior Secured Facility totaled $750 million.

Shareholders’ Equity

See Note 6 to the consolidated financial statements for information on the Company’s capital commitments.

 

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Distributions

For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to shareholders through September 30, 2025 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended December 31, 2025. Tax characteristics of all distributions will be reported to shareholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board.

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” distribution reinvestment plan for our shareholders. As a result, if we declare a distribution, then shareholders’ cash distributions will be automatically reinvested in additional shares of our Common Shares, unless they specifically “opt out” of the distribution reinvestment plan so as to receive cash distributions.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare distributions if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to shareholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to shareholders.

PIK Income

For the three and nine months ended September 30, 2025, PIK income totaled $0.8 million and $2.4 million on total investment income of $25.0 million and $74.7 million, respectively. For the three and nine months ended September 30, 2024, PIK income totaled $0.7 million and $1.2 million on total investment income of $26.1 million and $74.4 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 4 to the consolidated financial statements for more information on the Company’s PIK income.

Related Party Transactions

See Note 3 to the consolidated financial statements for information on the Company’s related party transactions.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio.

 

Investment Valuation Risk

Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our Board based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our Board to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Note 2 and Note 4 to our financial statements for the three and nine months ended September 30, 2025 for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of September 30, 2025, the majority of our debt portfolio investments bore interest at variable rates, which generally are SOFR-based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, the AP Leaf Secured Credit Facility bears interest at SOFR rates with no interest rate floors.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of September 30, 2025, assuming no changes in our investment and borrowing structure:

Basis Point Change		Net Investment Income			Net Investment Income Per Share
Up 150 basis points		$	18.6 million		$		1.092
Up 100 basis points			12.4 million				0.728
Up 50 basis points			6.2 million				0.363
Down 50 basis points			(1.6) million				(0.096	)
Down 100 basis points			(3.3) million				(0.192	)
Down 150 basis points			(4.9) million				(0.288	)

 

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2025 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during our most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

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PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

Refer to our Current Report on Form 8-K filed with SEC on August 4, 2025 for information about unregistered sales of our equity securities during the quarter ended September 30, 2025.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended September 30, 2025, none of our trustees or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits

3.1	Fourth Amended and Restated Agreement and Declaration of Trust (1)
3.2	Bylaws (2)
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 (18 U.S.C. 1350)*
101.INS	Inline XBRL Instance Document*
101.SCH	Inline XBRL Taxonomy Extension Schema Document*
104	Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)*

(*) Filed herewith.

(1)

Incorporated by reference to Exhibit 3.2 to Amendment No.1 to the Registrant’s Registration Statement on Form 10 (File No. 000-56645) filed on May 13, 2024.

(2)

Incorporated by reference to Exhibit 3.2 to the Registrant’s Registration Statement on Form 10 (File No. 000-56645) filed on March 15, 2024.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on November 10, 2025.

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING
By:		/s/ TANNER POWELL
Name:		Tanner Powell
Title:		Chief Executive Officer
		(Principal Executive Officer)
By:		/s/ KENNETH SEIFERT
Name:		Kenneth Seifert
Title:		Chief Financial Officer and Treasurer
		(Principal Financial Officer)
By:		/s/ JOSEPH DURKIN
Name:		Joseph Durkin
Title:		Chief Accounting Officer
		(Principal Accounting Officer)

 

 

 

 

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