Investments (Tables)

9 Months Ended

Sep. 30, 2025

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


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

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


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

Schedule of Changes in Fair Value of Investments

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


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

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	7,357		$	—	$	(329	)	$	7,028

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


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

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2025	$	3,748		$	—	$	(1,865	)	$	1,883

(1)

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

(2)

Includes reorganizations and restructuring of investments.

(3)

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

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


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

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024	$	(4,196	)		—		—	$	(4,196	)

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


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

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2024	$	(5,408	)		—		—	$	(5,408	)

(1)

(2)

Includes reorganizations and restructuring of investments.

(3)

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

Summary of Unobservable Inputs Used in Fair Value Measurements of Level 3 Investments

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


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

(1)

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

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


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

(1)

Schedule of Change in Capitalized PIK balance

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


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

Schedule of Foreign Currency Forward Contracts

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


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

Schedule of Derivative Instruments, Gain (Loss)

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


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


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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

MidCap Apollo Institutional Private Lending 10-Q