Apollo Global has spent years trying to be the JPMorgan of private credit. The firm finally crossed $1 trillion in assets on Wednesday.
But a credit fund it runs reported a loss the same day. The loss muddied the win.
Apollo is a New York firm run by CEO Marc Rowan. The firm said its assets under care cleared $1 trillion for the first time.
That puts Apollo in the same set as Blackstone and KKR. Those are the other two giants in the space.
Apollo also said it will start pricing its credit funds daily by the end of September. The goal is to pull in more big-money clients.
That is a sharp break from how the rest of private credit works today. Most private credit funds price their assets just once a month or once a quarter.
That gap has been a sore spot for clients. They want to know what their stakes are worth in real time.
The daily pricing pledge is a quiet sign that clients do not fully trust private credit's slow marks. Daily marks make it harder to smooth things over.
In the same press cycle, MidCap Financial Investment Corp posted a net loss of 30 cents per share. The fund is also called MFIC.
It is a BDC traded on the open market. A BDC is a fund that lends to mid-sized firms.
It pays out interest to its share holders. A year ago, the same fund had a 32-cent gain.
Net asset value per share fell to $13.82 from $14.18 at the end of December. NAV missed what analysts had hoped for.
The loss reflects writedowns on a few older loans. A writedown is when a fund cuts the listed value of a loan.
It does that when the market price has dropped. The names that hurt the fund include scooter rental Bird Rides and lender LendingPoint.
Banner Solutions and Renovo are also on non-accrual. Non-accrual is the term for loans no longer paying interest.
MFIC has been one of the more troubled BDCs in Apollo's stable. In February, the fund cut its quarterly payout from 38 cents to 31 cents.
That came when it first wrote down its book by about 3%. MFIC's stock was at $10.53 on Feb 26.
That was 26% below NAV at the time. The fund also okayed a fresh $100 million stock buyback.
Apollo's $1 trillion mark shows the firm is still pulling in record amounts of new cash. At the same time, the MFIC numbers show the same headache hitting every BDC.
Older loans are weakening as rates fall. AI fears are also hitting software borrowers.
About 11.4% of MFIC's book was in software at year-end 2025. Apollo's parent firm posted a $1.9 billion net loss for the quarter.
Most of that was tied to paper losses in its insurance arm. The insurance arm takes in premiums and invests them on its own books.
CIO Ted McNulty said the firm has spent the past year shifting its book. The goal is to be more AI-resilient.
Apollo's stock is down roughly 35% over the past year. Buyers will be watching the credit funds, not the AUM.
