# EDGAR Filing Document

**Accession Number:** 0002006758
**File Stem:** 0001193125-25-274253
**Filing Date:** 2025-11
**Character Count:** 327061
**Document Hash:** e8417a89a1cbb471876c8239b2e6b316
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-274253.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001193125-25-274253

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MidCap Apollo Institutional Private Lending
- **CENTRAL INDEX KEY:** 0002006758

**ORGANIZATION NAME:**
- **EIN:** 934353274
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01710
- **FILM NUMBER:** 251466330

**BUSINESS ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-515-3200

**MAIL ADDRESS:**
- **STREET 1:** 9 WEST 57TH STREET
- **STREET 2:** 42ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Middle Market Apollo Institutional Private Lending
- **DATE OF NAME CHANGE:** 20240103

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 10-Q

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

**For the quarterly period ended** **September 30,** 2025

**OR**

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

**For the transition period from_____ to_____**

**Commission File Number:** 814-01710

MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING

(Exact name of Registrant as specified in its charter)

---

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

---

**(**212**)** 515-3450

(Registrant's telephone number, including area code)

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

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| **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 ⌧ 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 ⌧ 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 ⌧ Smaller reporting company ◻ Emerging growth company ⌧

(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 ⌧

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

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

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  | **PART I. FINANCIAL INFORMATION** |  |
| Item 1. | [<u>Consolidated Financial Statements</u>](#sal) | 1 |
|  | [<u>Consolidated Statements of Assets and Liabilities as of</u>](#sal)<br>[<u>September 30, 2025 (Unaudited) and December 31, 2024</u>](#sal) | 1 |
|  | [<u>Consolidated Statements of Operations for the</u>](#sop)<br>[<u>three and nine months ended September 30, 2025 and</u>](#sop)[<u>September 30, 2024</u>](#sop)[<u>(Unaudited)</u>](#sop) | 2 |
|  | [<u>Consolidated Statements of Changes in Net Assets for the</u>](#scna)<br>[<u>three and nine months ended September 30, 2025 and September 30, 2024 (Unaudited)</u>](#scna) | 3 |
|  | [<u>Consolidated Statements of Cash Flows for the</u>](#scf)<br>[<u>nine months ended September 30, 2025 and September 30, 2024 (Unaudited)</u>](#scf) | 4 |
|  | [<u>Consolidated Schedule of Investments as of</u>](#cq_soi)<br>[<u>September 30, 2025 (Unaudited)</u>](#cq_soi) | 5 |
|  | [<u>Consolidated Schedule of Investments as of</u>](#pq_soi)<br>[<u>December 31, 2024</u>](#pq_soi) | 28 |
|  | [<u>Notes to Consolidated Financial Statements (Unaudited)</u>](#notestofs) | 46 |
|  | [<u>Report of Independent Registered Public Accounting Firm</u>](#auditopinion) | 74 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#mdna) | 75 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item3marketrisk) | 85 |
| Item 4. | [<u>Controls and Procedures</u>](#item4control) | 86 |
|  | **PART II. OTHER INFORMATION** |  |
| Item 1. | [<u>Legal Proceedings</u>](#item1legalproceeding) | 87 |
| Item 1A. | [<u>Risk Factors</u>](#p2i1) | 87 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#p2i2) | 87 |
| Item 3. | [<u>Defaults Upon Senior Securities</u>](#p2i3) | 87 |
| Item 4. | [<u>Mine Safety Disclosures</u>](#p2i4) | 87 |
| Item 5. | [<u>Other Information</u>](#p2i5) | 87 |
| Item 6. | [<u>Exhibits</u>](#p2i6) | 88 |
|  | [<u>Signatures</u>](#signature) | 89 |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**PART I. FINANCIAL INFORMATION**

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

**Item 1. Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** |
| **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** | **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** | **CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Investments at fair value: |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments (cost $912,822 and $918,595, respectively) | $899528 | $909845 |
| &nbsp;&nbsp;Non-controlled/affiliated investments (cost $7,217 and $0 respectively) | 6998 |  |
| Cash and cash equivalents | 14015 | 33276 |
| Foreign currencies (cost $1,002 and $711, respectively) | 1002 | 678 |
| Receivable for investments sold | 1232 | 8607 |
| Interest receivable | 11172 | 5399 |
| Unrealized appreciation on foreign currency forward contracts | 38 |  |
| &nbsp;&nbsp;**Total assets** | $933985 | $957804 |
| **Liabilities** |  |  |
| Debt (net of deferred financing costs and unamortized original issue discount of $7,951 and $5,150 as of September 30, 2025 and December 31, 2024, respectively) | $511496 | $573522 |
| Payable for investments purchased | 84 |  |
| Management fees payable | 504 |  |
| Performance-based incentive fees payable | 827 |  |
| Distributions payable | 12779 | 13169 |
| Interest payable | 2639 | 3256 |
| Accrued administrative services expense payable | 270 | 1414 |
| Other liabilities and accrued expenses | 2474 | 1916 |
| &nbsp;&nbsp;**Total liabilities** | $531073 | $593277 |
| Commitments and contingencies (Note 8) |  |  |
| &nbsp;&nbsp;**Total Net Assets** | $402912 | $364527 |
| **Net Assets (Note 6)** |  |  |
| Common shares, $0.001 par value (Unlimited shares authorized; 17,038,441 shares issued and outstanding as of September 30, 2025 and 14,922,603 shares issued and outstanding as of December 31, 2024) | $17 | $15 |
| Capital in excess of par value | 408769 | 375365 |
| Accumulated under-distributed (over-distributed) earnings | (5874) | (10853) |
| &nbsp;&nbsp;**Net Assets** | $402912 | $364527 |
| **Net Asset Value Per Share** | $23.65 | $24.43 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** |
| **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** | **CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Investment Income** |  |  |  |  |
| Non-controlled/non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income (excluding Payment-in-kind ("PIK") interest income) | $23884 | $25039 | $71725 | $72349 |
| &nbsp;&nbsp;PIK interest income | 808 | 709 | 2388 | 1197 |
| &nbsp;&nbsp;Other income | 168 | 329 | 422 | 892 |
| Non-controlled/affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;Interest income (excluding PIK interest income) | 134 |  | 153 |  |
| &nbsp;&nbsp;PIK interest income |  |  |  |  |
| &nbsp;&nbsp;Other income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | $24994 | $26077 | $74688 | $74438 |
| **Operating Expenses** |  |  |  |  |
| Interest and other debt expenses | $9712 | $10929 | $29537 | $31152 |
| Service fees |  |  |  | 553 |
| Management fees | 1008 | 961 | 2918 | 1875 |
| Performance-based incentive fees | 1654 | 1574 | 4885 | 3386 |
| Legal expenses | 353 | 402 | 1047 | 1454 |
| Administrative service expenses | 273 | 447 | 663 | 973 |
| Other general and administrative expenses | 436 | 746 | 1472 | 2210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 13436 | 15059 | 40522 | 41603 |
| Management fees waived | (504) | (961) | (1845) | (1874) |
| Performance-based incentive fees waived | (827) | (1574) | (3094) | (3386) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | $12105 | $12524 | $35583 | $36343 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Investment Income** | $12889 | $13553 | $39105 | $38095 |
| **Net Realized and Change in Unrealized Gains (Losses)** |  |  |  |  |
| Net realized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | $(9496) | $— | $(9892) | $— |
| &nbsp;&nbsp;Non-controlled/affiliated investments |  |  |  |  |
| &nbsp;&nbsp;Foreign currency forward contracts | (17) |  | (162) |  |
| &nbsp;&nbsp;Foreign currency transactions | (28) | (18) | (31) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains (losses) | $(9541) | $(18) | $(10085) | $(18) |
| Net change in unrealized gains (losses): |  |  |  |  |
| &nbsp;&nbsp;Non-controlled/non-affiliated investments | 3692 | (4201) | (4543) | (5401) |
| &nbsp;&nbsp;Non-controlled/affiliated investments | (219) |  | (219) |  |
| &nbsp;&nbsp;Foreign currency forward contracts | 77 |  | 38 |  |
| &nbsp;&nbsp;Foreign currency translations | (9) | (60) | (176) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gains (losses) | 3541 | (4261) | (4900) | (5461) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Change in Unrealized Gains (Losses)** | $(6000) | $(4279) | $(14985) | $(5479) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $6889 | $9274 | $24120 | $32616 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** |  |
| **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)** |  |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |  |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Operations** |  |  |  |  |
| Net investment income | $12889 | $13553 | $39105 | $38095 |
| Net realized gains (losses) | (9541) | (18) | (10085) | (18) |
| Net change in unrealized gains (losses) | 3541 | (4261) | (4900) | (5461) |
| &nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $6889 | $9274 | $24120 | $32616 |
| **Distributions to Shareholders** |  |  |  |  |
| Distribution of net investment income | $(12779) | $(15879) | $(37322) | $(15879) |
| &nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Distributions to Shareholders** | $(12779) | $(15879) | $(37322) | $(15879) |
| **Capital Share Transactions** |  |  |  |  |
| Net proceeds from the issuance of common shares (Note 6) | $25000 | $— | $50000 | $60000 |
| Distributions reinvested | 824 | 450 | 1587 | 450 |
| &nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions** | $25824 | $450 | $51587 | $60450 |
| **Net Assets** |  |  |  |  |
| Net increase (decrease) in net assets during the period | $19934 | $(6155) | $38385 | $77187 |
| Net assets at beginning of period | 382978 | 377792 | 364527 | 294450 |
| &nbsp;&nbsp;**Net Assets at End of Period** | $402912 | $371637 | $402912 | $371637 |
| **Capital Share Activity** |  |  |  |  |
| Shares issued during the period (Note 6) | 1034768 |  | 2050615 | 14474953 |
| Distributions reinvested | 33999 | 17218 | 65223 |  |
| Shares issued and outstanding at beginning of period | 15969674 | 14457735 | 14922603 |  |
| &nbsp;&nbsp;**Shares Issued and Outstanding at End of Period** | 17038441 | 14474953 | 17038441 | 14474953 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

---

| | | |
|:---|:---|:---|
| **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** |
| **CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** | **CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| **Operating Activities** |  |  |
| Net increase (decrease) in net assets resulting from operations | $24120 | $32616 |
| Net realized (gains) losses on investments | 9892 |  |
| Net change in unrealized (gains) losses | 4900 | 5461 |
| Payment-in-kind interest capitalized | (2357) | (1341) |
| Net accretion of discount and amortization of premium | (2307) | (2950) |
| Amortization of deferred financing costs | 917 | 849 |
| Purchases of investments | (176016) | (171794) |
| Proceeds from sale of investments and principal repayments | 169344 | 59205 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Decrease (increase) in interest receivable | (5773) | (6068) |
| &nbsp;&nbsp;Decrease (increase) in receivable for investments sold | 7375 |  |
| &nbsp;&nbsp;Decrease (increase) in other assets |  |  |
| &nbsp;&nbsp;Increase (decrease) in payable for investments purchased | 84 |  |
| &nbsp;&nbsp;Increase (decrease) in management fees payable | 504 |  |
| &nbsp;&nbsp;Increase (decrease) in performance-based incentive fees payable | 827 |  |
| &nbsp;&nbsp;Increase (decrease) in interest payable | (617) | 2728 |
| &nbsp;&nbsp;Increase (decrease) in service fees payable |  | (38) |
| &nbsp;&nbsp;Increase (decrease) in accrued organization cost |  | (470) |
| &nbsp;&nbsp;Increase (decrease) in accrued administrative services expense payable | (1144) | 967 |
| &nbsp;&nbsp;Increase (decrease) in other liabilities and accrued expenses | 558 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash (Used in)/Provided by Operating Activities** | $30307 | $(80246) |
| **Financing Activities** |  |  |
| Issuances of debt | $96136 | $134872 |
| Payments of debt | (156000) | (80500) |
| Financing costs paid and deferred | (3290) | (1171) |
| Proceeds from issuance of common shares | 50000 | 60000 |
| Distributions paid | (36125) | (15429) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Cash (Used in)/Provided by Financing Activities** | $(49279) | $97772 |
| **Cash, Cash Equivalents and Foreign Currencies** |  |  |
| Net increase (decrease) in cash and cash equivalents during the period | $(18972) | $17526 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 35 | 10 |
| Cash and cash equivalents at beginning of period | 33954 | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Cash, Cash Equivalents and Foreign Currencies at the End of Period** | $15017 | $20712 |
| **Supplemental Disclosure and Non-Cash Information** |  |  |
| Cash interest paid | $29237 | $27575 |
| Reinvestment of distributions during the period | $1587 | $450 |
| PIK income | $2388 | $1197 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |  |
| Jonathan Acquisition Company | Jonathan Acquisition Company |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jonathan Acquisition Company | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 12/22/2026 | $— | 7835 | $7790 | $7739 | (17) |
| Sperry Acquisition, LLC | Sperry Acquisition, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sperry Acquisition, LLC | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 2/3/2031 |  | 4788 | 4722 | 4727 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 2/3/2031 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 2/3/2031 |  |  | (1) | (1) | (9)(12)(13)(14) |
| &nbsp;&nbsp;Sperry Parent Holdings, L.P. | Common Equity - Stock | N/A | N/A | 494 Shares | 494 Shares | 50 | 46 | (6)(9)(15) |
|  |  |  |  |  |  | 4770 | 4771 |  |
|  |  | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | $12560 | $12510 |  |
| **Air Freight & Logistics** | **Air Freight & Logistics** |  |  |  |  |  |  |  |
| Primeflight |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PrimeFlight Acquisition, LLC | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/1/2029 | $— | 7840 | $7668 | $7840 | (9)(17) |
|  | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 5/1/2029 |  | 2494 | 2470 | 2481 | (9)(17) |
|  |  |  |  |  |  | 10138 | 10321 |  |
| SEKO Global Logistics Network, LLC | SEKO Global Logistics Network, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | First Lien Secured Debt - Term Loan | S+700 PIK, 1.00% Floor | 5/27/2030 |  | 1911 | 1911 | 1911 | (17) |
|  | Common Equity - Equity Unit | N/A | N/A | 876 Shares | 876 Shares | 2737 | 1076 | (6)(15) |
|  |  |  |  |  |  | 4648 | 2987 |  |
|  |  | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | $14786 | $13308 |  |
| **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |  |
| AAMP Global Holdings, Inc. | AAMP Global Holdings, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AAMP Global Holdings, Inc. | First Lien Secured Debt - Term Loan | S+485, 1.00% Floor | 11/5/2026 | $— | 7771 | $7735 | $7736 | (17) |
| Universal Air Conditioner | Universal Air Conditioner |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cool Acquisition Holdings, LP | Common Equity - Limited Partnership | N/A | N/A | 34,483 Shares | 34,483 Shares | 35 | 22 | (6)(9)(15) |
| &nbsp;&nbsp;Cool Buyer, Inc. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 10/31/2030 |  | 4764 | 4701 | 4618 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 10/31/2030 |  |  | (1) | (3) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 10/31/2030 |  | 43 | 42 | 40 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 4777 | 4677 |  |
|  |  | Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | $12512 | $12413 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Beverages** | **Beverages** |  |  |  |  |  |  |  |
| Ronnoco Coffee | Ronnoco Coffee |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ronnoco Holdings, Inc. | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 3/17/2031 | $— | 3534 | $3485 | $3481 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+450, 1.00% Floor | 3/17/2031 |  |  | (20) | (22) | (9)(12)(13)(14) |
|  | Preferred Equity - Preferred Stocks | N/A | N/A | 500 Shares | 500 Shares | 50 | 50 | (6)(9) |
|  | Common Equity - Stock | N/A | N/A | 53 Shares | 53 Shares |  |  | (6)(9)(15) |
|  |  | Total Beverages | Total Beverages | Total Beverages | Total Beverages | $3515 | $3509 |  |
| **Building Products** | **Building Products** |  |  |  |  |  |  |  |
| Decks & Docks | Decks & Docks |  |  |  |  |  |  |  |
| &nbsp;&nbsp;D&D Buyer, LLC | First Lien Secured Debt - Delayed Draw | S+650, 2.00% Floor | 10/4/2028 | $— | 2484 | $2435 | $2435 | (9)(17) |
| OmniMax International, LLC | OmniMax International, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Omnimax International, LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 12/6/2030 |  | 7363 | 7231 | 7200 | (9)(18) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 12/6/2030 |  | 100 | 98 | 97 | (9)(18) |
|  |  |  |  |  |  | 7329 | 7297 |  |
|  |  | Total Building Products | Total Building Products | Total Building Products | Total Building Products | $9764 | $9732 |  |
| **Chemicals** |  |  |  |  |  |  |  |  |
| Aspen Aerogels, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aspen Aerogels, Inc. | First Lien Secured Debt - Term Loan | S+500, 4.50% Floor | 8/19/2029 | $— | 7841 | $7713 | $7762 | (9)(11)(16) |
|  | First Lien Secured Debt - Revolver | S+510, 2.50% Floor | 8/19/2029 |  | 15 | 15 | 15 | (9)(11)(13)(14)<br>(16) |
|  |  |  |  |  |  | 7728 | 7777 |  |
| Meristem Crop Performance | Meristem Crop Performance |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lunar Buyer, LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 10/3/2030 |  | 4764 | 4681 | 4645 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 10/3/2030 |  |  | (1) | (2) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 10/3/2030 |  | 42 | 41 | 40 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 4721 | 4683 |  |
| Universal Fiber Systems LLC | Universal Fiber Systems LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Universal Fiber Systems LLC | First Lien Secured Debt - Term Loan | S+511, 1.00% Floor | 9/30/2028 |  | 5727 | 5681 | 5480 | (17) |
|  |  | Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | $18130 | $17940 |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |
| Best Trash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bingo Group Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/10/2031 | $— | 8712 | $8617 | $8668 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/10/2031 |  | 83 | 82 | 82 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/10/2031 |  | 3 | 2 | 3 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 8701 | 8753 |  |
| Climate Pros |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Climate Pros, LLC | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 7/24/2027 |  | 7872 | 7847 | 7754 | (17) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| LAV GEAR HOLDINGS INC | LAV GEAR HOLDINGS INC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LAV Gear Holdings, inc | First Lien Secured Debt - Term Loan | S+250 Cash plus 3.44% PIK, 1.00% Floor | 7/31/2029 |  | 4266 |  | 4132 |  | 4131 | (16) |
|  | Common Equity - Stock | N/A | N/A | 18,105 Shares | 18,105 Shares |  | 2816 |  | 2834 | (15) |
|  |  |  |  |  |  |  | 6948 |  | 6965 |  |
| Monarch Landscape Companies | Monarch Landscape Companies |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Monarch Landscape Holdings, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 10/2/2028 |  | 7838 |  | 7772 |  | 7766 | (17) |
| Pavement Preservation | Pavement Preservation |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pavement Preservation Acquisition, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 8/9/2030 |  | 4730 |  | 4649 |  | 4671 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 8/9/2030 |  | 100 |  | 98 |  | 99 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 8/9/2030 |  | 8 |  | 7 |  | 7 | (9)(13)(14)(17) |
|  |  |  |  |  |  |  | 4754 |  | 4777 |  |
| Rasa Floors & Carpet Cleaning, LLC | Rasa Floors & Carpet Cleaning, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rasa Floors & Carpet Cleaning, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 12/22/2027 |  | 7821 |  | 7417 |  | 7328 | (17) |
| Vixxo | Vixxo |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vixxo Corporation | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/1/2030 |  | 4913 |  | 4850 |  | 4876 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 8/1/2030 |  |  |  |  |  |  | (9)(13)(14) |
|  |  |  |  |  |  |  | 4850 |  | 4876 |  |
|  |  | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | $— | 48289 | $— | 48219 |  |
| **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |  |  |
| Accelevation, LLC | Accelevation, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accelevation LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 1/2/2031 | $— | 4788 | $— | 4723 | $— | 4764 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 1/2/2031 |  | 8 |  | 8 |  | 8 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 1/2/2031 |  | 17 |  | 15 |  | 16 | (9)(13)(14)(17) |
|  |  |  |  |  |  |  | 4746 |  | 4788 |  |
| American Restoration | American Restoration |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;American Restoration Holdings, LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 7/24/2030 |  | 8613 |  | 8468 |  | 8570 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+510, 1.00% Floor | 7/24/2030 |  | 350 |  | 347 |  | 348 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+510, 1.00% Floor | 7/24/2030 |  | 100 |  | 98 |  | 100 | (9)(14)(17) |
|  |  |  |  |  |  |  | 8913 |  | 9018 |  |
| Carr and Duff, LLC | Carr and Duff, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Carr and Duff, LLC | First Lien Secured Debt - Term Loan | S+605, 1.00% Floor | 3/11/2027 |  | 7495 |  | 7444 |  | 7464 | (17) |
| Core Roofing | Core Roofing |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CRS Holdings, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 6/6/2030 |  | 1808 |  | 1778 |  | 1785 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 6/6/2030 |  |  |  |  |  | (1) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 6/6/2030 |  |  |  | (1) |  | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  |  | 1777 |  | 1783 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| Kauffman | Kauffman |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kauffman Intermediate, LLC | First Lien Secured Debt - Term Loan | 10.60% | 9/30/2026 |  | 8690 | 8408 | 5318 | (5)(9)(16) |
| SAFEbuilt, LLC | SAFEbuilt, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SAFEbuilt, LLC | First Lien Secured Debt - Term Loan | S+685, 1.00% Floor | 12/31/2025 |  | 7951 | 7943 | 7926 | (16) |
| Traffic Management Solutions, LLC | Traffic Management Solutions, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Traffic Management Solutions, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/26/2030 |  | 4665 | 4603 | 4622 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/26/2030 |  | 96 | 94 | 95 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/26/2030 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 4696 | 4716 |  |
|  |  | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | $43927 | $41013 |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |  |
| 3D Protein |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Protein For Pets Opco, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/20/2030 | $— | 7801 | $7674 | $7645 | (9)(16) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 9/20/2030 |  | 27 | 25 | 25 | (9)(13)(14)(16) |
|  |  |  |  |  |  | 7699 | 7670 |  |
| Turkey Hill |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;THLP CO., LLC | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 1/31/2028 |  | 8389 | 8380 | 8263 | (9)(17) |
|  |  | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | $16079 | $15933 |  |
| **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |
| Berry Tapes & Adhesives | Berry Tapes & Adhesives |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vybond Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 2/3/2032 | $— | 9776 | $9639 | $9702 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 2/3/2032 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 2/3/2032 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 9637 | 9700 |  |
| MSI Express, Inc. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NCP-MSI Buyer | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 3/24/2031 |  | 2909 | 2875 | 2873 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 3/24/2031 |  |  | (4) | (9) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+375, 0.75% Floor | 3/24/2031 |  | 787 | 772 | 771 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 3643 | 3635 |  |
| Truvant |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;NPPI Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/20/2029 |  | 9702 | 9583 | 9629 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 8/20/2029 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 8/20/2029 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 9581 | 9627 |  |
|  |  | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | $22861 | $22962 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |  |
| Club Car Wash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Car Wash Operating, LLC | First Lien Secured Debt - Delayed Draw | S+565, 1.00% Floor | 6/16/2027 | $— | 8780 | $8712 | $8709 | (9)(13)(14)(17) |
| Go Car Wash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Go Car Wash Management, Corp. | First Lien Secured Debt - Delayed Draw | S+585, 1.00% Floor | 12/31/2026 |  | 7836 | 7776 | 7699 | (9)(17) |
| Legacy.com |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lotus Topco Inc. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 6/7/2030 |  | 3376 | 3331 | 3325 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 6/7/2030 |  | 13 | 12 | 12 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 6/7/2030 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 3342 | 3336 |  |
| Mariani |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CI | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 3/27/2030 |  | 4731 | 4666 | 4669 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 3/27/2030 |  | 289 | 272 | 259 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 3/27/2030 |  | 243 | 236 | 237 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 5174 | 5165 |  |
| Rapid Express Car Wash, LLC | Rapid Express Car Wash, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rapid Express Car Wash, LLC | First Lien Secured Debt - Delayed Draw | S+585, 1.00% Floor | 12/23/2027 |  | 7899 | 7783 | 7904 | (17) |
| Regis |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Regis Corporation | First Lien Secured Debt - Term Loan | S+450, 2.50% Floor | 6/24/2029 |  | 10159 | 10000 | 10007 | (9)(16) |
|  | First Lien Secured Debt - Revolver | S+450, 2.50% Floor | 6/24/2029 |  | 4 | 3 | 3 | (9)(13)(14)(16) |
|  |  |  |  |  |  | 10003 | 10010 |  |
| Team Car Wash |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TCW Midco LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 10/22/2029 |  | 4764 | 4722 | 4716 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 10/22/2029 |  | 340 | 312 | 312 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 10/22/2029 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 5033 | 5027 |  |
| Ultra Clean Newco |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ultra Clean Holdco LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/1/2030 |  | 6722 | 6624 | 6604 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/1/2030 |  | 1063 | 1040 | 1026 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/1/2030 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 7663 | 7629 |  |
|  |  | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | $55486 | $55479 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Electric Utilities** |  |  |  |  |  |  |
| Dynagrid |  |  |  |  |  |  |
| &nbsp;&nbsp;Megavolt Borrower, LLC | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 2/13/2032 | $881 | $891 | (9)(17) |
|  |  | Total Electric Utilities | Total Electric Utilities | $881 | $891 |  |
| **Electrical Equipment** |  |  |  |  |  |  |
| Brush Group |  |  |  |  |  |  |
| &nbsp;&nbsp;Brush Group Bidco Limited | First Lien Secured Debt - Term Loan | SONIA+500, 0.00% Floor | 7/30/2031 | $7831 | $7948 | (9)(11)(24) |
|  | First Lien Secured Debt - Revolver | SONIA+500, 0.00% Floor | 7/30/2031 | (29) | (30) | (9)(11)(12)(13)<br>(14) |
|  |  |  |  | 7802 | 7918 |  |
| Generator Buyer, Inc. | Generator Buyer, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Generator Buyer, Inc. | First Lien Secured Debt - Term Loan | CORRA+525, 0.75% Floor | 7/22/2030 | 6253 | 6197 | (9)(11)(20) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 7/22/2030 | 975 | 985 | (9)(11)(17) |
|  | First Lien Secured Debt - Delayed Draw | CORRA+525, 0.75% Floor | 7/22/2030 | 45 | 44 | (9)(11)(13)(14)<br>(20) |
|  | First Lien Secured Debt - Revolver | CORRA+525, 0.75% Floor | 7/22/2030 | 9 | 11 | (9)(11)(13)(14)<br>(20) |
|  |  |  |  | 7282 | 7237 |  |
| International Wire Group | International Wire Group |  |  |  |  |  |
| &nbsp;&nbsp;IW Buyer LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 6/28/2029 | 10072 | 10098 | (9)(17) |
|  |  | Total Electrical Equipment | Total Electrical Equipment | $25156 | $25253 |  |
| **Electronic Equipment, Instruments & Compone** | **Electronic Equipment, Instruments & Compone** |  |  |  |  |  |
| Eckhart BidCo, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Eckhart BidCo, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 1/10/2029 | $7729 | $7663 | (17) |
| Li-Cor, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Li-Cor, Inc. | First Lien Secured Debt - Term Loan | S+485, 1.00% Floor | 12/1/2027 | 7792 | 7847 | (16) |
|  |  | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | $15521 | $15510 |  |
| **Entertainment** |  |  |  |  |  |  |
| Chernin Entertainment |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewel Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+560, 0.50% Floor | 7/1/2027 | $7385 | $7366 | (17) |
| DHX |  |  |  |  |  |  |
| &nbsp;&nbsp;WildBrain Ltd. | First Lien Secured Debt - Term Loan | S+550, 0.50% Floor | 7/23/2029 | 4715 | 4733 | (9)(11)(17) |
|  | First Lien Secured Debt - Revolver | S+550, 0.50% Floor | 7/23/2029 | 38 | 39 | (9)(11)(13)(14)<br>(17) |
|  |  |  |  | 4753 | 4772 |  |
|  |  | Total Entertainment | Total Entertainment | $12138 | $12138 |  |
| **Financial Services** |  |  |  |  |  |  |
| AML Rightsource |  |  |  |  |  |  |
| &nbsp;&nbsp;Gabriel Partners, LLC | First Lien Secured Debt - Term Loan | S+195 Cash plus 4.45% PIK, 1.00% Floor | 9/21/2026 | $7990 | $7812 | (9)(17) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| GC Waves |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GC Waves Holdings, Inc. | First Lien Secured Debt - Term Loan | S+485, 0.75% Floor | 10/4/2030 |  | 9702 |  | 9702 |  | 9666 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+485, 0.75% Floor | 10/4/2030 |  | 78 |  | 78 |  | 78 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/4/2030 |  |  |  |  |  |  | (9)(13)(14) |
|  |  |  |  |  |  |  | 9780 |  | 9744 |  |
| PMA |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PMA Parent Holdings, LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 1/31/2031 |  | 4888 |  | 4842 |  | 4839 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 1/31/2031 |  |  |  | (1) |  | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  |  | 4841 |  | 4838 |  |
| Wealth Enhancement Group | Wealth Enhancement Group |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 10/2/2028 |  | 7855 |  | 7832 |  | 7817 | (11)(17) |
|  |  | Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | $— | 30443 | $— | 30211 |  |
| **Food Products** |  |  |  |  |  |  |  |  |  |  |
| Amylu Foods |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amylu Borrower Sub, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/10/2031 | $— | 5469 | $— | 5416 | $— | 5414 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 6/10/2031 |  |  |  | (4) |  | (9) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 6/10/2031 |  | 78 |  | 68 |  | 67 | (9)(13)(14)(17) |
|  |  |  |  |  |  |  | 5480 |  | 5472 |  |
| Berner Foods |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Berner Food & Beverage, LLC | First Lien Secured Debt - Term Loan | S+665, 1.00% Floor | 7/30/2027 |  | 7837 |  | 7662 |  | 7680 | (9)(17) |
| Casper's Ice Cream, LLC | Casper's Ice Cream, LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Casper's Ice Cream, LLC | First Lien Secured Debt - Term Loan | S+615, 1.00% Floor | 12/29/2027 |  | 7837 |  | 7769 |  | 7708 | (16) |
| Fortune International LLC | Fortune International LLC |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Fortune International LLC | First Lien Secured Debt - Delayed Draw | S+510, 1.00% Floor | 7/17/2027 |  | 7816 |  | 7755 |  | 7645 | (17) |
|  |  | Total Food Products | Total Food Products | Total Food Products | Total Food Products | $— | 28666 | $— | 28505 |  |
| **Ground Transportation** | **Ground Transportation** |  |  |  |  |  |  |  |  |  |
| Heniff and Superior |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heniff Holdco, LLC | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 12/3/2026 | $— | 7674 | $— | 7657 | $— | 7578 | (9)(17) |
|  |  | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | $— | 7657 | $— | 7578 |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |  |  |  |
| ACP Hyperdrive, Inc. | ACP Hyperdrive, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ACP Hyperdrive, Inc. | First Lien Secured Debt - Term Loan | S+590, 1.00% Floor | 3/8/2028 | $— | 7838 | $— | 7691 | $— | 7445 | (9)(17) |
| Capsa Healthcare | Capsa Healthcare |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSHC Buyerco, LLC | First Lien Secured Debt - Term Loan | S+485, 1.00% Floor | 9/8/2026 |  | 10331 |  | 10258 |  | 10245 | (9)(17) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| Dr. Scholl's | Dr. Scholl's |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DRS Holdings III, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 11/1/2028 |  | 9099 | 9059 | 9054 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 11/1/2028 |  |  | (2) | (3) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 9057 | 9051 |  |
| Dragonfly Health, Inc (fka StateServ Acquisition, Inc.) | Dragonfly Health, Inc (fka StateServ Acquisition, Inc.) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dragonfly Health, Inc | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 11/19/2030 |  | 7837 | 7751 | 7782 | (17) |
| Medical Guardian | Medical Guardian |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Medical Guardian, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 4/26/2028 |  | 7858 | 7807 | 7858 | (9)(17) |
| Natus Sensory | Natus Sensory |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Natus Sensory, Inc. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 1/7/2031 |  | 4677 | 4613 | 4579 | (9)(17) |
|  | First Lien Secured Debt - Term Loan | E+525, 0.00% Floor | 1/7/2031 |  | 96 | 98 | 110 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 0.75% Floor | 1/7/2031 |  |  | (1) | (2) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 1/7/2031 |  |  | (1) | (2) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 4709 | 4685 |  |
| Project Titan | Project Titan |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Titan Luxco I SARL | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/12/2032 |  | 3022 | 2993 | 2992 | (9)(17) |
|  | First Lien Secured Debt - Term Loan | E+500, 0.75% Floor | 6/12/2032 |  | 589 | 675 | 684 | (9)(22) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 6/12/2032 |  |  | (4) | (8) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 6/12/2031 |  | 139 | 135 | 135 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | E+500, 0.75% Floor | 6/12/2031 |  | 65 | 63 | 63 | (9)(13)(14)(22) |
|  |  |  |  |  |  | 3862 | 3866 |  |
|  |  | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | $51135 | $50932 |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |  |
| EmpiRx |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EmpiRx Health LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 8/5/2027 | $— | 7837 | $7816 | $7837 | (9)(17) |
| EyeSouth |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;SCP Eye Care Services, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 10/5/2029 |  | 7839 | 7638 | 7646 | (9)(17) |
| FP UC Intermediate Holdings, Inc. | FP UC Intermediate Holdings, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;FP UC Intermediate Holdings, Inc. | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 11/22/2027 |  | 7878 | 7825 | 7612 | (17) |
| KureSmart |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kure Pain Holdings, Inc. | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 8/30/2030 |  | 6745 | 6745 | 6742 | (9)(17) |
| Maxor National Pharmacy Services, LLC | Maxor National Pharmacy Services, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Maxor Acquisition, Inc. | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 3/1/2029 |  | 7839 | 7698 | 7780 | (9)(17) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| Midwest Vision |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Midwest Vision Partners Management, LLC | First Lien Secured Debt - Term Loan | S+100 Cash plus 5.75% PIK, 1.00% Floor | 1/12/2028 | 7987 | 7880 | 7887 | (9)(17) |
|  | First Lien Secured Debt - Term Loan | SOFR+650 PIK, 1% Floor | 1/12/2028 | 417 | 411 | 325 | (9)(17) |
|  |  |  |  |  | 8291 | 8212 |  |
| Natural Partners |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Natural Partners, Inc. | First Lien Secured Debt - Term Loan | S+450, 1.00% Floor | 11/29/2030 | 7838 | 7834 | 7801 | (17) |
| Rarebreed |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 4/18/2030 | 7703 | 7578 | 7587 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 4/18/2030 | 94 | 92 | 92 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 4/18/2030 |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  | 7669 | 7678 |  |
| RHA Health Services |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pace Health Companies, LLC | First Lien Secured Debt - Term Loan | S+540, 1.00% Floor | 8/2/2027 | 7833 | 7786 | 7755 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+540, 1.00% Floor | 8/2/2027 |  | (20) | (20) | (9)(12)(13)(14) |
|  |  |  |  |  | 7766 | 7735 |  |
| Team Select |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TS Investors, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 5/4/2029 | 7840 | 7783 | 7800 | (9)(17) |
| Thomas Scientific |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Thomas Scientific, LLC | First Lien Secured Debt - Term Loan | S+340 Cash plus 4.25% PIK, 1.00% Floor | 12/14/2027 | 8291 | 8212 | 7991 | (9)(16) |
| TST Intermediate Holdings, LLC | TST Intermediate Holdings, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;TST Intermediate Holdings, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 12/31/2028 | 7458 | 7368 | 7141 | (17) |
| TVG Shelby Buyer, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG Shelby Buyer, Inc. | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 3/27/2028 | 7957 | 7881 | 7826 | (9)(17) |
| TVG-MEDULLA, LLC | TVG-MEDULLA, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;TVG-MEDULLA, LLC | First Lien Secured Debt - Term Loan | S+460 Cash plus 2.50% PIK, 1.00% Floor | 9/30/2027 | 8179 | 8105 | 7496 | (17) |
| Veristat Group Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Veristat Group Inc. | First Lien Secured Debt - Term Loan | 10.95% | 3/31/2027 | 8025 | 7923 | 4030 | (5)(17) |
| WelldyneRX, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WelldyneRX, LLC | First Lien Secured Debt - Term Loan | S+685, 0.75% Floor | 3/9/2027 | 7838 | 7732 | 7779 | (17) |
|  |  | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | $124286 | $119106 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |  |
| Arcadia Solutions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arcadia Solutions, Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 8/12/2032 | $— | 6429 | $6365 | $6364 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 8/12/2032 |  |  | (11) | (11) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 6354 | 6353 |  |
| Merative |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Merative L.P. | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 9/30/2032 |  | 2059 | 2049 | 2049 | (17) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 9/30/2032 |  |  | (1) | (1) | (12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 9/30/2032 |  |  | (1) | (1) | (12)(13)(14) |
|  |  |  |  |  |  | 2047 | 2047 |  |
| MRO Parent Corporation | MRO Parent Corporation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MRO Parent Corporation | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 6/9/2032 |  | 2130 | 2100 | 2098 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+450, 0.75% Floor | 6/9/2032 |  |  | (3) | (3) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 6/9/2032 |  |  | (3) | (3) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 2094 | 2092 |  |
| Parcelshield Holdings LLC | Parcelshield Holdings LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Parcelshield Holdings LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 9/30/2027 |  | 7783 | 7649 | 6963 | (17) |
|  |  | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | $18144 | $17455 |  |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |  |
| American West (25) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AWRG Borrower LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 6/18/2030 | $— | 5557 | $5557 | $5522 | (9)(17) |
| &nbsp;&nbsp;AWRG Parent LLC | Common Equity - Stock | N/A | N/A | 807,101 Shares | 807,101 Shares | 1660 | 1476 | (6)(9)(15) |
|  |  |  |  |  |  | 7217 | 6998 |  |
| Crumbl |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Crumbl Enterprises LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 5/5/2032 |  | 2309 | 2287 | 2286 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 5/5/2032 |  | 30 | 28 | 28 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 2315 | 2314 |  |
| PARS Group LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PARS Group LLC | First Lien Secured Debt - Term Loan | S+685, 1.50% Floor | 4/3/2028 |  | 7734 | 7660 | 7347 | (9)(16) |
| Taco Cabana |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;YTC Enterprises, LLC | First Lien Secured Debt - Term Loan | S+636, 1.00% Floor | 8/16/2026 |  | 7139 | 7088 | 6835 | (9)(16) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| Walters Wedding Estates | Walters Wedding Estates |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WH BorrowerCo, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/2/2030 |  | 8800 | 8688 | 8602 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 8/2/2030 |  | 38 | 37 | 36 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 8/2/2030 |  | 23 | 22 | 21 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 8747 | 8659 |  |
|  |  | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | $33027 | $32153 |  |
| **Insurance** |  |  |  |  |  |  |  |  |
| Spectrum Automotive | Spectrum Automotive |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Shelby 2021 Holdings Corp. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 6/29/2028 | $— | 7836 | $7736 | $7797 | (9)(17) |
| West-NR AcquisitionCo, LLC | West-NR AcquisitionCo, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;West-NR AcquisitionCo, LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 12/27/2027 |  | 7838 | 7774 | 7809 | (9)(17) |
|  |  | Total Insurance | Total Insurance | Total Insurance | Total Insurance | $15510 | $15606 |  |
| **IT Services** |  |  |  |  |  |  |  |  |
| Distinct |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Distinct Holdings Inc | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 7/18/2029 | $— | 9801 | $9663 | $9616 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 7/18/2029 |  |  | (1) | (2) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 9662 | 9614 |  |
| VikingCloud |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bullcave Limited | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/6/2030 |  | 9801 | 9676 | 9727 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/6/2030 |  | 67 | 65 | 66 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 9741 | 9793 |  |
|  |  | Total IT Services | Total IT Services | Total IT Services | Total IT Services | $19403 | $19407 |  |
| **Leisure Products** |  |  |  |  |  |  |  |  |
| Dan Dee |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Dan Dee International Holdings, Inc. | First Lien Secured Debt - Term Loan | S+710, 1.00% Floor | 9/1/2026 | $— | 5820 | $5805 | $5792 | (9)(17) |
| LashCo |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lash OpCo, LLC | First Lien Secured Debt - Term Loan | S+275 Cash plus 5.10% PIK, 1.00% Floor | 9/17/2027 |  | 8731 | 8676 | 8566 | (9)(17) |
| Paladone |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Paladone Group Bidco Limited | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 11/12/2027 |  | 7837 | 7782 | 7771 | (9)(11)(17) |
| Wellbeam Consumer Health Intermediate, LLC | Wellbeam Consumer Health Intermediate, LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Wellbeam Consumer Health Intermediate, LLC | First Lien Secured Debt - Term Loan | S+640, 1.00% Floor | 10/4/2027 |  | 81 | 81 | 80 | (17) |
|  | First Lien Secured Debt - Delayed Draw | S+640, 1.00% Floor | 10/4/2027 |  | 5260 | 5103 | 5212 | (17) |
|  |  |  |  |  |  | 5184 | 5292 |  |
|  |  | Total Leisure Products | Total Leisure Products | Total Leisure Products | Total Leisure Products | $27447 | $27421 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Machinery** |  |  |  |  |  |  |  |  |
| BW Colson Acquisition LLC | BW Colson Acquisition LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BW Colson Acquisition LLC | First Lien Secured Debt - Term Loan | S+515, 1.00% Floor | 2/26/2027 | $— | 7958 | $7894 | $7856 | (17) |
| Flow Control |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flow Control Intermediate Holdings 2.0, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 5/1/2031 |  | 2660 | 2622 | 2647 | (9)(16) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 5/1/2031 |  |  | (12) | (8) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 5/1/2031 |  |  | (9) | (3) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 2601 | 2636 |  |
| Ideal Tridon |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ideal Components Acquisition, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/30/2032 |  | 5611 | 5529 | 5527 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 6/30/2032 |  |  | (7) | (15) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 6/30/2032 |  |  | (12) | (13) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 5510 | 5499 |  |
| Milacron (Project Iota) | Milacron (Project Iota) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;IOTA HOLDINGS 3 | First Lien Secured Debt - Term Loan | S+475, 0.00% Floor | 3/31/2032 |  | 6169 | 6080 | 6153 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 0.00% Floor | 3/31/2032 |  | 347 | 330 | 344 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 6410 | 6497 |  |
| OEH |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;OEH Parent Holdings, Inc. | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 11/9/2027 |  | 7837 | 7746 | 7716 | (16) |
| Relevant Industrial, LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Relevant Industrial, LLC | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 5/16/2031 |  | 2731 | 2699 | 2697 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 5/16/2031 |  | 65 | 55 | 44 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 5/16/2031 |  | 71 | 66 | 65 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 2820 | 2806 |  |
|  |  | Total Machinery | Total Machinery | Total Machinery | Total Machinery | $32981 | $33010 |  |
| **Media** |  |  |  |  |  |  |  |  |
| FingerPaint Marketing | FingerPaint Marketing |  |  |  |  |  |  |  |
| &nbsp;&nbsp;KL Charlie Acquisition Company | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 12/30/2026 | $— | 7835 | $7748 | $7777 | (9)(17) |
| HALO Branded Solutions | HALO Branded Solutions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HALO Buyer, Inc | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 8/7/2029 |  | 4876 | 4790 | 4790 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 8/7/2029 |  | 19 | 17 | 17 | (9)(13)(14)(17) |
|  |  |  |  |  |  | 4807 | 4807 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| HU Buyer, Inc. | HU Buyer, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;HU Buyer, Inc. | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 12/29/2026 |  | 7835 | 7748 | 7726 | (17) |
| Terrier Gamut Holdings, Inc. | Terrier Gamut Holdings, Inc. |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Terrier Gamut Holdings, Inc. | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 8/15/2028 |  | 6706 | 6526 | 6388 | (17) |
|  |  | Total Media | Total Media | Total Media | Total Media | $26829 | $26698 |  |
| **Multi-Utilities** |  |  |  |  |  |  |  |  |
| Congruex |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Congruex Group LLC | First Lien Secured Debt - Term Loan | S+165 Cash plus 5.00% PIK, 1.50% Floor | 5/3/2029 | $— | 8364 | $8210 | $7109 | (4)(9)(17) |
| SEER |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GS SEER Group Borrower LLC | First Lien Secured Debt - Term Loan | S+675, 1.00% Floor | 4/29/2030 |  | 7840 | 7669 | 7800 | (9)(17) |
|  |  | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | Total Multi-Utilities | $15879 | $14909 |  |
| **Paper & Forest Products** | **Paper & Forest Products** |  |  |  |  |  |  |  |
| BiOrigin Specialty Products | BiOrigin Specialty Products |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Complete Paper Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 2/4/2031 | $— | 7463 | $7360 | $7345 | (9)(17) |
|  |  | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | Total Paper & Forest Products | $7360 | $7345 |  |
| **Personal Care Products** | **Personal Care Products** |  |  |  |  |  |  |  |
| Advantice Health | Advantice Health |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Jazz AH Holdco, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 4/2/2029 | $— | 7838 | $7727 | $7718 | (17) |
| Elida Beauty |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PHOENIX YW BUYER, INC. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 5/31/2030 |  | 1640 | 1610 | 1607 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 5/31/2030 |  |  | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 1609 | 1606 |  |
| Tranzonic |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;TZ Buyer LLC | First Lien Secured Debt - Term Loan | S+610, 0.75% Floor | 8/14/2028 |  | 7838 | 7733 | 7799 | (17) |
|  |  | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | Total Personal Care Products | $17069 | $17123 |  |
| **Pharmaceuticals** |  |  |  |  |  |  |  |  |
| Ora LLC |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Orion Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/18/2030 | $— | 8712 | $8565 | $8429 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/18/2030 |  |  | (1) | (3) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/18/2030 |  | 100 | 98 | 97 | (9)(14)(17) |
| &nbsp;&nbsp;TVG Orion Blocker, Inc. | Common Equity - Stock | N/A | N/A | 2 Shares | 2 Shares | 100 | 52 | (6)(9)(15) |
|  | Unsecured Debt - Promissory Note | 11.34% | 7/11/2030 |  | 19 | 19 | 19 | (9) |
|  |  |  |  |  |  | 8781 | 8594 |  |
| PAI Pharma |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Pai Middle Tier, LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 2/13/2032 |  | 7382 | 7278 | 7296 | (9)(17) |
| &nbsp;&nbsp;Total Investments | First Lien Secured Debt - Revolver | S+450, 0.75% Floor | 2/13/2032 |  |  | (1) | (1) | (9)(12)(13)(14) |
| &nbsp;&nbsp;PAI Co-Investor FT Aggregator LLC | Common Equity - Stock | N/A | N/A | 50 Shares | 50 Shares | 50 | 53 | (6)(9)(15) |
|  |  |  |  |  |  | 7327 | 7348 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| Sterling Pharma |  |  |  |  |  |  |
| &nbsp;&nbsp;Saffron Bidco Ltd | First Lien Secured Debt - Term Loan | S+325 Cash plus 3.00% PIK, 0.75% Floor | 9/23/2031 | 9433 | 9315 | (9)(11)(18) |
|  | First Lien Secured Debt - Term Loan | E+325 Cash plus 3.00% PIK, 0.75% Floor | 9/23/2031 | 105 | 110 | (9)(11)(23) |
|  | First Lien Secured Debt - Delayed Draw | SON+325 Cash plus 3.00% PIK, 0.75% Floor | 9/23/2031 |  | (4) | (9)(11)(12)(13)<br>(14) |
|  |  |  |  | 9538 | 9421 |  |
| TersSera |  |  |  |  |  |  |
| &nbsp;&nbsp;TerSera Therapeutics LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 4/4/2029 | 7798 | 7840 | (9)(17) |
| Trillium |  |  |  |  |  |  |
| &nbsp;&nbsp;Trillium Health Care Products Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 8/6/2031 | 9653 | 9556 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 8/6/2031 | 53 | 52 | (9)(13)(14) |
|  | First Lien Secured Debt - Revolver | CORRA+557, 1.00% Floor | 8/6/2031 | 32 | 31 | (9)(13)(14) |
|  |  |  |  | 9738 | 9639 |  |
|  |  | Total Pharmaceuticals | Total Pharmaceuticals | $43182 | $42842 |  |
| **Professional Services** |  |  |  |  |  |  |
| DCM Services |  |  |  |  |  |  |
| &nbsp;&nbsp;DCM Parent, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 3/12/2031 | $4145 | $4141 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 3/12/2031 | (11) | (12) | (9)(12)(13)(14) |
|  |  |  |  | 4134 | 4129 |  |
| Escalent |  |  |  |  |  |  |
| &nbsp;&nbsp;M&M OPCO, LLC | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 4/7/2029 | 7670 | 7702 | (9)(17) |
| Lexitas |  |  |  |  |  |  |
| &nbsp;&nbsp;Chronicle Parent LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 4/15/2031 | 3477 | 3475 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 4/15/2031 | 86 | 80 | (9)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 4/15/2031 | (3) | (4) | (9)(12)(13)(14) |
|  |  |  |  | 3560 | 3551 |  |
| North Highland |  |  |  |  |  |  |
| &nbsp;&nbsp;The North Highland Company LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 12/22/2031 | 4720 | 4716 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 12/22/2031 |  | (1) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 12/20/2030 | 48 | 48 | (9)(13)(14)(17) |
|  |  |  |  | 4768 | 4763 |  |
| Team LINX, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;TeamLINX Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 12/18/2030 | 5781 | 5773 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 12/18/2030 | (1) | (1) | (9)(12)(13)(14) |
|  |  |  |  | 5780 | 5772 |  |
|  |  | Total Professional Services | Total Professional Services | $25912 | $25917 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Software** |  |  |  |  |  |  |  |  |  |
| American Megatrends |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;AMI Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 10/17/2031 | $— | 4876 | $4837 | $— | 4876 | (9)(19) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 10/17/2031 |  |  | (1) |  | - | (9)(13)(14) |
|  |  |  |  |  |  | 4836 |  | 4876 |  |
| CM Acquisitions Holdings Inc. (fka Sisterco | CM Acquisitions Holdings Inc. (fka Sisterco |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CM Acquisitions Holdings Inc. | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/6/2026 |  | 8241 | 8210 |  | 8162 | (17) |
| EVER.AG Corporation | EVER.AG Corporation |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;EVER.AG Corporation | First Lien Secured Debt - Term Loan | S+535, 1.00% Floor | 6/24/2027 |  | 10041 | 9968 |  | 9932 | (9)(17) |
| Forcura + Medalogix (Project Tarpon) | Forcura + Medalogix (Project Tarpon) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;F&M Buyer LLC | First Lien Secured Debt - Term Loan | S+450, 0.75% Floor | 3/18/2032 |  | 3380 | 3348 |  | 3380 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 3/18/2032 |  |  | (5) |  |  | (9)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 3/18/2032 |  |  | (5) |  |  | (9)(13)(14) |
|  |  |  |  |  |  | 3338 |  | 3380 |  |
| Litify |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Litify LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 2/2/2029 |  | 4000 | 3925 |  | 3920 | (9)(17) |
| Poppulo, Inc. |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Four Winds Interactive LLC | First Lien Secured Debt - Term Loan | S+650, 0.75% Floor | 2/20/2030 |  | 4788 | 4701 |  | 4704 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+650, 0.75% Floor | 2/20/2030 |  |  | (1) |  | (2) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+650, 0.75% Floor | 2/20/2030 |  |  | (2) |  | (2) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 4698 |  | 4700 |  |
| Uniguest |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniguest Holdings, Inc | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/27/2030 |  | 9727 | 9597 |  | 9598 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/27/2030 |  |  | (1) |  | (1) | (9)(12)(13)(14) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/27/2030 |  |  | (1) |  | (1) | (9)(12)(13)(14) |
|  |  |  |  |  |  | 9595 |  | 9596 |  |
|  |  | Total Software | Total Software | Total Software | Total Software | $44570 | $— | 44566 |  |
| **Specialty Retail** |  |  |  |  |  |  |  |  |  |
| Club Champion |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Champion LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/14/2029 | $— | 9824 | $9705 | $— | 9726 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 6/14/2029 |  | 10 | 9 |  | 9 | (9)(13)(14)(17) |
|  |  | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | $9714 | $— | 9735 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(26)</sup> | **Fair Value** <sup>(1)(27)</sup> |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |
| MacQueen Equipment | MacQueen Equipment |  |  |  |  |  |  |  |
| &nbsp;&nbsp;MacQueen Equipment, LLC | First Lien Secured Debt - Term Loan | S+551, 1.00% Floor | 1/7/2028 | $— | 7788 | $7756 | $7788 | (16) |
| ORS Nasco |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;WC ORS Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/7/2031 |  | 9702 | 9574 | 9554 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/7/2031 |  | 100 | 98 | 98 | (9)(17) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/7/2031 |  | 28 | 27 | 27 | (9)(13)(14)(17) |
| &nbsp;&nbsp;WC ORS Holdings, L.P. | Common Equity - Limited Partnership | N/A | N/A | 30,000 Shares | 30,000 Shares | 30 | 44 | (6)(9)(15) |
|  |  |  |  |  |  | 9729 | 9723 |  |
|  |  | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | $17485 | $17511 |  |
| **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |  |  |
| GAT-Airline Ground Support Inc | GAT-Airline Ground Support Inc |  |  |  |  |  |  |  |
| &nbsp;&nbsp;GAT-Airline Ground Support Inc | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 5/9/2029 | $— | 3753 | $3709 | $3724 | (9)(17) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 5/9/2029 |  | 100 | 98 | 98 | (9)(13)(14)(17) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 5/9/2029 |  | 20 | 19 | 19 | (9)(13)(14)(17) |
|  |  | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | $3826 | $3841 |  |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |  |  |  |  |  |  |  |
| Kane Communications LLC | Kane Communications LLC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Kane Communications LLC | First Lien Secured Debt - Term Loan | S+626, 1.00% Floor | 8/9/2027 | $— | 8000 | $7909 | $7845 | (17) |
|  |  | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | $7909 | $7845 |  |
| Total Investment before Cash Equivalents | Total Investment before Cash Equivalents |  |  |  |  | $920039 | $906526 |  |
| Goldman Sachs Financial Square Government Fund, Institutional | Goldman Sachs Financial Square Government Fund, Institutional | N/A | N/A |  | 2047 | $2047 | $2047 |  |
| **Total Investments after Cash Equivalents** | **Total Investments after Cash Equivalents** |  |  |  |  | $**922086** | $**908573** | (2)(7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivative Instrument** | **Settlement Date** | **Notional amount to be purchased** | **Notional amount to be sold** | **Footnote Reference** |
| Foreign currency forward contract | 12/17/2025 | $2656 | 3658 | Note 4 |
| Foreign currency forward contract | 12/17/2025 | 999 | 848 | Note 4 |
| Foreign currency forward contract | 12/17/2025 | 3537 | £2616 | Note 4 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

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

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

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

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

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

(6)Non-income producing security.

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

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

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

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

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

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

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

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Letters of Credit \*\*** | **Undrawn Commitment** | **Undrawn Commitment** |
| AMI Buyer, Inc. | $100 | $— |  | $— |  | $— | 100 |
| Accelevation LLC | 192 |  | 17 |  |  |  | 175 |
| American Restoration Holdings, LLC | 425 |  | 100 |  |  |  | 325 |
| Amylu Borrower Sub, LLC | 2031 |  | 78 |  |  |  | 1953 |
| Arcadia Solutions, Inc. | 1071 |  |  |  |  |  | 1071 |
| Aspen Aerogels, Inc. | 100 |  | 15 |  |  |  | 85 |
| Bingo Group Buyer, Inc. | 117 |  | 3 |  |  |  | 114 |
| Brush Group Bidco Limited\* | 2017 |  |  |  |  |  | 2017 |
| Bullcave Limited | 100 |  | 67 |  |  |  | 33 |
| CI (MG) GROUP, LLC | 2448 |  | 243 |  |  |  | 2204 |
| CRS Holdings, Inc. | 100 |  |  |  | 8 |  | 92 |
| Chronicle Parent LLC | 1390 |  |  |  |  |  | 1390 |
| Club Car Wash Operating, LLC | 2400 |  |  |  |  |  | 2400 |
| Club Champion LLC | 100 |  | 10 |  |  |  | 90 |
| Cool Buyer, Inc. | 200 |  | 43 |  | 1 |  | 155 |
| Crumbl Enterprises LLC | 185 |  | 30 |  |  |  | 155 |
| DCM Parent, LLC | 775 |  |  |  |  |  | 775 |
| DRS Holdings III, Inc. | 570 |  |  |  |  |  | 570 |
| Distinct Holdings Inc | 100 |  |  |  |  |  | 100 |
| F&M Buyer LLC | 1620 |  |  |  |  |  | 1620 |
| Flow Control Intermediate Holdings 2.0, LLC | 2333 |  |  |  |  |  | 2333 |
| Four Winds Interactive LLC | 200 |  |  |  | 1 |  | 199 |
| GAT-Airline Ground Support Inc | 201 |  | 20 |  | 1 |  | 180 |
| GC Waves Holdings, Inc. | 122 |  |  |  |  |  | 122 |
| Generator Buyer, Inc.\* | 99 |  | 11 |  | 2 |  | 85 |
| HALO Buyer, Inc | 100 |  | 19 |  | 0 |  | 81 |
| IOTA HOLDINGS 3 | 1316 |  | 347 |  | 2 |  | 967 |
| Ideal Components Acquisition, LLC | 1889 |  |  |  |  |  | 1889 |
| Lotus Topco Inc. | 88 |  |  |  |  |  | 88 |
| Lunar Buyer, LLC | 200 |  | 42 |  |  |  | 158 |
| MRO Parent Corporation | 370 |  |  |  |  |  | 370 |
| Merative L.P. | 441 |  |  |  |  |  | 441 |
| NCP-MSI Buyer | 2083 |  | 787 |  | 13 |  | 1283 |
| NPPI Buyer, LLC | 200 |  |  |  |  |  | 200 |
| Natus Sensory, Inc. | 200 |  |  |  |  |  | 200 |
| Orion Buyer, LLC | 200 |  | 100 |  |  |  | 100 |
| PHOENIX YW BUYER, INC. | 50 |  |  |  |  |  | 50 |
| PMA Parent Holdings, LLC | 100 |  |  |  |  |  | 100 |
| Pace Health Companies, LLC | 2000 |  |  |  |  |  | 2000 |
| Pai Middle Tier, LLC | 100 |  |  |  |  |  | 100 |
| Pavement Preservation Acquisition, LLC | 100 |  | 8 |  | 4 |  | 87 |
| Protein For Pets Opco, LLC | 100 |  | 27 |  |  |  | 73 |
| Rarebreed Veterinary Partners, Inc. | 130 |  |  |  | 1 |  | 130 |
| Regis Corporation | 100 |  | 4 |  | 20 |  | 76 |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| Relevant Industrial, LLC | 2196 | 71 |  | 2125 |
| Ronnoco Holdings, Inc. | 1448 |  |  | 1448 |
| Saffron Bidco Ltd\* | 134 |  |  | 134 |
| Sperry Acquisition, LLC | 200 |  |  | 200 |
| TCW Midco LLC | 2527 |  |  | 2527 |
| TeamLINX Buyer, LLC | 100 |  |  | 100 |
| The North Highland Company LLC | 200 | 49 |  | 151 |
| Titan Luxco I SARL | 1389 | 204 |  | 1185 |
| Traffic Management Solutions, LLC | 104 |  | 4 | 100 |
| Trillium Health Care Products Inc. | 68 | 54 |  | 15 |
| Trillium Health Care Products Inc.\* | 32 | 32 |  |  |
| Ultra Clean Holdco LLC | 1121 |  |  | 1121 |
| Uniguest Holdings, Inc | 200 |  |  | 200 |
| Vixxo Corporation | 50 |  |  | 50 |
| Vybond Buyer, LLC | 200 |  |  | 200 |
| WC ORS Buyer, Inc. | 100 | 28 |  | 72 |
| WH BorrowerCo, LLC | 162 | 23 |  | 138 |
| WildBrain Ltd. | 100 | 40 |  | 60 |
| **Total Commitments** | **39096** | **2475** | **56** | **36565** |

---

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

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

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

---

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

---

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

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

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

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

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

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

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

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

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

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

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Fair Value at Year ended December 31, 2024** | **Gross Additions <br>●** | **Gross Reductions ■** | **Net Change in Unrealized Gains (Losses)** | **Fair Value <br>at <br>September <br>30, 2025** | **Net Realized Gains (Losses)** | **Interest/<br>Dividend/<br>Other Income** |
| AWRG Borrower LLC, Term Loan | $— | 5557 |  | (35) | 5522 |  | 43 |
| AWRG Parent LLC, Stock |  | 1660 |  | (184) | 1476 |  |  |
|  | $— | $7217 | $— | $(219) | $6998 | $— | $43 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Unsecured Debt** | **Common Equity** | **Total** |
| **Non-Controlled / Non-Affiliated Investments** |  |  |  |  |
| Aerospace & Defense | $12510 | $— | $50 | $12560 |
| Air Freight & Logistics | 12049 |  | 2737 | 14786 |
| Automobile Components | 12477 |  | 35 | 12512 |
| Beverages | 3465 |  | 50 | 3515 |
| Building Products | 9764 |  |  | 9764 |
| Chemicals | 18130 |  |  | 18130 |
| Commercial Services & Supplies | 45473 |  | 2816 | 48289 |
| Construction & Engineering | 43927 |  |  | 43927 |
| Consumer Staples Distribution & Retail | 16079 |  |  | 16079 |
| Containers & Packaging | 22861 |  |  | 22861 |
| Diversified Consumer Services | 55486 |  |  | 55486 |
| Electric Utilities | 881 |  |  | 881 |
| Electrical Equipment | 25156 |  |  | 25156 |
| Electronic Equipment, Instruments & Components | 15521 |  |  | 15521 |
| Entertainment | 12138 |  |  | 12138 |
| Financial Services | 30443 |  |  | 30443 |
| Food Products | 28666 |  |  | 28666 |
| Ground Transportation | 7657 |  |  | 7657 |
| Health Care Equipment & Supplies | 51135 |  |  | 51135 |
| Health Care Providers & Services | 124286 |  |  | 124286 |
| Health Care Technology | 18144 |  |  | 18144 |
| Hotels, Restaurants & Leisure | 25810 |  |  | 25810 |
| Insurance | 15510 |  |  | 15510 |
| IT Services | 19403 |  |  | 19403 |
| Leisure Products | 27447 |  |  | 27447 |
| Machinery | 32981 |  |  | 32981 |
| Media | 26829 |  |  | 26829 |
| Multi-Utilities | 15879 |  |  | 15879 |
| Paper & Forest Products | 7360 |  |  | 7360 |
| Personal Care Products | 17069 |  |  | 17069 |
| Pharmaceuticals | 43013 | 19 | 150 | 43182 |
| Professional Services | 25912 |  |  | 25912 |
| Software | 44570 |  |  | 44570 |
| Specialty Retail | 9714 |  |  | 9714 |
| Trading Companies & Distributors | 17455 |  | 30 | 17485 |
| Transportation Infrastructure | 3826 |  |  | 3826 |
| Wireless Telecommunication Services | 7909 |  |  | 7909 |
| **Total Non-Controlled / Non-Affiliated Investments** | $**906935** | $**19** | $**5868** | $**912822** |
| **Non-Controlled / Affiliated Investments** |  |  |  |  |
| Hotels, Restaurants & Leisure | 5557 |  | 1660 | 7217 |
| **Total Non-Controlled / Affiliated Investments** | $**5557** | $**—** | $**1660** | $**7217** |
| **Total** | $**912492** | $**19** | $**7528** | $**920039** |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Unsecured Debt** | **Common Equity** | **Total** | **% of Net Assets** |
| **Non-Controlled / Non-Affiliated Investments** |  |  |  |  |  |
| Aerospace & Defense | $12464 | $— | $46 | $12510 | 3.1% |
| Air Freight & Logistics | 12232 |  | 1076 | 13308 | 3.3% |
| Automobile Components | 12391 |  | 22 | 12413 | 3.1% |
| Beverages | 3459 |  | 50 | 3509 | 0.9% |
| Building Products | 9732 |  |  | 9732 | 2.4% |
| Chemicals | 17940 |  |  | 17940 | 4.5% |
| Commercial Services & Supplies | 45385 |  | 2834 | 48219 | 12.0% |
| Construction & Engineering | 41013 |  |  | 41013 | 10.2% |
| Consumer Staples Distribution & Retail | 15933 |  |  | 15933 | 4.0% |
| Containers & Packaging | 22962 |  |  | 22962 | 5.7% |
| Diversified Consumer Services | 55479 |  |  | 55479 | 13.8% |
| Electric Utilities | 891 |  |  | 891 | 0.3% |
| Electrical Equipment | 25253 |  |  | 25253 | 6.3% |
| Electronic Equipment, Instruments & Components | 15510 |  |  | 15510 | 3.8% |
| Entertainment | 12138 |  |  | 12138 | 3.0% |
| Financial Services | 30211 |  |  | 30211 | 7.5% |
| Food Products | 28505 |  |  | 28505 | 7.1% |
| Ground Transportation | 7578 |  |  | 7578 | 1.9% |
| Health Care Equipment & Supplies | 50932 |  |  | 50932 | 12.6% |
| Health Care Providers & Services | 119106 |  |  | 119106 | 29.6% |
| Health Care Technology | 17455 |  |  | 17455 | 4.3% |
| Hotels, Restaurants & Leisure | 25155 |  |  | 25155 | 6.2% |
| Insurance | 15606 |  |  | 15606 | 3.9% |
| IT Services | 19407 |  |  | 19407 | 4.8% |
| Leisure Products | 27421 |  |  | 27421 | 6.8% |
| Machinery | 33010 |  |  | 33010 | 8.2% |
| Media | 26698 |  |  | 26698 | 6.6% |
| Multi-Utilities | 14909 |  |  | 14909 | 3.7% |
| Paper & Forest Products | 7345 |  |  | 7345 | 1.8% |
| Personal Care Products | 17123 |  |  | 17123 | 4.2% |
| Pharmaceuticals | 42718 | 19 | 105 | 42842 | 10.6% |
| Professional Services | 25917 |  |  | 25917 | 6.4% |
| Software | 44566 |  |  | 44566 | 11.1% |
| Specialty Retail | 9735 |  |  | 9735 | 2.4% |
| Trading Companies & Distributors | 17467 |  | 44 | 17511 | 4.3% |
| Transportation Infrastructure | 3841 |  |  | 3841 | 1.0% |
| Wireless Telecommunication Services | 7845 |  |  | 7845 | 1.9% |
|  |  |  |  |  | 0.0% |
| **Total Non-Controlled / Non-Affiliated Investments** | $**895332** | $**19** | $**4177** | $**899528** | **223.3%** |
| **% of Net Assets** | **222.2%** | **0.0%** | **1.0%** | **223.3%** |  |
| **Non-Controlled / Affiliated Investments** |  |  |  |  |  |
| Hotels, Restaurants & Leisure | 5522 |  | 1476 | 6998 | 1.7% |
| **Total Non-Controlled / Affiliated Investments** | $**5522** | $**—** | $**1476** | $**6998** | **1.7%** |
| **% of Net Assets** | **1.4%** | **0.0%** | **0.4%** | **1.7%** |  |
| **Total** | $**900854** | $**19** | $**5653** | $**906526** | **225.0%** |
| **% of Net Assets** | **223.6%** | **0.0%** | **1.4%** | **225.0%** |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

**(In thousands, except share data)** 

---

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

---

---

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

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| **Aerospace & Defense** | **Aerospace & Defense** | **Aerospace & Defense** |  |  |  |  |  |  |
| Jonathan Acquisition Company | Jonathan Acquisition Company | Jonathan Acquisition Company |  |  |  |  |  |  |
| &nbsp;&nbsp;Jonathan Acquisition Company | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 12/22/2026 | $— | 7897 | $7826 | $7769 | (10) |
| SI Holdings, Inc. | SI Holdings, Inc. | SI Holdings, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;SI Holdings, Inc. | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 12/31/2027 |  | 7896 | 7830 | 7879 | (10) |
|  |  | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | Total Aerospace & Defense | $15656 | $15648 |  |
| **Air Freight & Logistics** | **Air Freight & Logistics** | **Air Freight & Logistics** |  |  |  |  |  |  |
| PrimeFlight Acquisition, LLC | PrimeFlight Acquisition, LLC | PrimeFlight Acquisition, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;PrimeFlight Acquisition, LLC | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/1/2029 | $— | 7900 | $7698 | $7900 | (10) |
| SEKO Global Logistics Network, LLC | SEKO Global Logistics Network, LLC | SEKO Global Logistics Network, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;SEKO Global Logistics Network, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 5/27/2030 |  | 1834 | 1833 | 1834 | (10) |
|  | Common Equity - Equity Unit | N/A | N/A | 876 Shares | 876 Shares | 2736 | 2737 | (6)(21) |
|  |  |  |  |  |  | 4569 | 4571 |  |
|  |  | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | Total Air Freight & Logistics | $12267 | $12471 |  |
| **Automobile Components** | **Automobile Components** | **Automobile Components** |  |  |  |  |  |  |
| AAMP Global Holdings, Inc. | AAMP Global Holdings, Inc. | AAMP Global Holdings, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;AAMP Global Holdings, Inc. | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 11/5/2025 | $— | 7896 | $7854 | $7884 | (10) |
| Cool Buyer, Inc. | Cool Buyer, Inc. | Cool Buyer, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Cool Acquisition Holdings, LP | Common Equity - Limited Partnership | N/A | N/A | 34,483 Shares | 34,483 Shares | 34 | 34 | (6)(15)(21) |
| &nbsp;&nbsp;Cool Buyer, Inc. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 10/31/2030 |  | 4800 | 4730 | 4728 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 10/31/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 10/31/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 4762 | 4760 |  |
|  |  | Total Automobile Components | Total Automobile Components | Total Automobile Components | Total Automobile Components | $12616 | $12644 |  |
| **Building Products** | **Building Products** | **Building Products** |  |  |  |  |  |  |
| Omnimax | Omnimax | Omnimax |  |  |  |  |  |  |
| &nbsp;&nbsp;Omnimax International, LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 12/6/2030 | $— | 7400 | $7253 | $7252 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 12/6/2030 |  |  | (1) | (1) | (15)(18)(20) |
|  |  | Total Building Products | Total Building Products | Total Building Products | Total Building Products | $7252 | $7251 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| **Capital Markets** | **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |
| Stout | Stout | Stout |  |  |  |  |  |  |
| &nbsp;&nbsp;Stout Intermediate II, LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 11/22/2027 | $— | 7898 | $7792 | $7858 | (9) |
|  |  | Total Capital Markets | Total Capital Markets | Total Capital Markets | Total Capital Markets | $7792 | $7858 |  |
| **Chemicals** | **Chemicals** | **Chemicals** |  |  |  |  |  |  |
| Aspen Aerogels, Inc. | Aspen Aerogels, Inc. | Aspen Aerogels, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Aspen Aerogels, Inc. | First Lien Secured Debt - Term Loan | S+450, 4.50% Floor | 8/19/2029 | $— | 9385 | $9209 | $9197 | (9)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+460, 2.50% Floor | 8/19/2029 |  | 43 | 43 | 43 | (9)(15)(17)(19)(20) |
|  |  |  |  |  |  | 9252 | 9240 |  |
| Lunar Buyer, LLC | Lunar Buyer, LLC | Lunar Buyer, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Lunar Buyer, LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 10/3/2030 |  | 4800 | 4707 | 4704 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 0.75% Floor | 10/3/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 10/3/2030 |  | 11 | 9 | 9 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 4715 | 4712 |  |
| Universal Fiber Systems LLC | Universal Fiber Systems LLC | Universal Fiber Systems LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Universal Fiber Systems LLC | First Lien Secured Debt - Term Loan | S+561, 1.00% Floor | 9/30/2028 |  | 7483 | 7425 | 7325 | (10) |
|  |  | Total Chemicals | Total Chemicals | Total Chemicals | Total Chemicals | $21392 | $21277 |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |
| Applied Technical Services, LLC | Applied Technical Services, LLC | Applied Technical Services, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Applied Technical Services, LLC | First Lien Secured Debt - Term Loan | S+590, 1.00% Floor | 12/29/2026 | $— | 7897 | $7795 | $7757 | (10) |
| Best Trash | Best Trash | Best Trash |  |  |  |  |  |  |
| &nbsp;&nbsp;Bingo Group Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/10/2031 |  | 8778 | 8674 | 8690 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/10/2031 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/10/2031 |  | 3 | 2 | 2 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 8675 | 8691 |  |
| Climate Pros | Climate Pros | Climate Pros |  |  |  |  |  |  |
| &nbsp;&nbsp;Climate Pros, LLC | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 1/24/2026 |  | 7891 | 7851 | 7858 | (10) |
| CRS Holdings, Inc. | CRS Holdings, Inc. | CRS Holdings, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;CRS Holdings, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 6/6/2030 |  | 1822 | 1788 | 1795 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 6/6/2030 |  |  |  | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 6/6/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 1787 | 1793 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| Encore Fire Protection | Encore Fire Protection | Encore Fire Protection |  |  |  |  |  |  |
| &nbsp;&nbsp;Encore Holdings, LLC | First Lien Secured Debt - Term Loan | S+535, 0.75% Floor | 11/23/2028 |  | 7898 | 7787 | 7976 | (10) |
| GS SEER Group Borrower LLC | GS SEER Group Borrower LLC | GS SEER Group Borrower LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;GS SEER Group Borrower LLC | First Lien Secured Debt - Term Loan | S+675, 1.00% Floor | 4/29/2030 |  | 7900 | 7707 | 7781 | (10) |
| Jones | Jones | Jones |  |  |  |  |  |  |
| &nbsp;&nbsp;JF Acquisition, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 7/31/2026 |  | 7897 | 7897 | 7887 | (10) |
| LAV GEAR HOLDINGS INC | LAV GEAR HOLDINGS INC | LAV GEAR HOLDINGS INC |  |  |  |  |  |  |
| &nbsp;&nbsp;LAV Gear Holdings, inc | First Lien Secured Debt - Term Loan | S+643, 1.00% Floor | 10/31/2025 |  | 8863 | 8833 | 8824 | (10) |
| Mariani | Mariani | Mariani |  |  |  |  |  |  |
| &nbsp;&nbsp;CI (MG) GROUP, LLC | First Lien Secured Debt - Delayed Draw | S+715, 1.00% Floor | 3/24/2028 |  | 7899 | 7767 | 7719 | (9) |
| Monarch Landscape Companies | Monarch Landscape Companies | Monarch Landscape Companies |  |  |  |  |  |  |
| &nbsp;&nbsp;Monarch Landscape Holdings, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 10/2/2028 |  | 7898 | 7822 | 7802 | (10) |
| RailPros Consolidated, Inc. | RailPros Consolidated, Inc. | RailPros Consolidated, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;RailPros Consolidated, Inc. | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 7/31/2026 |  | 6910 | 6902 | 6910 | (9) |
| Rasa Floors & Carpet Cleaning, LLC | Rasa Floors & Carpet Cleaning, LLC | Rasa Floors & Carpet Cleaning, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Rasa Floors & Carpet Cleaning, LLC | First Lien Secured Debt - Term Loan | S+535, 1.00% Floor | 12/22/2027 |  | 7898 | 7374 | 7377 | (10) |
| Tranzonic | Tranzonic | Tranzonic |  |  |  |  |  |  |
| &nbsp;&nbsp;TZ Buyer LLC | First Lien Secured Debt - Term Loan | S+635, 0.75% Floor | 8/12/2028 |  | 7899 | 7769 | 7761 | (10) |
| Vixxo Corporation | Vixxo Corporation | Vixxo Corporation |  |  |  |  |  |  |
| &nbsp;&nbsp;Vixxo Corporation | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/1/2030 |  | 4950 | 4880 | 4876 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 8/1/2030 |  |  |  | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 4880 | 4875 |  |
|  |  | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | Total Commercial Services & Supplies | $100846 | $101011 |  |
| **Communications Equipment** | **Communications Equipment** | **Communications Equipment** |  |  |  |  |  |  |
| Congruex | Congruex | Congruex |  |  |  |  |  |  |
| &nbsp;&nbsp;Congruex Group LLC | First Lien Secured Debt - Term Loan | S+165 Cash plus 5.00% PIK, 1.50% Floor | 5/3/2029 | $— | 8060 | $7874 | $6272 | (4)(10) |
|  |  | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | Total Communications Equipment | $7874 | $6272 |  |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |
| American Restoration | American Restoration | American Restoration |  |  |  |  |  |  |
| &nbsp;&nbsp;American Restoration Holdings, LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 7/24/2030 | $— | 8678 | $8514 | $8526 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+510, 1.00% Floor | 7/24/2030 |  | 169 | 165 | 165 | (10)(15)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+510, 1.00% Floor | 7/24/2030 |  | 22 | 20 | 20 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 8699 | 8711 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| Carr and Duff, LLC | Carr and Duff, LLC | Carr and Duff, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Carr and Duff, LLC | First Lien Secured Debt - Term Loan | S+605, 1.00% Floor | 3/11/2027 |  | 7898 | 7819 | 7838 | (10) |
| Kauffman Intermediate, LLC | Kauffman Intermediate, LLC | Kauffman Intermediate, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Kauffman Intermediate, LLC | First Lien Secured Debt - Term Loan | S+660, 1.00% Floor | 5/8/2025 |  | 8361 | 8335 | 7935 | (9) |
| Pave America | Pave America | Pave America |  |  |  |  |  |  |
| &nbsp;&nbsp;Pave America Interco, LLC | First Lien Secured Debt - Term Loan | S+690, 1.00% Floor | 2/7/2028 |  | 7899 | 7711 | 7781 | (10) |
| Pavement Preservation Acquisition, LLC | Pavement Preservation Acquisition, LLC | Pavement Preservation Acquisition, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Pavement Preservation Acquisition, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 8/9/2030 |  | 4775 | 4684 | 4680 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 8/9/2030 |  | 100 | 98 | 98 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 8/9/2030 |  |  | (2) | (2) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 4780 | 4776 |  |
| SAFEbuilt, LLC | SAFEbuilt, LLC | SAFEbuilt, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;SAFEbuilt, LLC | First Lien Secured Debt - Term Loan | S+685, 1.00% Floor | 12/31/2025 |  | 8015 | 7977 | 7982 | (9) |
| Traffic Management Solutions | Traffic Management Solutions | Traffic Management Solutions |  |  |  |  |  |  |
| &nbsp;&nbsp;Traffic Management Solutions, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/26/2030 |  | 4700 | 4630 | 4630 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/26/2030 |  |  | (2) | (2) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/26/2030 |  | 8 | 7 | 7 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 4635 | 4635 |  |
|  |  | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | Total Construction & Engineering | $49956 | $49658 |  |
| **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** | **Consumer Staples Distribution & Retail** |  |  |  |  |  |  |
| Protein for Pets | Protein for Pets | Protein for Pets |  |  |  |  |  |  |
| &nbsp;&nbsp;Protein For Pets Opco, LLC | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 9/20/2030 | $— | 7861 | $7717 | $7723 | (9)(15) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 9/20/2030 |  |  | (2) | (2) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 7715 | 7721 |  |
| THLP CO., LLC | THLP CO., LLC | THLP CO., LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;THLP CO., LLC | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 1/31/2027 |  | 8389 | 8377 | 8305 | (10) |
|  |  | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | Total Consumer Staples Distribution & Retail | $16092 | $16026 |  |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |
| Truvant | Truvant | Truvant |  |  |  |  |  |  |
| &nbsp;&nbsp;NPPI Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/20/2029 | $— | 9776 | $9637 | $9629 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 8/20/2029 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 8/20/2029 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | Total Containers & Packaging | $9635 | $9627 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| **Diversified Consumer Services** | **Diversified Consumer Services** | **Diversified Consumer Services** |  |  |  |  |  |  |
| Club Car Wash | Club Car Wash | Club Car Wash |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Car Wash Operating, LLC | First Lien Secured Debt - Delayed Draw | S+565, 1.00% Floor | 6/16/2027 | $— | 7680 | $7591 | $7613 | (10) |
| FEV Acquisition Corporation | FEV Acquisition Corporation | FEV Acquisition Corporation |  |  |  |  |  |  |
| &nbsp;&nbsp;FEV Acquisition Corporation | First Lien Secured Debt - Term Loan | 6.50% | 7/15/2028 |  | 8228 | 7369 | 2683 | (5)(17) |
|  | First Lien Secured Debt - Delayed Draw | 13.50% | 7/15/2028 |  | 176 | 176 | 169 | (5)(17)(19)(20) |
|  |  |  |  |  |  | 7545 | 2852 |  |
| Go Car Wash Management, Corp. | Go Car Wash Management, Corp. | Go Car Wash Management, Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;Go Car Wash Management, Corp. | First Lien Secured Debt - Delayed Draw | S+585, 1.00% Floor | 12/31/2026 |  | 7898 | 7803 | 7696 | (10) |
| Legacy.com | Legacy.com | Legacy.com |  |  |  |  |  |  |
| &nbsp;&nbsp;Lotus Topco Inc. | First Lien Secured Debt - Term Loan | S+475, 1.00% Floor | 6/7/2030 |  | 1891 | 1864 | 1862 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 1.00% Floor | 6/7/2030 |  |  |  | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+475, 1.00% Floor | 6/7/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 1863 | 1860 |  |
| Owl Acquisition, LLC | Owl Acquisition, LLC | Owl Acquisition, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Owl Acquisition, LLC | First Lien Secured Debt - Term Loan | S+535, 1.00% Floor | 2/4/2028 |  | 8000 | 7953 | 7960 | (10) |
| Rapid Express Car Wash, LLC | Rapid Express Car Wash, LLC | Rapid Express Car Wash, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Rapid Express Car Wash, LLC | First Lien Secured Debt - Delayed Draw | S+585, 1.00% Floor | 12/23/2027 |  | 7959 | 7808 | 7905 | (10) |
| Regis Corporation | Regis Corporation | Regis Corporation |  |  |  |  |  |  |
| &nbsp;&nbsp;Regis Corporation | First Lien Secured Debt - Term Loan | S+450, 2.50% Floor | 6/24/2029 |  | 10591 | 10397 | 10379 | (9)(15) |
|  | First Lien Secured Debt - Revolver | S+450, 2.50% Floor | 6/24/2029 |  | 17 | 15 | 15 | (9)(15)(19)(20) |
|  |  |  |  |  |  | 10412 | 10394 |  |
| TCW Midco LLC | TCW Midco LLC | TCW Midco LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;TCW Midco LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 10/22/2029 |  | 4800 | 4753 | 4752 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+575, 1.00% Floor | 10/22/2029 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 10/22/2029 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 4751 | 4750 |  |
| Ultra Clean Holdco LLC | Ultra Clean Holdco LLC | Ultra Clean Holdco LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Ultra Clean Holdco LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/1/2030 |  | 6773 | 6662 | 6672 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/1/2030 |  | 856 | 832 | 824 | (10)(15)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 7/1/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 7493 | 7495 |  |
|  |  | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | Total Diversified Consumer Services | $63219 | $58525 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |
| International Wire Group | International Wire Group | International Wire Group |  |  |  |  |  |  |
| &nbsp;&nbsp;IW Buyer LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 6/28/2029 | $— | 6408 | $6298 | $6344 | (10) |
|  |  | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | Total Electrical Equipment | $6298 | $6344 |  |
| **Electronic Equipment, Instruments & Compone** | **Electronic Equipment, Instruments & Compone** | **Electronic Equipment, Instruments & Compone** |  |  |  |  |  |  |
| Li-Cor, Inc. | Li-Cor, Inc. | Li-Cor, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Li-Cor, Inc. | First Lien Secured Debt - Term Loan | S+485, 1.00% Floor | 12/1/2027 | $— | 7898 | $7839 | $7898 | (9) |
|  |  | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | Total Electronic Equipment, Instruments & Components | $7839 | $7898 |  |
| **Energy Equipment & Services** | **Energy Equipment & Services** | **Energy Equipment & Services** |  |  |  |  |  |  |
| Generator Buyer, Inc. | Generator Buyer, Inc. | Generator Buyer, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Generator Buyer, Inc. | First Lien Secured Debt - Term Loan | CORRA+525, 0.75% Floor | 7/22/2030 |  | 8778 | $6275 | $6027 | (12)(15)(17) |
|  | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 7/22/2030 |  | 998 | 981 | 980 | (10)(15)(17) |
|  | First Lien Secured Debt - Delayed Draw | CORRA+525, 0.75% Floor | 7/22/2030 |  | 12 | 8 | 7 | (12)(15)(17)(19)(20) |
|  | First Lien Secured Debt - Revolver | CORRA+525, 0.75% Floor | 7/22/2030 |  |  | (1) | (1) | (15)(17)(18)(19)(20) |
|  |  | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | Total Energy Equipment & Services | $7263 | $7013 |  |
| **Entertainment** | **Entertainment** | **Entertainment** |  |  |  |  |  |  |
| Chernin Entertainment | Chernin Entertainment | Chernin Entertainment |  |  |  |  |  |  |
| &nbsp;&nbsp;Jewel Purchaser, Inc. | First Lien Secured Debt - Term Loan | S+560, 0.50% Floor | 7/1/2027 | $— | 7692 | $7692 | $7692 | (10) |
| DHX | DHX | DHX |  |  |  |  |  |  |
| &nbsp;&nbsp;WildBrain Ltd. | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 7/23/2029 |  | 4876 | 4785 | 4790 | (10)(15)(17) |
|  | First Lien Secured Debt - Revolver | S+600, 1.00% Floor | 7/23/2029 |  | 15 | 13 | 13 | (10)(15)(17)(19)(20) |
|  |  |  |  |  |  | 4798 | 4803 |  |
|  |  | Total Entertainment | Total Entertainment | Total Entertainment | Total Entertainment | $12490 | $12495 |  |
| **Financial Services** | **Financial Services** | **Financial Services** |  |  |  |  |  |  |
| Gabriel Partners, LLC | Gabriel Partners, LLC | Gabriel Partners, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Gabriel Partners, LLC | First Lien Secured Debt - Term Loan | S+640, 1.00% Floor | 9/21/2026 | $— | 7896 | $7857 | $7778 | (9) |
| GC Waves | GC Waves | GC Waves |  |  |  |  |  |  |
| &nbsp;&nbsp;GC Waves Holdings, Inc. | First Lien Secured Debt - Term Loan | S+485, 0.75% Floor | 10/4/2030 |  | 9776 | 9776 | 9736 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+485, 0.75% Floor | 10/4/2030 |  | 12 | 12 | 12 | (10)(15)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 10/4/2030 |  |  |  |  | (15)(19)(20) |
|  |  |  |  |  |  | 9788 | 9748 |  |
| PMA | PMA | PMA |  |  |  |  |  |  |
| &nbsp;&nbsp;PMA Parent Holdings, LLC | First Lien Secured Debt - Term Loan | S+550, 0.75% Floor | 1/31/2031 |  | 4900 | 4850 | 4848 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+550, 0.75% Floor | 1/31/2031 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 4849 | 4847 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| Wealth Enhancement Group | Wealth Enhancement Group | Wealth Enhancement Group |  |  |  |  |  |  |
| &nbsp;&nbsp;Wealth Enhancement Group, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 10/4/2028 |  | 7917 | 7891 | 7881 | (10) |
|  |  | Total Financial Services | Total Financial Services | Total Financial Services | Total Financial Services | $30385 | $30254 |  |
| **Food Products** | **Food Products** | **Food Products** |  |  |  |  |  |  |
| Berner Food & Beverage, LLC | Berner Food & Beverage, LLC | Berner Food & Beverage, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Berner Food & Beverage, LLC | First Lien Secured Debt - Term Loan | S+565, 1.00% Floor | 7/30/2027 | $— | 7898 | $7659 | $7720 | (10) |
| Casper's Ice Cream, LLC | Casper's Ice Cream, LLC | Casper's Ice Cream, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Casper's Ice Cream, LLC | First Lien Secured Debt - Term Loan | S+615, 1.00% Floor | 12/29/2027 |  | 7898 | 7810 | 7829 | (9) |
| Fortune International LLC | Fortune International LLC | Fortune International LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Fortune International LLC | First Lien Secured Debt - Delayed Draw | S+510, 1.00% Floor | 1/17/2026 |  | 7877 | 7817 | 7757 | (10) |
|  |  | Total Food Products | Total Food Products | Total Food Products | Total Food Products | $23286 | $23306 |  |
| **Ground Transportation** | **Ground Transportation** | **Ground Transportation** |  |  |  |  |  |  |
| Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;Beacon Mobility Corp. | First Lien Secured Debt - Delayed Draw | S+635, 1.00% Floor | 12/31/2025 | $— | 7867 | $7853 | $7816 | (10)(15) |
| HENIFF HOLDCO LLC | HENIFF HOLDCO LLC | HENIFF HOLDCO LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Heniff Holdco, LLC | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 12/3/2026 |  | 7895 | 7868 | 7855 | (9) |
|  |  | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | Total Ground Transportation | $15721 | $15671 |  |
| **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** | **Health Care Equipment & Supplies** |  |  |  |  |  |  |
| ACP Hyperdrive, Inc. | ACP Hyperdrive, Inc. | ACP Hyperdrive, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;ACP Hyperdrive, Inc. | First Lien Secured Debt - Term Loan | S+590, 1.00% Floor | 3/8/2028 | $— | 7899 | $7722 | $7622 | (10) |
| CSHC Buyerco, LLC | CSHC Buyerco, LLC | CSHC Buyerco, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;CSHC Buyerco, LLC | First Lien Secured Debt - Term Loan | S+485, 1.00% Floor | 9/8/2026 |  | 7898 | 7804 | 7726 | (10) |
| Dragonfly Health, Inc. | Dragonfly Health, Inc. | Dragonfly Health, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Dragonfly Health, Inc. | First Lien Secured Debt - Term Loan | S+600, 1.00% Floor | 11/19/2027 |  | 7898 | 7785 | 7898 | (10) |
| Medical Guardian, LLC | Medical Guardian, LLC | Medical Guardian, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Medical Guardian, LLC | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 4/26/2028 |  | 7919 | 7865 | 7879 | (10) |
| Solmetex | Solmetex | Solmetex |  |  |  |  |  |  |
| &nbsp;&nbsp;Solmetex, LLC | First Lien Secured Debt - Term Loan | S+635, 1.00% Floor | 1/14/2027 |  | 7898 | 7821 | 7968 | (10) |
|  |  | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | Total Health Care Equipment & Supplies | $38997 | $39093 |  |
| **Health Care Providers & Services** | **Health Care Providers & Services** | **Health Care Providers & Services** |  |  |  |  |  |  |
| EmpiRx Health LLC | EmpiRx Health LLC | EmpiRx Health LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;EmpiRx Health LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 8/5/2027 | $— | 7898 | $7869 | $7898 | (10) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| EyeSouth | EyeSouth | EyeSouth |  |  |  |  |  |
| &nbsp;&nbsp;SCP Eye Care Services, LLC | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 10/7/2029 | 7899 | 7668 | 7765 | (10)(15) |
| FP UC Intermediate Holdings, Inc. | FP UC Intermediate Holdings, Inc. | FP UC Intermediate Holdings, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;FP UC Intermediate Holdings, Inc. | First Lien Secured Debt - Term Loan | S+650 Cash plus 1.00% PIK, 1.00% Floor | 11/22/2026 | 7919 | 7858 | 7758 | (9) |
| Kure Pain Holdings, Inc. | Kure Pain Holdings, Inc. | Kure Pain Holdings, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;Kure Pain Holdings, Inc. | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 8/27/2027 | 7896 | 7895 | 7896 | (10) |
| MAXOR ACQUISITION INC | MAXOR ACQUISITION INC | MAXOR ACQUISITION INC |  |  |  |  |  |
| &nbsp;&nbsp;Maxor Acquisition, Inc. | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 3/1/2029 | 7899 | 7732 | 7821 | (10) |
| Midwest Vision Partners Management, LLC | Midwest Vision Partners Management, LLC | Midwest Vision Partners Management, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Midwest Vision Partners Management, LLC | First Lien Secured Debt - Term Loan | S+450 Cash plus 2.00% PIK, 1.00% Floor | 1/12/2027 | 7686 | 7553 | 7590 | (9)(15) |
|  | First Lien Secured Debt - Term Loan | S+650 PIK, 1.00% Floor | 1/12/2027 | 417 | 410 | 333 | (9)(15) |
|  |  |  |  |  | 7963 | 7923 |  |
| Pace Health Companies, LLC | Pace Health Companies, LLC | Pace Health Companies, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Pace Health Companies, LLC | First Lien Secured Debt - Term Loan | S+540, 1.00% Floor | 8/2/2026 | 7896 | 7843 | 7841 | (10) |
| Rarebreed | Rarebreed | Rarebreed |  |  |  |  |  |
| &nbsp;&nbsp;Rarebreed Veterinary Partners, Inc. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 4/18/2030 | 7761 | 7620 | 7606 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+525, 1.00% Floor | 4/18/2030 | 44 | 42 | 41 | (10)(15)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 4/18/2030 |  | (1) | (2) | (15)(18)(19)(20) |
|  |  |  |  |  | 7661 | 7645 |  |
| SBH Buyer, LLC | SBH Buyer, LLC | SBH Buyer, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Salisbury House, LLC | First Lien Secured Debt - Term Loan | S+590, 1.00% Floor | 2/28/2026 | 8000 | 7934 | 7915 | (10) |
| Team Select | Team Select | Team Select |  |  |  |  |  |
| &nbsp;&nbsp;TS Investors, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 5/4/2029 | 7900 | 7833 | 7801 | (10) |
| Thomas Scientific, LLC | Thomas Scientific, LLC | Thomas Scientific, LLC |  |  |  |  |  |
| &nbsp;&nbsp;Thomas Scientific, LLC | First Lien Secured Debt - Term Loan | S+325 Cash plus 4.50% PIK, 1.00% Floor | 12/14/2027 | 8029 | 7926 | 7850 | (9) |
| TST Intermediate Holdings, LLC | TST Intermediate Holdings, LLC | TST Intermediate Holdings, LLC |  |  |  |  |  |
| &nbsp;&nbsp;TST Intermediate Holdings, LLC | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 12/31/2028 | 1576 | 1549 | 1576 | (10) |
|  | First Lien Secured Debt - Delayed Draw | S+585, 1.00% Floor | 11/27/2026 | 5939 | 5837 | 5939 | (10) |
|  |  |  |  |  | 7386 | 7515 |  |
| TVG Shelby Buyer, Inc. | TVG Shelby Buyer, Inc. | TVG Shelby Buyer, Inc. |  |  |  |  |  |
| &nbsp;&nbsp;TVG Shelby Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 3/27/2028 | 8000 | 7904 | 7828 | (10)(15) |
| TVG-MEDULLA, LLC | TVG-MEDULLA, LLC | TVG-MEDULLA, LLC |  |  |  |  |  |
| &nbsp;&nbsp;TVG-MEDULLA, LLC | First Lien Secured Debt - Term Loan | S+550 Cash plus 1.50% PIK, 1.00% Floor | 6/30/2026 | 8066 | 7953 | 7813 | (10) |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| Veristat Group Inc. | Veristat Group Inc. | Veristat Group Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Veristat Group Inc. | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 3/31/2027 |  | 7897 | 7809 | 7061 | (9) |
| WelldyneRX, LLC | WelldyneRX, LLC | WelldyneRX, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;WelldyneRX, LLC | First Lien Secured Debt - Term Loan | S+685, 0.75% Floor | 3/9/2027 |  | 7898 | 7742 | 7741 | (10) |
|  |  | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | Total Health Care Providers & Services | $124976 | $124071 |  |
| **Health Care Technology** | **Health Care Technology** | **Health Care Technology** |  |  |  |  |  |  |
| MRO Parent Corporation | MRO Parent Corporation | MRO Parent Corporation |  |  |  |  |  |  |
| &nbsp;&nbsp;MRO Parent Corporation | First Lien Secured Debt - Term Loan | S+485, 1.00% Floor | 10/22/2027 | $— | 7896 | $7896 | $7896 | (10) |
| Parcelshield Holdings LLC | Parcelshield Holdings LLC | Parcelshield Holdings LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Parcelshield Holdings LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 9/30/2027 |  | 7844 | 7664 | 7745 | (10) |
|  |  | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | Total Health Care Technology | $15560 | $15641 |  |
| **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** | **Hotels, Restaurants & Leisure** |  |  |  |  |  |  |
| American West Restaurant Group Holdings LLC | American West Restaurant Group Holdings LLC | American West Restaurant Group Holdings LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;American West Restaurant Group Holdings LLC | First Lien Secured Debt - Term Loan | 7.75% | 2/2/2028 | $— | 7939 | $7689 | $7119 | (5)(9) |
| Cave Enterprises Operations, LLC | Cave Enterprises Operations, LLC | Cave Enterprises Operations, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Cave Enterprises Operations, LLC | First Lien Secured Debt - Term Loan | S+660, 1.50% Floor | 8/9/2028 |  | 7920 | 7920 | 7920 | (9) |
| PARS | PARS | PARS |  |  |  |  |  |  |
| &nbsp;&nbsp;PARS Group LLC | First Lien Secured Debt - Term Loan | S+685, 1.50% Floor | 4/3/2028 |  | 7835 | 7740 | 7717 | (9) |
| Walter's Wedding | Walter's Wedding | Walter's Wedding |  |  |  |  |  |  |
| &nbsp;&nbsp;WH BorrowerCo, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 8/1/2030 |  | 8800 | 8675 | 8668 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 8/1/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 8/1/2030 |  | 49 | 47 | 47 | (10)(15)(20) |
|  |  |  |  |  |  | 8721 | 8714 |  |
| YTC Enterprises, LLC | YTC Enterprises, LLC | YTC Enterprises, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;YTC Enterprises, LLC | First Lien Secured Debt - Term Loan | S+636, 1.00% Floor | 8/16/2026 |  | 7508 | 7411 | 7245 | (9) |
|  |  | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | Total Hotels, Restaurants & Leisure | $39481 | $38715 |  |
| **Insurance** | **Insurance** | **Insurance** |  |  |  |  |  |  |
| Spectrum Automotive | Spectrum Automotive | Spectrum Automotive |  |  |  |  |  |  |
| &nbsp;&nbsp;Shelby 2021 Holdings Corp. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 6/29/2028 | $— | 7898 | $7773 | $7858 | (9) |
| West-NR AcquisitionCo, LLC | West-NR AcquisitionCo, LLC | West-NR AcquisitionCo, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;West-NR AcquisitionCo, LLC | First Lien Secured Debt - Term Loan | S+510, 1.00% Floor | 12/27/2027 |  | 7898 | 7815 | 7819 | (10) |
|  |  | Total Insurance | Total Insurance | Total Insurance | Total Insurance | $15588 | $15677 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| **IT Services** | **IT Services** | **IT Services** |  |  |  |  |  |  |
| Distinct Holdings Inc | Distinct Holdings Inc | Distinct Holdings Inc |  |  |  |  |  |  |
| &nbsp;&nbsp;Distinct Holdings Inc | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 7/18/2029 | $— | 9875 | $9715 | $9717 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+575, 1.00% Floor | 7/18/2029 |  |  | (2) | (2) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 9713 | 9715 |  |
| TeamLINX Buyer, LLC | TeamLINX Buyer, LLC | TeamLINX Buyer, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;TeamLINX Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 12/18/2030 |  | 4900 | 4827 | 4827 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 12/18/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 4826 | 4826 |  |
| VikingCloud | VikingCloud | VikingCloud |  |  |  |  |  |  |
| &nbsp;&nbsp;Bullcave Limited | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/6/2030 |  | 9875 | 9734 | 9727 | (10)(15) |
| &nbsp;&nbsp;Sysnet North America, Inc. | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/6/2030 |  | 53 | 52 | 52 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 9786 | 9779 |  |
|  |  | Total IT Services | Total IT Services | Total IT Services | Total IT Services | $24325 | $24320 |  |
| **Leisure Products** | **Leisure Products** | **Leisure Products** |  |  |  |  |  |  |
| Dan Dee International Holdings, Inc. | Dan Dee International Holdings, Inc. | Dan Dee International Holdings, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Dan Dee International Holdings, Inc. | First Lien Secured Debt - Term Loan | S+710, 1.00% Floor | 2/1/2026 | $— | 6673 | $6664 | $6634 | (10) |
| Lash OpCo, LLC | Lash OpCo, LLC | Lash OpCo, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Lash OpCo, LLC | First Lien Secured Debt - Term Loan | S+275 Cash plus 4.35% PIK, 1.00% Floor | 3/18/2026 |  | 8401 | 8347 | 8231 | (10) |
| Wellbeam Consumer Health Intermediate, LLC | Wellbeam Consumer Health Intermediate, LLC | Wellbeam Consumer Health Intermediate, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Wellbeam Consumer Health Intermediate, LLC | First Lien Secured Debt - Term Loan | S+625 Cash plus 2.00% PIK, 1.00% Floor | 10/4/2027 |  | 46 | 46 | 45 | (10) |
|  | First Lien Secured Debt - Delayed Draw | S+625 Cash plus 2.00% PIK, 1.00% Floor | 10/4/2027 |  | 5253 | 5045 | 5115 | (10) |
|  |  |  |  |  |  | 5091 | 5160 |  |
|  |  | Total Leisure Products | Total Leisure Products | Total Leisure Products | Total Leisure Products | $20102 | $20025 |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |
| VCR Buyer, Inc. | VCR Buyer, Inc. | VCR Buyer, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;VCR Buyer, Inc. | First Lien Secured Debt - Term Loan | S+675 Cash plus 1.00% PIK, 0.75% Floor | 4/28/2028 | $— | 8017 | $7621 | $7174 | (9) |
|  |  | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | Total Life Sciences Tools & Services | $7621 | $7174 |  |
| **Machinery** | **Machinery** | **Machinery** |  |  |  |  |  |  |
| BW Colson Acquisition LLC | BW Colson Acquisition LLC | BW Colson Acquisition LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;BW Colson Acquisition LLC | First Lien Secured Debt - Term Loan | S+515, 1.00% Floor | 2/26/2027 | $— | 8000 | $7903 | $7912 | (10) |
| OEH | OEH | OEH |  |  |  |  |  |  |
| &nbsp;&nbsp;OEH Parent Holdings, Inc. | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 11/9/2027 |  | 7898 | 7777 | 7857 | (9) |
|  |  | Total Machinery | Total Machinery | Total Machinery | Total Machinery | $15680 | $15769 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| **Media** | **Media** | **Media** |  |  |  |  |  |  |
| HU Buyer, Inc. | HU Buyer, Inc. | HU Buyer, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;HU Buyer, Inc. | First Lien Secured Debt - Term Loan | S+610, 1.00% Floor | 12/29/2026 | $— | 7897 | $7761 | $7735 | (10) |
| Terrier Gamut Holdings, Inc. | Terrier Gamut Holdings, Inc. | Terrier Gamut Holdings, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;Terrier Gamut Holdings, Inc. | First Lien Secured Debt - Term Loan | S+660, 1.00% Floor | 8/15/2028 |  | 7894 | 7637 | 7614 | (10) |
|  |  | Total Media | Total Media | Total Media | Total Media | $15398 | $15349 |  |
| **Personal Products** | **Personal Products** | **Personal Products** |  |  |  |  |  |  |
| Advantice Health | Advantice Health | Advantice Health |  |  |  |  |  |  |
| &nbsp;&nbsp;Jazz AH Holdco, LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 4/3/2028 | $— | 7899 | $7774 | $7747 | (10) |
| Elida Beauty | Elida Beauty | Elida Beauty |  |  |  |  |  |  |
| &nbsp;&nbsp;PHOENIX YW BUYER, INC. | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 5/31/2030 |  | 1790 | 1753 | 1754 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 5/31/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 1752 | 1753 |  |
| Natural Partners | Natural Partners | Natural Partners |  |  |  |  |  |  |
| &nbsp;&nbsp;Natural Partners, Inc. | First Lien Secured Debt - Term Loan | S+465, 1.00% Floor | 11/29/2027 |  | 7898 | 7894 | 7786 | (10) |
|  |  | Total Personal Products | Total Personal Products | Total Personal Products | Total Personal Products | $17420 | $17286 |  |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |
| AHP Timberwolf Bidco Corp. | AHP Timberwolf Bidco Corp. | AHP Timberwolf Bidco Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;AHP Timberwolf Bidco Corp. | First Lien Secured Debt - Term Loan | S+525, 1.00% Floor | 8/6/2031 | $— | 9900 | $9710 | $9702 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+525, 1.00% Floor | 8/6/2031 |  |  | (2) | (2) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 9708 | 9700 |  |
| Orion Buyer, LLC | Orion Buyer, LLC | Orion Buyer, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Orion Buyer, LLC | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 7/18/2030 |  | 8778 | 8612 | 8602 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 7/18/2030 |  |  | (1) | (2) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+400, 1.00% Floor | 7/18/2030 |  | 20 | 18 | 18 | (10)(15)(19)(20) |
| &nbsp;&nbsp;TVG Orion Blocker, Inc. | Common Equity - Stock | N/A | N/A | 2 Shares | 2 Shares | 99 | 93 | (6)(15)(21) |
|  | Unsecured Debt - Promissory Note | 11.34% | 7/18/2030 |  | 19 | 19 | 19 | (15) |
|  |  |  |  |  |  | 8747 | 8730 |  |
| Saffron Bidco Ltd | Saffron Bidco Ltd | Saffron Bidco Ltd |  |  |  |  |  |  |
| &nbsp;&nbsp;Saffron Bidco Ltd | First Lien Secured Debt - Term Loan | S+575, 0.75% Floor | 9/11/2031 |  | 9530 | 9342 | 9339 | (11)(15)(17) |
|  | First Lien Secured Debt - Term Loan | E+575, 0.75% Floor | 9/11/2031 |  | 96 | 104 | 97 | (13)(15)(17) |
|  | First Lien Secured Debt - Delayed Draw | SONIA+575, 0.75% Floor | 9/11/2031 | £nan |  |  | (3) | (15)(17)(18)(19)(20) |
|  |  |  |  |  |  | 9446 | 9433 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| TerSera Therapeutics | TerSera Therapeutics | TerSera Therapeutics |  |  |  |  |  |  |
| &nbsp;&nbsp;TerSera Therapeutics LLC | First Lien Secured Debt - Term Loan | S+575, 1.00% Floor | 4/4/2029 |  | 7900 | 7850 | 7900 | (10) |
|  |  | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | Total Pharmaceuticals | $35751 | $35763 |  |
| **Professional Services** | **Professional Services** | **Professional Services** |  |  |  |  |  |  |
| Career Certified, LLC | Career Certified, LLC | Career Certified, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Career Certified, LLC | First Lien Secured Debt - Term Loan | S+635, 1.00% Floor | 12/18/2026 | $— | 7897 | $7709 | $7787 | (10) |
| Escalent | Escalent | Escalent |  |  |  |  |  |  |
| &nbsp;&nbsp;M&M OPCO, LLC | First Lien Secured Debt - Term Loan | S+810, 1.00% Floor | 4/7/2029 |  | 7899 | 7747 | 7742 | (10) |
| KL Charlie Acquisition Company | KL Charlie Acquisition Company | KL Charlie Acquisition Company |  |  |  |  |  |  |
| &nbsp;&nbsp;KL Charlie Acquisition Company | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 12/30/2026 |  | 7897 | 7759 | 7818 | (10) |
| North Highland Company LLC | North Highland Company LLC | North Highland Company LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;The North Highland Company LLC | First Lien Secured Debt - Term Loan | S+475, 0.75% Floor | 12/22/2031 |  | 4800 | 4752 | 4752 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+475, 0.75% Floor | 12/22/2031 |  |  |  |  | (15)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+475, 0.75% Floor | 12/20/2030 |  | 20 | 19 | 19 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 4771 | 4771 |  |
|  |  | Total Professional Services | Total Professional Services | Total Professional Services | Total Professional Services | $27986 | $28118 |  |
| **Software** | **Software** | **Software** |  |  |  |  |  |  |
| AMI Buyer, Inc. | AMI Buyer, Inc. | AMI Buyer, Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;AMI Buyer, Inc. | First Lien Secured Debt - Term Loan | S+525, 0.75% Floor | 10/17/2031 | $— | 4900 | $4834 | $4827 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+525, 0.75% Floor | 10/17/2031 |  | 24 | 23 | 23 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 4857 | 4850 |  |
| CM Acquisitions Holdings Inc. | CM Acquisitions Holdings Inc. | CM Acquisitions Holdings Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;CM Acquisitions Holdings Inc. | First Lien Secured Debt - Term Loan | S+350 Cash plus 2.50% PIK, 1.00% Floor | 5/6/2026 |  | 8148 | 8105 | 7869 | (10) |
| EVER.AG Corporation | EVER.AG Corporation | EVER.AG Corporation |  |  |  |  |  |  |
| &nbsp;&nbsp;EVER.AG Corporation | First Lien Secured Debt - Term Loan | S+585, 1.00% Floor | 6/24/2027 |  | 7898 | 7835 | 7740 | (10) |
| Uniguest | Uniguest | Uniguest |  |  |  |  |  |  |
| &nbsp;&nbsp;Uniguest Holdings, Inc | First Lien Secured Debt - Term Loan | S+500, 1.00% Floor | 11/27/2030 |  | 9800 | 9655 | 9653 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 1.00% Floor | 11/27/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+500, 1.00% Floor | 11/27/2030 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  |  |  |  |  | 9653 | 9651 |  |
|  |  | Total Software | Total Software | Total Software | Total Software | $30450 | $30110 |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry/Company** | **Investment Type** | **Interest Rate** <sup>(8)</sup> | **Maturity Date** | **Par/Shares** <sup>(3)</sup> | **Par/Shares** <sup>(3)</sup> | **Cost** <sup>(22)</sup> | **Fair Value** <sup>(1)(23)</sup> |  |
| **Specialty Retail** | **Specialty Retail** | **Specialty Retail** |  |  |  |  |  |  |
| Club Champion LLC | Club Champion LLC | Club Champion LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Club Champion LLC | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 6/14/2029 | $— | 8856 | $8732 | $8701 | (10)(15) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 6/14/2029 |  | 37 | 35 | 35 | (10)(15)(19)(20) |
|  |  |  |  |  |  | 8767 | 8736 |  |
| Paladone Group Bidco Limited | Paladone Group Bidco Limited | Paladone Group Bidco Limited |  |  |  |  |  |  |
| &nbsp;&nbsp;Paladone Group Bidco Limited | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 11/12/2027 |  | 7898 | 7825 | 7867 | (10)(17) |
|  |  | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | Total Specialty Retail | $16592 | $16603 |  |
| **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** | **Textiles, Apparel & Luxury Goods** |  |  |  |  |  |  |
| MTI Group Acquisition Company | MTI Group Acquisition Company | MTI Group Acquisition Company |  |  |  |  |  |  |
| &nbsp;&nbsp;MTI Group Acquisition Company | First Lien Secured Debt - Term Loan | S+610 Cash plus 1.00% PIK, 1.00% Floor | 3/31/2025 | $— | 7932 | $7914 | $7912 | (4)(10)(17) |
|  |  | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | Total Textiles, Apparel & Luxury Goods | $7914 | $7912 |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |
| Eckhart BidCo, LLC | Eckhart BidCo, LLC | Eckhart BidCo, LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Eckhart BidCo, LLC | First Lien Secured Debt - Term Loan | S+560, 1.00% Floor | 1/10/2029 | $— | 7899 | $7768 | $7813 | (10) |
| MacQueen Equipment | MacQueen Equipment | MacQueen Equipment |  |  |  |  |  |  |
| &nbsp;&nbsp;MacQueen Equipment, LLC | First Lien Secured Debt - Term Loan | S+551, 1.00% Floor | 1/7/2028 |  | 7816 | 7773 | 7816 | (9) |
| ORS Nasco | ORS Nasco | ORS Nasco |  |  |  |  |  |  |
| &nbsp;&nbsp;WC ORS Buyer, Inc. | First Lien Secured Debt - Term Loan | S+500, 0.75% Floor | 8/7/2031 |  | 9776 | 9635 | 9629 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+500, 0.75% Floor | 8/7/2031 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+500, 0.75% Floor | 8/7/2031 |  | 26 | 25 | 25 | (10)(15)(19)(20) |
| &nbsp;&nbsp;WC ORS Holdings, L.P. | Common Equity - Limited Partnership | N/A | N/A | 30,000 Shares | 30,000 Shares | 30 | 31 | (6)(15)(21) |
|  |  |  |  |  |  | 9689 | 9684 |  |
|  |  | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | Total Trading Companies & Distributors | $25230 | $25313 |  |
| **Transportation Infrastructure** | **Transportation Infrastructure** | **Transportation Infrastructure** |  |  |  |  |  |  |
| GAT | GAT | GAT |  |  |  |  |  |  |
| &nbsp;&nbsp;GAT-Airline Ground Support Inc | First Lien Secured Debt - Term Loan | S+550, 1.00% Floor | 5/9/2029 | $— | 3781 | $3730 | $3743 | (10)(15) |
|  | First Lien Secured Debt - Delayed Draw | S+550, 1.00% Floor | 5/9/2029 |  | 40 | 39 | 39 | (10)(15)(19)(20) |
|  | First Lien Secured Debt - Revolver | S+550, 1.00% Floor | 5/9/2029 |  |  | (1) | (1) | (15)(18)(19)(20) |
|  |  | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | Total Transportation Infrastructure | $3768 | $3781 |  |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |  |  |  |  |  |  |
| Kane Communications LLC | Kane Communications LLC | Kane Communications LLC |  |  |  |  |  |  |
| &nbsp;&nbsp;Kane Communications LLC | First Lien Secured Debt - Term Loan | S+601, 1.00% Floor | 8/9/2027 | $— | 8000 | $7877 | $7876 | (10) |
|  |  | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | Total Wireless Telecommunication Services | $7877 | $7876 |  |
| **Total Investments** |  |  |  |  |  | $**918595** | $**909845** |  |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

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

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

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

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

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

(6)Non-income producing security.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Issuer** | **Total Commitment** | **Drawn Commitment** | **Letters of Credit \*\*** | **Undrawn Commitment** |
| AHP Timberwolf Bidco Corp. | $100 |  |  | 100 |
| AMI Buyer, Inc. | 100 | 24 |  | 76 |
| American Restoration Holdings, LLC | 131 | 22 |  | 109 |
| Aspen Aerogels, Inc. | 100 | 43 |  | 57 |
| Bingo Group Buyer, Inc. | 200 | 3 |  | 197 |
| CRS Holdings, Inc. | 100 |  | 7 | 93 |
| Club Champion LLC | 100 | 37 |  | 63 |
| Cool Buyer, Inc. | 200 |  |  | 200 |
| Distinct Holdings Inc | 100 |  |  | 100 |
| FEV Acquisition Corporation (i) |  |  |  |  |
| GAT-Airline Ground Support Inc | 160 |  |  | 160 |
| GC Waves Holdings, Inc. | 188 |  |  | 188 |
| Generator Buyer, Inc.\* | 131 |  | 2 | 129 |
| Lotus Topco Inc. | 100 |  |  | 100 |
| Lunar Buyer, LLC | 200 | 11 |  | 189 |
| NPPI Buyer, LLC | 200 |  |  | 200 |
| Omnimax International, LLC | 100 |  |  | 100 |
| Orion Buyer, LLC | 200 | 20 |  | 180 |
| PHOENIX YW BUYER, INC. | 50 |  |  | 50 |
| PMA Parent Holdings, LLC | 100 |  |  | 100 |
| Pavement Preservation Acquisition, LLC | 100 |  |  | 100 |
| Protein For Pets Opco, LLC | 100 |  |  | 100 |
| Rarebreed Veterinary Partners, Inc. | 181 |  |  | 181 |
| Regis Corporation | 100 | 17 | 15 | 68 |
| Saffron Bidco Ltd\* | 125 |  |  | 125 |
| Sysnet North America, Inc. | 100 | 53 |  | 47 |
| TCW Midco LLC | 200 |  |  | 200 |
| TeamLINX Buyer, LLC | 100 |  |  | 100 |
| The North Highland Company LLC | 200 | 20 |  | 180 |
| Traffic Management Solutions, LLC | 300 | 8 |  | 292 |
| Ultra Clean Holdco LLC | 1336 |  |  | 1336 |
| Uniguest Holdings, Inc | 200 |  |  | 200 |
| Vixxo Corporation | 50 |  |  | 50 |
| WC ORS Buyer, Inc. | 200 | 26 |  | 174 |
| WH BorrowerCo, LLC | 200 | 49 |  | 151 |
| WildBrain Ltd. | 100 | 15 |  | 85 |
| **Total Commitments** | $**6152** | $**349** | $**24** | $**5779** |

---

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

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

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

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

---

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

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Unsecured Debt** | **Common Equity** | **Total** |
| Aerospace & Defense | $15656 | $— | $— | $15656 |
| Air Freight & Logistics | 9531 |  | 2736 | 12267 |
| Automobile Components | 12582 |  | 34 | 12616 |
| Building Products | 7252 |  |  | 7252 |
| Capital Markets | 7792 |  |  | 7792 |
| Chemicals | 21392 |  |  | 21392 |
| Commercial Services & Supplies | 100846 |  |  | 100846 |
| Communications Equipment | 7874 |  |  | 7874 |
| Construction & Engineering | 49956 |  |  | 49956 |
| Consumer Staples Distribution & Retail | 16092 |  |  | 16092 |
| Containers & Packaging | 9635 |  |  | 9635 |
| Diversified Consumer Services | 63219 |  |  | 63219 |
| Electrical Equipment | 6298 |  |  | 6298 |
| Electronic Equipment, Instruments & Components | 7839 |  |  | 7839 |
| Energy Equipment & Services | 7263 |  |  | 7263 |
| Entertainment | 12490 |  |  | 12490 |
| Financial Services | 30385 |  |  | 30385 |
| Food Products | 23286 |  |  | 23286 |
| Ground Transportation | 15721 |  |  | 15721 |
| Health Care Equipment & Supplies | 38997 |  |  | 38997 |
| Health Care Providers & Services | 124976 |  |  | 124976 |
| Health Care Technology | 15560 |  |  | 15560 |
| Hotels, Restaurants & Leisure | 39481 |  |  | 39481 |
| Insurance | 15588 |  |  | 15588 |
| IT Services | 24325 |  |  | 24325 |
| Leisure Products | 20102 |  |  | 20102 |
| Life Sciences Tools & Services | 7621 |  |  | 7621 |
| Machinery | 15680 |  |  | 15680 |
| Media | 15398 |  |  | 15398 |
| Personal Products | 17420 |  |  | 17420 |
| Pharmaceuticals | 35633 | 19 | 99 | 35751 |
| Professional Services | 27986 |  |  | 27986 |
| Software | 30450 |  |  | 30450 |
| Specialty Retail | 16592 |  |  | 16592 |
| Textiles, Apparel & Luxury Goods | 7914 |  |  | 7914 |
| Trading Companies & Distributors | 25200 |  | 30 | 25230 |
| Transportation Infrastructure | 3768 |  |  | 3768 |
| Wireless Telecommunication Services | 7877 |  |  | 7877 |
| **Total** | $**915677** | $**19** | $**2899** | $**918595** |

---

See notes to the consolidated financial statements.

------

[**<u>**Table of Contents**</u>**](#toc_page)

**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Industry** | **First Lien - Secured Debt** | **Unsecured Debt** | **Common Equity** | **Total** | **% of Net Assets** |
| Aerospace & Defense | $15648 | $— | $— | $15648 | 4.3% |
| Air Freight & Logistics | 9734 |  | 2737 | 12471 | 3.4% |
| Automobile Components | 12610 |  | 34 | 12644 | 3.5% |
| Building Products | 7251 |  |  | 7251 | 2.0% |
| Capital Markets | 7858 |  |  | 7858 | 2.2% |
| Chemicals | 21277 |  |  | 21277 | 5.8% |
| Commercial Services & Supplies | 101011 |  |  | 101011 | 27.8% |
| Communications Equipment | 6272 |  |  | 6272 | 1.7% |
| Construction & Engineering | 49658 |  |  | 49658 | 13.6% |
| Consumer Staples Distribution & Retail | 16026 |  |  | 16026 | 4.4% |
| Containers & Packaging | 9627 |  |  | 9627 | 2.6% |
| Diversified Consumer Services | 58525 |  |  | 58525 | 16.1% |
| Electrical Equipment | 6344 |  |  | 6344 | 1.7% |
| Electronic Equipment, Instruments & Components | 7898 |  |  | 7898 | 2.2% |
| Energy Equipment & Services | 7013 |  |  | 7013 | 1.9% |
| Entertainment | 12495 |  |  | 12495 | 3.4% |
| Financial Services | 30254 |  |  | 30254 | 8.3% |
| Food Products | 23306 |  |  | 23306 | 6.4% |
| Ground Transportation | 15671 |  |  | 15671 | 4.3% |
| Health Care Equipment & Supplies | 39093 |  |  | 39093 | 10.7% |
| Health Care Providers & Services | 124071 |  |  | 124071 | 34.0% |
| Health Care Technology | 15641 |  |  | 15641 | 4.3% |
| Hotels, Restaurants & Leisure | 38715 |  |  | 38715 | 10.6% |
| Insurance | 15677 |  |  | 15677 | 4.3% |
| IT Services | 24320 |  |  | 24320 | 6.7% |
| Leisure Products | 20025 |  |  | 20025 | 5.5% |
| Life Sciences Tools & Services | 7174 |  |  | 7174 | 2.0% |
| Machinery | 15769 |  |  | 15769 | 4.3% |
| Media | 15349 |  |  | 15349 | 4.2% |
| Personal Products | 17286 |  |  | 17286 | 4.7% |
| Pharmaceuticals | 35651 | 19 | 93 | 35763 | 9.8% |
| Professional Services | 28118 |  |  | 28118 | 7.7% |
| Software | 30110 |  |  | 30110 | 8.3% |
| Specialty Retail | 16603 |  |  | 16603 | 4.6% |
| Textiles, Apparel & Luxury Goods | 7912 |  |  | 7912 | 2.2% |
| Trading Companies & Distributors | 25282 |  | 31 | 25313 | 6.9% |
| Transportation Infrastructure | 3781 |  |  | 3781 | 1.0% |
| Wireless Telecommunication Services | 7876 |  |  | 7876 | 2.2% |
| **Total** | $**906931** | $**19** | $**2895** | $**909845** | **249.6%** |
| **% of Net Assets** | **248.8%** | **0.0%** | **0.8%** | **249.6%** |  |

---

See notes to the consolidated financial statements.

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2024**

**(In thousands, except share data)**

---

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

---

---

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

---

See notes to the consolidated financial statements.

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 1. Organization**

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

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

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

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 2. Significant Accounting Policies**

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

***Basis of Presentation***

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

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

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

***Use of Estimates***

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

***Consolidation***

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

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

***Cash and Cash Equivalents***

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

***Investment Transactions***

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

***Fair Value Measurements*** 

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

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

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

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

Level 3: Unobservable inputs for the asset or liability.

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

***Investment Valuation Process***

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Preliminary valuation conclusions are then documented and discussed with senior management of our Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer's business, significant inputs or the relevant environment.

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

***Derivative Instruments***

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

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

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

*Foreign Currency Forward Contracts*

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

*Offsetting Assets and Liabilities*

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

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

***Valuation of Other Financial Assets and Financial Liabilities***

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

***Realized Gains or Losses***

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

***Investment Income Recognition***

*Interest Income*

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

*PIK Income*

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

*Dividend Income*

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

*Fee Income*

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

*Non-Accrual Income*

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

***Expenses***

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

***Organization Expenses***

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

***Financing Costs***

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

***Foreign Currency Translations***

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

***Dividends and Distributions***

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

***Federal and State Income Taxes***

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

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

***Segment Reporting***

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

***Recent Accounting Pronouncements*** 

***Income Taxes*** 

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

***Income Statement - Reporting Comprehensive Income***

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 3. Related Party Agreements and Transactions**

***Advisory Agreement***

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

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

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

*Base Management Fee*

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

*Incentive Fee*

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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

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

*(ii) Incentive Fee on Capital Gains*

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

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

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

***Administration Agreement***

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

***Transaction Agreement***

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

*Asset Transfer Agreement*

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

*Servicing Fee Agreement*

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

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

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

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

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

***Expense Support and Conditional Reimbursement Agreement***

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

***Distribution Reinvestment Plan***

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

***Co-Investment Activity***

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 4. Investments**

***Fair Value Measurement and Disclosures***

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
|  | **Cost** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| First Lien Secured Debt | $912492 | $900854 | $— | $7109 | $893745 |
| Unsecured Debt | 19 | 19 |  |  | 19 |
| Common Equity/Interests | 7528 | 5653 |  |  | 5653 |
| Preferred Equity |  |  |  |  |  |
| **Total Investments before Cash Equivalents** | $920039 | $906526 | $— | $7109 | $899417 |
| Money Market Fund | $2047 | $2047 | $2047 | $— | $— |
| **Total Cash Equivalents** | $2047 | $2047 | $2047 | $— | $— |
| **Total Investments after Cash Equivalents** | $922086 | $908573 | $2047 | $7109 | $899417 |
| Foreign currency forward transactions |  | 38 |  | 38 |  |
| **Total Investments at Fair Value** | $922086 | $908611 | $2047 | $7147 | $899417 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
|  | **Cost** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| First Lien Secured Debt | $915677 | $906931 |  | $14183 | $892748 |
| Unsecured Debt | 19 | 19 |  |  | 19 |
| Common Equity/Interests | 2899 | 2895 |  |  | 2895 |
| **Total Investments at Fair Value** | $918595 | $909845 | $— | $14183 | $895662 |

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

***Fair Value Measurement and Disclosures***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
|  | **First Lien<br>Secured Debt** | **Unsecured <br>Debt** | **Common Equity/Interests** | **Total** |
| Fair value as of June 30, 2025 | $917856 | 19 | 4286 | $922161 |
| Net realized gains (losses) | (8813) |  |  | (8813) |
| Net change in unrealized gains (losses) | 5170 |  | (1453) | 3717 |
| Net amortization on investments | 839 |  |  | 839 |
| Purchases, including capitalized PIK <sup>(2)</sup> | 38858 |  | 2820 | 41678 |
| Sales <sup>(2)</sup> | (60165) |  |  | (60165) |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |
| **Fair value as of September 30, 2025** <sup>(3)</sup> | $893745 | 19 | 5653 | $899417 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025 | $7357 | $— | $(329) | $7028 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **First Lien<br>Secured Debt** | **Unsecured <br>Debt** | **Common Equity/Interests** | **Total** |
| Fair value as of December 31, 2024 | $892748 | 19 | 2895 | $895662 |
| Net realized gains (losses) | (8397) |  |  | (8397) |
| Net change in unrealized gains (losses) | (3397) |  | (1870) | (5267) |
| Net amortization on investments | 2270 |  |  | 2270 |
| Purchases, including capitalized PIK <sup>(2)</sup> | 166351 |  | 4628 | 170979 |
| Sales <sup>(2)</sup> | (155830) |  |  | (155830) |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |
| **Fair value as of September 30, 2025** <sup>(3)</sup> | $893745 | $19 | $5653 | $899417 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025 | $3748 | $— | $(1865) | $1883 |

---

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

(2)Includes reorganizations and restructuring of investments.

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **First Lien<br>Secured Debt** | **Unsecured <br>Debt** | **Common Equity/Interests** | **Total** |
| Fair value as of June 30, 2024 | $780885 |  |  | $780885 |
| Net realized gains (losses) |  |  |  |  |
| Net change in unrealized gains (losses) | (4196) |  |  | (4196) |
| Net amortization on investments | 1155 |  |  | 1155 |
| Purchases, including capitalized PIK <sup>(2)</sup> | 129907 | 19 | 129 | 130055 |
| Sales <sup>(2)</sup> | (18109) |  |  | (18109) |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |
| **Fair value as of September 30, 2024** <sup>(3)</sup> | $889642 | 19 | 129 | $889790 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024 | $(4196) |  |  | $(4196) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
|  | **First Lien<br>Secured Debt** | **Unsecured <br>Debt** | **Common Equity/Interests** | **Total** |
| Fair value as of December 31, 2023 | $777220 |  |  | 777220 |
| Net realized gains (losses) |  |  |  |  |
| Net change in unrealized gains (losses) | (5408) |  |  | (5408) |
| Net amortization on investments | 3625 |  |  | 3625 |
| Purchases, including capitalized PIK <sup>(2)</sup> | 172942 | 19 | 129 | 173090 |
| Sales <sup>(2)</sup> | (58737) |  |  | (58737) |
| Transfers out of Level 3 <sup>(1)</sup> |  |  |  |  |
| Transfers into Level 3 <sup>(1)</sup> |  |  |  |  |
| **Fair value as of September 30, 2024** <sup>(3)</sup> | $889642 | 19 | 129 | $889790 |
| Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024 | $(5408) |  |  | $(5408) |

---

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

(2)Includes reorganizations and restructuring of investments.

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation Techniques/Methodologies** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** <sup>(1)</sup> |
| First Lien Secured Debt | 865643 | Yield Analysis | Discount Rate | 7.7% | 16.8% | 10.1% |
|  | 18753 | Cost Approach | Cost Approach | N/A | N/A | N/A |
|  | 9349 | Recovery Analysis | Recoverable Amount | N/A | N/A | N/A |
| Unsecured Debt | 19 | Market Comparable Technique | Comparable Multiple | 19.3x | 19.3x | 19.3x |
| Common Equity/Interests | 5653 | Market Comparable Technique | Comparable Multiple | 6.0x | 19.3x | 7.9x |
| Total Level 3 Investments | $899417 |  |  |  |  |  |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** | **Quantitative Information about Level 3 Fair Value Measurements** |
| **Asset Category** | **Fair Value** | **Valuation Techniques/Methodologies** | **Unobservable Input** | **Range** | **Range** | **Weighted Average** <sup>(1)</sup> |
| First Lien Secured Debt | 839729 | Yield Analysis | Discount Rate | 8.6% | 19.9% | 11.1% |
|  | 2852 | Market Comparable Technique | Comparable Multiple | 2.0x | 2.0x | 2.0x |
|  | 50167 | Recent Transaction | Recent Transaction | N/A | N/A | N/A |
| Unsecured Debt | 19 | Market Comparable Technique | Comparable Multiple | 20.5x | 20.5x | 20.5x |
| Common Equity/Interests | 2861 | Market Comparable Technique | Comparable Multiple | 9.0x | 20.5x | 10.8x |
|  | 34 | Recent Transaction | Recent Transaction | N/A | N/A | N/A |
| Total Level 3 Investments | $895662 |  |  |  |  |  |

---

(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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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

***Investment Transactions*** 

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

***PIK Income*** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| PIK balance at beginning of period | $4991 | $1997 | $3839 | $1280 |
| PIK income capitalized | 882 | 620 | 2357 | 1337 |
| Adjustments due to investments exited or written off | (72) |  | (395) |  |
| PIK income received in cash |  |  |  |  |
| PIK balance at end of period | $5801 | $2617 | $5801 | $2617 |

---

***Investments on Non-Accrual Status***

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

***Derivative Instruments***

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Notional amount to be purchased** | **Notional amount to be sold** | **Settlement Date** | **Fair Value** | **Balance Sheet Location of Net Amounts** |
| STATE STREET BANK AND TRUST COMPANY | $2656 | 3658 | 12/17/2025 | 19 | Unrealized (appreciation) depreciation on foreign currency forward contracts |
| STATE STREET BANK AND TRUST COMPANY | 999 | 848 | 12/17/2025 | - | Unrealized (appreciation) depreciation on foreign currency forward contracts |
| STATE STREET BANK AND TRUST COMPANY | 3537 | £2616 | 12/17/2025 | 19 | Unrealized (appreciation) depreciation on foreign currency forward contracts |
|  |  |  |  | $38 |  |

---

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

---

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

---

---

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

---

**Note 5. Debt and Foreign Currency Transactions and Translations**

*AP Leaf, LLC*

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

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Average debt outstanding | $554281 | $510773 | $564913 | $495960 |
| Maximum amount of debt outstanding | 583565 | 554450 | 584357 | 554450 |
| Weighted average annualized interest cost <sup>(1)</sup> | 6.56% | 7.93% | 6.68% | 7.95% |
| Annualized amortized debt issuance cost | 0.30% | 0.25% | 0.21% | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total annualized interest cost | 6.86% | 8.18% | 6.89% | 8.18% |

---

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

***Foreign Currency Transactions and Translations***

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Original Principal Amount (Local)** | **Original Principal Amount (USD)** | **Principal Amount Outstanding** | **Unrealized Gain/(Loss)** | **Reset Date** |
| Candian Dollar | 6000 | $4372 | $4311 | $60 | 10/15/2025 |
| Great Britian Pound | £3500 | $4636 | $4707 | $(71) |  |
| Total |  | $9008 | $9018 | $(11) |  |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Original Principal Amount (Local)** | **Original Principal Amount (Local)** | **Original Principal Amount (USD)** | **Principal Amount Outstanding** | **Unrealized Gain/(Loss)** | **Reset Date** |
| Candian Dollar | C$ | 6000 | $4372 | $4172 | $200 | 10/10/2024 |
| Total |  |  | $4372 | $4172 | $200 |  |

---

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 6. Net Assets**

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

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

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

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Capital Commitments** | **Capital Commitments** | **Funded Capital Commitments** | **Funded Capital Commitments** | **% of Capital Commitments Funded** | **% of Capital Commitments Funded** | **Capital Commitments** | **Capital Commitments** | **Funded Capital Commitments** | **Funded Capital Commitments** | **% of Capital Commitments Funded** | **% of Capital Commitments Funded** |
| Common Shares | $— | 500000 | $— | 414877 | $— | 83% | $— | 475000 | $— | 364877 | $— | 77% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | **For Period between March 15** | **For Period between March 15** |
|  | **September 30, 2025** | **September 30, 2025** | **and September 30, 2024** | **and September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Proceeds from shares sold | 2050615 | $50000 | 2312138 | $60000 |
| Distributions reinvested | 65223 | 1587 | 17218 | 450 |
| **Total net increase (decrease)** | 2115838 | $51587 | 2329356 | $60450 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Distributions** | **Distributions** |
| **Record Date** | **Declaration Date** | **Payment Date** | **Per Share** | **Amount\*** |
| March 17, 2025 | March 17, 2025 | April 11, 2025 | $0.7509 | $11968 |
| May 21, 2025 | May 7, 2025 | July 11, 2025 | 0.7874 | 12575 |
| August 20, 2025 | August 6, 2025 | October 14, 2025 | 0.7500 | 12779 |
|  |  |  | $2.2883 | $37322 |

---

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Distributions** | **Distributions** |
| **Record Date** | **Declaration Date** | **Payment Date** | **Per Share** | **Amount\*** |
| September 19, 2024 | September 19, 2024 | September 20, 2024 | $1.0983 | $15879 |
|  |  |  | $1.0983 | $15879 |

---

\* Totals may not foot due to rounding.

**Note 7. Earnings Per Share**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
|  | **2025** | **2024** | **2025** | **2024** <sup>(1)</sup> |
| **Basic Earnings Per Share** |  |  |  |  |
| Net increase (decrease) in net assets resulting from operations | $6889 | $9274 | $24120 | $23426 |
| Weighted average shares outstanding | 16719816 | 14459794 | 16125448 | 13406659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings (loss) per share | $0.41 | $0.64 | $1.50 | $1.75 |

---

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 8. Commitments and Contingencies**

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

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| Unfunded revolver obligations and bridge loan commitments <sup>(1)</sup> | $15270 | $2597 |
| Standby letters of credit issued and outstanding <sup>(2)</sup> | 56 | 24 |
| Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) <sup>(3)</sup> | 20224 | 3182 |
| &nbsp;&nbsp;Total Unfunded Commitments <sup>(4)</sup> | $35550 | $5803 |

---

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

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

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

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

***Organizational and Offering Costs***

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 9. Financial Highlights**

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

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **For Period between March 15 and September 30, 2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| **Per Share Data\*** |  |  |
| Net asset value at beginning of period | 24.43 | 25.00 |
| Net investment income <sup>(1)</sup> | 2.43 | 2.16 |
| Net realized and change in unrealized gains (losses) <sup>(1)</sup> | (0.92) | (0.42) |
| Net increase in net assets resulting from operations | 1.51 | 1.75 |
| Distribution of net investment income <sup>(1)(2)</sup> | (2.29) | (1.10) |
| Net asset value at end of period | $23.65 | $25.67 |
| Total return <sup>(3)</sup> | 6.27% | 13.39% |
| Shares outstanding at end of period <sup>(1)</sup> | 17038441 | 14474953 |
| Weighted average shares outstanding <sup>(1)</sup> | 16125448 | 13406659 |
| **Ratio/Supplemental Data** |  |  |
| Net assets at end of period (in millions) | 402.9 | 371.6 |
| Annualized ratio of operating expenses to average net assets <sup>(4)(5)</sup> | 2.10% | 2.68% |
| Annualized ratio of interest and other debt expenses to average net assets <sup>(5)</sup> | 10.28% | 12.32% |
| Annualized ratio of total expenses to average net assets <sup>(4)(5)</sup> | 12.38% | 15.00% |
| Annualized ratio of net investment income to average net assets <sup>(5)</sup> | 13.61% | 15.07% |
| Average debt outstanding (in millions) | 564.9 | 510.8 |
| Average debt per share | 35.03 | 38.10 |
| Annualized portfolio turnover rate <sup>(5)</sup> | 23.77% | 9.74% |
| Asset coverage per unit <sup>(6)</sup> | 1776 | 1670 |

---

\* Totals may not foot due to rounding.

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

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

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

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

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

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

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**MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)**

**(In thousands, except share and per share data)**

**Note 10. Subsequent Events**

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

***Distribution Declarations*** 

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

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

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

**Results of Review of Interim Financial Information**

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

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

**Basis for Review Results**

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

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

/s/ Deloitte & Touche LLP

New York, New York

November 10, 2025

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our portfolio companies.

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

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

**Overview**

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

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

***Portfolio and Investment Activity***

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

---

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

---

\* Totals may not foot due to rounding.

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

---

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

---

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

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

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

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

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***Recent Developments***

*Chief Accounting Officer Appointment*

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

***Critical Accounting Estimates***

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

***Fair Value Measurements***

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

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

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

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

Level 3: Unobservable inputs for the asset or liability.

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

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

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

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

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**Results of Operations**

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

---

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

---

\* Totals may not foot due to rounding.

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

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

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***Total Investment Income***

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

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

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

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

***Net Expenses***

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

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

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

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

***Net Realized Gains (Losses) from Investments***

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

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

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

---

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

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

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

---

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

---

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

 ***Net Change in Unrealized Gains (Losses) from Investments***

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

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

---

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

---

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

---

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

---

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

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

---

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

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

---

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

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**Liquidity and Capital Resources**

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

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

***Cash Equivalents***

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

***Debt***

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **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 <sup>(1)</sup> | 519.0 | $— | $— | $519.0 | $— |
| &nbsp;&nbsp;Total Debt Obligations | $519.0 | $— | $— | $519.0 | $— |

---

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

***Shareholders' Equity***

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

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***Distributions***

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

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

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

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

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

***PIK Income***

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

***Related Party Transactions***

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

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**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

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

***Investment Valuation Risk***

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

***Interest Rate Risk***

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

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

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

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

---

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

---

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

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**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

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

***Changes in Internal Control Over Financial Reporting***

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

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**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

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

**Item 1A. Risk Factors**

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

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

***Unregistered Sales of Equity Securities***

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

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

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

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**Item 6. Exhibits**

---

| | |
|:---|:---|
| 3.1 | [<u>Fourth Amended and Restated Agreement and Declaration of Trust (1)</u>](https://www.sec.gov/Archives/edgar/data/2006758/000119312524137330/d745999dex32.htm) |
| 3.2 | [<u>Bylaws (2)</u>](https://www.sec.gov/Archives/edgar/data/2006758/000119312524069284/d745999dex32.htm) |
| 31.1 | [<u>Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\*</u>](ck0002006758-ex31_1.htm) |
| 31.2 | [<u>Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934\*</u>](ck0002006758-ex31_2.htm) |
| 32 | [<u>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)\*</u>](ck0002006758-ex32.htm) |
| 101.INS | Inline XBRL Instance Document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 104 | Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101)\* |

---

(\*) Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Incorporated by reference to Exhibit 3.2 to the Registrant's Registration Statement on Form 10 (File No. 000-56645) filed on March 15, 2024.

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**SIGNATURES**

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

---

| | |
|:---|:---|
| **MIDCAP APOLLO INSTITUTIONAL PRIVATE LENDING** | **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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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER**

I, Tanner Powell, Chief Executive Officer of MidCap Apollo Institutional Private Lending (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

------

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| | |
|:---|:---|
| Date: | November 10, 2025 |
| /s/ TANNER POWELL | /s/ TANNER POWELL |
| Tanner Powell | Tanner Powell |
| *Chief Executive Officer* | *Chief Executive Officer* |

---

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## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Kenneth Seifert, Chief Financial Officer of MidCap Apollo Institutional Private Lending (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

------

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| | |
|:---|:---|
| Date: | November 10, 2025 |
| /s/ KENNETH SEIFERT | /s/ KENNETH SEIFERT |
| Kenneth Seifert | Kenneth Seifert |
| *Chief Financial Officer and Treasurer* | *Chief Financial Officer and Treasurer* |

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## Ex-32

**EXHIBIT 32**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the quarterly report of MidCap Apollo Institutional Private Lending (the "Company") on Form 10-Q for the period ended September 30, 2025 (the "Report"), I, Tanner Powell, Chief Executive Officer of the Company, and I, Kenneth Seifert, Chief Financial Officer of the Company, each certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.To my knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ TANNER POWELL |
| Tanner Powell |
| *Chief Executive Officer* |
| November 10, 2025 |

---

---

| |
|:---|
| /s/ KENNETH SEIFERT |
| Kenneth Seifert |
| *Chief Financial Officer and Treasurer* |
| November 10, 2025 |

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