Private company

MidCap Apollo Institutional Private Lending

MidCap Apollo Institutional Private Lending is a trust registered in the United States, based in New York, active since 2023.2

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, United States2
  • Incorporated inDE3
  • Business address9 West 57Th Street, 42Nd Floor, New York, Ny 100193
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formStatutory Trust2
  • Kind of organizationTrust2
  • LEI254900GSND5E9C8BEE772
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O Corporation Service Company, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 25877732

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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 “ …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5$29.4M in 2025+3311% since 2023
0$10.0M$20.0M$30.0M$40.0M2023: $863.0K$863.0K20232024: $39.9M$39.9M2024+4526%2025: $29.4M$29.4M2025−26%
Fiscal year2023202420252026
Operating expenses$1.7M5$56.9M5$53.9M5
Income tax$08
Net income$863.0K5$39.9M5$29.4M5
Earnings per share$1.805
Shares (weighted, basic)16.4M shares5

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Corporate structure

MidCap Apollo Institutional Private Lending sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MidCap Apollo Institutional Private Lending

  • Mubadala Investment Co PJSC Filed SCHEDULE 13G/A on MidCap Apollo Institutional Private Lending, latest Nov 10, 2025 (2 filings since Sep 11, 2025)
  • MidCap Apollo Institutional Private Lending New York, New York, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MidCap Apollo Institutional Private Lending reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$19.2M5 Dec 31, 2025$33.3M5 Dec 31, 2024−42.3%

Properties, in its own words

As of December 31, 2025, we did not own any real estate or other physical properties materially important to our operations. Our administrative and principal executive offices are located at 3 Bryant Park, New York, NY 10036 and 9 West 57th Street, New York, NY 10019, respectively. We believe that our office facilities are suitable and adequate for our business as it is currently conducted.

Item 2 of the 10-K filed Mar 12, 2026.4

Leadership

Who has led MidCap Apollo Institutional Private Lending, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Tanner Powell2024–now
2025
Board members and other officers (5)

Former names

  • Middle Market Apollo Institutional Private LendingJan 5, 2024 to Mar 17, 20253

Timeline

  1. Apr 20, 20268-K Executive or director change15
  2. Sep 8, 20258-K Executive or director change16
  3. Aug 4, 20258-K Unregistered sale of shares17
  4. Jun 13, 20258-K Executive or director change18
  5. Mar 11, 20258-K Entered a material agreement; New debt or obligation19
  6. Jan 30, 20258-K Unregistered sale of shares20
  7. Nov 21, 20248-K Unregistered sale of shares21
  8. Sep 16, 20248-K Executive or director change22
  9. Jul 3, 20248-K Entered a material agreement; New debt or obligation23
  10. Jun 21, 20248-K Unregistered sale of shares24
  11. May 14, 2024New chief executive Tanner Powell becomes CEO9
  12. Nov 6, 2023Founded MidCap Apollo Institutional Private Lending is founded2

Filings

44 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 10 major events, 16 insider forms, 2 large holders, 7 other. The latest 20:

  1. Aug 13, 202610-Q EDGAR
  2. May 8, 202610-Q EDGAR
  3. Apr 20, 20268-K EDGAR
  4. Mar 26, 202640-17G EDGAR
  5. Mar 12, 202610-K EDGAR
  6. Nov 10, 202510-Q EDGAR
  7. Nov 10, 2025SCHEDULE 13G/A EDGAR
  8. Sep 17, 20253 EDGAR
  9. Sep 11, 2025SCHEDULE 13G EDGAR
  10. Sep 11, 20254 EDGAR
  11. Sep 8, 20258-K EDGAR
  12. Aug 13, 202510-Q EDGAR
  13. Aug 4, 20258-K EDGAR
  14. Jul 31, 20254 EDGAR
  15. Jun 30, 20253 EDGAR
  16. Jun 13, 20258-K EDGAR
  17. May 14, 202510-Q EDGAR
  18. Mar 24, 202540-17G EDGAR
  19. Mar 17, 202510-K EDGAR
  20. Mar 11, 20258-K EDGAR

The 44 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 29, 2025Mubadala Investment Co PJSC10% ownerBuy773,328$24.16$18.7MForm 4
Jun 14, 2024Mubadala Investment Co PJSC10% ownerBuy1,667,108$25.95$43.3MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How MidCap Apollo Institutional Private Lending is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMidCap Apollo Institutional Private Lending1
  • CIK0002006758
  • Employer ID (EIN)93-43532744
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Business address9 West 57Th Street, 42Nd Floor, New York, NY 100191
  • Phone212-515-32001
  • Shares outstanding17,172,990 as of Aug 13, 20267
  • Public float$0 as of Mar 11, 20265
  • AuditorDeloitte & Touche LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJan 5, 20241
  • Filings51 in all: 3 (14), 8-K (10), 10-Q (7), 40-APP/A (5), 40-17G (3), 10-K (2), 4 (2), 40-APP (2)1
    All 14 form types

    10-12G (1), 10-12G/A (1), CORRESP (1), N-54A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Latest 8-K (8-K) Apr 20, 2026

Risk factors and legal proceedings

The risks MidCap Apollo Institutional Private Lending names in Item 1A of its 10-K filed Mar 12, 2026: 73 risks under these headings, as written.4

  • Risks Related to the Current Environment
  • Capital markets may experience periods of disruption and instability. Such market conditions may materially and adversely affect the debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations.
  • Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, a misappropriation of funds, and/or damage to our business relationships, all of which could negatively impact our financial results.
  • We are exposed to risks associated with changes in interest rates.
  • Inflation may adversely affect our business.
  • Economic and trade sanctions could make it more difficult or costly for us to conduct our operations or achieve our business objectives.
  • The ongoing armed conflicts as a result of the Russian invasion of Ukraine and the conflict in the Middle East may have a material adverse impact on us and our portfolio companies.
  • Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of our portfolio, reducing our NAV through increased net unrealized depreciation.
  • Trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies.
  • The current state of the economy and volatility in the global financial markets could have a material adverse effect on our business, financial condition and results of operations.
  • We are subject to risks associated with artificial intelligence, including the application of various forms of artificial intelligence such as machine learning technology.
  • Certain of our portfolio companies’ businesses could be adversely affected by the effects of health pandemics or epidemics, which could have a negative impact on our and our portfolio companies’ businesses and operations.
The other 62 risks
  • We and/or our portfolio companies may be materially and adversely impacted by global climate change.
  • Risks Related to Our Business and Structure
  • We are a relatively new company and have a limited operating history.
  • Our Board may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition.
  • Our Board may amend our Declaration of Trust without prior shareholder approval.
  • Our ability to achieve our investment objective depends on the ability of the Adviser to manage and support our investment process. If the Adviser or Apollo were to lose any members of their respective senior management teams, our ability to achieve our investment objective could be significantly harmed.
  • Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • The failure of major financial institutions, namely banks, or sustained financial market illiquidity, could adversely affect our and/or our portfolio companies’ businesses and results of operations.
  • We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses.
  • As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
  • There is a risk that investors in our shares may not receive distributions or that our distributions may decrease over time.
  • The amount of any distributions we may make is uncertain. Our distributions may exceed our earnings, particularly during the period before we have substantially invested the net proceeds from our public offering. Therefore, portions of the distributions that we make may represent a return of capital to you that will lower your tax basis in your shares and reduce the amount of funds we have for investment in targeted assets.
  • Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.
  • We have not established any limit on the amount of funds we may use from available sources, such as borrowings, if any, or proceeds from our offering, to fund distributions (which may reduce the amount of capital we ultimately invest in assets).
  • Although we expect to effectuate a share repurchase program, we have discretion to not repurchase your shares or to suspend the program.
  • The timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • A lack of liquidity in certain of our investments may adversely affect our business.
  • As a public reporting company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and noncompliance with such regulations may adversely affect us.
  • We may experience fluctuations in our quarterly results.
  • Our ability to enter into transactions with our affiliates is restricted.
  • General economic conditions could adversely affect the performance of our investments.
  • It may be difficult to bring suit or foreclosure in non-U.S. countries.
  • The nature of bankruptcy proceedings may impact the value of the Company’s investments.
  • The insolvency of a portfolio company and related proceedings there may be a materially adverse effect on the performance of the Company.
  • The Company may invest in portfolio companies whose capital structures may have significant leverage, which may impair these companies’ ability to finance their future operations and capital needs.
  • We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares less attractive to investors.
  • Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • Force majeure events may adversely affect our operations.
  • The current period of capital markets disruption and economic uncertainty may make it difficult to obtain indebtedness and any failure to do so could have a material adverse effect on our business, financial condition or results of operations.
  • We may not be able to obtain all required state licenses or in any other jurisdiction where they may be required in the future.
  • We are subject to risks related to ESG matters.
  • Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital in our offering, which would harm our ability to achieve our investment objectives.
  • Risks Related to Our Investments
  • Our investments in portfolio companies are risky, and we could lose all or part of our investment.
  • Commodities are subject to many risks that may adversely affect some of our portfolio companies.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Our portfolio companies may be highly leveraged and a covenant breach by our portfolio companies may harm our operating results.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to, among other things, lender liability or fraudulent conveyance claims.
  • Our portfolio contains a limited number of portfolio companies, which subjects us to a greater risk of significant loss if any of these companies defaults on its obligations under any of its debt securities.
  • Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio.
  • When we do not hold controlling equity interests in our portfolio companies, we may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • An investment strategy focused primarily on privately-held companies presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key portfolio company personnel and a greater vulnerability to economic downturns.
  • Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.
  • Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
  • Hedging transactions may expose us to additional risks.
  • New market structure requirements applicable to derivatives could significantly increase the costs of utilizing over-the-counter (“OTC”) derivatives.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • Our investments in the healthcare and pharmaceutical services industry sector are subject to extensive government regulation and certain other risks particular to that industry.
  • Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
  • The Adviser and its affiliates, including our officers and some of our Trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders.
  • We may be obligated to pay the Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio.
  • There may be conflicts of interest related to obligations that the Adviser’s senior management and Investment Team have to other clients.
  • The time and resources that individuals employed by the Adviser devote to us may be diverted and we may face additional competition due to the fact that individuals employed by the Adviser are not prohibited from raising money for or managing other entities that make the same types of investments that we target.
  • Our shares may be purchased by the Adviser or its affiliates.
  • The Adviser relies on key personnel, the loss of any of whom could impair its ability to successfully manage us.
  • The compensation we pay to the Adviser will be determined without independent assessment on our behalf, and these terms may be less advantageous to us than if such terms had been the subject of arm’s-length negotiations.
  • Risks Related to Business Development Companies
  • The requirement that we invest a sufficient portion of our assets in Qualifying Assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC.
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • Regulations governing our operation as a BDC and RIC will affect our ability to raise, and the way in which we raise, additional capital or borrow for investment purposes, which may have a negative effect on our growth.
  • We are uncertain of our sources for funding our future capital needs; if we cannot obtain debt or equity financing on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.
  • We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.
  • Risks Related to Debt Financing
  • When we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses.
  • We may default under our credit facilities.
  • Provisions in a credit facility may limit our investment discretion.
  • Federal Income Tax Risks

Legal proceedings

From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Management is not aware of any pending or threatened material litigation as of December 31, 2025.

The opening of Item 3, Legal Proceedings.4

Sources

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