Midcap Financial Issuer Trust is a wholly owned subsidiary of MidCap FinCo Intermediate LLC (“FinCo Intermediate”, “MidCap” or “the company”), a Delaware limited liability company. The company has been operating since 2008 and focuses on middle-market specialty finance.
In 2024, the company, formerly FinCo Intermediate Holdings Limited, was re-domicile to the U.S. from Ireland to allow for greater non-U.S. ownership. Subsequently, the company raised ~$400 million of equity capital from international investors, all of which has been called. Apollo Global Management (NYSE: APO or "Apollo"), Athene Holding Ltd, Apollo's insurance subsidiary, and other Apollo affiliates together own 50% of the company.
In January 2026, the company meaningfully changed its capital structure through the issuance of senior unsecured debt and junior subordinated notes (JSNs”), which enhanced equity capitalization.
Key Credit Considerations
The ratings…
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