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First Lien Secured Debt - Revolver S+450, 0.50% Floor Maturity Date 12/03/322025-12-310002006758ck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Specialty Retail Club Champion Club Champion LLC First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 06/14/292025-12-310002006758ck0002006758:CommonEquityMemberck0002006758:HotelsRestaurantsLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310002006758MRO Parent Corporation2025-12-310002006758Media HU Buyer, Inc. HU Buyer, Inc. 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First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 04/18/302025-12-310002006758AMI Buyer, Inc.2025-12-310002006758Pace Health Companies, LLC2026-06-300002006758ck0002006758:InsuranceMember2026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AerospaceDefenseMember2025-12-310002006758ck0002006758:TwelveMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310002006758Diversified Consumer Services Club Car Wash Club Car Wash Operating, LLC First Lien Secured Debt – Delayed Draw S+565, 1.00% Floor Maturity Date 06/16/272026-06-300002006758Air Freight & Logistics SEKO Global Logistics Network, LLC SEKO Global Logistics Network, LLC First Lien Secured Debt - Term Loan S+700 PIK, 1.00% Floor Maturity Date 05/27/302025-12-310002006758Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt – Revolver S+575, 1.00% Floor Maturity Date 10/22/292026-06-300002006758Professional Services AGDATA AGDATA Midco, LLC Investment Type First Lien Secured Debt - Term Loan S+475, 0.75% Floor Maturity Date 07/01/302025-12-310002006758us-gaap:UnsecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. 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First Lien Secured Debt - Revolver S+550, 1.00% Floor Maturity Date 08/12/322026-06-300002006758Patriot MCN Buyer Corp.2025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FoodProductsMember2025-12-310002006758Accelevation LLC2025-12-310002006758Uniguest Holdings, Inc2025-12-310002006758Professional Services DCM Services DCM Parent, LLC Investment Type First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 03/12/312026-06-300002006758us-gaap:FairValueInputsLevel3Memberck0002006758:CommonEquityInterestsMemberus-gaap:CostApproachValuationTechniqueMemberck0002006758:MeasurementInputCostApproachMember2025-12-310002006758Containers & Packaging Berry Tapes & Adhesives Vybond Buyer, LLC First Lien Secured Debt – Revolver S+475, 0.75% Floor Maturity Date 02/03/322025-12-310002006758Commercial Services & Supplies LAV GEAR HOLDINGS INC LAV Gear Holdings, inc First Lien Secured Debt - Term Loan S+250 Cash plus 3.44% PIK, 1.00% Floor Maturity Date 07/31/292026-06-300002006758ck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FourWindsInteractiveLLCMember2026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FinancialServicesMember2026-06-300002006758Chemicals Aspen Aerogels, Inc. 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First Lien Secured Debt – Revolver S+500, 0.75% Floor Maturity Date 10/17/312025-12-310002006758Entertainment Chernin Entertainment Jewel Purchaser, Inc. First Lien Secured Debt - Term Loan S+560, 0.50% Floor Maturity Date 07/01/272025-12-310002006758Ultra Clean Holdco LLC2025-12-310002006758Aerospace & Defense Beaufort Eagle U.S. Purchaser, Inc. First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 12/31/322025-12-310002006758Commercial Services & Supplies HMA Health Management Associates Superholdings, Inc. First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 03/30/292026-06-300002006758Regis Corporation2025-12-310002006758Aerospace & Defense Beaufort Eagle Aggregator Ltd Common Equity – Stock2026-06-300002006758us-gaap:EntertainmentSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Health Care Technology Merative Merative L.P. 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First Lien Secured Debt - Delayed Draw S+475, 1.75% Floor Maturity Date 10/01/312025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:SpecialtyRetailMember2026-06-300002006758Protein For Pets Opco, LLC2026-06-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ConsumerStaplesDistributionAndRetailMember2025-12-310002006758Vybond Buyer, LLC2025-12-310002006758ck0002006758:ContainersPackagingMemberck0002006758:EPacFlexiblePackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:ContainersPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Health Care Providers & Services Tarrytown Tarrytown Acquisition Holdings, LLC First Lien Secured Debt - Term Loan S+475, 0.75% Floor Maturity Date 11/12/322025-12-310002006758Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Delayed Draw S+525, 0.75% Floor Maturity Date 01/07/312025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FinancialServicesMember2025-12-310002006758Affiliated Investments AWRG Parent LLC, Stock2025-12-310002006758Consumer Staples Distribution & Retail Turkey Hill THIP CO., LLC First Lien Secured Debt – Term Loan S+600, 1.00% Floor Maturity Date 01/31/282025-12-310002006758Total Power Limited One2025-12-310002006758Health Care Providers & Services Team Select TS Investors, LLC First Lien Secured Debt - Revolver S+475, 1.00% Floor Maturity Date 05/04/292025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Trading Companies & Distributors McNichols Company Patriot MCN Buyer Corp. First Lien Secured Debt - Revolver S+475, 1.75% Floor Maturity Date 10/01/312025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberus-gaap:InsuranceSectorMember2026-06-300002006758Health Care Equipment & Supplies Dragonfly Health, Inc (fka StateServ Acquisition, Inc.) Dragonfly Health, Inc First Lien Secured Debt - Term Loan S+590, 1.00% Floor Maturity Date 11/19/302025-12-310002006758ck0002006758:MultiUtilitiesMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758ck0002006758:CommonEquityMemberck0002006758:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Hotels, Restaurants & Leisure Taco Cabana YTC Enterprises, LLC First Lien Secured Debt - Term Loan S+636, 1.00% Floor Maturity Date 08/16/262025-12-310002006758Automobile Components Universal Air Conditioner Cool Buyer, Inc. First Lien Secured Debt - Delayed Draw S+475, 1.00% Floor Maturity Date 10/31/302025-12-310002006758ck0002006758:FinancialServicesMember2025-12-310002006758Building Products Decks & Docks D&D Buyer, LLC First Lien Secured Debt - Delayed Draw S+650, 2.00% Floor Maturity Date 10/04/282025-12-310002006758Professional Services AGDATA AGDATA Midco, LLC Investment Type First Lien Secured Debt - Delayed Draw S+475, 0.75% Floor Maturity Date 07/01/302025-12-310002006758ck0002006758:RealEstateManagementDevelopmentMember2026-06-300002006758CRS Holdings, Inc.2025-12-310002006758Health Care Equipment & Supplies ACP Hyperdrive, Inc. ACP Hyperdrive, Inc. First Lien Secured Debt - Term Loan S+590, 1.00% Floor Maturity Date 03/08/282026-06-300002006758Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt – Term Loan S+575, 1.00% Floor Maturity Date 10/22/292026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MeristemCropPerformanceMemberck0002006758:ChemicalsMember2026-06-300002006758Electrical Equipment, Instruments & Compone Generator Buyer, Inc.Total Power Limited First Lien Secured Debt - Delayed Draw S+450, 0.75% Floor Maturity Date 07/22/302025-12-310002006758Electrical Equipment, Instruments & Components Generator Buyer, Inc.Total Power Limited First Lien Secured Debt - Delayed Draw S+450, 0.75% Floor Maturity Date 07/22/302026-06-300002006758Health Care Providers & Services Xanitos Pure Upper Holdco LLC First Lien Secured Debt - Delayed Draw S+475, 1.00% Floor Maturity Date 12/03/312026-06-300002006758WildBrain Ltd.2025-12-310002006758ck0002006758:CommercialServicesSuppliesMember2026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:TechnologyHardwareStoragePeripheralsMemberck0002006758:HavisIncMember2026-06-300002006758Entertainment DHX WildBrain Ltd. First Lien Secured Debt - Term Loan S+600, 1.00% Floor Maturity Date 07/03/292025-12-310002006758ck0002006758:IncentiveFeesFromCapitalGainsMember2025-12-310002006758Commercial Services & Supplies Vixxo Vixxo Corporation First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 08/01/302025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758ck0002006758:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Containers & Packaging MSI Express, Inc. NCP-MSI Buyer First Lien Secured Debt - Term Loan S+475, 0.75% Floor Maturity Date 03/24/312025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Commercial Services & Supplies CARDS + Live Oak CARDS-Live Oak Holdings, Inc. 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First Lien Secured Debt - Term Loan S+560, 1.00% Floor Maturity Date 11/09/272025-12-310002006758IT Services Distinct Distinct Holdings Inc First Lien Secured Debt - Term Loan S+575, 1.00% Floor Maturity Date 07/18/292026-06-300002006758ck0002006758:RarebreedMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareProvidersServicesMember2025-12-310002006758Mersino, Inc. (fka Ironhorse Purchaser, LLC)2026-06-300002006758ck0002006758:ConsumerStaplesDistributionAndRetailMember2025-12-3100020067582026-03-310002006758Commercial Services & Supplies Vixxo Vixxo Corporation First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 08/01/302026-06-300002006758Sperry Parent Holdings, L.P. 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First Lien Secured Debt - Term Loan S+475, 0.75% Floor Maturity Date 10/21/322025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareProvidersServicesMemberck0002006758:RHAHealthServicesMember2026-06-300002006758Electrical Equipment, Instruments & Components Generator Buyer, Inc. Total Power Limited First Lien Secured Debt - Delayed Draw CORRA+450, 0.75% Floor Maturity Date 07/22/302026-06-300002006758ck0002006758:BeveragesMember2025-12-310002006758Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt - Delayed Draw S+575, 1.00% Floor Maturity Date 10/22/292025-12-310002006758F&M Buyer LLC2025-12-310002006758ck0002006758:CommonEquityMemberck0002006758:BeveragesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:DiversifiedConsumerServicesMember2026-06-300002006758Merative L.P.2026-06-300002006758ck0002006758:SterlingOvernightIndexAverageMember2025-12-310002006758ck0002006758:APLeafSecuredCreditFacilityMember2025-03-062025-03-060002006758Ronnoco Holdings, Inc. 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Total Power Limited First Lien Secured Debt – Term Loan S+450, 0.75% Floor Maturity Date 07/22/302026-06-300002006758us-gaap:DebtInstrumentRedemptionPeriodThreeMemberck0002006758:TotalCommitmentsMember2026-01-012026-06-300002006758ck0002006758:UnfundedRevolverObligationsAndBridgeLoanCommitmentsMember2026-06-300002006758Containers & Packaging Truvant NPPI Buyer, LLC First Lien Secured Debt - Revolver S+500, 1.00% Floor Maturity Date 08/20/292025-12-310002006758ck0002006758:FMBuyerLLCMemberck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Pavement Preservation Acquisition, LLC2025-12-310002006758Foreign currency forward contracts Counterparty State Street Bank and Trust Company Settlement Date 3/18/2026 One2025-12-310002006758Trading Companies & Distributors MacQueen Equipment MacQueen Equipment, LLC First Lien Secured Debt - Term Loan S+551, 1.00% Floor Maturity Date 01/07/282026-06-300002006758Containers & Packaging ePac Flexible Packaging ePac Holdings LLC First Lien Secured Debt - Term Loan S+450, 0.75% Floor Maturity Date 01/14/322026-06-300002006758ck0002006758:CommonEquityMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310002006758Silk Holdings III Corp.2026-06-300002006758us-gaap:LetterOfCreditMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberck0002006758:TotalCommitmentsMember2026-06-300002006758Trading Companies & Distributors McNichols Company Patriot MCN Buyer Corp. First Lien Secured Debt - Delayed Draw S+475, 1.75% Floor Maturity Date 10/01/312026-06-300002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Revolver S+475, 1.00% Floor Maturity Date 07/10/312025-12-310002006758us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310002006758Electronic Equipment, Instruments & Components 365RM HOLDCO 365RM Holdco, LLC First Lien Secured Debt - Delayed Draw S+475, 0.75% Floor Maturity Date 05/06/332026-06-300002006758ck0002006758:ACPPackagingMemberck0002006758:ContainersPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Health Care Providers & Services Tarrytown Tarrytown Acquisition Holdings, LLC First Lien Secured Debt - Revolver S+475, 0.75% Floor Maturity Date 11/12/322025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ConsumerStaplesDistributionAndRetailMember2025-12-310002006758Commercial Services & Supplies LAV GEAR HOLDINGS INC LAV Gear Holdings, inc Common Equity - Stock2026-06-300002006758ck0002006758:ElectricalEquipmentMember2025-12-310002006758Electrical Equipment, Kauffman Kauffman Intermediate, LLC First Lien Secured Debt - Term Loan 10.27% Maturity Date 09/30/262025-12-310002006758ck0002006758:HotelsRestaurantsLeisureMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:HouseholdProductsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758ck0002006758:APLeafSecuredCreditFacilityMemberck0002006758:AssetTransferAgreementMember2023-12-012023-12-310002006758ck0002006758:UltraCleanNewcoMemberck0002006758:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Saffron Bidco Ltd2025-12-310002006758Health Care Providers & Services KureSmart Kure Pain Holdings, Inc. 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First Lien Secured Debt - Revolver S+510, 2.50% Floor Maturity Date 08/19/292026-06-300002006758Ultra Clean Holdco LLC2026-06-300002006758ck0002006758:ContainersPackagingMember2025-12-310002006758ck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FourWindsInteractiveLLCMember2025-12-310002006758ck0002006758:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Software Poppulo, Inc. Four Winds Interactive LLC First Lien Secured Debt - Revolver S+575, 0.75% Floor Maturity Date 02/20/302026-06-300002006758ck0002006758:HealthCareTechnologyMember2025-12-310002006758ck0002006758:TitanLuxcoISARLMemberck0002006758:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Diversified Consumer Services Go Car Wash Go Car Wash Management, Corp. First Lien Secured Debt - Delayed Draw S+585, 1.00% Floor Maturity Date 06/30/282025-12-310002006758ck0002006758:HouseholdProductsMember2026-06-300002006758Ronnoco Holdings, Inc. Investment Type Common Equity - Stock One2025-01-012025-12-310002006758Health Management Associates Superholdings, Inc.2026-06-300002006758ck0002006758:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Media Terrier Gamut Holdings, Inc. Terrier Gamut Holdings, Inc. First Lien Secured Debt - Term Loan S+560, 1.00% Floor Maturity Date 08/15/282026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:TradingCompaniesAndDistributorsMember2026-06-300002006758Health Care Technology Arcadia Solutions Arcadia Solutions, Inc. First Lien Secured Debt - Term Loan S+550, 1.00% Floor Maturity Date 08/12/322025-12-310002006758us-gaap:AccountingStandardsUpdate202307Member2026-06-300002006758us-gaap:CommonStockMember2026-06-300002006758GBP Foreign Currency Forward Contract, Maturing September 16, 20262026-01-012026-06-3000020067582026-04-012026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FoodProductsMember2025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:GroundTransportationMember2026-06-300002006758Leisure Products Wellbeam Consumer Health Intermediate, LLC Wellbeam Consumer Health Intermediate, LLC First Lien Secured Debt - Term Loan S+640 Cash plus 1.00% PIK, 1.00% Floor Maturity Date 10/4/20272026-06-300002006758us-gaap:UnsecuredDebtMemberck0002006758:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Software Uniguest Uniguest Holdings, Inc First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 11/27/302025-12-310002006758ck0002006758:TSInvestorsLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareProvidersServicesMember2025-12-310002006758Accelevation LLC2026-06-300002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Delayed Draw S+475, 1.00% Floor Maturity Date 07/10/312026-06-300002006758Hotels, Restaurans & Leisure Crumbl Crumbl Enterprises LLC First Lien Secured Debt - Term Loan S+450, 0.75% Floor Maturity Date 05/05/322025-12-310002006758Health Care Equipment & Supplies Medical Guardian Medical Guardian, LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 04/26/282026-06-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2026-01-012026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:ConstructionEngineeringMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:BestTrashMember2026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:TradingCompaniesAndDistributorsMember2025-12-310002006758ck0002006758:TeamCarWashMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DiversifiedConsumerServicesMember2025-12-310002006758USD Foreign Currency Forward Contract, Maturing September 16, 20262026-01-012026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMember2026-04-012026-06-300002006758ck0002006758:MachineryMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Food Products Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan S+665, 1.00% Floor Maturity Date 07/30/272025-12-310002006758Software Forcura + Medalogix (Project Tarpon) F&M Buyer LLC First Lien Secured Debt – Revolver S+450, 0.75% Floor Maturity Date 03/18/322026-06-300002006758Health Care Equipment & Supplies Project Titan Titan Luxco I SARL First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 06/12/322025-12-310002006758Affiliated Investments AWRG Borrower LLC, Term Loan2025-01-012025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ChemicalsMember2026-06-300002006758ck0002006758:ContainersPackagingMemberck0002006758:TruvantMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:UniversalAirConditionerMemberck0002006758:AutomobileComponentsMember2026-06-300002006758us-gaap:FairValueInputsLevel3Member2025-12-310002006758EUR Foreign Currency Forward Contract, Maturing September 16, 20262026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DiversifiedConsumerServicesMember2026-06-300002006758Electrical Equipment International Wire Group IW Buyer LLC First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 06/28/292026-06-300002006758USD Foreign Currency Forward Contract, Maturing March 18, 20262025-12-310002006758Health Care Providers & Services Veristat Group Inc. Veristat Group Inc. First Lien Secured Debt - Delayed Draw S+525, 1.00% Floor Maturity Date 03/31/322026-06-300002006758Automobile Components Cloyes MOP-CLOYES, Inc. First Lien Secured Debt - Term Loan S+475, 0.75% Floor Maturity Date 05/01/322026-06-300002006758ck0002006758:DiversifiedConsumerServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:LegacyComMember2026-06-300002006758Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Revolver S+510, 1.00% Floor Maturity Date 07/24/302025-12-310002006758Air Freight & Logistics SEKO Global Logistics Network, LLC SEKO Global Logistics Network, LLC First Lien Secured Debt - Delayed Draw S+100 Cash plus 9.50% PIK, 1.00% Floor Maturity Date 11/27/292026-06-300002006758Health Care Providers & Services Team Select TS Investors, LLC First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 05/04/292025-12-310002006758Health Care Equipment & Supplies Project Titan Tyber Medical LLC First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 06/12/322026-06-300002006758us-gaap:DebtInstrumentRedemptionPeriodTwoMemberck0002006758:TotalCommitmentsMember2026-01-012026-06-300002006758ck0002006758:OneMonthSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310002006758DRS Holdings III, Inc.2026-06-300002006758Health Care Equipment & Supplies Project Titan Tyber Medical LLC First Lien Secured Debt - Delayed Draw S+500, 0.75% Floor Maturity Date 06/12/322026-06-300002006758Commercial Services & Supplies Westway Enterprises Shelby Purchaser, LLC First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 06/30/332026-06-300002006758SEKO Global Logistics Network, LLC2025-12-310002006758us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Eagle Aggregator Ltd Investment Type Common Equity - Preferred Stocks2026-01-012026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MachineryMemberck0002006758:IdealTridonMember2026-06-300002006758ck0002006758:APLeafSecuredCreditFacilityMember2026-04-012026-06-300002006758Ground Transportation Heniff and Superior Heniff Holdco, LLC First Lien Secured Debt - Term Loan S+610 PIK, 1.00% Floor Maturity Date 07/01/272026-06-300002006758ck0002006758:SixMonthsSecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-12-310002006758us-gaap:FairValueInputsLevel3Memberck0002006758:CommonEquityInterestsMemberck0002006758:ValuationTechniqueMarketComparableTechniqueMemberck0002006758:MeasurementInputComparableMultipleMember2025-12-310002006758us-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:LetterOfCreditMemberck0002006758:TotalCommitmentsMember2026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareProvidersServicesMember2026-06-300002006758ck0002006758:OneMonthCanadianOvernightRepoRateAverageCORRAMember2026-06-300002006758Health Care Equipment & Supplies Dragonfly Health, Inc (fka StateServ Acquisition, Inc.) Dragonfly Health, Inc First Lien Secured Debt - Term Loan S+590, 1.00% Floor Maturity Date 11/19/302026-06-300002006758Health Care Equipment & Supplies Project Titan Tyber Medical LLC First Lien Secured Debt - Revolver E+500, 0.75% Floor Maturity Date 06/12/312026-06-300002006758ck0002006758:FlowControlIntermediateHoldingsTwoPointZeroLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MachineryMember2026-06-300002006758Beverages Ronnoco Coffee Ronnoco Holdings, Inc. First Lien Secured Debt - Term Loan S+450, 1.00% Floor Maturity Date 03/17/312026-06-300002006758ck0002006758:BeaufortMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AerospaceDefenseMember2026-06-300002006758Health Care Providers & Services Natural Partners Natural Partners, Inc. First Lien Secured Debt - Term Loan S+450, 1.00% Floor Maturity Date 11/29/302025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:BuildingProductsMember2026-06-300002006758ck0002006758:SeniorSecuredFacilityAndSpvFinancingFacilitiesMember2025-12-310002006758ck0002006758:AccelevationLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:TechnologyHardwareStoragePeripheralsMember2026-06-300002006758CI (MG) GROUP, LLC2026-06-300002006758D&D Buyer, LLC2026-06-300002006758Personal Care Products Dr. Scholl's DRS Holdings III, Inc. First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 11/01/282025-12-310002006758NCP-MSI Buyer2026-06-300002006758Construction & Engineering Accelevation, LLC Accelevation LLC First Lien Secured Debt - Term Loan S+450, 0.75% Floor Maturity Date 01/02/312025-12-310002006758ck0002006758:CommonEquityMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AirFreightLogisticsMember2026-06-300002006758365RM Holdco, LLC2026-06-300002006758ck0002006758:AGDATAMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ProfessionalServicesMember2025-12-310002006758Machinery Flow Control Intermediate Holdings 2.0, LLC Flow Control Intermediate Holdings 2.0, LLC First Lien Secured Debt - Revolver S+525, 1.00% Floor Maturity Date 05/01/312025-12-310002006758Health Care Providers & Services Rarebreed Rarebreed Veterinary Partners, Inc. 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Four Winds Interactive LLC First Lien Secured Debt - Term Loan S+575, 0.75% Floor Maturity Date 02/20/302026-06-300002006758Health Care Equipment & Supplies Project Titan Tyber Medical LLC First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 06/12/312026-06-300002006758ck0002006758:McNicholsCompanyMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:TradingCompaniesAndDistributorsMember2026-06-300002006758ck0002006758:BerryTapesAdhesivesMemberck0002006758:ContainersPackagingMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Construction & Engineering Core Roofing CRS Holdings, Inc. 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First Lien Secured Debt - Revolver S+450, 0.75% Floor Maturity Date 10/04/302026-06-300002006758Health Care Providers & Services Midwest Vision Midwest Vision Partners Management, LLC First Lien Secured Debt - Term Loan 10.48% Maturity Date 01/12/29 Two2026-06-300002006758Transportation Infrastructure GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 05/09/292025-12-310002006758ck0002006758:CommercialServicesSuppliesMemberck0002006758:IronCladMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Containers & Packaging Berry Tapes & Adhesives Vybond Buyer, LLC First Lien Secured Debt – Delayed Draw S+475, 0.75% Floor Maturity Date 02/03/322025-12-310002006758ck0002006758:BeaufortMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AerospaceDefenseMember2025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DCMServicesMemberck0002006758:ProfessionalServicesMember2026-06-300002006758Air Freight & Logistics SEKO Global Logistics Network, LLC SEKO Global Logistics Network, LLC Common Equity - Equity Unit2025-12-310002006758Wireless Telecommunication Services Kane Communications LLC Instrata Communications, LLC First Lien Secured Debt - Revolver S+576, 1.00% Floor Maturity Date 12/31/292026-06-300002006758us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:GCWavesMember2025-12-310002006758Health Care Providers & Services RHA Health Services Pace Health Companies, LLC First Lien Secured Debt - Delayed Draw S+525, 1.00% Floor Maturity Date 08/02/272026-06-300002006758Construction & Engineering American Restoration American Restoration Holdings, LLC First Lien Secured Debt - Term Loan S+510, 1.00% Floor Maturity Date 07/24/302025-12-310002006758Specialty Retail Club Champion Club Champion LLC First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 06/14/292026-06-300002006758Containers & Packaging Truvant NPPI Buyer, LLC Investment Type First Lien Secured Debt - Term Loan Interest Rate S+500, 1.00% Floor Maturity Date 8/20/20292026-06-300002006758Personal Care Products Dr. Scholl's DRS Holdings III, Inc. First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 11/01/282025-12-310002006758Commercial Services & Supplies Monarch Landscape Companies Monarch Landscape Holdings, LLC First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 10/02/282026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Hotels, Restaurants & Leisure American West AWRG Parent LLC Common Equity - Stock2025-12-310002006758Hotels, Restaurants & Leisure Crumbl Crumbl Enterprises LLC First Lien Secured Debt - Revolver S+450, 0.75% Floor Maturity Date 05/05/322026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:LeisureProductsMember2025-12-310002006758Foreign currency forward contracts Counterparty State Street Bank and Trust Company Settlement Date 6/17/2026 One2026-06-300002006758ck0002006758:UnfundedRevolverObligationsAndBridgeLoanCommitmentsMember2025-12-310002006758ck0002006758:MediaMember2026-06-300002006758ck0002006758:GroundTransportationMember2026-06-300002006758us-gaap:UnsecuredDebtMember2026-03-310002006758Professional Services Escalent M&M OPCO, LLC First Lien Secured Debt – Term Loan S+600, 1.00% Floor Maturity Date 04/07/292026-06-300002006758ck0002006758:MachineryMember2025-12-310002006758ck0002006758:HotelsRestaurantsLeisureMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AmericanWestMember2026-06-300002006758ck0002006758:FirstLienSecuredDebtMember2026-03-310002006758Hotels, Restaurants & Leisure Walters Wedding Estates WH BorrowerCo, LLC First Lien Secured Debt - Revolver S+500, 1.00% Floor Maturity Date 08/02/302025-12-310002006758ck0002006758:HotelsRestaurantsLeisureMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-12-310002006758Aerospace & Defense Aeromed Group, LLC AeroMed Group LLC First Lien Secured Debt - Delayed Draw S+400, 1.00% Floor Maturity Date 02/25/312026-06-300002006758Health Care Providers & Services FP UC Intermediate Holdings, Inc. FP UC Intermediate Holdings, Inc. 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First Lien Secured Debt – Revolver S+500, 0.75% Floor Maturity Date 10/17/312026-06-300002006758Commercial Services & Supplies HMA Health Management Associates Superholdings, Inc. First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 03/30/292026-06-300002006758Hotels, Restaurants & Leisure Walters Wedding Estates WH BorrowerCo, LLC First Lien Secured Debt - Revolver S+500, 1.00% Floor Maturity Date 08/02/302026-06-300002006758Health Care Providers & Services EyeSouth Eyesouth Eye Care Holdco LLC First Lien Secured Debt - Term Loan S+585, 1.00% Floor Maturity Date 10/05/292026-06-300002006758Food Products Berner Foods Berner Food & Beverage, LLC First Lien Secured Debt - Term Loan S+615, 1.00% Floor Maturity Date 07/30/272026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ProfessionalServicesMember2026-06-300002006758Aerospace & Defense Beaufort Eagle U.S. Purchaser, Inc. First Lien Secured Debt – Revolver S+500, 0.75% Floor Maturity Date 12/31/322026-06-300002006758ck0002006758:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:PavementPreservationAcquisitionLLCMember2025-12-310002006758ck0002006758:BeveragesMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Aerospace & Defense Sperry Acquisition, LLC First Lien Secured Debt - Delayed Draw S+525, 0.75% Floor Maturity Date 02/03/312025-12-310002006758ck0002006758:CQMedicalMemberck0002006758:HealthCareEquipmentSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:CommonEquityMemberck0002006758:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:CommercialServicesSuppliesMemberck0002006758:VixxoCorporationMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Instrata Communications, LLC (fka Kane Communications LLC)2026-06-300002006758ck0002006758:MediaMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HALOBuyerIncMember2026-06-300002006758ck0002006758:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DistinctMember2025-12-310002006758Machinery Relevant Industrial Relevant Industrial, LLC First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 05/16/312025-12-310002006758us-gaap:AccountingStandardsUpdate202403Member2026-06-300002006758The North Highland Company LLC2026-06-300002006758Aerospace & Defense Beaufort Eagle Aggregator Ltd Common Equity - Preferred Stocks2025-12-310002006758Construction & Engineering Traffic Management Solutions, LLC Traffic Management Solutions, LLC First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 11/26/302025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareTechnologyMember2025-12-310002006758Food Products Justin's Justin's LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 12/15/312025-12-310002006758Media FingerPaint Marketing KL Charlie Acquisition Company First Lien Secured Debt - Delayed Draw S+535, 1.00% Floor Maturity Date 12/30/292026-06-300002006758Trading Companies & Distributors WC ORS Holdings, L.P. 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First Lien Secured Debt - Delayed Draw S+450, 0.75% Floor Maturity Date 10/04/302025-12-310002006758ck0002006758:ElectricalEquipmentMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareProvidersServicesMemberck0002006758:MidwestVisionPartnersManagementLLCMember2025-12-310002006758Diversified Consumer Services Mariani CI (MG) Group, LLC First Lien Secured Debt - Term Loan S+550 1.00% Floor Maturity Date 03/27/302026-06-300002006758Hotels, Restaurants & Leisure American West AWRG Parent LLC Common Equity - Stock Maturity Date 12/31/992026-06-3000020067582024-12-310002006758Pharmaceuticals Ora LLC Orion Buyer, LLC First Lien Secured Debt - Term Loan S+500, 1.00% Floor Maturity Date 07/18/302025-12-310002006758IT Services VikingCloud Bullcave Limited First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 08/06/302026-06-300002006758ck0002006758:ContainersPackagingMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:ItServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DistinctMember2026-06-300002006758Professional Services DecisionHR DecisionHR Holdings, Inc. 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First Lien Secured Debt - Term Loan S+550, 1.00% Floor Maturity Date 08/12/322026-06-300002006758ck0002006758:CommonEquityInterestsMember2026-03-310002006758Machinery Relevant Industrial Relevant Industrial, LLC First Lien Secured Debt - Revolver P+375, 1.00% Floor Maturity Date 05/16/312025-12-310002006758Health Care Equipment & Supplies ACP Hyperdrive, Inc. ACP Hyperdrive, Inc. First Lien Secured Debt - Term Loan S+590, 1.00% Floor Maturity Date 03/08/282025-12-310002006758ck0002006758:BuildingProductsMember2025-12-310002006758Lexitas Chronicle Parent LLC Investment Type First Lien Secured Debt – Revolver S+500, 1.00% Floor Maturity Date 04/15/312025-12-310002006758Diversified Consumer Services Mariani CI (MG) Group, LLC First Lien Secured Debt - Revolver S+550 1.00% Floor Maturity Date 03/27/302026-06-300002006758ck0002006758:AssetsAcquiredByAffiliateBeforeDecemberTwentyTwoThousandAndEighteenMemberck0002006758:AssetTransferAgreementMember2026-01-012026-06-300002006758ck0002006758:AutomobileComponentsMember2025-12-310002006758Health Care Providers & Services TVG-MEDULLA, LLC TVG-MEDULLA, LLC First Lien Secured Debt - Term Loan S+460 Cash plus 2.50% PIK, 1.00% Floor Maturity Date 09/30/272025-12-310002006758Pharmaceuticals TVG Orion Blocker, Inc. 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First Lien Secured Debt - Delayed Draw S+450, 0.75% Floor Maturity Date 09/30/322025-12-310002006758GBP Foreign Currency Forward Contract, Maturing March 18, 20262025-12-310002006758us-gaap:ForeignExchangeForwardMember2026-06-300002006758Health Care Providers & Services Xanitos Xanitos TopCo, LLC Common Equity - Membership Interest2025-12-310002006758Pharmaceuticals Ora LLC TVG Orion Blocker, Inc. Common Equity – Stock Maturity Date 12/31/992026-06-300002006758ck0002006758:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:OneMonthCanadianOvernightRepoRateAverageCORRAMember2025-12-310002006758Affiliated Investments AWRG Borrower LLC, Term Loan2025-12-310002006758Electrical Equipment, Instruments & Components Generator Buyer, Inc. Total Power Limited First Lien Secured Debt – Term Loan CORRA+450, 0.75% Floor Maturity Date 07/22/302026-06-300002006758Beverages Ronnoco Coffee Ronnoco Holdings, Inc. Common Equity – Stock2026-06-300002006758Electronic Equipment, Instruments & Compone Team LINX Buyer, LLC, TeamLINX Buyer, LLC First Lien Secured Debt - - Revolver S+500, 1.00% Floor Maturity Date 12/18/302025-12-310002006758ck0002006758:PharmaceuticalsMemberck0002006758:PAIPharmaMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:IncentiveFeesFromCapitalGainsMember2026-01-012026-06-300002006758AGDATA Midco, LLC2026-06-300002006758Chemicals Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt - Revolver S+550, 0.75% Floor Maturity Date 10/03/302025-12-310002006758Health Care Providers & Services Thomas Scientific Thomas Scientific, LLC First Lien Secured Debt - Term Loan S+340 Cash plus 4.50% PIK, 1.00% Floor Maturity Date 12/14/272025-12-310002006758Technology Hardware, Storage & Peripherals Havis Havis, Inc. First Lien Secured Debt - Term Loan S+475, 0.75% Floor Maturity Date 06/30/322026-06-300002006758Chronicle Parent LLC2026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AirFreightLogisticsMember2025-12-310002006758ck0002006758:InsuranceMember2025-12-310002006758us-gaap:FairValueInputsLevel3Member2026-06-300002006758ck0002006758:HealthCareEquipmentSuppliesMember2025-12-310002006758CSHC Buyerco, LLC2026-06-300002006758ck0002006758:CommonEquityMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AutomobileComponentsMember2025-12-310002006758Health Care Equipment & Supplies Capsa Healthcare CSHC Buyerco, LLC First Lien Secured Debt - Term Loan S+485, 1.00% Floor Maturity Date 09/08/262025-12-310002006758Health Care Providers & Services Natural Partners Natural Partners, Inc. First Lien Secured Debt - Term Loan S+450, 1.00% Floor Maturity Date 11/29/302026-06-300002006758Health Care Technology MRO Parent Corporation MRO Parent Corporation First Lien Secured Debt - Revolver S+450, 0.75% Floor Maturity Date 06/09/322025-12-310002006758Automobile Components Universal Air Conditioner Cool Buyer, Inc. First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 10/31/302025-12-310002006758ck0002006758:RMHOLDCOMemberck0002006758:ElectronicEquipmentInstrumentsAndComponentsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Commercial Services & Supplies Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Delayed Draw S+525, 1.00% Floor Maturity Date 08/09/302026-06-300002006758ck0002006758:CommonEquityMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:FoodProductsMember2026-06-300002006758Pharmaceuticals PAI Pharma Total Investments First Lien Secured Debt - Revolver S+475, 0.75% Floor Maturity Date 02/13/322026-06-300002006758ck0002006758:CommercialServicesSuppliesMemberck0002006758:CARDSLiveOakHoldingsIncMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:RegisCorporationMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DiversifiedConsumerServicesMember2025-12-310002006758Regis Corporation2026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareTechnologyMemberck0002006758:ArcadiaSolutionsMember2026-06-300002006758ck0002006758:MerativeMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:HealthCareTechnologyMember2025-12-310002006758ck0002006758:FMBuyerLLCMemberck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Personal Care Products Suave Silk Holdings III Corp. First Lien Secured Debt - Term Loan S+450, 0.50% Floor Maturity Date 12/03/322025-12-310002006758ck0002006758:IncentiveFeesFromPreIncentiveFeeNetInvestmentIncomeMembersrt:MinimumMember2026-01-012026-06-300002006758Sperry Acquisition, LLC2025-12-310002006758Aspen Aerogels, Inc.2025-12-310002006758Silk Holdings III Corp.2025-12-310002006758Health Care Equipment & Supplies Project Titan Titan Luxco I SARL First Lien Secured Debt - Revolver E+500, 0.75% Floor Maturity Date 06/12/312025-12-310002006758us-gaap:ForeignExchangeForwardMember2025-04-012025-06-300002006758ck0002006758:FirstLienSecuredDebtMember2025-12-310002006758Commercial Services & Supplies Pavement Preservation Pavement Preservation Acquisition, LLC First Lien Secured Debt - Delayed Draw S+525, 1.00% Floor Maturity Date 08/09/302025-12-310002006758ck0002006758:ElectricalEquipmentMemberck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Chemicals Meristem Crop Performance Lunar Buyer, LLC First Lien Secured Debt - Term Loan S+550, 0.75% Floor Maturity Date 10/03/302025-12-310002006758ck0002006758:PaperAndForestProductsMember2026-06-300002006758DRS Holdings III, Inc.2025-12-310002006758Diversified Consumer Services Ultra Clean Newco Ultra Clean Holdco LLC First Lien Secured Debt - Delayed Draw S+500, 1.00% Floor Maturity Date 07/01/302025-12-310002006758Trillium Health Care Products Inc. Two2026-06-300002006758Diversified Consumer Services Legacy.com Lotus Topco Inc. First Lien Secured Debt - Delayed Draw S+475, 1.00% Floor Maturity Date 06/07/302026-06-300002006758Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Term Loan E+500, 0.00% Floor Maturity Date 01/07/312026-06-300002006758ck0002006758:ChemicalsMember2025-12-310002006758Consumer Staples Distribution & Retail 3D Protein Protein For Pets Opco, LLC First Lien Secured Debt – Revolver S+525, 1.00% Floor Maturity Date 09/20/302025-12-310002006758Construction & Engineering SAFEbuilt, LLC SAFEbuilt, LLC First Lien Secured Debt - Term Loan S+685, 1.00% Floor Maturity Date 01/16/262025-12-310002006758ck0002006758:APLeafSecuredCreditFacilityMember2025-03-060002006758Containers & Packaging Truvant NPPI Buyer, LLC Investment Type First Lien Secured Debt - Revolver Interest Rate S+500, 1.00% Floor Maturity Date 8/20/20292026-06-300002006758Media HALO Branded Solutions HALO Buyer, Inc First Lien Secured Debt - Revolver S+600, 1.00% Floor Maturity Date 08/07/292025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:NorthHighlandMemberck0002006758:ProfessionalServicesMember2025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:AirFreightLogisticsMember2025-12-310002006758Real Estate Management & Development AKAM AKAM Group Holdings, L.P. Common Equity - Equity Unit2026-06-300002006758Commercial Services & Supplies Best Trash Bingo Group Buyer, Inc. First Lien Secured Debt - Revolver S+475, 1.00% Floor Maturity Date 07/10/312026-06-300002006758ck0002006758:CommonEquityInterestsMember2025-03-310002006758Consumer Staples Distribution & Retail 3D Protein Protein For Pets Opco, LLC First Lien Secured Debt – Term Loan S+525, 1.00% Floor Maturity Date 09/20/302025-12-310002006758ck0002006758:CommercialServicesSuppliesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758ck0002006758:FirstLienSecuredDebtMember2026-01-012026-06-300002006758Machinery Ideal Tridon Ideal Components Acquisition, LLC First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 06/30/322026-06-300002006758us-gaap:FairValueInputsLevel2Member2026-06-300002006758AKAM Group Holdings, L.P. Investment Type Common Equity - Stock2026-01-012026-06-300002006758CRS Holdings, Inc.2026-06-300002006758Trading Companies & Distributors ORS Nasco WC ORS Buyer, Inc. First Lien Secured Debt - Revolver S+475, 0.75% Floor Maturity Date 08/07/312026-06-300002006758ck0002006758:DecisionHRMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ProfessionalServicesMember2025-12-310002006758ck0002006758:SenderraMemberck0002006758:PharmaceuticalsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758ck0002006758:HouseholdProductsMemberck0002006758:TranzonicMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758us-gaap:UnsecuredDebtMember2025-12-310002006758Machinery 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 05/01/312025-12-310002006758TeamLINX Buyer, LLC2026-06-300002006758Aerospace & Defense Aeromed Group, LLC AeroMed Group LLC First Lien Secured Debt - Revolver S+500, 1.00% Floor Maturity Date 02/25/312026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MachineryMemberck0002006758:MilacronMember2026-06-300002006758Health Care Providers & Services Team Select TS Investors, LLC First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 05/04/292026-06-300002006758Health Care Providers & Services EmpiRx EmpiRx Health LLC First Lien Secured Debt - Term Loan S+475, 1.00% Floor Maturity Date 08/06/292026-06-300002006758Containers & Packaging ePac Flexible Packaging ePac Holdings LLC First Lien Secured Debt - Revolver S+450, 0.75% Floor Maturity Date 01/14/322026-06-300002006758us-gaap:PrimeRateMember2026-06-300002006758Eagle U.S. Purchaser, Inc.2025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:ProfessionalServicesMember2025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:MachineryMemberck0002006758:IdealTridonMember2025-12-310002006758Automobile Components Cloyes MOP-CLOYES, Inc. First Lien Secured Debt – Delayed Draw S+475, 0.75% Floor Maturity Date 05/01/322026-06-300002006758us-gaap:FinancialServicesSectorMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:OakPointPartnersLLCMember2026-06-300002006758Health Care Technology MRO Parent Corporation MRO Parent Corporation First Lien Secured Debt - Delayed Draw S+450, 0.75% Floor Maturity Date 06/09/322026-06-300002006758American Restoration Holdings, LLC2026-06-300002006758ck0002006758:ElectronicEquipmentInstrumentsAndComponentsMemberck0002006758:TeamLINXLLCMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758Ideal Components Acquisition, LLC2026-06-300002006758Technology Hardware, Storage & Peripherals Accelevation, LLC Accelevation, LLC First Lien Secured Debt - Revolver S+500, 0.75% Floor Maturity Date 01/02/312026-06-300002006758Chemicals Universal Fiber Systems Universal Fiber Systems LLC First Lien Secured Debt - Term Loan S+511, 1.00% Floor Maturity Date 09/30/282025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:SpecialtyRetailMember2025-12-310002006758ck0002006758:FirstLienSecuredDebtMemberck0002006758:WirelessTelecommunicationServicesMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310002006758ck0002006758:ElectricalEquipmentMember2026-06-300002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:LSGMemberck0002006758:TradingCompaniesAndDistributorsMember2025-12-310002006758Machinery 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 05/01/312025-12-310002006758WC ORS Buyer, Inc.2026-06-300002006758Software American Megatrends AMI Buyer, Inc. First Lien Secured Debt - Term Loan S+500, 0.75% Floor Maturity Date 10/17/312025-12-310002006758us-gaap:UnsecuredDebtMember2025-03-310002006758ck0002006758:SoftwareMemberus-gaap:InvestmentUnaffiliatedIssuerMember2026-06-300002006758Health Care Providers & Services Maxor National Pharmacy Services, LLC Maxor Acquisition, Inc. First Lien Secured Debt - Term Loan S+610, 1.00% Floor Maturity Date 03/01/292025-12-310002006758Automobile Components AAMP Global Holdings, Inc. AAMP Global Holdings, Inc. First Lien Secured Debt - Term Loan S+485, 1.00% Floor Maturity Date 11/05/262025-12-310002006758Health Care Providers & Services Rarebreed Rarebreed Veterinary Partners, Inc. First Lien Secured Debt - Term Loan S+525, 1.00% Floor Maturity Date 04/18/302026-06-300002006758ck0002006758:SpecialtyRetailMember2026-06-3000020067582025-01-012025-12-310002006758Trillium Health Care Products Inc. One2025-12-310002006758Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Term Loan S+525, 0.75% Floor Maturity Date 01/07/312025-12-310002006758ck0002006758:CommonEquityInterestsMember2025-04-012025-06-300002006758AKAM Buyer, Inc.2026-06-300002006758Flow Control Intermediate Holdings 2.0, LLC2025-12-310002006758us-gaap:ForeignExchangeForwardMember2025-12-310002006758ck0002006758:FirstLienSecuredDebtMember2025-06-300002006758Professional Services DecisionHR DecisionHR Holdings, Inc. Investment Type First Lien Secured Debt - Revolver S+450, 1.00% Floor Maturity Date 12/08/312025-12-310002006758us-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:DiversifiedConsumerServicesMember2025-12-310002006758Flow Control Intermediate Holdings 2.0, LLC2026-06-300002006758Electrical Equipment, Instruments & Compone Generator Buyer, Inc.Total Power Limited First Lien Secured Debt – Term Loan S+450, 0.75% Floor Maturity Date 07/22/302025-12-310002006758Food Products Amylu Foods Amylu Borrower Sub, LLC First Lien Secured Debt - Revolver S+475, 0.75% Floor Maturity Date 06/10/312026-06-300002006758country:CA2025-12-310002006758ck0002006758:ElectronicEquipmentInstrumentsComponentsMember2025-12-310002006758Automobile Components Universal Air Conditioner Cool Buyer, Inc. First Lien Secured Debt - Revolver S+475, 1.00% Floor Maturity Date 10/31/302025-12-310002006758Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Delayed Draw S+500, 0.75% Floor Maturity Date 01/07/312026-06-300002006758Household Products Tranzonic TZ Buyer LLC First Lien Secured Debt - Term Loan S+610, 0.75% Floor Maturity Date 08/14/282025-12-310002006758Health Care Equipment & Supplies Natus Sensory Natus Sensory, Inc. First Lien Secured Debt - Revolver S+525, 0.75% Floor Maturity Date 01/07/312025-12-310002006758Professional Services DecisionHR DecisionHR Holdings, Inc. Investment Type First Lien Secured Debt - Delayed Draw S+425, 1.00% Floor Maturity Date 12/08/312026-06-300002006758Diversified Consumer Services Team Car Wash TCW Midco LLC First Lien Secured Debt – Term Loan S+575, 1.00% Floor Maturity Date 10/22/292025-12-310002006758ck0002006758:CommonEquityInterestsMember2026-06-300002006758ck0002006758:ElectricalEquipmentMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:BrushGroupMember2025-12-310002006758AeroMed Group LLC2026-06-300002006758ck0002006758:SixMonthsEuroInterbankOfferedRateEURIBORMember2026-06-300002006758ck0002006758:FirstLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMemberck0002006758:GroundTransportationMember2025-12-310002006758WC ORS Buyer, Inc.2025-12-310002006758Commercial Services & Supplies CARDS + Live Oak CARDS-Live Oak Holdings, Inc. First Lien Secured Debt - Delayed Draw S+475, 0.75% Floor Maturity Date 10/21/322025-12-310002006758ACP Packaging Intermediateco, LLC2026-06-300002006758Food Products Justin's Justin's LLC Common Equity - Stock2025-12-310002006758WH BorrowerCo, LLC2026-06-300002006758AGDATA Midco, LLC2025-12-310002006758Transportation Infrastructure GAT-Airline Ground Support Inc GAT-Airline Ground Support Inc First Lien Secured Debt - Delayed Draw S+525, 1.00% Floor Maturity Date 05/09/292025-12-310002006758Food Products Fortune International LLC Fortune International LLC First Lien Secured Debt - Delayed Draw S+510, 1.00% Floor Maturity Date 7/17/272025-12-31iso4217:EURck0002006758:Segmentxbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:GBPiso4217:USD

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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 June 30, 2026

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) 515-3200

(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 August 13, 2026, there was no established public market for the Registrant’s common shares of beneficial interest $0.001 par value per share, (“Common Shares”).

As of August 13, 2026, the Registrant had 17,172,990 Common Shares outstanding.

 

 

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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 June 30, 2026 (Unaudited) and December 31, 2025	1
	Consolidated Statements of Operations for the three and six months ended June 30, 2026 and June 30, 2025 (Unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2026 and June 30, 2025 (Unaudited)	3
	Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and June 30, 2025 (Unaudited)	4
	Consolidated Schedule of Investments as of June 30, 2026 (Unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2025	33
	Notes to Consolidated Financial Statements (Unaudited)	58
	Report of Independent Registered Public Accounting Firm	86
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	87
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	97
Item 4.	Controls and Procedures	98
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	99
Item 1A.	Risk Factors	99
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	99
Item 3.	Defaults Upon Senior Securities	99
Item 4.	Mine Safety Disclosures	99
Item 5.	Other Information	99
Item 6.	Exhibits	100
	Signatures	101

 

 

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PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “we,” “us,” or “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)
		June 30, 2026					December 31, 2025
		(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost $969,165 and $955,289, respectively)		$		931,383			$		936,374
Non-controlled/affiliated investments (cost $7,189 and $7,203, respectively)				4,051					6,422
Cash and cash equivalents				25,504					19,192
Foreign currencies (cost $408 and $1,249, respectively)				405					1,266
Receivable for investments sold				236					405
Interest receivable				4,720					4,676
Unrealized appreciation on foreign currency forward contracts				113					—
Other assets				10					—
Total assets		$		966,422			$		968,335
Liabilities
Debt (net of deferred financing costs and unamortized original issue discount of $6,253 and $7,095 as of June 30, 2026 and December 31, 2025, respectively)		$		573,215			$		553,694
Payable for investments purchased				—					168
Management fees payable				952					508
Performance-based incentive fees payable				1,445					740
Distributions payable				9,821					12,292
Interest payable				2,503					2,614
Accrued administrative services expense payable				237					42
Unrealized depreciation on foreign currency forward contracts				—					55
Other liabilities and accrued expenses				1,894					1,468
Total liabilities		$		590,067			$		571,581
Commitments and contingencies (Note 7)
Total Net Assets		$		376,355			$		396,754
Net Assets (Note 6)
Common shares, $0.001 par value (Unlimited shares authorized; 17,142,542 shares issued and outstanding as of June 30, 2026 and 17,072,253 shares issued and outstanding as of December 31, 2025)		$		17			$		17
Capital in excess of par value				429,411					427,763
Accumulated under-distributed (over-distributed) earnings				(53,073	)				(31,026	)
Net Assets		$		376,355			$		396,754
Net Asset Value Per Share		$		21.95			$		23.24

 

See notes to the consolidated financial statements.

 

1

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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 June 30,										Six Months Ended June 30,
	2026					2025					2026					2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$		21,995			$		23,543			$		43,631			$		47,896
PIK interest income			649					847					1,281					1,525
Other income			135					126					366					254
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)			—					19					—					19
Total Investment Income	$		22,779			$		24,535			$		45,278			$		49,694
Operating Expenses
Interest and other debt expenses	$		8,883			$		9,857			$		17,466			$		19,825
Management fees			952					964					1,939					1,911
Performance-based incentive fees			1,445					1,576					2,877					3,231
Administrative service expenses			395					270					856					389
Other general and administrative expenses			991					843					2,004					1,729
Total expenses			12,666					13,510					25,142					27,085
Management fees waived			—					(482	)				(405	)				(1,341	)
Performance-based incentive fees waived			—					(788	)				(597	)				(2,267	)
Net Expenses	$		12,666			$		12,240			$		24,140			$		23,477
Net Investment Income	$		10,113			$		12,295			$		21,138			$		26,217
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$		—			$		(394	)		$		—			$		(395	)
Foreign currency forward contracts			129					(134	)				110					(146	)
Foreign currency transactions			4					4					9					(3	)
Net realized gains (losses)	$		133			$		(524	)		$		119			$		(544	)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments			(5,951	)				(3,210	)				(18,867	)				(8,235	)
Non-controlled/affiliated investments			(437	)				—					(2,357	)				—
Foreign currency forward contracts			(10	)				(39	)				168					(39	)
Foreign currency translations			41					(185	)				152					(167	)
Net change in unrealized gains (losses)			(6,357	)				(3,434	)				(20,904	)				(8,441	)
Net Realized and Change in Unrealized Gains (Losses)	$		(6,224	)		$		(3,958	)		$		(20,785	)		$		(8,985	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$		3,889			$		8,337			$		353			$		17,232

 

See notes to the consolidated financial statements.

 

2

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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 June 30,										Six Months Ended June 30,
		2026					2025					2026					2025
Operations
Net investment income		$		10,113			$		12,295			$		21,138			$		26,217
Net realized gains (losses)				133					(524	)				119					(544	)
Net change in unrealized gains (losses)				(6,357	)				(3,434	)				(20,904	)				(8,441	)
Net Increase (Decrease) in Net Assets Resulting from Operations		$		3,889			$		8,337			$		353			$		17,232
Distributions to Shareholders
Distribution of net investment income		$		(9,821	)		$		(12,575	)		$		(22,400	)		$		(24,543	)
Net Decrease in Net Assets Resulting from Distributions to Shareholders		$		(9,821	)		$		(12,575	)		$		(22,400	)		$		(24,543	)
Capital Share Transactions
Net proceeds from the issuance of common shares (Note 6)		$		—			$		—			$		—			$		25,000
Distributions reinvested				845					763					1,648					763
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions		$		845			$		763			$		1,648			$		25,763
Net Assets
Net increase (decrease) in net assets during the period		$		(5,087	)		$		(3,475	)		$		(20,399	)		$		18,452
Net assets at beginning of period				381,442					386,454					396,754					364,527
Net Assets at End of Period		$		376,355			$		382,979			$		376,355			$		382,979
Capital Share Activity
Shares issued during the period (Note 6)				—					—					—					1,015,847
Distributions reinvested				36,348					31,224					70,289					31,224
Shares issued and outstanding at beginning of period				17,106,194					15,938,451					17,072,253					14,922,603
Shares Issued and Outstanding at End of Period				17,142,542					15,969,674					17,142,542					15,969,674

 

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)
		Six Months Ended June 30,
		2026					2025
Operating Activities
Net increase (decrease) in net assets resulting from operations		$		353			$		17,232
Net realized (gains) losses on investments				—					395
Net change in unrealized (gains) losses				20,904					8,441
PIK interest capitalized				(1,881	)				(1,476	)
Net accretion of discount and amortization of premium				(1,818	)				(1,459	)
Amortization of deferred financing costs				842					489
Purchases of investments				(81,256	)				(128,030	)
Proceeds from sale of investments and principal repayments				71,092					102,781
Changes in operating assets and liabilities:
Decrease (increase) in interest receivable				(44	)				(4,151	)
Decrease (increase) in receivable for investments sold				169					7,648
Decrease (increase) in other assets				(10	)				(14	)
Increase (decrease) in payable for investments purchased				(168	)				15
Increase (decrease) in management fees payable				444					482
Increase (decrease) in performance-based incentive fees payable				705					788
Increase (decrease) in interest payable				(111	)				(494	)
Increase (decrease) in accrued administrative services expense payable				195					(1,052	)
Increase (decrease) in other liabilities and accrued expenses				426					445
Net Cash (Used in)/Provided by Operating Activities		$		9,842			$		2,040
Financing Activities
Issuances of debt		$		53,500			$		75,500
Payments of debt				(34,649	)				(90,000	)
Financing costs paid and deferred				—					(3,290	)
Proceeds from issuance of common shares				—					25,000
Distributions paid				(23,223	)				(24,375	)
Net Cash (Used in)/Provided by Financing Activities		$		(4,372	)		$		(17,165	)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash and cash equivalents during the period		$		5,470			$		(15,125	)
Effect of foreign exchange rate changes on cash and cash equivalents				(19	)				68
Cash and cash equivalents at beginning of period				20,458					33,954
Cash, Cash Equivalents and Foreign Currencies at the End of Period		$		25,909			$		18,897
Supplemental Disclosure and Non-Cash Information
Cash interest paid		$		16,735			$		19,830
Reinvestment of distributions during the period		$		1,648			$		763
PIK income		$		1,281			$		1,525

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Aerospace & Defense
Aeromed Group, LLC
AeroMed Group LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				02/25/31				$		3,159			$		3,129			$		3,134			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+400, 1.00% Floor				02/25/31						—					(5	)				(9	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				02/25/31						287					280					281			(9)(13)(14)(17)
																			3,404					3,406
Beaufort
Eagle Aggregator Ltd		Common Equity - Preferred Stocks		N/A				N/A					36,288 Shares						49					47			(6)(9)(11)(15)
		Common Equity - Stock		N/A				N/A					741 Shares						1					2			(6)(9)(11)(15)
Eagle U.S. Purchaser, Inc.		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				12/31/32						4,232					4,172					4,167			(9)(11)(17)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				12/31/32						—					(10	)				(11	)		(9)(11)(12)(13) (14)
																			4,212					4,205
Premier Forge Group
Premier Forge Purchaser, LLC		First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				06/29/33						2,027					2,001					2,001			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 0.75% Floor				06/29/32						—					(6	)				(6	)		(9)(12)(13)(14)
																			1,995					1,995
Sperry Acquisition, LLC
Sperry Acquisition, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				02/03/31						4,752					4,694					4,710			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				02/03/31						100					98					99			(9)(17)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				02/03/31						13					13					13			(9)(13)(14)(17)
Sperry Parent Holdings, L.P.		Common Equity - Limited Partnership		N/A				N/A					544 Shares						54					81			(6)(9)
																			4,859					4,903
		Total Aerospace & Defense															$		14,470			$		14,509
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				05/01/29				$		7,779			$		7,640			$		7,779			(9)(17)
		First Lien Secured Debt - Term Loan		S+525, 0.00% Floor				05/01/29						2,475					2,456					2,475			(9)(17)
		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				05/01/29						993					984					982			(9)(17)
																			11,080					11,236

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
SEKO Global Logistics Network, LLC
SEKO Global Logistics Network, LLC				First Lien Secured Debt - Term Loan		10.72%				05/27/30						2,073					2,038					1,293			(5)(9)(17)
				First Lien Secured Debt - Term Loan		S+100 Cash plus 9.50% PIK, 1.00% Floor				11/27/29						117					117					117			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+100 Cash plus 9.50% PIK, 1.00% Floor				11/27/29						48					48					48			(9)(13)(14)(17)
				Common Equity - Equity Unit		N/A				N/A					876 Shares						2,736					—			(6)(9)
																					4,939					1,458
				Total Air Freight & Logistics															$		16,019			$		12,694
Automobile Components
AAMP Global Holdings, Inc.
AAMP Global Holdings, Inc.				First Lien Secured Debt - Term Loan		S+485, 1.00% Floor				06/05/27				$		7,615			$		7,589			$		7,596			(17)
Cloyes
MOP-CLOYES, Inc.				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				05/01/32						3,158					3,127					3,126			(17)
				First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				05/01/32						—					(6	)				(7	)		(12)(13)(14)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				05/01/32						193					188					188			(13)(14)(17)
																					3,309					3,307
Universal Air Conditioner
Cool Acquisition Holdings, LP				Common Equity - Limited Partnership		N/A				N/A					34,483 Shares						34					15			(6)(9)
Cool Buyer, Inc.				First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				10/31/30						4,728					4,673					4,586			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				10/31/30						—					(1	)				(3	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+475, 1.00% Floor				10/31/30						100					99					97			(9)(14)(17)
										12/31/99											4,805					4,695
				Total Automobile Components															$		15,703			$		15,598
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.				First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				03/17/31				$		3,508			$		3,464			$		3,490			(9)(17)
				First Lien Secured Debt - Revolver		S+450, 1.00% Floor				03/17/31						386					369					379			(9)(13)(14)(17)
				Common Equity - Stock		N/A				N/A					553 Shares						50					50			(6)(9)
				Total Beverages															$		3,883			$		3,919
Building Products
Decks & Docks
D&D Buyer, LLC				First Lien Secured Debt - Term Loan		S+585, 2.00% Floor				10/04/29				$		3,203			$		3,150			$		3,188			(9)(16)
				First Lien Secured Debt - Delayed Draw		S+585, 2.00% Floor				10/04/29						971					965					963			(9)(13)(14)(17)
				Total Building Products															$		4,115			$		4,151

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.				First Lien Secured Debt - Term Loan		S+500, 4.50% Floor				08/19/29				$		6,296			$		6,211			$		6,119			(9)(11)(16)
				First Lien Secured Debt - Revolver		S+510, 2.50% Floor				08/19/29						11					11					9			(9)(11)(13)(14) (16)
																					6,222					6,128
Meristem Crop Performance
Lunar Buyer, LLC				First Lien Secured Debt - Term Loan		S+550, 0.75% Floor				10/03/30						4,728					4,656					4,615			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+550, 0.75% Floor				10/03/30						—					(1	)				(2	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+550, 0.75% Floor				10/03/30						42					41					40			(9)(13)(14)(17)
																					4,696					4,653
Universal Fiber Systems
Universal Fiber Systems LLC				First Lien Secured Debt - Term Loan		S+511, 1.00% Floor				09/30/28						5,523					5,489					5,285			(17)
				Total Chemicals															$		16,407			$		16,066
Commercial Services & Supplies
Best Trash
Bingo Group Buyer, Inc.				First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				07/10/31				$		9,027			$		8,939			$		9,004			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				07/10/31						253					247					250			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+475, 1.00% Floor				07/10/31						3					2					3			(9)(13)(14)(17)
																					9,188					9,257
CARDS + Live Oak
CARDS-Live Oak Holdings, Inc.				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				10/21/32				$		1,567					1,553					1,547			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				10/21/32						409					405					401			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				10/21/32						178					175					174			(9)(13)(14)(17)
																					2,133					2,122
Climate Pros
Climate Pros, LLC				First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				07/24/27						7,806					7,782					7,677			(17)
HMA
Health Management Associates Superholdings, Inc.				First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				03/30/29						4,028					3,991					4,003			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				03/30/29						—					(3	)				(5	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+525, 1.00% Floor				03/30/29						—					(2	)				(2	)		(9)(12)(13)(14)
																					3,986					3,996

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
IronClad
Mersino, Inc.		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				03/31/29						3,957					3,910					3,912			(9)(18)
		First Lien Secured Debt - Delayed Draw		S+600, 1.00% Floor				03/31/29						—					(9	)				(9	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+600, 1.00% Floor				03/31/29						21					18					18			(9)(13)(14)(18)
																			3,919					3,921
LAV GEAR HOLDINGS INC
LAV Gear Holdings, inc		First Lien Secured Debt - Term Loan		S+250 Cash plus 3.44% PIK, 1.00% Floor				07/31/29						4,346					4,237					3,367			(16)
		Common Equity - Stock		N/A				N/A					18,105 Shares						2,814					—			(6)(15)
																			7,051					3,367
Monarch Landscape Companies
Monarch Landscape Holdings, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				10/02/28						7,777					7,727					7,651			(17)
Pavement Preservation
Pavement Preservation Acquisition, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				08/09/30						6,641					6,534					6,510			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				08/09/30						100					99					98			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				08/09/30						248					237					235			(9)(13)(14)(17)
																			6,870					6,843
Rasa Floors & Carpet Cleaning, LLC
Rasa Floors & Carpet Cleaning, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				12/22/27						7,776					7,500					7,295			(17)
Vixxo
Vixxo Corporation		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				08/01/30						1,902					1,881					1,878			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				08/01/30						—					—					(1	)		(9)(12)(13)(14)
																			1,881					1,877
Westway Enterprises
Shelby Purchaser, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				06/30/33						1,667					1,650					1,650			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				06/30/33						—					(3	)				(3	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				06/30/33						—					(2	)				(2	)		(9)(12)(13)(14)
																			1,645					1,645
		Total Commercial Services & Supplies															$		59,682			$		55,651

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Construction & Engineering
American Restoration
American Restoration Holdings, LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				07/24/30				$		10,211			$		10,072			$		8,219			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+510, 1.00% Floor				07/24/30						318					315					206			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+510, 1.00% Floor				07/24/30						127					126					102			(9)(14)(17)
																			10,513					8,527
Carr and Duff, LLC
Carr and Duff, LLC		First Lien Secured Debt - Term Loan		S+605, 1.00% Floor				03/11/27						7,475					7,450					7,445			(17)
Core Roofing
CRS Holdings, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				06/06/30						1,775					1,750					1,732			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				06/06/30						25					25					24			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				06/06/30						—					(1	)				(1	)		(9)(12)(13)(14)
																			1,774					1,755
Dynagrid
Megavolt Borrower, LLC		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				02/13/32						891					876					885			(9)(17)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				11/26/30						6,594					6,521					6,538			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				11/26/30						873					854					854			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				11/26/30						—					(9	)				(9	)		(9)(12)(13)(14)
																			7,366					7,383
		Total Construction & Engineering															$		27,979			$		25,995
Consumer Staples Distribution & Retail
3D Protein
Protein For Pets Opco, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				09/20/30				$		7,742			$		7,631			$		7,626			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				09/20/30						—					(1	)				(1	)		(9)(12)(13)(14)
																			7,630					7,625
Metz Culinary
Metz Culinary Management, LLC		First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				12/23/29						2,084					2,065					2,065			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+450, 1.00% Floor				12/23/29						—					(2	)				(4	)		(9)(12)(13)(14)
																			2,063					2,061

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to the consolidated financial statements.

 

9

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Turkey Hill
THLP CO., LLC		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				01/31/28						8,389					8,385					8,313			(9)(17)
		Total Consumer Staples Distribution & Retail															$		18,078			$		17,999
Containers & Packaging
ACP Packaging
ACP Packaging Intermediateco, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				10/21/31				$		6,354			$		6,268			$		6,245			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				10/21/31						183					168					164			(9)(13)(14)(17)
																			6,436					6,409
Berry Tapes & Adhesives
Vybond Buyer, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				02/03/32						9,702					9,579					9,592			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				02/03/32						—					(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				02/03/32						—					(1	)				(1	)		(9)(12)(13)(14)
																			9,577					9,590
ePac Flexible Packaging
ePac Holdings LLC		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				01/14/32						6,374					6,314					6,279			(9)(17)
		First Lien Secured Debt - Term Loan		CORRA+450, 0.75% Floor				01/14/32				C$		2,161					1,542					1,501			(9)(17)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				01/14/32						—					(13	)				(22	)		(9)(12)(13)(14)
																			7,843					7,758
MSI Express, Inc.
NCP-MSI Buyer		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				03/24/31						2,887					2,858					2,802			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				03/24/31						748					741					726			(9)(17)
		First Lien Secured Debt - Revolver		S+375, 0.75% Floor				03/24/31						952					938					911			(9)(13)(14)(17)
																			4,537					4,439
Truvant
NPPI Buyer, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				08/20/29						9,629					9,531					9,530			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				08/20/29						—					—					(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				08/20/29						—					(1	)				(1	)		(9)(12)(13)(14)
																			9,530					9,528
		Total Containers & Packaging															$		37,923			$		37,724

 

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Diversified Consumer Services
Club Car Wash
Club Car Wash Operating, LLC		First Lien Secured Debt - Delayed Draw		S+565, 1.00% Floor				06/16/27				$		10,021			$		9,971			$		9,997			(9)(17)
Go Car Wash
Go Car Wash Management, Corp.		First Lien Secured Debt - Delayed Draw		S+585, 1.00% Floor				06/30/28						7,775					7,709					7,590			(9)(17)
Legacy.com
Lotus Topco Inc.		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				06/07/30						3,387					3,349					3,359			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				06/07/30						—					—					—			(9)(14)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				06/07/30						—					—					—			(9)(13)(14)
																			3,349					3,359
Mariani
CI (MG) Group, LLC		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				03/27/30						4,696					4,640					4,631			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+550, 1.00% Floor				03/27/30						1,421					1,402					1,394			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+550, 1.00% Floor				03/27/30						291					285					284			(9)(13)(14)(17)
																			6,327					6,309
Rapid Express Car Wash, LLC
Rapid Express Car Wash, LLC		First Lien Secured Debt - Delayed Draw		S+585, 1.00% Floor				12/23/27						7,838					7,759					7,804			(17)
Regis
Regis Corporation		First Lien Secured Debt - Term Loan		S+450, 2.50% Floor				06/24/29						9,999					9,870					9,871			(9)(16)
		First Lien Secured Debt - Revolver		S+450, 2.50% Floor				06/24/29						4					3					3			(9)(13)(14)(17)
																			9,873					9,874
Team Car Wash
TCW Midco LLC		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				10/22/29						4,728					4,694					4,640			(9)(16)
		First Lien Secured Debt - Delayed Draw		S+575, 1.00% Floor				10/22/29						2,460					2,437					2,408			(9)(13)(14)(16) (17)
		First Lien Secured Debt - Revolver		S+575, 1.00% Floor				10/22/29						—					(1	)				(2	)		(9)(12)(13)(14)
																			7,130					7,046
Ultra Clean Newco
Ultra Clean Holdco LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				07/01/30						6,671					6,586					6,538			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				07/01/30						1,055					1,035					1,013			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				07/01/30						—					(1	)				(1	)		(9)(12)(13)(14)
																			7,620					7,550
		Total Diversified Consumer Services															$		59,738			$		59,529

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Electrical Equipment
Brush Group
Brush Group Bidco Limited		First Lien Secured Debt - Term Loan		SONIA+500, 0.00% Floor				07/30/31				£		5,955			$		7,784			$		7,978			(9)(11)(19)
		First Lien Secured Debt - Revolver		SONIA+500, 0.00% Floor				07/30/31				£		—					(25	)				—			(9)(11)(13)(14)
																			7,759					7,978
International Wire Group
IW Buyer LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				06/28/29						9,230					9,135					9,230			(9)(17)
Kauffman
Kauffman Intermediate, LLC		First Lien Secured Debt - Term Loan		10.33%				09/30/26						9,393					8,408					3,273			(5)(9)(17)
		First Lien Secured Debt - Term Loan		S+460, 1.00% Floor				09/30/26						175					168					175			(9)(17)
																			8,576					3,448
		Total Electrical Equipment															$		25,470			$		20,656
Electronic Equipment, Instruments & Components
365RM HOLDCO
365RM Holdco, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				05/06/33				$		4,190			$		4,149			$		4,148			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				05/06/33						—					(1	)				(2	)		(9)(12)(14)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				05/06/33						61					56					56			(9)(13)(14)(17)
																			4,204					4,202
Eckhart BidCo, LLC
Eckhart BidCo, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				01/10/29						7,777					7,691					7,675			(17)
Generator Buyer, Inc.
Total Power Limited		First Lien Secured Debt - Term Loan		CORRA+450, 0.75% Floor				07/22/30				C$		8,646					6,202					6,021			(9)(11)(20)
		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				07/22/30						983					970					970			(9)(11)(17)
		First Lien Secured Debt - Delayed Draw		CORRA+450, 0.75% Floor				07/22/30				C$		62					45					43			(9)(11)(13)(14) (20)
		First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				07/22/30						—					(12	)				(29	)		(9)(11)(12)(13) (14)
		First Lien Secured Debt - Revolver		S+525, 0.75% Floor				07/22/30						39					38					38			(9)(11)(13)(14) (17)
		First Lien Secured Debt - Revolver		CORRA+525, 0.75% Floor				07/22/30				C$		19					11					12			(9)(11)(13)(14) (20)
																			7,254					7,055

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Li-Cor, Inc.
Li-Cor, Inc.				First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				12/01/27						7,776					7,746					7,535			(16)
Team LINX, LLC
TeamLINX Buyer, LLC				First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				12/18/30						9,442					9,340					9,459			(9)(17)
				First Lien Secured Debt - Revolver		S+475, 1.00% Floor				12/18/30						—					(1	)				—			(9)(13)(14)
																					9,339					9,459
				Total Electronic Equipment, Instruments & Components															$		36,234			$		35,926
Financial Services
AML Rightsource
Gabriel Partners, LLC				First Lien Secured Debt - Term Loan		S+635, 1.00% Floor				05/17/27				$		8,193			$		8,176			$		8,118			(9)(17)
GC Waves
GC Waves Holdings, Inc.				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				10/04/30						9,629					9,629					9,502			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				10/04/30						99					98					98			(9)(17)
				First Lien Secured Debt - Revolver		S+450, 0.75% Floor				10/04/30						—					—					(1	)		(9)(12)(13)(14)
																					9,727					9,599
Oak Point Partners
Oak Point Partners, LLC				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				03/23/32						4,064					4,025					4,024			(9)(17)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				03/23/32						—					(9	)				(9	)		(9)(12)(13)(14)
																					4,016					4,015
PMA
PMA Parent Holdings, LLC				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				01/31/31						4,888					4,848					4,818			(9)(17)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				01/31/31						—					(1	)				(1	)		(9)(12)(13)(14)
																					4,847					4,817
Wealth Enhancement Group
Wealth Enhancement Group, LLC				First Lien Secured Debt - Term Loan		S+425, 1.00% Floor				10/02/28						7,792					7,775					7,653			(17)
				Total Financial Services															$		34,541			$		34,202
Food Products
Amylu Foods
Amylu Borrower Sub, LLC				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				06/10/31				$		5,428			$		5,381			$		5,407			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				06/10/31						157					152					153			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				06/10/31						—					(9	)				(4	)		(9)(12)(13)(14)
																					5,524					5,556

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Berner Foods
Berner Food & Beverage, LLC				First Lien Secured Debt - Term Loan		S+615, 1.00% Floor				07/30/27						7,776					7,670					7,680			(9)(17)
Casper's Ice Cream, LLC
Casper's Ice Cream, LLC				First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				12/29/28						7,984					7,923					7,703			(16)
Fortune International LLC
Fortune International LLC				First Lien Secured Debt - Delayed Draw		S+510, 1.00% Floor				07/17/27						7,755					7,719					7,492			(17)
Justin's
Justin's LLC				First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				12/15/31						2,078					2,049					2,049			(9)(17)
				First Lien Secured Debt - Revolver		S+500, 1.00% Floor				12/15/31						—					(6	)				(6	)		(9)(12)(13)(14)
				Common Equity - Stock		N/A				N/A					100,000 Shares						100					98			(6)(9)(15)
																					2,143					2,141
				Total Food Products															$		30,979			$		30,572
Ground Transportation
Heniff and Superior
Heniff Holdco, LLC				First Lien Secured Debt - Term Loan		S+610 PIK, 1.00% Floor				07/01/27				$		7,756			$		7,750			$		6,813			(9)(17)
				Total Ground Transportation															$		7,750			$		6,813
Health Care Equipment & Supplies
ACP Hyperdrive, Inc.
ACP Hyperdrive, Inc.				First Lien Secured Debt - Term Loan		S+590, 1.00% Floor				03/08/28				$		7,966			$		7,862			$		7,527			(17)
Capsa Healthcare
CSHC Buyerco, LLC				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				04/29/33						3,571					3,536					3,536			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				04/29/33						310					304					302			(9)(14)(17)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				04/29/33						—					(7	)				(7	)		(9)(12)(13)(14)
																					3,833					3,831
CQ Medical
BW ISO Acquisition LLC				First Lien Secured Debt - Term Loan		S+515, 0.75% Floor				11/01/27						4,489					4,449					4,447			(9)(17)
				First Lien Secured Debt - Term Loan		S+490, 0.75% Floor				11/01/27						2,481					2,464					2,457			(9)(17)
																					6,913					6,904

 

 

 

 

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Dragonfly Health, Inc (fka StateServ Acquisition
Dragonfly Health, Inc		First Lien Secured Debt - Term Loan		S+590, 1.00% Floor				11/19/30						7,776					7,674					7,763			(17)
Medical Guardian
Medical Guardian, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				04/26/28						7,796					7,760					7,796			(9)(17)
Natus Sensory
Natus Sensory, Inc.		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				01/07/31						4,641					4,586					4,478			(9)(17)
		First Lien Secured Debt - Term Loan		E+500, 0.00% Floor				01/07/31				€		95					97					105			(9)(22)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				01/07/31						—					(1	)				(4	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				01/07/31						—					(1	)				(4	)		(9)(12)(13)(14)
																			4,681					4,575
Project Titan
Tyber Medical LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				06/12/32						3,007					2,980					2,973			(9)(17)
		First Lien Secured Debt - Term Loan		E+500, 0.75% Floor				06/12/32				€		586					672					663			(9)(22)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				06/12/32						—					(4	)				(9	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				06/12/31						339					336					335			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		E+500, 0.75% Floor				06/12/31				€		167					165					165			(9)(14)(22)
																			4,149					4,127
		Total Health Care Equipment & Supplies															$		42,872			$		42,523
Health Care Providers & Services
EmpiRx
EmpiRx Health LLC		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				08/05/29				$		7,776			$		7,752			$		7,722			(9)(17)
		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				08/06/29						1,990					1,973					1,976			(9)(17)
																			9,725					9,698
EyeSouth
Eyesouth Eye Care Holdco LLC		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				10/05/29						7,778					7,611					7,554			(17)
FP UC Intermediate Holdings, Inc.
FP UC Intermediate Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				11/22/27						7,817					7,782					7,454			(16)
KureSmart
Kure Pain Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				08/30/30						6,692					6,691					6,635			(9)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.		First Lien Secured Debt - Term Loan		S+625, 1.00% Floor				03/01/29						7,779					7,666					7,715			(9)(17)
Midwest Vision
Midwest Vision Partners Management, LLC		First Lien Secured Debt - Term Loan		10.48%				01/12/29						4,171					3,945					4,010			(5)(9)
		First Lien Secured Debt - Term Loan		10.48%				01/12/29						751					710					172			(5)(9)
		First Lien Secured Debt - Term Loan		10.48%				01/12/29						3,991					3,776					—			(5)(9)
																			8,431					4,182

 

See notes to the consolidated financial statements.

 

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Table of Contents

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Natural Partners
Natural Partners, Inc.		First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				11/29/30						7,777					7,772					7,755			(17)
Rarebreed
Rarebreed Veterinary Partners, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				04/18/30						7,644					7,538					7,518			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				04/18/30						123					121					121			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				04/18/30						—					(1	)				(2	)		(9)(12)(13)(14)
																			7,658					7,637
RHA Health Services
Pace Health Companies, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				08/02/27						7,771					7,725					7,743			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				08/02/27						—					(11	)				(7	)		(9)(12)(13)(14)
																			7,714					7,736
Tarrytown
Tarrytown Acquisition Holdings, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				11/12/32						1,792					1,775					1,787			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				11/12/32						—					(2	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				11/12/32						—					(3	)				(1	)		(9)(12)(13)(14)
																			1,770					1,785
Team Select
TS Investors, LLC		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				05/04/29						7,779					7,734					7,722			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				05/04/29						816					807					806			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				05/04/29						—					(5	)				(5	)		(9)(12)(13)(14)
																			8,536					8,523
Thomas Scientific
Thomas Scientific, LLC		First Lien Secured Debt - Term Loan		S+640, 1.00% Floor				12/14/27						8,387					8,334					7,405			(9)(17)
TST Intermediate Holdings, LLC
TST Intermediate Holdings, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				12/31/28						7,402					7,330					7,067			(17)
TVG Shelby Buyer, Inc.
TVG Shelby Buyer, Inc.		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				03/27/28						7,895					7,841					7,733			(17)
TVG-MEDULLA, LLC
TVG-MEDULLA, LLC		First Lien Secured Debt - Term Loan		S+560 Cash plus 1.50% PIK, 1.00% Floor				09/30/27						8,294					8,247					7,625			(17)
Veristat Group Inc.
Veristat Group Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				03/31/32						9,674					8,968					9,578			(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				03/31/32						—					—					(22	)		(12)(13)(14)
																			8,968					9,556

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
WelldyneRX, LLC
WelldyneRX, LLC				First Lien Secured Debt - Term Loan		S+685, 0.75% Floor				12/31/27						7,777					7,686					7,693			(9)(17)
Xanitos
Pure Upper Holdco LLC				First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				12/03/31						3,206					3,176					3,160			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				12/03/31						—					(4	)				(13	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+475, 1.00% Floor				12/03/31						—					(8	)				(13	)		(9)(12)(13)(14)
Xanitos TopCo, LLC				Common Equity - Membership Interest		N/A				N/A					100,000 Shares						100					117			(6)(9)(15)
																					3,264					3,251
				Total Health Care Providers & Services															$		133,026			$		127,004
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.				First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				08/12/32				$		6,429			$		6,370			$		6,334			(9)(17)
				First Lien Secured Debt - Revolver		S+550, 1.00% Floor				08/12/32						—					(9	)				(16	)		(9)(12)(13)(14)
																					6,361					6,318
Merative
Merative L.P.				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				09/30/32						2,049					2,039					2,047			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				09/30/32						—					(1	)				—			(9)(13)(14)
				First Lien Secured Debt - Revolver		S+450, 0.75% Floor				09/30/32						—					(1	)				—			(9)(13)(14)
																					2,037					2,047
MRO Parent Corporation
MRO Parent Corporation				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				06/09/32						2,114					2,087					2,114			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				06/09/32						—					(2	)				—			(9)(13)(14)
				First Lien Secured Debt - Revolver		S+450, 0.75% Floor				06/09/32						—					(2	)				—			(9)(13)(14)
																					2,083					2,114
Parcelshield Holdings LLC
Parcelshield Holdings LLC				First Lien Secured Debt - Term Loan		9.44%				09/30/27						7,763					7,440					3,261			(5)
				Total Health Care Technology															$		17,921			$		13,740
Hotels, Restaurants & Leisure
American West
AWRG Borrower LLC				First Lien Secured Debt - Term Loan		8.75%				06/18/30				$		5,529			$		5,530			$		4,051			(5)(24)
AWRG Parent LLC				Common Equity - Stock		N/A				N/A					807,101 Shares						1,659					—			(6)(15)(24)
																					7,189					4,051

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Crumbl
Crumbl Enterprises LLC				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				05/05/32						2,292					2,272					2,256			(9)(17)
				First Lien Secured Debt - Revolver		S+450, 0.75% Floor				05/05/32						—					(2	)				(3	)		(9)(12)(13)(14)
																					2,270					2,253
PARS Group LLC
PARS Group LLC				First Lien Secured Debt - Term Loan		S+685, 1.50% Floor				04/03/28						7,620					7,567					6,242			(9)(16)
Taco Cabana
YTC Enterprises, LLC				First Lien Secured Debt - Term Loan		S+636, 1.00% Floor				08/16/26						6,524					6,517					6,022			(9)(16)
Walters Wedding Estates
WH BorrowerCo, LLC				First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				08/02/30						6,896					6,819					6,539			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				08/02/30						61					60					56			(9)(13)(14)(16)
				First Lien Secured Debt - Revolver		S+500, 1.00% Floor				08/02/30						23					22					18			(9)(13)(14)(17)
																					6,901					6,613
				Total Hotels, Restaurants & Leisure															$		30,444			$		25,181
Household Products
Tranzonic
TZ Buyer LLC				First Lien Secured Debt - Term Loan		S+635, 0.75% Floor				08/14/28				$		7,778			$		7,698			$		7,568			(9)(17)
				First Lien Secured Debt - Term Loan		S+635, 0.75% Floor				08/12/28						1,589					1,561					1,546			(9)(17)
				Total Household Products															$		9,259			$		9,114
Insurance
Spectrum Automotive
Shelby 2021 Holdings Corp.				First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				06/29/28				$		7,775			$		7,701			$		7,759			(9)(17)
West-NR AcquisitionCo, LLC
West-NR AcquisitionCo, LLC				First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				12/27/27						7,777					7,733					7,736			(17)
				Total Insurance															$		15,434			$		15,495
IT Services
Distinct
Distinct Holdings Inc				First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				07/18/29						9,727			$		9,614			$		8,309			(9)(17)
				First Lien Secured Debt - Revolver		S+575, 1.00% Floor				07/18/29						57					56					42			(9)(13)(14)(17)
																					9,670					8,351

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
VikingCloud
Bullcave Limited				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				08/06/30						9,727					9,619					9,619			(9)(17)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				08/06/30						73					72					72			(9)(13)(14)(17)
																					9,691					9,691
				Total IT Services															$		19,361			$		18,042
Leisure Products
Paladone
Paladone Group Bidco Limited				First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				11/12/27				$		7,776			$		7,739			$		7,654			(9)(11)(17)
Wellbeam Consumer Health Intermediate, LLC
Wellbeam Consumer Health Intermediate, LLC				First Lien Secured Debt - Term Loan		S+640 Cash plus 1.00% PIK, 1.00% Floor				10/04/27						5,347					5,245					4,945			(17)
				Total Leisure Products															$		12,984			$		12,599
Machinery
BW Colson Acquisition LLC
BW Colson Acquisition LLC				First Lien Secured Debt - Term Loan		S+515, 1.00% Floor				02/26/28				$		7,896			$		7,836			$		7,835			(17)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC				First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				05/01/31						2,640					2,607					2,617			(9)(16)
				First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				05/01/31						406					393					391			(9)(13)(14)(16)
				First Lien Secured Debt - Revolver		S+525, 1.00% Floor				05/01/31						—					(8	)				(6	)		(9)(12)(13)(14)
																					2,992					3,002
Ideal Tridon
Ideal Components Acquisition, LLC				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				06/30/32						5,569					5,494					5,529			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				06/30/32						—					(7	)				(7	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				06/30/32						332					321					326			(9)(13)(14)(17)
																					5,808					5,848
Industrial Service Solutions
Industrial Service Solutions WC, Inc.				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				02/06/33						2,130					2,109					2,111			(9)(17)
				First Lien Secured Debt - Revolver		S+450, 0.75% Floor				02/06/33						80					77					77			(9)(13)(14)(17)
																					2,186					2,188
Milacron (Project Iota)
IOTA HOLDINGS 3				First Lien Secured Debt - Term Loan		S+475, 0.00% Floor				03/31/32						6,122					6,042					6,036			(9)(17)
				First Lien Secured Debt - Revolver		S+475, 0.00% Floor				03/31/32						362					347					343			(9)(13)(14)(17)
																					6,389					6,379

 

 

 

 

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
OEH
OEH Parent Holdings, Inc.				First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				11/09/27						7,776					7,716					7,600			(16)
Relevant Industrial
Relevant Industrial, LLC				First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				05/16/31						2,711					2,682					2,672			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+450, 1.00% Floor				05/16/31						448					437					422			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		P+450, 0.00% Floor				05/16/31						60					55					53			(9)(13)(14)(17) (21)
																					3,174					3,147
				Total Machinery															$		36,101			$		35,999
Media
FingerPaint Marketing
KL Charlie Acquisition Company				First Lien Secured Debt - Term Loan		S+535, 1.00% Floor				12/30/29				$		9,172			$		9,033			$		9,074			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+535, 1.00% Floor				12/30/29						—					(3	)				(6	)		(9)(12)(13)(14)
																					9,030					9,068
HALO Branded Solutions
HALO Buyer, Inc				First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				08/07/29						4,839					4,768					4,689			(9)(17)
				First Lien Secured Debt - Revolver		S+600, 1.00% Floor				08/07/29						47					45					44			(9)(13)(14)(17)
																					4,813					4,733
HU Buyer, Inc.
HU Buyer, Inc.				First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				12/29/27						7,774					7,693					7,608			(17)
Terrier Gamut Holdings, Inc.
Terrier Gamut Holdings, Inc.				First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				08/15/28						6,642					6,506					6,164			(17)
				Total Media															$		28,042			$		27,573
Multi-Utilities
Congruex
Congruex Group LLC				First Lien Secured Debt - Term Loan		S+590, 1.50% Floor				05/03/29				$		8,629			$		8,505			$		5,609			(4)(9)(17)
SEER
GS SEER Group Borrower LLC				First Lien Secured Debt - Term Loan		S+675, 1.00% Floor				04/29/30						7,779					7,633					7,181			(9)(17)
				Total Multi-Utilities															$		16,138			$		12,790
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				02/04/31				$		5,317			$		5,252			$		5,002			(9)(17)
				Total Paper & Forest Products															$		5,252			$		5,002

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Personal Care Products
Advantice Health
Jazz AH Holdco, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				04/02/29				$		7,778			$		7,688			$		7,676			(17)
Dr. Scholl's
DRS Holdings III, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				11/01/28						8,641					8,611					8,562			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				11/01/28						—					(2	)				(5	)		(9)(12)(13)(14)
																			8,609					8,557
LashCo
Lash OpCo, LLC		First Lien Secured Debt - Term Loan		S+510 Cash plus 2.00% PIK, 1.00% Floor				09/18/27						8,893					8,859					8,127			(9)(17)
Suave
Silk Holdings III Corp.		First Lien Secured Debt - Term Loan		S+450, 0.50% Floor				12/03/32						9,203					9,099					9,159			(9)(17)
		First Lien Secured Debt - Revolver		S+450, 0.50% Floor				12/03/32						44					38					41			(9)(13)(14)(17)
																			9,137					9,200
		Total Personal Care Products															$		34,293			$		33,560
Pharmaceuticals
Ora LLC
Orion Buyer, LLC		First Lien Secured Debt - Term Loan		S+500 (Inclusive of 4.37% PIK), 1.00% Floor				07/18/30				$		8,450			$		8,327			$		7,711			(9)(17)
		First Lien Secured Debt - Revolver		P+400, 1.00% Floor				07/18/30						80					79					71			(9)(13)(14)(21)
TVG Orion Blocker, Inc.		Common Equity - Stock		N/A				N/A					2 Shares						99					—			(6)(9)
		Unsecured Debt - Promissory Note		11.34%				07/11/30						19					19					—			(9)
																			8,524					7,782
PAI Pharma
Pai Middle Tier, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				02/13/32						9,814					9,676					9,469			(9)(17)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				02/13/32						—					(1	)				(4	)		(9)(12)(13)(14)
PAI Co-Investor FT Aggregator LLC		Common Equity - Stock		N/A				N/A					50 Shares						51					33			(6)(9)
																			9,726					9,498
Senderra
SENDERRA RX ACQUISITION, LLC		First Lien Secured Debt - Term Loan		S+475, 0.50% Floor				03/07/33						2,115					2,095					2,110			(9)(16)
		First Lien Secured Debt - Revolver		S+475, 0.50% Floor				03/07/33						38					35					38			(9)(13)(14)(16)
																			2,130					2,148

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Sterling Pharma
Saffron Bidco Ltd		First Lien Secured Debt - Term Loan		S+325 Cash plus 2.50% PIK, 0.75% Floor				09/24/31						10,239					10,085					9,942			(9)(11)(18)
		First Lien Secured Debt - Term Loan		E+325 Cash plus 2.50% PIK, 0.75% Floor				09/24/31				€		102					112					114			(9)(11)(23)
		First Lien Secured Debt - Delayed Draw		SONIA+325 Cash plus 2.50% PIK, 0.75% Floor				09/24/31				£		—					—					(4	)		(9)(11)(12)(13) (14)
																			10,197					10,052
Trillium
Trillium Health Care Products Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				08/06/31						9,752					9,598					9,504			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				08/06/31						54					53					52			(9)(13)(14)(16)
		First Lien Secured Debt - Revolver		CORRA+525, 1.00% Floor				08/06/31				C$		—					—					(1	)		(9)(12)(13)(14)
																			9,651					9,555
		Total Pharmaceuticals															$		40,228			$		39,035
Professional Services
AGDATA
AGDATA Midco, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				07/01/30				$		2,779			$		2,754			$		2,746			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				07/01/30						—					(10	)				(26	)		(9)(12)(13)(14)
																			2,744					2,720
DCM Services
DCM Parent, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				03/12/31						4,172					4,120					4,142			(9)(17)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				03/12/31						—					(9	)				(6	)		(9)(12)(13)(14)
																			4,111					4,136
DecisionHR
DecisionHR Holdings, Inc.		First Lien Secured Debt - Term Loan		S+425, 1.00% Floor				12/08/31						3,396					3,364					3,343			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+425, 1.00% Floor				12/08/31						—					(5	)				(16	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+425, 1.00% Floor				12/08/31						—					(5	)				(8	)		(9)(12)(13)(14)
																			3,354					3,319
Escalent
M&M OPCO, LLC		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				04/07/29						7,618					7,516					7,471			(9)(17)
Lexitas
Chronicle Parent LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				04/15/31						3,483					3,454					3,476			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				04/15/31						197					191					194			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				04/15/31						—					(3	)				(1	)		(9)(12)(13)(14)
																			3,642					3,669

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
North Highland
The North Highland Company LLC				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				12/20/31						4,728					4,689					4,663			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				12/20/31						—					—					(1	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				12/20/30						12					11					11			(9)(13)(14)(17)
																					4,700					4,673
				Total Professional Services															$		26,067			$		25,988
Real Estate Management & Development
AKAM
AKAM Buyer, Inc.				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				02/27/32				$		2,891			$		2,849			$		2,849			(17)
				First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				02/27/32						—					(11	)				(22	)		(12)(13)(14)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				02/27/32						—					(8	)				(8	)		(12)(13)(14)
AKAM Group Holdings, L.P.				Common Equity - Equity Unit		N/A				N/A					5,000 Shares						100					100			(6)(15)
				Total Real Estate Management & Development															$		2,930			$		2,919
Software
American Megatrends
AMI Buyer, Inc.				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				10/17/31				$		4,839			$		4,780			$		4,762			(9)(17)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				10/17/31						—					(1	)				(2	)		(9)(12)(13)(14)
																					4,779					4,760
CM Acquisitions Holdings Inc. (fka Sisterco Hold
CM Acquisitions Holdings Inc.				First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				01/28/28						3,864					3,858					3,825			(17)
EVER.AG Corporation
EVER.AG Corporation				First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				06/24/27						9,963					9,921					9,948			(9)(17)
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				03/18/32						3,380					3,351					3,339			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				03/18/32						—					(5	)				(14	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+450, 0.75% Floor				03/18/32						—					(4	)				(6	)		(9)(12)(13)(14)
																					3,342					3,319
Litify
Litify LLC				First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				02/02/29						3,990					3,930					3,868			(9)(17)
Poppulo, Inc.
Four Winds Interactive LLC				First Lien Secured Debt - Term Loan		S+575, 0.75% Floor				02/20/30						4,752					4,678					4,611			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+575, 0.75% Floor				02/20/30						100					98					97			(9)(17)
				First Lien Secured Debt - Revolver		S+575, 0.75% Floor				02/20/30						—					(1	)				(3	)		(9)(12)(13)(14)
																					4,775					4,705

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
Uniguest
Uniguest Holdings, Inc				First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				11/27/30						9,653					9,540					9,493			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				11/27/30						—					(1	)				(2	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+500, 1.00% Floor				11/27/30						—					(1	)				(2	)		(9)(12)(13)(14)
																					9,538					9,489
				Total Software															$		40,143			$		39,914
Specialty Retail
Club Champion
Club Champion LLC				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				06/14/29				$		9,749			$		9,649			$		9,662			(9)(17)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				06/14/29						37					36					36			(9)(13)(14)(17)
				Total Specialty Retail															$		9,685			$		9,698
Technology Hardware, Storage & Peripherals
Accelevation, LLC
Accelevation LLC				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				01/02/31				$		9,727			$		9,623			$		9,639			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				01/02/31						64					63					63			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				01/02/31											(1	)				(1	)		(9)(12)(13)(14)
																					9,685					9,701
Havis
Havis, Inc.				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				06/30/32						2,299					2,276					2,276			(9)(17)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				06/30/32						—					(2	)				(2	)		(9)(12)(13)(14)
																					2,274					2,274
				Total Technology Hardware, Storage & Peripherals															$		11,959			$		11,975
Trading Companies & Distributors
LSG
Lindstrom, LLC				First Lien Secured Debt - Term Loan		S+550, 0.75% Floor				12/30/32				$		4,346			$		4,284			$		4,296			(9)(17)
				First Lien Secured Debt - Revolver		S+550, 0.75% Floor				12/30/32						—					(9	)				(7	)		(9)(12)(13)(14)
																					4,275					4,289
MacQueen Equipment, LLC
MacQueen Equipment, LLC				First Lien Secured Debt - Term Loan		S+551, 1.00% Floor				01/07/28						10,021					9,980					9,943			(9)(16)(17)
				First Lien Secured Debt - Delayed Draw		S+551, 1.00% Floor				01/07/28						—					(2	)				(4	)		(9)(12)(13)(14)
																					9,978					9,939

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date					Par/Shares (3)				Cost (25)					Fair Value (1)(26)
McNichols Company
Patriot MCN Buyer Corp.				First Lien Secured Debt - Term Loan		S+475, 1.75% Floor				10/01/31						1,932					1,910					1,898			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 1.75% Floor				10/01/31						—					(2	)				(6	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+475, 1.75% Floor				10/01/31						—					(2	)				(4	)		(9)(12)(13)(14)
																					1,906					1,888
ORS Nasco
WC ORS Buyer, Inc.				First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				08/07/31						9,629					9,515					9,566			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				08/07/31						99					98					98			(9)(17)
				First Lien Secured Debt - Revolver		S+475, 0.75% Floor				08/07/31						35					34					34			(9)(13)(14)(17)
WC ORS Holdings, L.P.				Common Equity - Limited Partnership		N/A				N/A					30,000 Shares						30					66			(6)(9)
																					9,677					9,764
				Total Trading Companies & Distributors															$		25,836			$		25,880
Wireless Telecommunication Services
Kane Communications LLC
Instrata Communications, LLC				First Lien Secured Debt - Term Loan		S+576, 1.00% Floor				12/31/29				$		9,552			$		9,416			$		9,406			(9)(17)
				First Lien Secured Debt - Revolver		S+576, 1.00% Floor				12/31/29						—					(8	)				(7	)		(9)(12)(13)(14)
				Total Wireless Telecommunication Services															$		9,408			$		9,399
Total Investments before Cash Equivalents																			$		976,354			$		935,434
Goldman Sachs Financial Square Government Institutional Fund						N/A				N/A				$		8,230			$		8,230			$		8,230
State Street Institutional U.S. Government Money Market Fund Opportunity						N/A				N/A				$		4,306			$		4,306			$		4,306
Total Investment after Cash Equivalents																			$		988,890			$		947,970			(2)(7)

 

 

Derivative Instrument			Settlement Date		Notional amount to be purchased					Notional amount to be sold					Footnote Reference
Foreign currency forward contract			9/16/2026		$		4,059			£		3,045			Note 4
Foreign currency forward contract			9/16/2026		$		4,899			C$		6,811			Note 4
Foreign currency forward contract			9/16/2026		$		876			€		758			Note 4

 

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

 

(1)

Apollo Credit Management, LLC, as "valuation designee" (the "Adviser") is responsible for determining fair value, 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 14 in the Consolidated Schedule of Investments and Note 7 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 (“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 June 30, 2026, non-qualifying assets represented approximately 4.5% 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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CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

(14)

As of June 30, 2026, 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 7 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
365RM Holdco, LLC		$		810			$		61			$		2			$		747
ACP Packaging Intermediateco, LLC				1,098					183					—					915
AGDATA Midco, LLC				2,207					—					—					2,207
AKAM Buyer, Inc.				2,109					—					7					2,103
AMI Buyer, Inc.				100					—					—					100
Accelevation LLC				136					0					—					136
AeroMed Group LLC				1,833					287					—					1,547
American Restoration Holdings, LLC				384					127					—					257
Amylu Borrower Sub, LLC				1,873					—					—					1,873
Arcadia Solutions, Inc.				1,071					—					—					1,071
Aspen Aerogels, Inc.				100					11					—					89
Bingo Group Buyer, Inc.				763					3					—					760
Brush Group Bidco Limited*				1,990					—					—					1,990
Bullcave Limited				100					73					—					27
CARDS-Live Oak Holdings, Inc.				515					178					—					338
CI (MG) GROUP, LLC				1,103					291					—					812
CRS Holdings, Inc.				50					—					10					40
CSHC Buyerco, LLC				1,119					—					—					1,119
Chronicle Parent LLC				1,285					—					—					1,285
Club Champion LLC				100					37					—					63
Cool Buyer, Inc.				200					100					—					100
Crumbl Enterprises LLC				185					—					—					185
D&D Buyer, LLC				747					—					—					747
DCM Parent, LLC				775					—					—					775
DRS Holdings III, Inc.				570					—					—					570
DecisionHR Holdings, Inc.				1,596					—					—					1,596
Distinct Holdings Inc				100					57					27					17
Eagle U.S. Purchaser, Inc.				707					—					65					642
F&M Buyer LLC				1,620					—					—					1,620
Flow Control Intermediate Holdings 2.0, LLC				1,927					—					—					1,927
Four Winds Interactive LLC				100					—					1					99
GC Waves Holdings, Inc.				100					—					—					100
HALO Buyer, Inc				100					47					—					53
Havis, Inc.				201					—					—					201
Health Management Associates Superholdings, Inc.				972					—					2					969
IOTA HOLDINGS 3				1,316					362					2					952
Ideal Components Acquisition, LLC				1,889					332					50					1,507
Industrial Service Solutions WC, Inc.				370					80					—					290
Instrata Communications, LLC (fka Kane Communications LLC)				444					—					—					444
Justin's LLC				417					—					—					417
KL Charlie Acquisition Company				598					—					—					598
Lindstrom, LLC				643					—					90					553
Lotus Topco Inc.				63					—					—					63
Lunar Buyer, LLC				200					42					—					158

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
MOP-CLOYES, Inc.				1,842					193					—					1,649
MRO Parent Corporation				370					—					—					370
MacQueen Equipment, LLC				500					—					—					500
Merative L.P.				441					—					—					441
Mersino, Inc. (fka Ironhorse Purchaser, LLC)				1,033					21					17					995
Metz Culinary Management, LLC				411					—					—					411
NCP-MSI Buyer				1,333					952					4					378
NPPI Buyer, LLC				200					—					—					200
Natus Sensory, Inc.				200					—					—					200
Oak Point Partners, LLC				926					—					—					926
Orion Buyer, LLC				100					80					—					20
PMA Parent Holdings, LLC				100					—					—					100
Pace Health Companies, LLC				2,000					—					—					2,000
Pai Middle Tier, LLC				100					—					—					100
Patriot MCN Buyer Corp.				563					—					—					563
Pavement Preservation Acquisition, LLC				636					248					8					380
Premier Forge Purchaser, LLC				473					—					—					473
Protein For Pets Opco, LLC				100					—					—					100
Pure Upper Holdco LLC				1,778					—					—					1,778
Rarebreed Veterinary Partners, Inc.				100					—					5					95
Regis Corporation				100					4					20					76
Relevant Industrial, LLC				1,813					60					—					1,754
Ronnoco Holdings, Inc.				1,448					386					—					1,062
SEKO Global Logistics Network, LLC				14					—					—					14
SENDERRA RX ACQUISITION, LLC				385					38					—					346
Saffron Bidco Ltd*				133					—					—					133
Shelby Purchaser, LLC				833					—					—					833
Silk Holdings III Corp.				625					44					—					581
Sperry Acquisition, LLC				53					13					—					40
TCW Midco LLC				393					—					—					393
TS Investors, LLC				1,178					—					—					1,178
Tarrytown Acquisition Holdings, LLC				708					—					—					708
TeamLINX Buyer, LLC				100					—					—					100
The North Highland Company LLC				200					12					—					188
Total Power Limited				2,347					39					1					2,306
Total Power Limited*				194					14					1					179
Traffic Management Solutions, LLC				2,350					—					18					2,332
Trillium Health Care Products Inc.				68					54					—					15
Trillium Health Care Products Inc.*				31					—					—					31
Tyber Medical LLC				1,389					506					—					883
Ultra Clean Holdco LLC				1,121					—					—					1,121
Uniguest Holdings, Inc				200					—					—					200
Veristat Group Inc.				2,229					—					—					2,229
Vixxo Corporation				50					—					—					50
Vybond Buyer, LLC				200					—					—					200
WC ORS Buyer, Inc.				100					35					—					65
WH BorrowerCo, LLC				131					23					—					108
ePac Holdings LLC				1,444					—					82					1,362
Total Commitments				67,630					4,991					412					62,227

 

* These investments are in a foreign currency and the total commitment has been converted to USD using the June 30, 2026 exchange rate.

** For all letters of credit issued and outstanding on June 30, 2026, $144 will expire in 2026, $250 will expire in 2027 and $18 will expire in 2030.

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

(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 June 30, 2026, the aggregate fair value of these securities is $363 or 0.10% 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
Eagle Aggregator Ltd		Common Equity - Stock		12/31/2025
Eagle Aggregator Ltd		Common Equity - Preferred Stocks		12/31/2025
Justin's LLC		Common Equity - Stock		12/15/2025
LAV Gear Holdings, inc (d/b/a 4Wall Entertainment, Inc.)		Common Equity - Stock		7/31/2025
AKAM Group Holdings, L.P.		Common Equity - Stock		2/27/2026
Xanitos TopCo, LLC		Common Equity - Membership Interest		12/3/2025

 

(16)

The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2026 was 3.65%.

(17)

The interest rate on these loans is subject to 3 months SOFR, which as of June 30, 2026 was 3.73%.

(18)

The interest rate on these loans is subject to 6 months SOFR, which as of June 30, 2026 was 3.85%.

(19)

The interest rate on these loans is subject to SONIA, which as of June 30, 2026 was 3.73%.

(20)

The interest rate on these loans is subject to 1 month CORRA, which as of June 30, 2026 was 2.28%.

(21)

The interest rate on these loans is subject to Prime, which as of June 30, 2026 was 6.75%.

(22)

The interest rate on these loans is subject to 3 months EURIBOR, which as of June 30, 2026 was 2.32%

(23)

The interest rate on these loans is subject to 6 months EURIBOR, which as of June 30, 2026 was 2.57%.

(24)

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, 2025 and June 30, 2026 along with transactions during the six months ended June 30, 2026 in these affiliated investments are as follows:

 

Name of Issuer		Fair Value as of December 31, 2025						Gross Additions ●					Gross Reductions ■					Net Change in Unrealized Gains (Losses)					Fair Value as of June 30, 2026					Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
AWRG Borrower LLC, Term Loan		$		5,343			$		—			$		(14	)		$		(1,278	)		$		4,051			$		—			$		—
AWRG Parent LLC, Stock				1,079					—					—					(1,079	)				—					—					—
		$		6,422			$		—			$		(14	)		$		(2,357	)		$		4,051			$		—			$		—

•

Gross additions include increases in the basis of investments resulting from new portfolio investments, PIK 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 (Unaudited)

June 30, 2026

(In thousands, except share data)
 

(25)

The following shows the composition of the Company’s portfolio at cost by investment type and industry as of June 30, 2026:

 

Industry			First Lien - Secured Debt					Unsecured Debt					Common Equity					Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense			$		14,366			$		—			$		104			$		14,470
Air Freight & Logistics					13,283					—					2,736					16,019
Automobile Components					15,669					—					34					15,703
Beverages					3,833					—					50					3,883
Building Products					4,115					—					—					4,115
Chemicals					16,407					—					—					16,407
Commercial Services & Supplies					56,868					—					2,814					59,682
Construction & Engineering					27,979					—					—					27,979
Consumer Staples Distribution & Retail					18,078					—					—					18,078
Containers & Packaging					37,923					—					—					37,923
Diversified Consumer Services					59,738					—					—					59,738
Electrical Equipment					25,470					—					—					25,470
Electronic Equipment, Instruments & Components					36,234					—					—					36,234
Financial Services					34,541					—					—					34,541
Food Products					30,879					—					100					30,979
Ground Transportation					7,750					—					—					7,750
Health Care Equipment & Supplies					42,872					—					—					42,872
Health Care Providers & Services					132,926					—					100					133,026
Health Care Technology					17,921					—					—					17,921
Hotels, Restaurants & Leisure					23,255					—					—					23,255
Household Products					9,259					—					—					9,259
Insurance					15,434					—					—					15,434
IT Services					19,361					—					—					19,361
Leisure Products					12,984					—					—					12,984
Machinery					36,101					—					—					36,101
Media					28,042					—					—					28,042
Multi-Utilities					16,138					—					—					16,138
Paper & Forest Products					5,252					—					—					5,252
Personal Care Products					34,293					—					—					34,293
Pharmaceuticals					40,059					19					150					40,228
Professional Services					26,067					—					—					26,067
Real Estate Management & Development					2,830					—					100					2,930
Software					40,143					—					—					40,143
Specialty Retail					9,685					—					—					9,685
Technology Hardware, Storage & Peripherals					11,959					—					—					11,959
Trading Companies & Distributors					25,806					—					30					25,836
Wireless Telecommunication Services					9,408					—					—					9,408
Total Non-Controlled / Non-Affiliated Investments			$		962,928			$		19			$		6,218			$		969,165
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure					5,530					—					1,659					7,189
Total Non-Controlled / Affiliated Investments			$		5,530			$		—			$		1,659			$		7,189
Total			$		968,458			$		19			$		7,877			$		976,354

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

(26)

The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of June 30, 2026:

 

Industry			First Lien - Secured Debt					Unsecured Debt					Common Equity					Total					% of Net Assets
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense			$		14,379			$		—			$		130			$		14,509				3.9	%
Air Freight & Logistics					12,694					—					—					12,694				3.4	%
Automobile Components					15,583					—					15					15,598				4.1	%
Beverages					3,869					—					50					3,919				1.0	%
Building Products					4,151					—					—					4,151				1.1	%
Chemicals					16,066					—					—					16,066				4.3	%
Commercial Services & Supplies					55,651					—					—					55,651				14.8	%
Construction & Engineering					25,995					—					—					25,995				6.9	%
Consumer Staples Distribution & Retail					17,999					—					—					17,999				4.8	%
Containers & Packaging					37,724					—					—					37,724				10.0	%
Diversified Consumer Services					59,529					—					—					59,529				15.8	%
Electrical Equipment					20,656					—					—					20,656				5.5	%
Electronic Equipment, Instruments & Components					35,926					—					—					35,926				9.5	%
Financial Services					34,202					—					—					34,202				9.1	%
Food Products					30,474					—					98					30,572				8.1	%
Ground Transportation					6,813					—					—					6,813				1.8	%
Health Care Equipment & Supplies					42,523					—					—					42,523				11.3	%
Health Care Providers & Services					126,887					—					117					127,004				33.7	%
Health Care Technology					13,740					—					—					13,740				3.7	%
Hotels, Restaurants & Leisure					21,130					—					—					21,130				5.6	%
Household Products					9,114					—					—					9,114				2.4	%
Insurance					15,495					—					—					15,495				4.1	%
IT Services					18,042					—					—					18,042				4.8	%
Leisure Products					12,599					—					—					12,599				3.3	%
Machinery					35,999					—					—					35,999				9.6	%
Media					27,573					—					—					27,573				7.3	%
Multi-Utilities					12,790					—					—					12,790				3.4	%
Paper & Forest Products					5,002					—					—					5,002				1.3	%
Personal Care Products					33,560					—					—					33,560				8.9	%
Pharmaceuticals					39,002					—					33					39,035				10.4	%
Professional Services					25,988					—					—					25,988				6.9	%
Real Estate Management & Development					2,819					—					100					2,919				0.8	%
Software					39,914					—					—					39,914				10.6	%
Specialty Retail					9,698					—					—					9,698				2.6	%
Technology Hardware, Storage & Peripherals					11,975					—					—					11,975				3.2	%
Trading Companies & Distributors					25,814					—					66					25,880				7.0	%
Wireless Telecommunication Services					9,399					—					—					9,399				2.5	%
Total Non-Controlled / Non-Affiliated Investments			$		930,774			$		—			$		609			$		931,383				247.5	%
% of Net Assets					247.3	%				0.0	%				0.2	%				247.5	%
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure					4,051					—					—					4,051				1.1	%
Total Non-Controlled / Affiliated Investments			$		4,051			$		—			$		—			$		4,051				1.1	%
% of Net Assets					1.1	%				0.0	%				0.0	%				1.1	%
Total			$		934,825			$		—			$		609			$		935,434				248.6	%
% of Net Assets					248.4	%				0.0	%				0.2	%				248.6	%

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2026

(In thousands, except share data)
 

Industry Classification	Percentage of Total Investments (at Fair Value) as of June 30, 2026
Health Care Providers & Services		13.6	%
Diversified Consumer Services		6.4	%
Commercial Services & Supplies		5.9	%
Health Care Equipment & Supplies		4.5	%
Software		4.3	%
Pharmaceuticals		4.2	%
Containers & Packaging		4.0	%
Machinery		3.8	%
Electronic Equipment, Instruments & Components		3.8	%
Financial Services		3.7	%
Personal Care Products		3.6	%
Food Products		3.3	%
Media		2.9	%
Construction & Engineering		2.8	%
Professional Services		2.8	%
Trading Companies & Distributors		2.8	%
Hotels, Restaurants & Leisure		2.7	%
Electrical Equipment		2.2	%
IT Services		1.9	%
Consumer Staples Distribution & Retail		1.9	%
Chemicals		1.7	%
Automobile Components		1.7	%
Insurance		1.7	%
Aerospace & Defense		1.6	%
Health Care Technology		1.5	%
Multi-Utilities		1.4	%
Air Freight & Logistics		1.4	%
Leisure Products		1.3	%
Technology Hardware, Storage & Peripherals		1.3	%
Specialty Retail		1.0	%
Wireless Telecommunication Services		1.0	%
Household Products		1.0	%
Ground Transportation		0.7	%
Paper & Forest Products		0.5	%
Building Products		0.4	%
Beverages		0.4	%
Real Estate Management & Development		0.3	%
		100.0	%

 

Geographic Region	June 30, 2026
United States		95.5	%
United Kingdom		2.7	%
Canada		1.8	%

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(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
Beaufort
Eagle Aggregator Ltd				Common Equity - Preferred Stocks		N/A				N/A			36,288 Shares				$		49			$		49			(9)(11)
				Common Equity - Stock		N/A				N/A			741 Shares						1					1			(9)(11)
Eagle U.S. Purchaser, Inc.				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				12/31/32		$		4,243					4,179					4,179			(9)(11)(17)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				12/31/32				—					(11	)				(11	)		(9)(11)(12)(13) (14)
																			4,218					4,218
Sperry Acquisition, LLC
Sperry Acquisition, LLC				First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				02/03/31				4,776					4,713					4,712			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+525, 0.75% Floor				02/03/31				100					99					99			(9)(17)
				First Lien Secured Debt - Revolver		S+525, 0.75% Floor				02/03/31				20					19					19			(9)(13)(14)(17)
Sperry Parent Holdings, L.P.				Common Equity - Stock		N/A				N/A			494 Shares						49					48			(6)(9)(15)
																			4,880					4,878
						Total Aerospace & Defense											$		9,098			$		9,096
Air Freight & Logistics
Primeflight
PrimeFlight Acquisition, LLC				First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				05/01/29		$		7,820			$		7,659			$		7,820			(9)(17)
				First Lien Secured Debt - Term Loan		S+525, 0.00% Floor				05/01/29				2,488					2,465					2,488			(9)(17)
				First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				05/01/29				998					988					988			(9)(17)
																			11,112					11,296
SEKO Global Logistics Network, LLC
SEKO Global Logistics Network, LLC				First Lien Secured Debt - Term Loan		S+700 PIK, 1.00% Floor				05/27/30				1,965					1,965					1,917			(9)(17)
				First Lien Secured Debt - Term Loan		S+100 Cash plus 9.50% PIK, 1.00% Floor				11/27/29				111					111					111			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+100 Cash plus 9.50% PIK, 1.00% Floor				11/27/29				—					—					—			(9)(13)(14)
				Common Equity - Equity Unit		N/A				N/A			876 Shares						2,736					—			(6)(9)(15)
																			4,812					2,028
						Total Air Freight & Logistics											$		15,924			$		13,324

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Automobile Components
AAMP Global Holdings, Inc.
AAMP Global Holdings, Inc.		First Lien Secured Debt - Term Loan		S+485, 1.00% Floor				11/05/26		$		7,719			$		7,683			$		7,692			(17)
Universal Air Conditioner
Cool Acquisition Holdings, LP		Common Equity - Limited Partnership		N/A				N/A			34,483 Shares						34					18			(6)(9)(15)
Cool Buyer, Inc.		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				10/31/30				4,752					4,692					4,598			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				10/31/30				—					(1	)				(3	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				10/31/30				50					49					47			(9)(13)(14)(17)
																	4,774					4,660
				Total Automobile Components											$		12,457			$		12,352
Beverages
Ronnoco Coffee
Ronnoco Holdings, Inc.		First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				03/17/31		$		3,525			$		3,478			$		3,473			(9)(17)
		First Lien Secured Debt - Revolver		S+450, 1.00% Floor				03/17/31				193					174					171			(9)(13)(14)(17)
		Common Equity - Stock		N/A				N/A			553 Shares						50					50			(6)(9)(15)
				Total Beverages											$		3,702			$		3,694
Building Products
Decks & Docks
D&D Buyer, LLC		First Lien Secured Debt - Delayed Draw		S+650, 2.00% Floor				10/04/28		$		2,469			$		2,424			$		2,419			(9)(17)
Omnimax International, LLC
Omnimax International, LLC		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				12/06/30				11,232					11,027					11,020			(9)(17)(18)
		First Lien Secured Debt - Delayed Draw		S+575, 1.00% Floor				12/06/30				99					98					97			(9)(18)
																	11,125					11,117
				Total Building Products											$		13,549			$		13,536
Chemicals
Aspen Aerogels, Inc.
Aspen Aerogels, Inc.		First Lien Secured Debt - Term Loan		S+500, 4.50% Floor				08/19/29		$		7,326			$		7,213			$		7,125			(9)(11)(16)
		First Lien Secured Debt - Revolver		S+510, 2.50% Floor				08/19/29				15					15					13			(9)(11)(13)(14) (16)
																	7,228					7,138

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Meristem Crop Performance
Lunar Buyer, LLC		First Lien Secured Debt - Term Loan		S+550, 0.75% Floor				10/03/30				4,752					4,673					4,609			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+550, 0.75% Floor				10/03/30				—					(1	)				(3	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+550, 0.75% Floor				10/03/30				42					41					39			(9)(13)(14)(17)
																	4,713					4,645
Universal Fiber Systems
Universal Fiber Systems LLC		First Lien Secured Debt - Term Loan		S+511, 1.00% Floor				09/30/28				5,727					5,685					5,494			(17)
				Total Chemicals											$		17,626			$		17,277
Commercial Services & Supplies
Best Trash
Bingo Group Buyer, Inc.		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				07/10/31		$		9,073			$		8,978			$		9,028			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				07/10/31				100					95					95			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				07/10/31				3					2					3			(9)(13)(14)(17)
																	9,075					9,126
CARDS + Live Oak
CARDS-Live Oak Holdings, Inc.		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				10/21/32				1,575					1,560					1,559			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				10/21/32				—					(3	)				(3	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		P+375, 0.75% Floor				10/21/32				100					97					97			(9)(13)(14)(21)
																	1,654					1,653
Climate Pros
Climate Pros, LLC		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				07/24/27				7,850					7,815					7,747			(17)
LAV GEAR HOLDINGS INC
LAV Gear Holdings, inc		First Lien Secured Debt - Term Loan		S+250 Cash plus 3.43% PIK, 1.00% Floor				07/31/29				4,293					4,167					4,068			(16)
		Common Equity - Stock		N/A				N/A			18,105 Shares						2,815					2,444			(6)(15)
																	6,982					6,512
Monarch Landscape Companies
Monarch Landscape Holdings, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				10/02/28				7,817					7,757					7,765			(17)
Pavement Preservation
Pavement Preservation Acquisition, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				08/09/30				4,716					4,638					4,657			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				08/09/30				100					98					99			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				08/09/30				—					(2	)				(1	)		(9)(12)(13)(14)
																	4,734					4,755

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Rasa Floors & Carpet Cleaning, LLC
Rasa Floors & Carpet Cleaning, LLC				First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				12/22/27				7,817					7,454					7,343			(17)
Vixxo
Vixxo Corporation				First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				08/01/30				2,025					2,001					2,010			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				08/01/30				—					—					—			(9)(13)(14)
																			2,001					2,010
						Total Commercial Services & Supplies											$		47,472			$		46,911
Construction & Engineering
Accelevation, LLC
Accelevation LLC				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				01/02/31		$		4,776			$		4,714			$		4,788			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				01/02/31				64					63					64			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+450, 0.75% Floor				01/02/31				17					15					17			(9)(13)(14)(17)
																			4,792					4,869
American Restoration
American Restoration Holdings, LLC				First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				07/24/30				10,138					9,984					10,037			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+510, 1.00% Floor				07/24/30				374					370					368			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+510, 1.00% Floor				07/24/30				84					82					82			(9)(13)(14)(17)
																			10,436					10,487
Carr and Duff, LLC
Carr and Duff, LLC				First Lien Secured Debt - Term Loan		S+605, 1.00% Floor				03/11/27				7,495					7,452					7,478			(17)
Core Roofing
CRS Holdings, Inc.				First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				06/06/30				1,785					1,757					1,763			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				06/06/30				25					24					24			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+500, 1.00% Floor				06/06/30				—					(1	)				(1	)		(9)(12)(13)(14)
																			1,780					1,786
Dynagrid
Megavolt Borrower, LLC				First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				02/13/32				896					879					889			(9)(17)
SAFEbuilt, LLC
SAFEbuilt, LLC				First Lien Secured Debt - Term Loan		S+685, 1.00% Floor				01/16/26				7,930					7,930					7,921			(17)
Traffic Management Solutions, LLC
Traffic Management Solutions, LLC				First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				11/26/30				6,528					6,450					6,487			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				11/26/30				99					87					84			(9)(13)(14)(17)
				First Lien Secured Debt - Revolver		S+500, 1.00% Floor				11/26/30				—					(10	)				(7	)		(9)(12)(13)(14)
																			6,527					6,564
						Total Construction & Engineering											$		39,796			$		39,994

 

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Consumer Staples Distribution & Retail
3D Protein
Protein For Pets Opco, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				09/20/30		$		7,782			$		7,660			$		7,626			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				09/20/30				20					19					18			(9)(13)(14)(17)
																	7,679					7,644
Turkey Hill
THLP CO., LLC		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				01/31/28				8,389					8,381					8,263			(9)(17)
				Total Consumer Staples Distribution & Retail											$		16,060			$		15,907
Containers & Packaging
ACP Packaging
ACP Packaging Intermediateco, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				10/22/31		$		6,386			$		6,294			$		6,291			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				10/22/31				—					(16	)				(16	)		(9)(12)(13)(14)
																	6,278					6,275
Berry Tapes & Adhesives
Vybond Buyer, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				02/03/32				9,751					9,619					9,678			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				02/03/32				—					(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				02/03/32				—					(1	)				(1	)		(9)(12)(13)(14)
																	9,617					9,676
MSI Express, Inc.
NCP-MSI Buyer		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				03/24/31				2,902					2,870					2,873			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				03/24/31				750					742					743			(9)(17)
		First Lien Secured Debt - Revolver		S+375, 0.75% Floor				03/24/31				846					831					829			(9)(13)(14)(17)
																	4,443					4,445
Truvant
NPPI Buyer, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				08/20/29				9,678					9,566					9,605			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				08/20/29				—					(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				08/20/29				—					(1	)				(1	)		(9)(12)(13)(14)
																	9,564					9,603
				Total Containers & Packaging											$		29,902			$		29,999
Diversified Consumer Services
Club Car Wash
Club Car Wash Operating, LLC		First Lien Secured Debt - Delayed Draw		S+615, 1.00% Floor				06/16/27		$		9,343			$		9,269			$		9,283			(9)(13)(14)(17)

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Go Car Wash
Go Car Wash Management, Corp.		First Lien Secured Debt - Delayed Draw		S+585, 1.00% Floor				06/30/28				7,816					7,767					7,651			(9)(17)
Legacy.com
Lotus Topco Inc.		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				06/07/30				3,367					3,324					3,334			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				06/07/30				12					12					12			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				06/07/30				—					(1	)				—			(9)(13)(14)
																	3,335					3,346
Mariani
CI (MG) Group, LLC		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				03/27/30				4,720					4,658					4,656			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+550, 1.00% Floor				03/27/30				1,168					1,147					1,139			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+550, 1.00% Floor				03/27/30				294					287					287			(9)(13)(14)(17)
																	6,092					6,082
Rapid Express Car Wash, LLC
Rapid Express Car Wash, LLC		First Lien Secured Debt - Delayed Draw		S+585, 1.00% Floor				12/23/27				7,878					7,773					7,878			(17)
Regis
Regis Corporation		First Lien Secured Debt - Term Loan		S+450, 2.50% Floor				06/24/29				10,106					9,956					9,954			(9)(16)
		First Lien Secured Debt - Revolver		P+000, 2.50% Floor				06/24/29				4					3					3			(9)(13)(14)(21)
																	9,959					9,957
Team Car Wash
TCW Midco LLC		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				10/22/29				4,752					4,714					4,704			(9)(16)
		First Lien Secured Debt - Delayed Draw		S+575, 1.00% Floor				10/22/29				2,472					2,447					2,445			(9)(13)(14)(16) (17)
		First Lien Secured Debt - Revolver		S+575, 1.00% Floor				10/22/29				—					(1	)				(1	)		(9)(12)(13)(14)
																	7,160					7,148
Ultra Clean Newco
Ultra Clean Holdco LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				07/01/30				6,705					6,611					6,588			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				07/01/30				1,060					1,039					1,023			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				07/01/30				—					(1	)				(1	)		(9)(12)(13)(14)
																	7,649					7,610
				Total Diversified Consumer Services											$		59,006			$		58,955

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Electrical Equipment
Brush Group
Brush Group Bidco Limited				First Lien Secured Debt - Term Loan		SONIA+500, 0.00% Floor				07/30/31		£		5,985			$		7,815			$		7,946			(9)(11)(24)
				First Lien Secured Debt - Revolver		SONIA+500, 0.00% Floor				07/30/31		£		—					(28	)				(30	)		(9)(11)(12)(13) (14)
																			7,787					7,916
International Wire Group
IW Buyer LLC				First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				06/28/29				10,200					10,081					10,149			(9)(17)
Kauffman
Kauffman Intermediate, LLC				First Lien Secured Debt - Term Loan		10.27%				09/30/26				8,926					8,408					5,410			(5)(9)
						Total Electrical Equipment											$		26,276			$		23,475
Electronic Equipment, Instruments & Compone
Eckhart BidCo, LLC
Eckhart BidCo, LLC				First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				01/10/29		$		7,818			$		7,716			$		7,652			(17)
Generator Buyer, Inc.
Total Power Limited				First Lien Secured Debt - Term Loan		CORRA+450, 0.75% Floor				07/22/30		C$		8,690					6,225					6,268			(9)(11)(20)
				First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				07/22/30				988					973					978			(9)(11)(17)
				First Lien Secured Debt - Delayed Draw		CORRA+450, 0.75% Floor				07/22/30		C$		63					45					45			(9)(11)(13)(14) (20)
				First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				07/22/30				—					(12	)				(23	)		(9)(11)(12)(13) (14)
				First Lien Secured Debt - Revolver		CORRA+450, 0.75% Floor				07/22/30		C$		—					(3	)				(2	)		(9)(11)(12)(13) (14)
																			7,228					7,266
Li-Cor, Inc.
Li-Cor, Inc.				First Lien Secured Debt - Term Loan		S+485, 1.00% Floor				12/01/27				7,817					7,777					7,807			(16)
Team LINX, LLC
TeamLINX Buyer, LLC				First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				12/18/30				9,490					9,377					9,394			(9)(17)
				First Lien Secured Debt - Revolver		S+500, 1.00% Floor				12/18/30				—					(1	)				(1	)		(9)(12)(13)(14)
																			9,376					9,393
						Total Electronic Equipment, Instruments & Components											$		32,097			$		32,118
Entertainment
Chernin Entertainment
Jewel Purchaser, Inc.				First Lien Secured Debt - Term Loan		S+560, 0.50% Floor				07/01/27		$		7,282			$		7,282			$		7,246			(9)(17)
DHX
WildBrain Ltd.				First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				07/23/29				4,780					4,707					4,685			(9)(11)(17)
				First Lien Secured Debt - Revolver		S+550, 1.00% Floor				07/23/29				65					64					63			(9)(11)(13)(14) (17)
																			4,771					4,748
						Total Entertainment											$		12,053			$		11,994

 

 

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Financial Services
AML Rightsource
Gabriel Partners, LLC		First Lien Secured Debt - Term Loan		S+195 Cash plus 5.45% PIK, 1.00% Floor				01/21/27		$		8,122			$		8,106			$		7,960			(9)(17)
GC Waves
GC Waves Holdings, Inc.		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				10/04/30				9,678					9,678					9,631			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				10/04/30				99					99					99			(9)(17)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				10/04/30				—					—					—			(9)(13)(14)
																	9,777					9,730
PMA
PMA Parent Holdings, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				01/31/31				4,888					4,844					4,839			(9)(17)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				01/31/31				—					(1	)				(1	)		(9)(12)(13)(14)
																	4,843					4,838
Wealth Enhancement Group
Wealth Enhancement Group, LLC		First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				10/02/28				7,834					7,813					7,800			(17)
				Total Financial Services											$		30,539			$		30,328
Food Products
Amylu Foods
Amylu Borrower Sub, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				06/10/31		$		5,455			$		5,404			$		5,469			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				06/10/31				—					(4	)				—			(9)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				06/10/31				—					(10	)				—			(9)(13)(14)
																	5,390					5,469
Berner Foods
Berner Food & Beverage, LLC		First Lien Secured Debt - Term Loan		S+665, 1.00% Floor				07/30/27				7,816					7,664					7,680			(9)(17)
Casper's Ice Cream, LLC
Casper's Ice Cream, LLC		First Lien Secured Debt - Term Loan		S+115 Cash plus 5.25% PIK, 1.00% Floor				12/29/28				7,817					7,756					7,523			(16)
Fortune International LLC
Fortune International LLC		First Lien Secured Debt - Delayed Draw		S+510, 1.00% Floor				07/17/27				7,795					7,743					7,614			(17)
Justin's
Justin's LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				12/15/31				2,083					2,052					2,052			(9)(17)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				12/15/31				—					(6	)				(6	)		(9)(12)(13)(14)
		Common Equity - Stock		N/A				N/A			100,000 Shares						100					100			(9)(15)
																	2,146					2,146
				Total Food Products											$		30,699			$		30,432

 

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

 

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Ground Transportation
Heniff and Superior
Heniff Holdco, LLC		First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				12/03/26		$		7,621			$		7,608			$		7,526			(9)(17)
				Total Ground Transportation											$		7,608			$		7,526
Health Care Equipment & Supplies
ACP Hyperdrive, Inc.
ACP Hyperdrive, Inc.		First Lien Secured Debt - Term Loan		S+590, 1.00% Floor				03/08/28		$		7,818			$		7,685			$		7,461			(17)
Capsa Healthcare
CSHC Buyerco, LLC		First Lien Secured Debt - Term Loan		S+485, 1.00% Floor				09/08/26				10,305					10,251					10,214			(9)(17)
CQ Medical
BW ISO Acquisition LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				11/01/27				2,494					2,469					2,469			(9)(17)
Dragonfly Health, Inc (fka StateServ Acquis
Dragonfly Health, Inc		First Lien Secured Debt - Term Loan		S+590, 1.00% Floor				11/19/30				7,817					7,740					7,768			(17)
Medical Guardian
Medical Guardian, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				04/26/28				7,837					7,791					7,837			(9)(17)
Natus Sensory
Natus Sensory, Inc.		First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				01/07/31				4,665					4,604					4,554			(9)(17)
		First Lien Secured Debt - Term Loan		E+525, 0.00% Floor				01/07/31		€		95					98					109			(9)(22)
		First Lien Secured Debt - Delayed Draw		S+525, 0.75% Floor				01/07/31				—					(1	)				(2	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+525, 0.75% Floor				01/07/31				—					(1	)				(2	)		(9)(12)(13)(14)
																	4,700					4,659
Project Titan
Titan Luxco I SARL		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				06/12/32				3,022					2,994					2,992			(9)(17)
		First Lien Secured Debt - Term Loan		E+500, 0.75% Floor				06/12/32		€		589					675					685			(9)(22)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				06/12/32				—					(4	)				(8	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				06/12/31				183					180					179			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		E+500, 0.75% Floor				06/12/31		€		65					63					63			(9)(13)(14)(22)
																	3,908					3,911
				Total Health Care Equipment & Supplies											$		44,544			$		44,319
Health Care Providers & Services
EmpiRx
EmpiRx Health LLC		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				08/05/29		$		9,817			$		9,771			$		9,717			(9)(17)
EyeSouth
SCP Eye Care Services, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				10/05/29				7,819					7,629					7,628			(17)

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
FP UC Intermediate Holdings, Inc.
FP UC Intermediate Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				11/22/27				7,857					7,811					7,531			(16)
KureSmart
Kure Pain Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				08/30/30				6,727					6,726					6,724			(9)(17)
Maxor National Pharmacy Services, LLC
Maxor Acquisition, Inc.		First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				03/01/29				7,819					7,687					7,760			(9)(17)
Midwest Vision
Midwest Vision Partners Management, LLC		First Lien Secured Debt - Term Loan		S+100 Cash plus 5.75% PIK, 1.00% Floor				01/12/28				8,116					8,020					7,933			(9)(17)
		First Lien Secured Debt - Term Loan		S+650 PIK, 1% Floor				01/12/28				417					412					417			(9)(17)
																	8,432					8,350
Natural Partners
Natural Partners, Inc.		First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				11/29/30				7,817					7,812					7,801			(17)
Rarebreed
Rarebreed Veterinary Partners, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				04/18/30				7,683					7,565					7,568			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				04/18/30				115					113					113			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				04/18/30				—					(1	)				(1	)		(9)(12)(13)(14)
																	7,677					7,680
RHA Health Services
Pace Health Companies, LLC		First Lien Secured Debt - Term Loan		S+540, 1.00% Floor				08/02/27				7,813					7,747					7,759			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				08/02/27				—					(16	)				(14	)		(9)(12)(13)(14)
																	7,731					7,745
Tarrytown
Tarrytown Acquisition Holdings, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				11/12/32				1,713					1,696					1,696			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				11/12/32				—					(2	)				(2	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				11/12/32				—					(3	)				(3	)		(9)(12)(13)(14)
																	1,691					1,691
Team Select
TS Investors, LLC		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				05/04/29				7,820					7,766					7,780			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				05/04/29				820					810					814			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				05/04/29				—					(6	)				(3	)		(9)(12)(13)(14)
																	8,570					8,591
Thomas Scientific
Thomas Scientific, LLC		First Lien Secured Debt - Term Loan		S+340 Cash plus 4.50% PIK, 1.00% Floor				12/14/27				8,386					8,316					8,098			(9)(17)
TST Intermediate Holdings, LLC
TST Intermediate Holdings, LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				12/31/28				7,439					7,355					7,049			(17)

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
TVG Shelby Buyer, Inc.
TVG Shelby Buyer, Inc.		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				03/27/28				7,936					7,868					7,816			(17)
TVG-MEDULLA, LLC
TVG-MEDULLA, LLC		First Lien Secured Debt - Term Loan		S+460 Cash plus 2.50% PIK, 1.00% Floor				09/30/27				8,231					8,167					7,578			(17)
Veristat Group Inc.
Veristat Group Inc.		First Lien Secured Debt - Term Loan		10.50%				03/31/27				8,127					7,798					4,729			(5)
WelldyneRX, LLC
WelldyneRX, LLC		First Lien Secured Debt - Term Loan		S+685, 0.75% Floor				03/09/27				7,817					7,729					7,720			(17)
Xanitos
Pure Upper Holdco LLC		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				12/03/31				3,222					3,190					3,190			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				12/03/31				—					(4	)				(4	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 1.00% Floor				12/03/31				—					(9	)				(9	)		(9)(12)(13)(14)
Xanitos TopCo, LLC		Common Equity - Membership Interest		N/A				N/A			100,000 Shares						100					100			(9)(15)
																	3,277					3,277
				Total Health Care Providers & Services											$		132,047			$		127,485
Health Care Technology
Arcadia Solutions
Arcadia Solutions, Inc.		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				08/12/32		$		6,429			$		6,367			$		6,364			(9)(17)
		First Lien Secured Debt - Revolver		S+550, 1.00% Floor				08/12/32				—					(10	)				(11	)		(9)(12)(13)(14)
																	6,357					6,353
Merative
Merative L.P.		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				09/30/32				2,059					2,049					2,049			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				09/30/32				—					(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				09/30/32				—					(1	)				(1	)		(9)(12)(13)(14)
																	2,047					2,047
MRO Parent Corporation
MRO Parent Corporation		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				06/09/32				2,124					2,095					2,103			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				06/09/32				—					(2	)				(2	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				06/09/32				—					(2	)				(2	)		(9)(12)(13)(14)
																	2,091					2,099
Parcelshield Holdings LLC
Parcelshield Holdings LLC		First Lien Secured Debt - Term Loan		9.32%				09/30/27				7,763					7,440					3,885			(5)
				Total Health Care Technology											$		17,935			$		14,384

 

 

See notes to the consolidated financial statements.

 

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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Hotels, Restaurants & Leisure
American West
AWRG Borrower LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				06/18/30		$		5,543			$		5,543			$		5,343			(17)(25)
AWRG Parent LLC		Common Equity - Stock		N/A				N/A			807,101 Shares						1,659					1,079			(6)(15)(25)
																	7,202					6,422
Crumbl
Crumbl Enterprises LLC		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				05/05/32				2,303					2,282					2,280			(9)(17)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				05/05/32				—					(2	)				(2	)		(9)(12)(13)(14)
																	2,280					2,278
PARS Group LLC
PARS Group LLC		First Lien Secured Debt - Term Loan		S+685, 1.50% Floor				04/03/28				7,693					7,626					7,155			(9)(16)
Taco Cabana
YTC Enterprises, LLC		First Lien Secured Debt - Term Loan		S+636, 1.00% Floor				08/16/26				6,946					6,910					6,650			(9)(16)
Walters Wedding Estates
WH BorrowerCo, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				08/02/30				8,800					8,693					8,602			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				08/02/30				47					46					45			(9)(13)(14)(16)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				08/02/30				23					22					21			(9)(13)(14)(17)
																	8,761					8,668
				Total Hotels, Restaurants & Leisure											$		32,779			$		31,173
Household Products
Tranzonic
TZ Buyer LLC		First Lien Secured Debt - Term Loan		S+610, 0.75% Floor				08/14/28		$		7,818			$		7,721			$		7,740			(9)(17)
				Total Household Products											$		7,721			$		7,740
Insurance
Spectrum Automotive
Shelby 2021 Holdings Corp.		First Lien Secured Debt - Term Loan		S+525, 0.75% Floor				06/29/28		$		7,816			$		7,724			$		7,777			(9)(17)
West-NR AcquisitionCo, LLC
West-NR AcquisitionCo, LLC		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				12/27/27				7,817					7,760					7,794			(17)
				Total Insurance											$		15,484			$		15,571

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company				Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
IT Services
Distinct
Distinct Holdings Inc				First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				07/18/29		$		9,776			$		9,647			$		9,487			(9)(17)
				First Lien Secured Debt - Revolver		S+575, 1.00% Floor				07/18/29				72					70					69			(9)(13)(14)(17)
																			9,717					9,556
VikingCloud
Bullcave Limited				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				08/06/30				9,776					9,657					9,703			(9)(17)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				08/06/30				67					65					66			(9)(13)(14)(17)
																			9,722					9,769
						Total IT Services											$		19,439			$		19,325
Leisure Products
Paladone
Paladone Group Bidco Limited				First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				11/12/27		$		7,817			$		7,768			$		7,700			(9)(11)(17)
Wellbeam Consumer Health Intermediate, LLC
Wellbeam Consumer Health Intermediate, LLC				First Lien Secured Debt - Delayed Draw		S+640, 1.00% Floor				10/04/27				5,341					5,202					5,194			(17)
						Total Leisure Products											$		12,970			$		12,894
Machinery
BW Colson Acquisition LLC
BW Colson Acquisition LLC				First Lien Secured Debt - Term Loan		S+515, 1.00% Floor				02/26/27		$		7,938			$		7,884			$		7,853			(17)
Flow Control
Flow Control Intermediate Holdings 2.0, LLC				First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				05/01/31				2,653					2,617					2,640			(9)(16)
				First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				05/01/31				—					(11	)				(8	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+525, 1.00% Floor				05/01/31				—					(9	)				(3	)		(9)(12)(13)(14)
																			2,597					2,629
Ideal Tridon
Ideal Components Acquisition, LLC				First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				06/30/32				5,597					5,517					5,555			(9)(17)
				First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				06/30/32				—					(7	)				(8	)		(9)(12)(13)(14)
				First Lien Secured Debt - Revolver		S+500, 0.75% Floor				06/30/32				115					103					108			(9)(13)(14)(17)
																			5,613					5,655
Milacron (Project Iota)
IOTA HOLDINGS 3				First Lien Secured Debt - Term Loan		S+475, 0.00% Floor				03/31/32				6,153					6,067					6,061			(9)(17)
				First Lien Secured Debt - Revolver		S+475, 0.00% Floor				03/31/32				347					331					328			(9)(13)(14)(17)
																			6,398					6,389

 

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
OEH
OEH Parent Holdings, Inc.		First Lien Secured Debt - Term Loan		S+585, 1.00% Floor				11/09/27				7,817					7,736					7,682			(16)
Relevant Industrial
Relevant Industrial, LLC		First Lien Secured Debt - Term Loan		S+475, 1.00% Floor				05/16/31				2,724					2,693					2,690			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 1.00% Floor				05/16/31				65					55					43			(9)(13)(14)(17)
		First Lien Secured Debt - Revolver		P+375, 1.00% Floor				05/16/31				48					42					42			(9)(13)(14)(21)
																	2,790					2,775
				Total Machinery											$		33,018			$		32,983
Media
FingerPaint Marketing
KL Charlie Acquisition Company		First Lien Secured Debt - Term Loan		S+510, 1.00% Floor				12/30/26		$		7,815			$		7,744			$		7,776			(9)(17)
HALO Branded Solutions
HALO Buyer, Inc		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				08/07/29				4,863					4,782					4,767			(9)(17)
		First Lien Secured Debt - Revolver		S+600, 1.00% Floor				08/07/29				36					34					34			(9)(13)(14)(17)
																	4,816					4,801
HU Buyer, Inc.
HU Buyer, Inc.		First Lien Secured Debt - Term Loan		S+610, 1.00% Floor				12/29/26				7,815					7,745					7,702			(17)
Terrier Gamut Holdings, Inc.
Terrier Gamut Holdings, Inc.		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				08/15/28				6,684					6,519					6,335			(17)
				Total Media											$		26,824			$		26,614
Multi-Utilities
Congruex
Congruex Group LLC		First Lien Secured Debt - Term Loan		S+165 Cash plus 5.00% PIK, 1.50% Floor				05/03/29		$		8,470			$		8,326			$		6,814			(4)(9)(17)
SEER
GS SEER Group Borrower LLC		First Lien Secured Debt - Term Loan		S+675, 1.00% Floor				04/29/30				7,820					7,657					7,663			(9)(17)
				Total Multi-Utilities											$		15,983			$		14,477
Paper & Forest Products
BiOrigin Specialty Products
Complete Paper Inc.		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				02/04/31		$		7,444			$		7,345			$		7,294			(9)(17)
				Total Paper & Forest Products											$		7,345			$		7,294

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Personal Care Products
Advantice Health
Jazz AH Holdco, LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				04/02/29		$		7,818			$		7,714			$		7,706			(17)
Dr. Scholl's
DRS Holdings III, Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				11/01/28				8,963					8,926					8,918			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				11/01/28				—					(2	)				(3	)		(9)(12)(13)(14)
																	8,924					8,915
LashCo
Lash OpCo, LLC		First Lien Secured Debt - Term Loan		S+500 Cash plus 2.00% PIK, 1.00% Floor				09/17/27				8,844					8,796					8,394			(9)(17)
Suave
Silk Holdings III Corp.		First Lien Secured Debt - Term Loan		S+450, 0.50% Floor				12/03/32				9,375					9,261					9,281			(9)(17)
		First Lien Secured Debt - Revolver		S+450, 0.50% Floor				12/03/32				125					119					119			(9)(13)(14)(17)
																	9,380					9,400
				Total Personal Care Products											$		34,814			$		34,415
Pharmaceuticals
Ora LLC
Orion Buyer, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				07/18/30		$		8,690			$		8,550			$		8,256			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				07/18/30				—					(1	)				(5	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		P+400, 1.00% Floor				07/18/30				100					98					95			(9)(14)(21)
TVG Orion Blocker, Inc.		Common Equity - Stock		N/A				N/A			2 Shares						99					—			(6)(9)(15)
		Unsecured Debt - Promissory Note		11.34%				07/11/30				19					19					—			(9)
																	8,765					8,346
PAI Pharma
Pai Middle Tier, LLC		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				02/13/32				7,363					7,263					7,278			(9)(17)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				02/13/32				14					13					13			(9)(13)(14)(17)
PAI Co-Investor FT Aggregator LLC		Common Equity - Stock		N/A				N/A			50 Shares						50					53			(9)(15)(6)
																	7,326					7,344
Sterling Pharma
Saffron Bidco Ltd		First Lien Secured Debt - Term Loan		S+325 Cash plus 2.50% PIK, 0.75% Floor				09/24/31				9,749					9,585					9,457			(9)(11)(18)
		First Lien Secured Debt - Term Loan		E+325 Cash plus 2.50% PIK, 0.75% Floor				09/24/31		€		98					107					112			(9)(11)(23)
		First Lien Secured Debt - Delayed Draw		SONIA+325 Cash plus 2.50% PIK, 0.75% Floor				09/24/31		£		—					—					(4	)		(9)(11)(12)(13) (14)
																	9,692					9,565

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
TersSera
TerSera Therapeutics LLC		First Lien Secured Debt - Term Loan		S+575, 1.00% Floor				04/04/29				7,820					7,780					7,820			(9)(17)
Trillium
Trillium Health Care Products Inc.		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				08/06/31				9,801					9,634					9,482			(9)(17)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				08/06/31				54					53					51			(9)(13)(14)(16)
		First Lien Secured Debt - Revolver		CORRA+525, 1.00% Floor				08/06/31		C$		—					—					(1	)		(9)(12)(13)(14)
																	9,687					9,532
				Total Pharmaceuticals											$		43,250			$		42,607
Professional Services
AGDATA
AGDATA Midco, LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				07/01/30		$		2,793			$		2,765			$		2,751			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				07/01/30				—					(11	)				(33	)		(9)(12)(13)(14)
																	2,754					2,718
DCM Services
DCM Parent, LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				03/12/31				4,193					4,137					4,130			(9)(17)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				03/12/31				—					(10	)				(12	)		(9)(12)(13)(14)
																	4,127					4,118
DecisionHR
DecisionHR Holdings, Inc.		First Lien Secured Debt - Term Loan		S+450, 1.00% Floor				12/08/31				3,404					3,371					3,370			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+450, 1.00% Floor				12/08/31				—					(5	)				(5	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+450, 1.00% Floor				12/08/31				—					(5	)				(5	)		(9)(12)(13)(14)
																	3,361					3,360
Escalent
M&M OPCO, LLC		First Lien Secured Debt - Term Loan		S+600, 1.00% Floor				04/07/29				7,739					7,619					7,642			(9)(17)
Lexitas
Chronicle Parent LLC		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				04/15/31				3,501					3,469					3,466			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				04/15/31				91					86					80			(9)(14)(17)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				04/15/31				—					(3	)				(4	)		(9)(12)(13)(14)
																	3,552					3,542

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
North Highland
The North Highland Company LLC		First Lien Secured Debt - Term Loan		S+475, 0.75% Floor				12/20/31				4,752					4,710					4,704			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+475, 0.75% Floor				12/20/31				—					—					(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 0.75% Floor				12/20/30				14					13					13			(9)(13)(14)(17)
																	4,723					4,716
				Total Professional Services											$		26,136			$		26,096
Software
American Megatrends
AMI Buyer, Inc.		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				10/17/31		$		4,863			$		4,800			$		4,863			(9)(19)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				10/17/31				—					(1	)				—			(9)(13)(14)
																	4,799					4,863
CM Acquisitions Holdings Inc. (fka Sisterco
CM Acquisitions Holdings Inc.		First Lien Secured Debt - Term Loan		S+550, 1.00% Floor				01/28/28				6,668					6,654					6,633			(17)
EVER.AG Corporation
EVER.AG Corporation		First Lien Secured Debt - Term Loan		S+535, 1.00% Floor				06/24/27				10,015					9,952					9,930			(9)(17)
Forcura + Medalogix (Project Tarpon)
F&M Buyer LLC		First Lien Secured Debt - Term Loan		S+450, 0.75% Floor				03/18/32				3,380					3,349					3,380			(9)(17)
		First Lien Secured Debt - Delayed Draw		S+450, 0.75% Floor				03/18/32				—					(5	)				—			(9)(13)(14)
		First Lien Secured Debt - Revolver		S+450, 0.75% Floor				03/18/32				—					(4	)				—			(9)(13)(14)
																	3,340					3,380
Litify
Litify LLC		First Lien Secured Debt - Term Loan		S+560, 1.00% Floor				02/02/29				4,000					3,930					3,920			(17)(9)
Poppulo, Inc.
Four Winds Interactive LLC		First Lien Secured Debt - Term Loan		S+575, 0.75% Floor				02/20/30				4,776					4,694					4,728			(17)(9)
		First Lien Secured Debt - Delayed Draw		S+575, 0.75% Floor				02/20/30				—					(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+575, 0.75% Floor				02/20/30				—					(2	)				(1	)		(9)(12)(13)(14)
																	4,691					4,726
Uniguest
Uniguest Holdings, Inc		First Lien Secured Debt - Term Loan		S+500, 1.00% Floor				11/27/30				9,702					9,578					9,566			(17)(9)
		First Lien Secured Debt - Delayed Draw		S+500, 1.00% Floor				11/27/30				—					(1	)				(1	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+500, 1.00% Floor				11/27/30				—					(1	)				(1	)		(9)(12)(13)(14)
																	9,576					9,564
				Total Software											$		42,942			$		43,016

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry/Company		Investment Type		Interest Rate (8)				Maturity Date			Par/Shares (3)				Cost (26)					Fair Value (1)(27)
Specialty Retail
Club Champion
Club Champion LLC		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				06/14/29		$		9,799			$		9,686			$		9,701			(17)(9)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				06/14/29				37					36					36			(17)(9)(13)(14)
				Total Specialty Retail											$		9,722			$		9,737
Trading Companies & Distributors
LSG
Lindstrom, LLC		First Lien Secured Debt - Term Loan		S+550, 0.75% Floor				12/30/32		$		4,357			$		4,292			$		4,292			(17)(9)
		First Lien Secured Debt - Revolver		S+550, 0.75% Floor				12/30/32				236					226					226			(17)(9)(13)(14)
																	4,518					4,518
MacQueen Equipment
MacQueen Equipment, LLC		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				01/07/28				7,788					7,758					7,781			(16)
McNichols Company
Patriot MCN Buyer Corp.		First Lien Secured Debt - Term Loan		S+475, 1.75% Floor				10/01/31				1,937					1,913					1,912			(17)(9)
		First Lien Secured Debt - Delayed Draw		S+475, 1.75% Floor				10/01/31				—					(2	)				(2	)		(9)(12)(13)(14)
		First Lien Secured Debt - Revolver		S+475, 1.75% Floor				10/01/31				—					(3	)				(3	)		(9)(12)(13)(14)
																	1,908					1,907
ORS Nasco
WC ORS Buyer, Inc.		First Lien Secured Debt - Term Loan		S+500, 0.75% Floor				08/07/31				9,678					9,554					9,581			(17)(9)
		First Lien Secured Debt - Delayed Draw		S+500, 0.75% Floor				08/07/31				99					98					98			(17)(9)
		First Lien Secured Debt - Revolver		S+500, 0.75% Floor				08/07/31				18					17					17			(17)(9)(13)(14)
WC ORS Holdings, L.P.		Common Equity - Limited Partnership		N/A				N/A			30,000 Shares						30					53			(6)(9)(15)
																	9,699					9,749
				Total Trading Companies & Distributors											$		23,883			$		23,955
Transportation Infrastructure
GAT-Airline Ground Support Inc
GAT-Airline Ground Support Inc		First Lien Secured Debt - Term Loan		S+525, 1.00% Floor				05/09/29		$		3,743			$		3,702			$		3,743			(17)(9)
		First Lien Secured Debt - Delayed Draw		S+525, 1.00% Floor				05/09/29				146					144					146			(17)(9)(13)(14)
		First Lien Secured Debt - Revolver		S+525, 1.00% Floor				05/09/29				27					25					27			(17)(9)(13)(14)
				Total Transportation Infrastructure											$		3,871			$		3,916
Wireless Telecommunication Services
Kane Communications LLC
Kane Communications LLC		First Lien Secured Debt - Term Loan		S+626, 1.00% Floor				08/09/27		$		8,000			$		7,921			$		7,877			(17)
				Total Wireless Telecommunication Services											$		7,921			$		7,877
Total Investments															$		962,492			$		942,796			(2)(7)

 

 

Derivative Instrument

Settlement Date

Notional amount to be purchased

Notional amount to be sold

Footnote Reference

Foreign currency forward contract

3/18/2026

$

2,898

C$

3,979

Note 4

Foreign currency forward contract

3/18/2026

996

€

850

Note 4

Foreign currency forward contract

3/18/2026

3,518

£

2,640

Note 4

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(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 14 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 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 December 31, 2025, non-qualifying assets represented approximately 5.0% 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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CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

(14)

As of December 31, 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 7 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
ACP Packaging Intermediateco, LLC		$		1,098			$		—			$		—			$		1,098
AGDATA Midco, LLC				2,207					—					—					2,207
AMI Buyer, Inc.				100					—					—					100
Accelevation LLC				136					17					—					119
American Restoration Holdings, LLC				428					84					—					344
Amylu Borrower Sub, LLC				2,031					—					—					2,031
Arcadia Solutions, Inc.				1,071					—					—					1,071
Aspen Aerogels, Inc.				100					15					—					85
Bingo Group Buyer, Inc.				916					3					—					913
Brush Group Bidco Limited*				2,022					—					—					2,022
Bullcave Limited				100					67					—					33
CARDS-Live Oak Holdings, Inc.				925					100					—					825
CI (MG) GROUP, LLC				1,565					294					—					1,271
CRS Holdings, Inc.				75					—					8					67
Chronicle Parent LLC				1,390					—					—					1,390
Club Car Wash Operating, LLC				1,200					—					—					1,200
Club Champion LLC				100					37					—					63
Cool Buyer, Inc.				199					50					—					149
Crumbl Enterprises LLC				185					—					—					185
DCM Parent, LLC				775					—					—					775
DRS Holdings III, Inc.				570					—					—					570
DecisionHR Holdings, Inc.				1,596					—					—					1,596
Distinct Holdings Inc				100					72					—					28
Eagle U.S. Purchaser, Inc.				707					—					—					707
F&M Buyer LLC				1,620					—					—					1,620
Flow Control Intermediate Holdings 2.0, LLC				2,333					—					—					2,333
Four Winds Interactive LLC				199					—					—					199
GAT-Airline Ground Support Inc				154					27					5					122
GC Waves Holdings, Inc.				100					—					—					100
HALO Buyer, Inc				100					36					—					64
IOTA HOLDINGS 3				1,316					347					2					967
Ideal Components Acquisition, LLC				1,889					115					—					1,775
Justin's LLC				417					—					—					417
Lindstrom, LLC				643					236					—					407
Lotus Topco Inc.				88					—					—					88
Lunar Buyer, LLC				200					42					—					158
MRO Parent Corporation				370					—					—					370
Merative L.P.				441					—					—					441
NCP-MSI Buyer				1,333					846					—					488
NPPI Buyer, LLC				200					—					—					200
Natus Sensory, Inc.				200					—					—					200
Orion Buyer, LLC				200					100					—					100
PMA Parent Holdings, LLC				100					—					—					100
Pace Health Companies, LLC				2,000					—					—					2,000

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Name of Issuer		Total Commitment						Drawn Commitment					Letters of Credit **					Undrawn Commitment
Pai Middle Tier, LLC				100					14					—					86
Patriot MCN Buyer Corp.				563					—					—					563
Pavement Preservation Acquisition, LLC				100					—					—					100
Protein For Pets Opco, LLC				100					20					—					80
Pure Upper Holdco LLC				1,778					—					—					1,778
Rarebreed Veterinary Partners, Inc.				109					—					1					109
Regis Corporation				100					4					20					76
Relevant Industrial, LLC				2,196					48					—					2,149
Ronnoco Holdings, Inc.				1,448					193					—					1,255
SEKO Global Logistics Network, LLC				62					—					—					62
Saffron Bidco Ltd*				135					—					—					135
Silk Holdings III Corp.				625					125					—					500
Sperry Acquisition, LLC				100					20					—					80
TCW Midco LLC				393					—					—					393
TS Investors, LLC				1,178					—					—					1,178
Tarrytown Acquisition Holdings, LLC				787					—					—					787
TeamLINX Buyer, LLC				100					—					—					100
The North Highland Company LLC				200					14					—					186
Titan Luxco I SARL				1,389					248					—					1,141
Total Power Limited				2,308					—					—					2,308
Total Power Limited*				240					—					7					233
Traffic Management Solutions, LLC				3,225					—					—					3,225
Trillium Health Care Products Inc.				68					54					—					15
Trillium Health Care Products Inc.*				33					—					—					33
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					18					—					82
WH BorrowerCo, LLC				153					23					—					130
WildBrain Ltd.				100					65					—					35
Total Commitments				52,763					3,332					43					49,388

 

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2025 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2025, $35 will expire in 2026 and $8 will expire in 2030.

(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 December 31, 2025, the aggregate fair value of these securities is $3,924 or 1.0% 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
Eagle Aggregator Ltd		Common Equity - Stock		12/31/2025
Eagle Aggregator Ltd		Common Equity - Preferred Stocks		12/31/2025
Justin's LLC		Common Equity - Stock		12/15/2025
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.		Common Equity - Stock		3/17/2025
Ronnoco Holdings, Inc.		Common Equity - Stock		4/1/2025
Sperry Parent Holdings, L.P.		Common Equity - Stock		2/3/2025
Xanitos TopCo, LLC		Common Equity - Membership Interest		12/3/2025

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

(16)

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.

(17)

The interest rate on these loans is subject to 3 months SOFR, which as of December 31, 2025 was 3.65%.

(18)

The interest rate on these loans is subject to 6 months SOFR, which as of December 31, 2025 was 3.57%.

(19)

The interest rate on these loans is subject to 12 months SOFR, which as of December 31, 2025 was 3.42%.

(20)

The interest rate on these loans is subject to 1 month CORRA, which as of December 31, 2025 was 2.26%.

(21)

The interest rate on these loans is subject to Prime, which as of December 31, 2025 was 6.75%.

(22)

The interest rate on these loans is subject to 3 months EURIBOR, which as of December 31, 2025 was 2.03%

(23)

The interest rate on these loans is subject to 6 months EURIBOR, which as of December 31, 2025 was 2.11%.

(24)

The interest rate on these loans is subject to SONIA, which as of December 31, 2025 was 3.73%.

(25)

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 December 31, 2025 along with transactions during the year ended December 31, 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 December 31, 2025					Net Realized Gains (Losses)					Interest/ Dividend/ Other Income
AWRG Borrower LLC, Term Loan		$		—			$		5,557			$		(14	)		$		(200	)		$		5,343			$		—			$		—
AWRG Parent LLC, Stock				—					1,660					—					(581	)				1,079					—					—
		$		—			$		7,217			$		(14	)		$		(781	)		$		6,422			$		—			$		—

•

Gross additions include increases in the basis of investments resulting from new portfolio investments, PIK 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

December 31, 2025

(In thousands, except share data)

(26)

The following shows the composition of the Company’s portfolio at cost by investment type and industry as of December 31, 2025:

 

Industry			First Lien - Secured Debt					Unsecured Debt				Common Equity					Total
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense			$		8,999			$		—		$		99			$		9,098
Air Freight & Logistics					13,188					—				2,736					15,924
Automobile Components					12,423					—				34					12,457
Beverages					3,652					—				50					3,702
Building Products					13,549					—				—					13,549
Chemicals					17,626					—				—					17,626
Commercial Services & Supplies					44,657					—				2,815					47,472
Construction & Engineering					39,796					—				—					39,796
Consumer Staples Distribution & Retail					16,060					—				—					16,060
Containers & Packaging					29,902					—				—					29,902
Diversified Consumer Services					59,006					—				—					59,006
Electrical Equipment					26,276					—				—					26,276
Electronic Equipment, Instruments & Components					32,097					—				—					32,097
Entertainment					12,053					—				—					12,053
Financial Services					30,539					—				—					30,539
Food Products					30,599					—				100					30,699
Ground Transportation					7,608					—				—					7,608
Health Care Equipment & Supplies					44,544					—				—					44,544
Health Care Providers & Services					131,947					—				100					132,047
Health Care Technology					17,935					—				—					17,935
Hotels, Restaurants & Leisure					25,576					—				—					25,576
Household Products					7,721					—				—					7,721
Insurance					15,484					—				—					15,484
IT Services					19,439					—				—					19,439
Leisure Products					12,970					—				—					12,970
Machinery					33,018					—				—					33,018
Media					26,824					—				—					26,824
Multi-Utilities					15,983					—				—					15,983
Paper & Forest Products					7,345					—				—					7,345
Personal Care Products					34,814					—				—					34,814
Pharmaceuticals					43,082					19				149					43,250
Professional Services					26,136					—				—					26,136
Software					42,942					—				—					42,942
Specialty Retail					9,722					—				—					9,722
Trading Companies & Distributors					23,853					—				30					23,883
Transportation Infrastructure					3,871					—				—					3,871
Wireless Telecommunication Services					7,921					—				—					7,921
Total Non-Controlled / Non-Affiliated Investments			$		949,157			$		19		$		6,113			$		955,289
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure					5,544					—				1,659					7,203
Total Non-Controlled / Affiliated Investments			$		5,544			$		—		$		1,659			$		7,203
Total			$		954,701			$		19		$		7,772			$		962,492

 

 

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

(27)

The following shows the composition of the Company’s portfolio at fair value by investment type, industry and region as of December 31, 2025:

 

Industry			First Lien - Secured Debt					Unsecured Debt					Common Equity					Total					% of Net Assets
Non-Controlled / Non-Affiliated Investments
Aerospace & Defense			$		8,998			$		—			$		98			$		9,096				2.3	%
Air Freight & Logistics					13,324					—					—					13,324				3.4	%
Automobile Components					12,334					—					18					12,352				3.1	%
Beverages					3,644					—					50					3,694				0.9	%
Building Products					13,536					—					—					13,536				3.4	%
Chemicals					17,277					—					—					17,277				4.4	%
Commercial Services & Supplies					44,467					—					2,444					46,911				11.8	%
Construction & Engineering					39,994					—					—					39,994				10.1	%
Consumer Staples Distribution & Retail					15,907					—					—					15,907				4.0	%
Containers & Packaging					29,999					—					—					29,999				7.6	%
Diversified Consumer Services					58,955					—					—					58,955				14.9	%
Electrical Equipment					23,475					—					—					23,475				5.9	%
Electronic Equipment, Instruments & Components					32,118					—					—					32,118				8.1	%
Entertainment					11,994					—					—					11,994				3.0	%
Financial Services					30,328					—					—					30,328				7.6	%
Food Products					30,332					—					100					30,432				7.7	%
Ground Transportation					7,526					—					—					7,526				1.9	%
Health Care Equipment & Supplies					44,319					—					—					44,319				11.2	%
Health Care Providers & Services					127,385					—					100					127,485				32.2	%
Health Care Technology					14,384					—					—					14,384				3.6	%
Hotels, Restaurants & Leisure					24,751					—					—					24,751				6.2	%
Household Products					7,740					—					—					7,740				2.0	%
Insurance					15,571					—					—					15,571				3.9	%
IT Services					19,325					—					—					19,325				4.9	%
Leisure Products					12,894					—					—					12,894				3.2	%
Machinery					32,983					—					—					32,983				8.3	%
Media					26,614					—					—					26,614				6.7	%
Multi-Utilities					14,477					—					—					14,477				3.6	%
Paper & Forest Products					7,294					—					—					7,294				1.8	%
Personal Care Products					34,415					—					—					34,415				8.7	%
Pharmaceuticals					42,554					—					53					42,607				10.7	%
Professional Services					26,096					—					—					26,096				6.6	%
Software					43,016					—					—					43,016				10.8	%
Specialty Retail					9,737					—					—					9,737				2.5	%
Trading Companies & Distributors					23,902					—					53					23,955				6.0	%
Transportation Infrastructure					3,916					—					—					3,916				1.0	%
Wireless Telecommunication Services					7,877					—					—					7,877				2.0	%
Total Non-Controlled / Non-Affiliated Investments			$		933,458			$		—			$		2,916			$		936,374				236.0	%
% of Net Assets					235.3	%				0.0	%				0.7	%				236.0	%
Non-Controlled / Affiliated Investments
Hotels, Restaurants & Leisure					5,343					—					1,079					6,422				1.6	%
Total Non-Controlled / Affiliated Investments			$		5,343			$		—			$		1,079			$		6,422				1.6	%
% of Net Assets					1.3	%				0.0	%				0.3	%				1.6	%
Total			$		938,801			$		—			$		3,995			$		942,796				237.6	%
% of Net Assets					236.6	%				0.0	%				1.0	%				237.6	%

 

See notes to the consolidated financial statements.

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2025

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of December 31, 2025
Health Care Providers & Services		13.5	%
Diversified Consumer Services		6.3	%
Commercial Services & Supplies		5.0	%
Health Care Equipment & Supplies		4.7	%
Software		4.6	%
Pharmaceuticals		4.5	%
Construction & Engineering		4.2	%
Personal Care Products		3.7	%
Machinery		3.5	%
Electronic Equipment, Instruments & Components		3.4	%
Hotels, Restaurants & Leisure		3.3	%
Food Products		3.2	%
Financial Services		3.2	%
Containers & Packaging		3.2	%
Media		2.8	%
Professional Services		2.8	%
Trading Companies & Distributors		2.5	%
Electrical Equipment		2.5	%
IT Services		2.0	%
Chemicals		1.8	%
Consumer Staples Distribution & Retail		1.7	%
Insurance		1.7	%
Multi-Utilities		1.5	%
Health Care Technology		1.5	%
Building Products		1.4	%
Air Freight & Logistics		1.4	%
Leisure Products		1.4	%
Automobile Components		1.3	%
Entertainment		1.3	%
Specialty Retail		1.0	%
Aerospace & Defense		1.0	%
Wireless Telecommunication Services		0.8	%
Household Products		0.8	%
Ground Transportation		0.8	%
Paper & Forest Products		0.8	%
Transportation Infrastructure		0.4	%
Beverages		0.4	%
		100.0	%

 

Geographic Region	December 31, 2025
United States		94.6	%
United Kingdom		2.7	%
Canada		2.3	%
Luxembourg		0.4	%

 

 

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. The Company invests primarily in private credit opportunities in directly originated assets, including loans and other debt securities, made to or issued by private U.S. borrowers. While most of our investments will be in private U.S. companies (subject to compliance with BDC regulatory requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest from time to time in European and other non-U.S. companies. Our portfolio may also include equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. Under normal circumstances, we will invest directly or indirectly at least 80% of our total assets (i.e., net assets plus borrowings for investment purposes) in debt instruments of varying maturities.

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(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, 2025.

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.

As of June 30, 2026, 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 June 30, 2026 and December 31, 2025 were $25,504 and $19,192, respectively.

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 investments purchased and receivable for investments sold, respectively, in the Consolidated Statements of Assets and Liabilities.

 

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(In thousands, except share and per share data)

 

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.

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 Company's 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.

 

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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.

 

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 and six months ended June 30, 2026, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

 

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(In thousands, except share and per share data)

 

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.

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 June 30, 2026 and December 31, 2025, the Company held certain foreign currency forward contracts with a fair market value of $113 and $(55), respectively.

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.

 

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(In thousands, except share and per share data)

 

Investment Income Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations 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.

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.

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(In thousands, except share and per share data)

 

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.

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.

 

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(In thousands, except share and per share data)

 

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) intends 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, 2026. 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 differences 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. Distributions 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 limitations 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.

As of December 31, 2025, 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 June 30, 2026, 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 has 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.

 

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(In thousands, except share and per share data)

 

Income Taxes

The Company has adopted FASB Accounting Standards 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 adoption of ASU 2023-09 did not have a material impact on the Company's consolidated financial statements.

Recent Accounting Pronouncements

Income Statement - Reporting Comprehensive Income

In November 2024, the FASB issued Accounting Standards 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 does not expect the adoption of ASU 2024-03 to have a material impact on its year-end financial statements.

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.

On March 12, 2026, the Board renewed the Advisory Agreement. Unless earlier terminated as described below, the Advisory Agreement will remain in effect until March 12, 2027, and may be extended subject to required approvals. 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 waived 50% of the management fee from March 15, 2025 to March 15, 2026.

 

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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).

 

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.

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(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 also waived 50% of the incentive fee from March 15, 2025 to March 15, 2026.

 

For the three and six months ended June 30, 2026, the Company recognized $952 and $1,939 of management fees, and $1,445 and $2,877 of performance-based incentive fees before impact of waived fees. For the three and six months ended June 30, 2026, $- and $405 of management fees were waived and $- and $597 of performance-based incentive fees were waived.

For the three and six months ended June 30, 2025, the Company recognized $964 and $1,911, respectively, of management fees, and $1,576 and $3,231, respectively, of performance-based incentive fees before impact of waived fees. For the three and six months ended June 30, 2025, $482 and $1,341, respectively, of management fees were waived and $788 and $2,267, respectively, of performance-based incentive fees were waived.

As of June 30, 2026, management fees payable and performance-based incentive fees payable were $952 and $1,445, respectively. As of December 31, 2025, management fees payable and performance-based incentive fees payable were $508 and $740, respectively.

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.

On March 12, 2026, the Board renewed the Administration Agreement. Unless earlier terminated, the Administration Agreement will remain in effect until March 12, 2027, and may be extended subject to required approvals.

 

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(In thousands, except share and per share data)

 

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.

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 six months ended June 30, 2026, the Company recognized $— and $—, respectively, of servicing fees. For the three and six months ended June 30, 2025, the Company recognized $— and $—, respectively, of servicing fees. The agreement with the Servicer terminated after the Conversion Date, when the Company elected to be regulated as a BDC.

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(In thousands, except share and per share data)

 

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.

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. As of June 30, 2026, the Adviser had not made any Expense Payments under the Expense Support Agreement, and no Reimbursement Payments were made or accrued during the three and six months ended June 30, 2026.

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.

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(In thousands, except share and per share data)

 

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. Certain types of negotiated co-investments may be made only in accordance with the Order from the SEC permitting the Company to do so. Pursuant to the requirements of the Order, the Board, including a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees, 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”) which is designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. 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). If the Adviser determines that the investment is not appropriate for us, the investment will not be allocated to us.

As of June 30, 2026, the Company’s co-investment holdings were 75.5% of the portfolio or $706,297, measured at fair value. On a cost basis, 75.1% of the portfolio or $732,924 were co-investments. As of December 31, 2025, the Company’s co-investment holdings were 72.4% of the portfolio or $682,621, measured at fair value. On a cost basis, 71.9% of the portfolio or $692,028 were co-investments.

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(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 June 30, 2026, 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		$		968,458			$		934,825			$		—			$		5,609			$		929,216
Unsecured Debt				19					—					—					—					—
Common Equity/Interests				7,877					609					—					—					609
Total Investments before Foreign Currency Forward Contracts		$		976,354			$		935,434			$		—			$		5,609			$		929,825
Money Market Fund		$		12,536			$		12,536			$		12,536			$		—			$		—
Total Cash Equivalents		$		12,536			$		12,536			$		12,536			$		—			$		—
Total Investments after Cash Equivalents		$		988,890			$		947,970			$		12,536			$		5,609			$		929,825
Foreign currency forward contracts				—					113					—					113					—
Total Investments and Foreign Currency Forward Contracts at Fair Value		$		988,890			$		948,083			$		12,536			$		5,722			$		929,825

 

The following table shows the composition of our investments as of December 31, 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		$		954,701			$		938,801			$		—			$		6,814			$		931,987
Unsecured Debt				19					—					—					—					—
Common Equity/Interests				7,772					3,995					—					—					3,995
Total Investments before Foreign Currency Forward Contracts		$		962,492			$		942,796			$		—			$		6,814			$		935,982
Foreign currency forward contracts				—					(55	)				—					(55	)				—
Total Investments and Foreign Currency Forward Contracts at Fair Value		$		962,492			$		942,741			$		—			$		6,759			$		935,982

 

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(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 June 30, 2026:

 

		Three Months Ended June 30, 2026
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of March 31, 2026		$		925,594			$		—			$		2,939			$		928,533
Net realized gains (losses)				114					—					—					114
Net change in unrealized gains (losses)				(3,785	)				—					(2,330	)				(6,115	)
Net amortization on investments				626					—					—					626
Purchases, including capitalized PIK (2)				33,683					—					—					33,683
Proceeds from sales and repayments of investments (2)				(27,016	)				—					—					(27,016	)
Transfers out of Level 3 (1)				—					—					—					—
Transfers into Level 3 (1)				—					—					—					—
Fair value as of June 30, 2026 (3)		$		929,216			$		—			$		609			$		929,825
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026		$		(6,191	)		$		—			$		(2,330	)		$		(8,522	)

 

The following table shows changes in the fair value of our Level 3 investments during the six months ended June 30, 2026:

 

		Six Months Ended June 30, 2026
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of December 31, 2025		$		931,987			$		—			$		3,995			$		935,982
Net realized gains (losses)				590					—					—					590
Net change in unrealized gains (losses)				(16,347	)				—					(3,491	)				(19,838	)
Net amortization on investments				1,207					—					—					1,207
Purchases, including capitalized PIK (2)				82,853					—					105					82,958
Proceeds from sales and repayments of investments (2)				(71,074	)				—					—					(71,074	)
Transfers out of Level 3 (1)				—					—					—					—
Transfers into Level 3 (1)				—					—					—					—
Fair value as of June 30, 2026 (3)		$		929,216			$		—			$		609			$		929,825
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2026		$		(16,537	)		$		—			$		(3,491	)		$		(20,028	)

 

(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 $(702).

 

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(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 June 30, 2025:

 

		Three Months Ended June 30, 2025
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of March 31, 2025		$		926,122			$		19			$		3,750			$		929,891
Net realized gains (losses)				(213	)				—					—					(213	)
Net change in unrealized gains (losses)				(2,187	)				—					(1,124	)				(3,310	)
Net amortization on investments				493					—					—					493
Purchases, including capitalized PIK (2)				42,814					—					1,660					44,474
Proceeds from sales and repayments of investments (2)				(49,173	)				—					—					(49,173	)
Fair value as of June 30, 2025 (3)		$		917,856			$		19			$		4,286			$		922,161
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025		$		(2,187	)		$		—			$		(1,124	)		$		(3,310	)

 

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

 

		Six Months Ended June 30, 2025
		First Lien Secured Debt					Unsecured Debt					Common Equity/Interests					Total
Fair value as of December 31, 2024		$		892,748			$		19			$		2,895			$		895,661
Net realized gains (losses)				417					—					—					417
Net change in unrealized gains (losses)				(8,567	)				—					(417	)				(8,984	)
Net amortization on investments				1,432					—					—					1,432
Purchases, including capitalized PIK (2)				127,492					—					1,809					129,301
Proceeds from sales and repayments of investments (2)				(95,666	)				—					—					(95,666	)
Transfers out of Level 3 (1)				—					—					—					—
Transfers into Level 3 (1)				—					—					—					—
Fair value as of June 30, 2025 (3)		$		917,856			$		19			$		4,286			$		922,161
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2025		$		(8,567	)		$		—			$		(417	)		$		(8,984	)

 

(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 $(287).

 

 

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(In thousands, except share and per share data)

 

 

 

The following table summarizes the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2026. 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.

 

The unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2026 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	$		893,330			Yield Analysis	Discount Rate	4.0%		20.8%	10.8%
			17,255			Cost Approach	Cost Approach	N/A		N/A	N/A
			18,631			Recovery Analysis	Recoverable Amount	N/A		N/A	N/A
Common Equity/Interests			609			Guideline Public Company	TEV/EBITDA	7.0x		18.0x	11.56x
Total Level 3 Investments	$		929,825

 

(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, 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	$		884,674			Yield Analysis	Discount Rate	7.6%		19.2%	10.0%
			31,262			Cost Approach	Cost Approach	N/A		N/A	N/A
			16,051			Recovery Analysis	Recoverable Amount	N/A		N/A	N/A
Common Equity/Interests			250			Cost Approach	Cost Approach	N/A		N/A	N/A
			3,745			Market Comparable Technique	Comparable Multiple	5.7x		30.6x	6.7x
Total Level 3 Investments	$		935,982

 

(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 six months ended June 30, 2026, purchases of investments on a trade date basis were $32,388 and $81,256, respectively. For the three and six months ended June 30, 2026, sales and repayments of investments on a trade date basis were $27,036 and $71,092, respectively.

For the three and six months ended June 30, 2025, purchases of investments on a trade date basis were $43,656 and $128,030, respectively. For the three and six months ended June 30, 2025, sales and repayments of investments on a trade date basis were $49,096 and $103,527, respectively.

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 six months ended June 30, 2026, PIK income earned was $649 and $1,281, respectively. During the three and six months ended June 30, 2025, PIK income earned was $847 and $1,525, respectively.

The following table shows the change in capitalized PIK balance for the three and six months ended June 30, 2026 and June 30, 2025:

		Three Months Ended June 30,										Six Months Ended June 30,
		2026					2025					2026					2025
PIK balance at beginning of period		$		6,829			$		4,132			$		6,243			$		3,839
PIK income capitalized				1,295					918					1,881					1,476
PIK capitalized exited from investment sales, repayments, and restructurings				—					(60	)				—					(324	)
PIK balance at end of period		$		8,124			$		4,991			$		8,124			$		4,991

 

Investments on Non-Accrual Status

As of June 30, 2026, 3.3% of total investments at amortized cost, or 1.7% of total investments at fair value, were on non-accrual status. As of December 31, 2025, 2.5% of total investments at amortized cost, or 1.5% of total investments at fair value, were on non-accrual status.

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(In thousands, except share and per share data)

 

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 June 30, 2026:

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		$		4,059			£		3,045			9/16/2026				21			Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company				4,899			C$		6,811			9/16/2026				85			Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company				876			€		758			9/16/2026				7			Unrealized appreciation (depreciation) on foreign currency forward contracts
														$		113

Certain information related to the Company’s foreign currency forward contracts is presented below as of December 31, 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		$		2,898			C$		3,979			3/18/2026				(10	)		Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company				996			€		850			3/18/2026				(6	)		Unrealized appreciation (depreciation) on foreign currency forward contracts
State Street Bank and Trust Company				3,518			£		2,640			3/18/2026				(39	)		Unrealized appreciation (depreciation) on foreign currency forward contracts
														$		(55	)

 

The Company's foreign currency forward contracts are subject to an enforceable ISDA Master Netting Agreement with State Street Bank and Trust Company. Pursuant to the Company's accounting policy, forward contract fair values are presented net by counterparty. As of June 30, 2026, the net fair value of these contracts was a $113 asset, reflected in "Unrealized appreciation on foreign currency forward contracts" on the Consolidated Statements of Assets and Liabilities. The Company has elected not to offset cash collateral against derivative fair values; no cash collateral was posted or received in connection with these contracts.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(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 three and six months ended June 30, 2026 and 2025, for the Company’s foreign currency forward contracts, are in the following locations in the Consolidated Statements of Operations:

					Three Months Ended June 30,										Six Months Ended June 30,
Derivative Instrument			Financial Statement Location		2026					2025					2026					2025
Foreign currency forward contracts			Net realized gain (loss) on foreign currency forward contracts		$		129			$		(134	)		$		110			$		(146	)
					$		129			$		(134	)		$		110					(146	)

 

					Three Months Ended June 30,										Six Months Ended June 30,
Derivative Instrument			Financial Statement Location		2026					2025					2026					2025
Foreign currency forward contracts			Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		$		(10	)		$		(39	)		$		168			$		(39	)
					$		(10	)		$		(39	)		$		168			$		(39	)

 

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(In thousands, except share and per share data)

 

 

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 June 30, 2026 and December 31, 2025, the Company's asset coverage was 164.9% and 170.7%, 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.

 

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 June 30, 2026, the Company's outstanding debt obligations under the AP Leaf Secured Credit Facility was $579,468 with a fair value of $578,307 and deferred financing costs of $6,253. 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 June 30, 2026. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

 

As of December 31, 2025, the Company's outstanding debt obligations under the AP Leaf Secured Credit Facility were $560,789 with the fair value of $561,098 and deferred financing costs of $7,095. 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, 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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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(In thousands, except share and per share data)

 

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended June 30, 2026 and 2025:

 

		Three Months Ended June 30,										Six Months Ended June 30,
		2026					2025					2026					2025
Average debt outstanding		$		575,837			$		572,018			$		572,015			$		570,288
Maximum amount of debt outstanding				586,380					584,357					586,380					584,357
Weighted average annualized interest cost (1)				5.88	%				6.33	%				5.81	%				6.58	%
Annualized amortized debt issuance cost				0.29	%				0.29	%				0.29	%				0.17	%
Total annualized interest cost				6.17	%				6.62	%				6.11	%				6.75	%

 

(1)

Includes the stated interest expense and commitment fees on the unused portion of AP Leaf Secured Credit Facility. Commitment fees for the three and six months ended June 30, 2026 and 2025, were $220 and $— respectively.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt obligations outstanding on its SPV Financing Facilities as of June 30, 2026:

 

		Original Principal Amount (Local)					Original Principal Amount (USD)					Principal Amount Outstanding					Unrealized Gain/(Loss)					Reset Date
Canadian Dollar		C$		4,100			$		2,987			$		2,891			$		96				7/15/2026
Great Britain Pound		£		3,300			$		4,371			$		4,377			$		(6	)			7/4/2026
Total							$		7,359			$		7,268			$		90

 

The Company had the following foreign-denominated debt obligations outstanding on its SPV Financing Facilities as of December 31, 2025:

 

		Original Principal Amount (Local)					Original Principal Amount (USD)					Principal Amount Outstanding					Unrealized Gain/(Loss)					Reset Date
Canadian Dollar		C$		6,000			$		4,372			$		4,371			$		1				1/15/2026
Great Britain Pound		£		3,500			$		4,636			$		4,718			$		(82	)			1/4/2026
Total							$		9,008			$		9,089			$		(81	)

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(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 the 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 June 30, 2026 and December 31, 2025, the Company had the following Capital Commitments, pursuant to subscription agreements, and contributions from its shareholders:

 

		June 30, 2026													December 31, 2025
		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	%		$		500,000		$		414,877		$		83	%

 

The following table summarizes the Common Shares of the Company issued for the six months ended June 30, 2026 and 2025:

		Six Months Ended June 30,
		2026										2025
		Shares					Amount					Shares					Amount
Proceeds from shares sold				—			$		—					1,015,847			$		25,000
Distributions reinvested				70,289					1,648					31,224					763
Total net increase (decrease)				70,289			$		1,648					1,047,071			$		25,763

 

The following table presents distributions that were declared during the six months ended June 30, 2026:

 

						Distributions
Record Date		Declaration Date		Payment Date		Per Share					Amount*
March 13, 2026		March 12, 2026		April 16, 2026		$		0.7353			$		12,579
May 21, 2026		May 06, 2026		July 23, 2026				0.5729					9,821
						$		1.3082			$		22,400

 

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(In thousands, except share and per share data)

 

The following table presents distributions that were declared during the six months ended June 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
						$		1.5383			$		24,543

 

* Totals may not foot due to rounding.

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MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(In thousands, except share and per share data)

 

 

Note 7. 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 June 30, 2026 and December 31, 2025, the Company had the following unfunded commitments to its portfolio companies:

 

		June 30, 2026					December 31, 2025
Unfunded revolver obligations and bridge loan commitments (1)		$		28,028			$		21,899
Standby letters of credit issued and outstanding (2)				412					43
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)				34,199					27,490
Total Unfunded Commitments		$		62,639			$		49,432

 

(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 June 30, 2026, 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 June 30, 2026, 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.

 

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 June 30, 2026, 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) — Continued

(In thousands, except share and per share data)

 

Note 8. Financial Highlights

 

The following is a schedule of financial highlights for the six months ended June 30, 2026 and 2025:

 

		Six Months Ended June 30,
		2026					2025
Per Share Data*
Net asset value at beginning of period	$		23.24			$		24.43
Net investment income (1)			1.23					1.66
Net realized and change in unrealized gains (losses) (1)			(1.21	)				(0.57	)
Net increase in net assets resulting from operations			0.02					1.09
Distribution of net investment income (1)(2)			(1.31	)				(1.54	)
Net asset value at end of period	$		21.95			$		23.98
Total return (3)			0.13	%				4.50	%
Shares outstanding at end of period (1)			17,142,542					15,969,674
Weighted average shares outstanding (1)			17,117,518					15,823,338
Ratio/Supplemental Data
Net assets at end of period (in millions)	$		376.4			$		383.0
Annualized ratio of operating expenses to average net assets (4)			3.50	%				1.95	%
Annualized ratio of interest and other debt expenses to average net assets			9.15	%				10.58	%
Annualized ratio of total expenses to average net assets (4)			12.65	%				12.52	%
Annualized ratio of net investment income to average net assets			11.08	%				13.99	%
Average debt outstanding (in millions)	$		572.0			$		570.3
Average debt per share	$		33.42			$		36.04
Annualized portfolio turnover rate			15.29	%				22.56	%
Asset coverage per unit (5)	$		1,649			$		1,679

 

(1)

Financial highlights are based on the weighted average number of shares outstanding for the period presented.

(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 six months ended June 30, 2026, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.02% and 13.17%, respectively, without the fee waivers.

(5)

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 June 30, 2026, the Company's asset coverage was 164.9%.

 

* Totals may not foot due to rounding.

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — Continued

(In thousands, except share and per share data)

 

 

Note 9. 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 August 5, 2026, the Company’s Board declared a base distribution of $0.5895 per share, payable on October 22, 2026 to shareholders of record as of October 6, 2026. There can be no assurances that the Board will continue to declare a base distribution of $0.5895 per share.

Entry into Waiver Agreement

 

On August 12, 2026, the Company entered into a waiver agreement (the "Waiver Agreement") with the Adviser, pursuant to which the Adviser has agreed to waive 50% of the base management fee and incentive fee payable by the Company to the Adviser for the period from April 1, 2026 through June 30, 2027. For the avoidance of doubt, the Waiver Agreement does not amend the calculation of the base management fee and incentive fee as set forth in the Advisory Agreement. Other than the waiver contemplated by the Waiver Agreement, the terms of the Advisory Agreement remain in full force and effect. The impact of the waiver for the period from April 1, 2026 through June 30, 2026 will result in a reimbursement to the Company of $1.2 million.

 

 

 

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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 June 30, 2026, the related consolidated statements of operations and changes in net assets for the three-month and six-month periods ended June 30, 2026 and 2025, the consolidated statements of cash flows and financial highlights for the six-month periods ended June 30, 2026 and 2025, 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, 2025, and the related consolidated statements of operations, changes in net assets, cash flows, and the financial highlights for the year then ended (not presented herein); and in our report dated March 12, 2026, 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, 2025, 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

August 13, 2026

 

 

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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;

•

political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of trade policy;

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;

•

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.

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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 June 30, 2026, we have raised approximately $121,290 in net proceeds from additional offerings of Common Shares. All dollar amounts in “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” are in thousands, unless otherwise noted.

 

Portfolio and Investment Activity

Our portfolio and investment activity during the three and six months ended June 30, 2026 and 2025 were as follows:

		Three Months Ended June 30,										Six Months Ended June 30,
(in millions)*		2026					2025					2026					2025
Investments made in portfolio companies		$		32.4					43.7			$		81.3			$		128.0
Investments sold				—					—					—					—
Net activity before repaid investments				32.4					43.7					81.3					128.0
Investments repaid				(27.0	)				(49.1	)				(71.1	)				(103.5	)
Net investment activity		$		5.4					(5.4	)		$		10.2			$		24.5
Portfolio companies, at beginning of period				146					126					143					126
Number of investments in new portfolio companies				6					10					14					28
Number of exited companies				(1	)				(7	)				(6	)				(25	)
Portfolio companies at end of period				151					129					151					129
Number of investments in existing portfolio companies				53					15					86					50

 

* Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of June 30, 2026 and December 31, 2025 were as follows:

		June 30, 2026					December 31, 2025
Portfolio composition, at fair value:
First lien secured debt				100	%				100	%
Total secured debt				100	%				100	%
Unsecured debt				0	%				0	%
Common equity/interests and warrants				0	%				0	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)				9.5	%				9.6	%
Secured debt portfolio (2)				9.5	%				9.6	%
Unsecured debt portfolio (2)				11.3	%				11.3	%
Total debt portfolio (2)				9.5	%				9.6	%
Total portfolio (3)				9.1	%				9.3	%
Interest rate type, at fair value (2):
Fixed rate amount		$	0.0 million				$	0.0 million
Floating rate amount		$	919.2 million				$	925.1 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		$	936.9 million				$	931.3 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 June 30, 2026, invested capital totaled $1,340.4 million in 207 portfolio companies.

Recent Developments

See Note 9 to the consolidated financial statements for a summary of recent developments.

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.

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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.

As of June 30, 2026, $929.8 million or 99.4% 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 six months ended June 30, 2026 and 2025 were as follows:

		Three Months Ended June 30,										Six months ended June 30,
(in millions)*		2026					2025						2026				2025
Investment Income
Interest income		$		22.0			$		23.5			$		43.6			$		47.9
Dividend income				—					—					—					—
PIK interest income				0.6					0.8					1.3					1.5
Other income				0.1					0.1					0.4					0.3
Total investment income		$		22.8			$		24.5			$		45.3			$		49.7
Expenses
Management and performance-based incentive fees, net of amounts waived		$		2.4			$		1.3			$		3.8			$		1.5
Interest and other debt expenses, net of reimbursements				8.9					9.9					17.5					19.8
Administrative services expense, net of reimbursements				0.4					0.3					0.9					0.4
Other general and administrative expenses				1.0					0.8					2.0					1.7
Net Expenses		$		12.7			$		12.2			$		24.1			$		23.5
Net Investment Income		$		10.1			$		12.3			$		21.1			$		26.2
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)		$		0.1			$		(0.5	)		$		0.1			$		(0.5	)
Net change in unrealized gains (losses)				(6.4	)				(3.4	)				(20.9	)				(8.4	)
Net Realized and Change in Unrealized Gains (Losses)		$		(6.2	)		$		(4.0	)		$		(20.8	)		$		(9.0	)
Net Increase in Net Assets Resulting from Operations		$		3.9			$		8.3			$		0.4			$		17.2
Net Investment Income on Per Average Share Basis (1)		$		0.59			$		0.77			$		1.23			$		1.66
Earnings per share — basic (1)		$		0.23			$		0.52			$		0.02			$		1.09

* Totals may not foot due to rounding.

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

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Total Investment Income

For the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

Total investment income (including PIK) for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, decreased by $1.7 million. The decline in total investment income was primarily driven by the decrease in the average yield for the total debt portfolio, from 10.1% for the three months ended June 30, 2025 to 9.5% for the three months ended June 30, 2026, combined with an increase in non-accrual positions.

For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

Total investment income (including PIK) for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, decreased by $4.4 million. The decline in total investment income was primarily driven by the decrease in the average yield for the total debt portfolio, from 10.3% for six months ended June 30, 2025 to 9.5% for the six months ended June 30, 2026, combined with an increase in non-accrual positions.

Net Expenses

For the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

For the three months ended June 30, 2026 and June 30, 2025, net expenses were $12.7 million and $12.2 million, respectively. The primary driver of the increase is higher management and performance-based incentive fees (net of waivers). The Adviser waived 50% of the management fee and incentive fee from March 15, 2025 through March 15, 2026. The waiver expired on March 15, 2026, and 100% of management and incentive fees were charged in the quarter ended June 30, 2026. This is partially offset by interest and other debt expenses decreasing, driven by lower SOFR rates.

For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

For the six months ended June 30, 2026 and June 30, 2025, net expenses were $24.1 million and $23.5 million, respectively. The primary driver of the increase is higher management and performance-based incentive fees (net of waivers). The Adviser waived 50% of the management fee and incentive fee from March 15, 2025 through March 15, 2026. Following the expiration of the waiver on March 15, 2026, the Adviser resumed earning 100% of the management and incentive fees. This is partially offset by interest and other debt expenses decreasing, driven by lower SOFR rates.

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Net Realized Gains (Losses)

For the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

During the three months ended June 30, 2026, realized foreign-currency and FX forward activity produced a gross realized gains of $0.1 million and gross realized losses of $0 million, resulting in net realized gains of $0.1 million.

During the three months ended June 30, 2025, we recognized gross realized gains of $0 million and gross realized losses of $0.4 million, resulting in net realized losses of $0.4 million

(in millions)		Net Realized Gain (Loss)
American West		$		(0.4	)

 

For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

During the six months ended June 30, 2026, realized foreign-currency and FX forward activity produced a gross realized gains of $0.1 million and gross realized losses of $0 million, resulting in net realized gains of $0.1 million.

During the six months ended June 30, 2025, we recognized gross realized gains of $0 million and gross realized losses of $0.4 million, resulting in net realized losses of $0.4 million.

(in millions)		Net Realized Gain (Loss)
American West		$		(0.4	)

 

 

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Net Change in Unrealized Gains (Losses)

For the three months ended June 30, 2026 as compared to the three months ended June 30, 2025.

During the three months ended June 30, 2026, we recognized gross unrealized gains of $6.5 million and gross unrealized losses of $12.9 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $6.4 million. Significant changes in unrealized gains (losses) for the three months ended June 30, 2026 are summarized below:

(in millions)		Net Unrealized Gain (Loss)
Veristat Group Inc.		$		4.0
LAV GEAR HOLDINGS INC				(2.7	)
Midwest Vision				(2.4	)
American Restoration				(2.0	)

 

During the three months ended June 30, 2025, we recognized gross unrealized gains of $2.5 million and gross unrealized losses of $5.9 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $3.4 million which was primarily driven by financial underperformance of Veristat Group Inc. and SEKO Global Logistics Network, LLC. The loss is partially offset by unrealized gain from American West following the restructure during the quarter. Significant changes in unrealized gains (losses) for the three months ended June 30, 2025 are summarized below:

(in millions)		Net Unrealized Gain (Loss)
American West		$		1.0
Veristat Group Inc.				(1.7	)
SEKO Global Logistics Network, LLC				(1.1	)

 

For the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.

During the six months ended June 30, 2026, we recognized gross unrealized gains of $5.3 million and gross unrealized losses of $26.2 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $20.9 million which was primarily driven by financial underperformance and credit stress in a handful of positions. Market-wide spread widening, concentrated in software and technology early in the year, further contributed to the net loss. Significant changes in unrealized gains (losses) for the six months ended June 30, 2026 are summarized below:

(in millions)		Net Change in Unrealized Gain (Loss)
Veristat Group Inc.		$		3.7
Midwest Vision				(4.2	)
LAV GEAR HOLDINGS INC				(3.2	)
American West				(2.3	)
Kauffman				(2.1	)
American Restoration				(2.0	)
Congruex				(1.4	)
Distinct				(1.2	)

 

During the six months ended June 30, 2025, we recognized gross unrealized gains of $3.0 million and gross unrealized losses of $11.4 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $8.4 million which was primarily driven by financial underperformance of FEV Acquisition Corporation, Veristat Group, Inc. and LAV Gear Holdings Inc. Significant changes in unrealized gains (losses) for the six months ended June 30, 2025 are summarized below:

(in millions)		Net Change in Unrealized Gain (Loss)
FEV Acquisition Corporation		$		(2.9	)
Veristat Group Inc.				(2.4	)
LAV GEAR HOLDINGS INC				(2.1	)

 

 

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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.

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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 June 30, 2026:

 

			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)		$		579.5			$		—			$		—			$		579.5			$		—
Total Debt Obligations		$		579.5			$		—			$		—			$		579.5			$		—

 

(1)

As of June 30, 2026, 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.

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 June 30, 2026 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, 2026. 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 of Trustees (the "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.

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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 six months ended June 30, 2026, PIK income totaled $0.6 million and $1.3 million on total investment income of $22.8 million and $45.3 million, respectively. For the three and six months ended June 30, 2025, PIK income totaled $0.8 million and $1.5 million on total investment income of $24.5 million and $49.7 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.

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 by our Adviser, subject to the oversight of the Board. With respect to investments for which market quotations are not readily available, the Adviser typically utilizes independent third party valuation firms to assist us in determining fair value of such investments in good faith, based on procedures adopted by and subject to the oversight of the Board. 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 six months ended June 30, 2026 for more information relating to our investment valuation.

 

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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 June 30, 2026, 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 June 30, 2026, assuming no changes in our investment and borrowing structure:

Basis Point Change		Net Investment Income			Net Investment Income Per Share
Up 150 basis points		$	4.8 million		$		0.279
Up 100 basis points			3.2 million				0.185
Up 50 basis points			1.6 million				0.092
Down 50 basis points			(1.6) million				(0.092	)
Down 100 basis points			(3.2) million				(0.184	)
Down 150 basis points			(4.6) million				(0.269	)

 

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.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2026 (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 factors discussed in “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in Part II, “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

During the fiscal quarter ended June 30, 2026, 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.”

Entry into Waiver Agreement

On August 12, 2026, the Company entered into a waiver agreement (the "Waiver Agreement") with the Adviser, pursuant to which the Adviser has agreed to waive 50% of the base management fee and incentive fee payable by the Company to the Adviser for the period from April 1, 2026 through June 30, 2027. For the avoidance of doubt, the Waiver Agreement does not amend the calculation of the base management fee and incentive fee as set forth in the Advisory Agreement. Other than the waiver contemplated by the Waiver Agreement, the terms of the Advisory Agreement remain in full force and effect. The impact of the waiver for the period from April 1, 2026 through June 30, 2026 will result in a reimbursement to the Company of $1.2 million.

 

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Item 6. Exhibits

3.1	Fourth Amended and Restated Agreement and Declaration of Trust (1)
3.2	Bylaws (2)
10.1	Fee Waiver Agreement, dated August 12, 2026, by and between MidCap Apollo Institutional Private Lending and Apollo Credit Management, LLC*
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 - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents
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 August 13, 2026.

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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