Net Assets

3 Months Ended

Mar. 31, 2025

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 MAIPL’s 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 deliver 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.

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


		March 31, 2025										December 31, 2024
		Capital Commitments			Funded Capital Commitments			% of Capital Commitments Funded				Capital Commitments			Funded Capital Commitments			% of Capital Commitments Funded
Common Shares	$		500,000	$		389,877	$		78	%	$		475,000	$		364,877	$		77	%

The following table summarizes the Common Shares of the Company issued for the three months ended March 31, 2025 and period between Conversion Date to March 31, 2024:


	Three Months Ended				For Period between March 15
	March 31, 2025				and March 31, 2024
	Shares		Amount		Shares		Amount
Proceeds from shares sold		1,015,847	$	25,000		—	$	—
Distributions reinvested		—		—		—		—
Total net increase (decrease)		1,015,847	$	25,000		—	$	—

The following table presents distributions that were declared during the three months ended March 31, 2025:


			Distributions
Record Date	Declaration Date	Payment Date	Per Share		Amount*
March 17, 2025	March 17, 2025	April 11, 2025	$	0.7509	$	11,968
			$	0.7509	$	11,968

* Totals may not foot due to rounding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

MidCap Apollo Institutional Private Lending 10-Q