A private credit fund overseen by Apollo Global Management Inc. cut its dividend and marked down the value of its assets amid signs of strain in parts of its loan book.
MidCap Financial Investment Corp., a business development company focused on direct lending, lowered its quarterly payout to 31 cents a share from 38 cents and wrote down its portfolio by about 3%, citing weakness in a handful of older investments and a reassessment of its long-term earnings power as interest rates shift. Net investment income edged up to 39 cents a share from 38 cents in the prior quarter.
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