UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2021

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00646

APOLLO INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland	52-2439556
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57th Street 37th Floor New York, New York	10019
(Address of principal executive offices)	(Zip Code)

(212) 515-3450

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	AINV	NASDAQ Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x  No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ¨  No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨

(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ¨  No x

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 2, 2022 was 63,647,240

APOLLO INVESTMENT CORPORATION

Table of Contents

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Statements of Assets and Liabilities December 31, 2021 and March 31, 2021	1
	Statements of Operations Three and nine months ended December 31, 2021 and December 31, 2020	2
	Statements of Changes in Net Assets Three and nine months ended December 31, 2021 and December 31, 2020	3
	Statements of Cash Flows Nine months ended December 31, 2021 and December 31, 2020	4
	Schedule of Investments December 31, 2021	5
	Schedule of Investments March 31, 2021	30
	Notes to Financial Statements	59
	Report of Independent Registered Public Accounting Firm	85
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	86
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	103
Item 4.	Controls and Procedures	105
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	106
Item 1A.	Risk Factors	106
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	106
Item 3.	Defaults Upon Senior Securities	109
Item 4.	Mine Safety Disclosures	109
Item 5.	Other Information	109
Item 6.	Exhibits	110
	Signatures	111

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” and “our” refer to Apollo Investment Corporation unless the context specifically states otherwise.

Item 1. Financial Statements

APOLLO INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

	December 31, 2021		March 31, 2021
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,017,543 and $1,871,073, respectively)	$	1,994,935	$	1,844,627
Non-controlled/affiliated investments (cost — $130,890 and $133,428, respectively)	67,345		50,874
Controlled investments (cost — $643,917 and $711,898, respectively)	532,563		553,650
Cash and cash equivalents	22,367		50,180
Foreign currencies (cost —$12,024 and $4,462, respectively)	12,100		4,444
Receivable for investments sold	851		1,351
Interest receivable	12,185		13,135
Dividends receivable	4,751		3,793
Deferred financing costs	18,187		21,528
Prepaid expenses and other assets	932		907
Total Assets	$	2,666,216	$	2,544,489
Liabilities
Debt	$	1,587,376	$	1,465,371
Distributions payable	22,999		23,493
Management and performance-based incentive fees payable	14,568		8,666
Interest payable	9,363		2,096
Accrued administrative services expense	416		794
Other liabilities and accrued expenses	7,218		7,739
Total Liabilities	$	1,641,940	$	1,508,159
Commitments and contingencies (Note 8)
Net Assets	$	1,024,276	$	1,036,330
Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 63,707,845 and 65,259,176 shares issued and outstanding, respectively)	$	63	$	65
Capital in excess of par value	2,079,530		2,099,876
Accumulated under-distributed (over-distributed) earnings	(1,055,317)		(1,063,611)
Net Assets	$	1,024,276	$	1,036,330
Net Asset Value Per Share	$	16.08	$	15.88

See notes to financial statements.

1

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	42,466	$	44,097	$	121,560	$	137,273
Dividend income	161		753		558		753
PIK interest income	629		1,627		2,421		4,025
Other income	1,575		1,246		3,756		1,792
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	49		61		143		73
Dividend income	310		323		959		1,000
PIK interest income	19		—		53		—
Other income	—		—		—		—
Controlled investments:
Interest income (excluding PIK interest income)	9,430		6,257		25,928		18,589
Dividend income	—		—		2,059		1,691
PIK interest income	334		—		977		728
Other income	—		—		—		—
Total Investment Income	$	54,973	$	54,364	$	158,414	$	165,924
Expenses
Management fees	$	9,232	$	8,957	$	27,203	$	27,743
Performance-based incentive fees	5,367		—		10,638		—
Interest and other debt expenses	14,133		13,213		40,740		42,450
Administrative services expense	1,441		1,201		4,426		3,590
Other general and administrative expenses	2,410		2,813		6,742		8,036
Total expenses	32,583		26,184		89,749		81,819
Management and performance-based incentive fees waived	—		—		—		—
Performance-based incentive fee offset	(31)		—		(178)		—
Expense reimbursements	(77)		(77)		(229)		(286)
Net Expenses	$	32,475	$	26,107	$	89,342	$	81,533
Net Investment Income	$	22,498	$	28,257	$	69,072	$	84,391
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(582)	$	(6,196)	$	2,221	$	(14,235)
Non-controlled/affiliated investments	—		(632)		541		(4,285)
Controlled investments	—		—		(65,300)		—
Foreign currency transactions	(59)		117		(2,808)		393
Net realized gains (losses)	(641)		(6,711)		(65,346)		(18,127)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments	(1,771)		25,716		3,839		57,965
Non-controlled/affiliated investments	1,575		5,193		19,008		2,187
Controlled investments	(901)		(10,447)		46,894		(39,465)
Foreign currency translations	(219)		(8,842)		4,658		(17,502)
Net change in unrealized gains (losses)	(1,316)		11,620		74,399		3,185
Net Realized and Change in Unrealized Gains (Losses)	$	(1,957)	$	4,909	$	9,053	$	(14,942)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,541	$	33,166	$	78,125	$	69,449
Earnings (Loss) Per Share — Basic	$	0.32	$	0.51	$	1.21	$	1.06

See notes to financial statements.

2

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Operations
Net investment income	$	22,498	$	28,257	$	69,072	$	84,391
Net realized gains (losses)	(641)		(6,711)		(65,346)		(18,127)
Net change in unrealized gains (losses)	(1,316)		11,620		74,399		3,185
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,541	$	33,166	$	78,125	$	69,449
Distributions to Stockholders
Distribution of net investment income	$	(22,999)	$	(23,493)	$	(69,849)	$	(76,353)
Distribution of return of capital	—		—		—		—
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(22,999)	$	(23,493)	$	(69,849)	$	(76,353)
Capital Share Transactions
Repurchase of common stock	$	(12,399)	$	—	$	(20,330)	$	—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(12,399)	$	—	$	(20,330)	$	—
Net Assets
Net increase (decrease) in net assets during the period	$	(14,857)	$	9,673	$	(12,054)	$	(6,904)
Net assets at beginning of period	1,039,133		1,007,738		1,036,330		1,024,315
Net Assets at End of Period	$	1,024,276	$	1,017,411	$	1,024,276	$	1,017,411
Capital Share Activity
Shares repurchased during the period	(954,806)		—		(1,551,331)		—
Shares issued and outstanding at beginning of period	64,662,651		65,259,176		65,259,176		65,259,176
Shares Issued and Outstanding at End of Period	63,707,845		65,259,176		63,707,845		65,259,176

See notes to financial statements.

3

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Nine Months Ended December 31,
	2021		2020
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	78,125	$	69,449
Net realized (gains) losses	65,346		18,127
Net change in unrealized (gains) losses	(74,399)		(3,185)
Net amortization of premiums and accretion of discounts on investments	(6,868)		(8,699)
Accretion of discount on notes	533		447
Amortization of deferred financing costs	3,883		3,798
Increase in gains/(losses) from foreign currency transactions	(2,802)		408
PIK interest and dividends capitalized	(3,715)		(4,901)
Changes in operating assets and liabilities:
Purchases of investments	(920,807)		(400,822)
Proceeds from sales and repayments of investments	793,394		720,614
Decrease (increase) in interest receivable	950		4,511
Decrease (increase) in dividends receivable	(958)		1,550
Decrease (increase) in prepaid expenses and other assets	(25)		(534)
Increase (decrease) in management and performance-based incentive fees payable	5,902		(1,332)
Increase (decrease) in interest payable	7,267		3,482
Increase (decrease) in accrued administrative services expense	(378)		(293)
Increase (decrease) in other liabilities and accrued expenses	(521)		838
Net Cash Used in/Provided by Operating Activities	$	(55,073)	$	403,458
Financing Activities
Issuances of debt	$	430,005	$	80,481
Payments of debt	(304,177)		(381,823)
Financing costs paid and deferred	(333)		(10,171)
Repurchase of common stock	(20,330)		—
Distributions paid	(70,343)		(82,227)
Net Cash Used in/Provided by Financing Activities	$	34,822	$	(393,740)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(20,251)	$	9,718
Effect of foreign exchange rate changes on cash and cash equivalents	94		780
Cash, cash equivalents and foreign currencies at beginning of period	54,624		43,676
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	34,467	$	54,174
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	29,057	$	34,755
Non-Cash Activity
PIK income	$	3,451	$	4,753

See notes to financial statements.

4

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt	L+625, 1.00% Floor	12/30/26	$	30,875	$	22,411	$	22,566	(9)(21)(23) (26)(28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/30/26	2,190		(18)		(22)		(8)(9)(21) (23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		344		(9)(13)
						22,612		22,888
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt	L+600, 1.00% Floor	11/18/28	27,234		19,111		19,303		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	11/18/26	2,553		(50)		(26)		(8)(9)(20) (21)(23)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		213		(9)(13)(25)
						19,274		19,490
		Total Advertising, Printing & Publishing				$	41,886	$	42,378
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	L+750, 1.50% Floor	04/28/22	$	32,250	$	20,722	$	20,446	(9)(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	13.50%	04/28/22	3,750		3,750		3,713		(9)(23)
		Total Aerospace & Defense				$	24,472	$	24,159
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt	L+650, 1.00% Floor	06/16/27	$	29,982	$	20,400	$	20,493	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		2,398		2,406		(9)(23)(29)
						22,798		22,899
Crowne Automotive
Vari-Form Group, LLC	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	5,860		893		293		(9)(14)
Vari-Form Inc.	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	2,110		391		105		(9)(14)
						1,284		398
K&N Parent, Inc.
K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,583		21,507		(28)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		406		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/26	31,363		29,709		29,602		(9)(21)(23) (27)(28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/13/24	3,052		(29)		(35)		(8)(9)(20) (21)(23)
						30,030		29,973
		Total Automotive				$	77,695	$	74,777
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	275,177	$	275,000	$	275,000	(20)(23)
	Common Equity - Membership Interests	N/A	N/A	N/A		35,800		43,241		(25)
						310,800		318,241
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,384		17,186		17,281		(9)(26)
		Total Aviation and Consumer Transport				$	327,986	$	335,522

See notes to financial statements.

5

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	31,041	$	30,375	$	30,886	(9)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	2,247		529		565		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	P+550	07/30/26	634		621		631		(9)(23)(34)
						31,525		32,082
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Common Stock	N/A	N/A	1,000,000 Shares		1,001		990		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A	589 Shares		448		475		(9)(13)(25)
	Common Equity - Common Stock	N/A	N/A	589 Shares		3		50		(9)(13)(25)
Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,166		16,849		16,995		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		422		442		(9)(21)(23) (26)
						17,722		17,962
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,000
Rise Baking
Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,757		26,121		26,096		(9)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		1,626		1,623		(9)(20)(21) (23)(28)(29)
						27,747		27,719
TNT Crust LLC
TNT Crust LLC	First Lien Secured Debt	L+675, 1.00% Floor	11/06/23	21,655		21,406		21,113		(9)(28)
	First Lien Secured Debt - Revolver	L+675 Cash plus 1.00% PIK, 1.00% Floor	11/06/23	3,252		3,069		3,011		(9)(21)(23) (28)(29)
	Common Equity - Series A Units	N/A	N/A	244 Shares		30		136		(9)(13)
						24,505		24,260
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		273		(9)(13)
THLP CO. LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/31/25	25,124		24,811		24,369		(9)(26)
	First Lien Secured Debt - Revolver	P+500	05/31/24	4,494		2,878		2,787		(9)(20)(21) (23)(34)
						27,858		27,429
		Total Beverage, Food & Tobacco				$	131,363	$	131,442
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,820	$	15,764	(26)
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/27/27	16,383		11,633		11,632		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/27/27	1,117		(22)		(22)		(8)(9)(21) (23)
						11,611		11,610
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	9.00%	08/28/25	21,429		19,069		5,657		(14)

See notes to financial statements.

6

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/21/26	31,531	30,951	31,291	(9)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	09/21/26	665	(14)	(5)	(8)(9)(21) (23)
					30,937	31,286
Claritas
Claritas, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/21/23	3,671	3,656	3,635	(9)(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/21/23	1,031	73	67	(9)(21)(23) (26)
					3,729	3,702
Continuum
Continuum Global Solutions, LLC	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	10/29/24	20,000	11,728	11,463	(9)(21)(23) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares	78	78	(9)(13)
					11,806	11,541
Electro Rent Corporation
Electro Rent Corporation	Second Lien Secured Debt	L+900, 1.00% Floor	01/31/25	34,235	33,764	34,064	(9)(28)
Elo Touch
TGG TS Acquisition Company	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	12/14/23	1,750	250	216	(21)(23)(26)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(198)	(119)	(8)(21)(23)
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	L+625, 1.00% Floor	04/23/24	22,142	21,983	21,743	(9)(28)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	04/23/24	3,500	3,469	3,430	(9)(21)(23) (28)(29)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	144	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)
					25,963	25,328
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	L+550, 1.00% Floor	07/31/24	13,234	13,094	13,083	(9)(28)(30)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	07/31/24	1,569	1,427	1,426	(9)(21)(23) (28)(30)
					14,521	14,509
MAKS
Trident Bidco Limited	First Lien Secured Debt	L+550, 1.00% Floor	11/08/25	33,688	33,033	33,677	(9)(17)(29)
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	L+700, 1.00% Floor	12/29/22	12,213	12,130	12,183	(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	12/29/22	500	277	279	(9)(21)(23) (26)
					12,407	12,462
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,435	5,686	5,653	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,307	215	213	(9)(21)(23) (27)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares	244	241	(9)(13)(25)
					6,145	6,107

See notes to financial statements.

7

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	34,062		33,587		32,430		(9)(28)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/20/25	2,985		2,945		2,861		(9)(21)(23) (28)
						36,532		35,291
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		863		(9)
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		986		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt	L+550, 1.00% Floor	12/02/24	24,064		23,827		23,616		(9)(28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/02/24	1,501		200		186		(9)(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	P+475, 1.00% Floor	12/02/24	107		106		105		(9)(23)(34)
						24,765		24,893
		Total Business Services				$	280,454	$	266,851
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,354 Shares		$	46,295	$	44,990	(3)(13)(16) (25)
Carbonfree Chemicals SA LLC (4)	Common Equity - Class B Units	N/A	N/A	3,152 Shares		32,434		—		(3)(13)(16) (25)
						78,729		44,990
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	09/13/24	$	15,656	15,504		15,300		(9)(28)
	First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,653		5,561		5,558		(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/13/24	2,019		2,001		1,973		(9)(23)(28)
						23,066		22,831
		Total Chemicals, Plastics & Rubber				$	101,795	$	67,821
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	03/06/25	$	28,466	$	28,140	$	28,147	(9)(26)
	First Lien Secured Debt - Revolver	P+475	03/06/24	2,727		380		371		(9)(20)(21) (23)(34)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,049		(9)
		Total Construction & Building				$	29,020	$	29,567
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/10/25	$	1,505	$	(87)	$	(54)	(8)(21)(23)
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		4,909		4,838		(20)(21)(23) (26)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	First Lien Secured Debt	L+500, 1.00% Floor	09/30/25	2,978		2,978		2,795		(17)(28)
	First Lien Secured Debt	L+500 PIK, 1.00% Floor	09/30/25	1,062		1,062		991		(17)(28)
	Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		886		(13)(17)(19) (25)
GSC Technologies Inc. (4)	First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	211		211		196		(17)(28)
						5,251		4,868

See notes to financial statements.

8

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	3,204		1,640		1,658		(20)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+350, 1.00% Floor	02/26/25	356		354		356		(23)(34)
						1,994		2,014
NSi Industries
Wildcat BuyerCo, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	02/27/26	15,771		12,789		12,890		(21)(23)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	02/27/26	725		(11)		(17)		(8)(21)(23)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		160		(13)
						12,885		13,033
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		390		(10)(13)
		Total Consumer Goods – Durable				$	24,952	$	25,089
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	05/31/24	$	2,219	$	(28)	$	—	(9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	25,243		24,852		24,304		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		1,111		1,019		(9)(21)(23) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		55		(9)(13)
						26,425		25,378
LashCo
Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	34,950		30,481		30,414		(9)(21)(23) (26)
	First Lien Secured Debt	P+600	03/18/26	10,146		9,942		9,918		(9)(34)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,612		(50)		(36)		(8)(9)(21) (23)
						40,373		40,296
Olaplex
Olaplex, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	01/08/26	12,063		11,898		12,184		(9)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/08/25	2,300		(28)		—		(9)(21)(23)
						11,870		12,184
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt	L+575, 1.00% Floor	11/12/27	8,003		5,981		6,038		(9)(17)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	£	353	(9)		(5)		(8)(9)(17) (21)(23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		255		268		(9)(17)(21) (23)(28)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		94		(9)(13)(17) (25)
						6,321		6,395
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A	10,854 Shares		2,041		2,033		(13)(16)(17) (25)
Sequential Avia Holdings LLC	Second Lien Secured Debt	L+500, 1.00% Floor	11/12/26	1,717		1,715		1,717		(17)(26)
Sequential Brands Group, Inc.	First Lien Secured Debt	L+500, 1.00% Floor	01/28/22	448		46		46		(17)(21)(23) (26)
	Second Lien Secured Debt	8.75%	02/07/24	1,293		236		241		(14)(17)
						4,038		4,037
		Total Consumer Goods – Non-durable				$	88,999	$	88,290

See notes to financial statements.

9

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Consumer Services
Activ
Activ Software Holdings, LLC	First Lien Secured Debt	L+625, 1.00% Floor	05/04/27	$	29,943	$	29,399	$	29,479	(9)(30)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(43)		(37)		(8)(9)(21) (23)
						29,356		29,442
Bird
Bird US Opco, LLC	First Lien Secured Debt	L+750, 1.00% Floor	10/12/24	50,000		15,615		16,203		(9)(23)(26)
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	22,214		21,877		22,038		(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		8		(5)		(8)(21)(23)
						21,885		22,033
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	04/02/22	26,250		19,492		19,474		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 0.00% Floor	04/02/22	3,750		2,458		2,459		(9)(21)(23) (26)
						21,950		21,933
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	L+575, 1.00% Floor	12/31/26	11,465		8,114		8,089		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(6)		(8)(9)(21) (23)
						8,111		8,083
Lending Point
LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	17,500		13,411		13,452		(9)(21)(23) (28)
	First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		3,155		3,169		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		6,590		6,617		(9)(21)(23) (28)
						23,156		23,238
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+675, 1.00% Floor	04/06/24	A$	7,000	4,945		4,763		(17)(21)(23) (33)
Paper Source
Papershop Holdco Inc.	First Lien Secured Debt	L+700, 1.00% Floor	05/27/26	10,607		10,509		10,501		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	05/27/26	1,705		1,365		1,364		(9)(21)(23) (26)(28)
	First Lien Secured Debt - Revolver	P+600	05/27/26	1,377		1,364		1,363		(9)(23)(34)
						13,238		13,228
The Club Company
Eldrickco Limited	First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,083	14,021		14,436		(9)(17)(21) (23)(31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		465		(9)(17)(23) (31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	—		(9)		(8)(9)(17) (21)(23)(31)
						14,432		14,892
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/17/24	20,000		4,623		4,556		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	04/17/24	13,333		10,995		10,976		(9)(21)(23) (28)
						15,618		15,532
		Total Consumer Services				$	168,306	$	169,347

See notes to financial statements.

10

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(25)	$	(24)	(8)(9)(21) (23)
Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,670		17,468		17,487		(9)(26)
						17,443		17,463
Flock Financial, LLC
Flock SPV I, LLC	First Lien Secured Debt	L+650, 1.00% Floor	12/31/22	14,667		11,997		12,000		(9)(17)(21) (23)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	12/31/22	5,333		(28)		—		(9)(17)(21) (23)
						11,969		12,000
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,987		10,821		(3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	01/24/24	9,113		1,640		1,640		(9)(21)(23) (27)
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	14,521		12,219		12,263		(9)(21)(23) (26)(27)(28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(6)		(4)		(8)(9)(21) (23)
						12,213		12,259
Ten-X, LLC
Ten-X, LLC	First Lien Secured Debt - Revolver	P+225	09/29/22	4,680		4,617		4,572		(23)(34)
	Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	64,869	$	58,755
Education
NFA Group
SSCP Spring Bidco Limited	First Lien Secured Debt	GBPL+600, 0.50% Floor	07/30/25	£	30,000	$	36,295	$	40,407	(9)(17)(32)
		Total Education				$	36,295	$	40,407
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC (4)	Preferred Equity - Preferred Stock	N/A	N/A	534,375 Shares		$	534	$	417	(15)(17)(25)
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Preferred Equity - Series B Preferred Stock	N/A	N/A	1,505,868 Shares		8,343		—		(13)(25)
	Preferred Equity - Series D Preferred Stock	N/A	N/A	436,689 Shares		5,568		—		(13)(25)
	Preferred Equity - Series E Preferred Stock	N/A	N/A	441,576 Shares		1,902		4,984		(13)(17)(25)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	513,215 Shares		513		635		(13)(17)(25)
						16,860		6,036
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,231		1,791		(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A	4,286 Shares		5,623		—		(2)(13)(17)
	Common Equity - Ordinary Shares	N/A	N/A	2,825 Shares		4		—		(2)(13)(17)
						12,858		1,791
		Total Energy – Electricity				$	29,718	$	7,827

See notes to financial statements.

11

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/31/23	$	11,556	$	10,980	$	6,116	(14)
	Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,078		—		(13)(25)
						41,058		6,116
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(13)(16)(17) (25)
Spotted Hawk
SHD Oil & Gas, LLC (5)	First Lien Secured Debt - Tranche C Note	12.00%	06/30/22	24,728		24,728		25,470
	Common Equity - Series A Units	N/A	N/A	7,600,000 Shares		1,412		—		(13)(16)(25)
	Common Equity - Series C Units	N/A	N/A	50,952,525 Shares		44,065		2,839		(13)(16)(25)
						70,205		28,309
		Total Energy – Oil & Gas				$	124,326	$	35,055
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC	First Lien Secured Debt	L+525, 1.00% Floor	10/31/25	$	15,590	$	9,229	$	9,223	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	10/31/25	2,049		(27)		(22)		(8)(9)(21) (23)
		Total Environmental Industries				$	9,202	$	9,201
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,975	$	4,975	(9)(26)
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt	L+635, 1.50% Floor	10/27/25	9,750		9,771		9,750		(9)(26)
AmeriVet
Amerivet Partners Management, Inc.	First Lien Secured Debt	L+475, 1.00% Floor	06/05/24	33,617		33,202		33,265		(9)(27)
	First Lien Secured Debt - Revolver	L+475, 1.00% Floor	06/05/24	806		(8)		(9)		(8)(9)(21) (23)
AmeriVet Partners Parent LP	Common Equity - Class D Partnership Units	N/A	N/A	13 Shares		125		299		(9)(13)
						33,319		33,555
Analogic
Analogic Corporation	First Lien Secured Debt	L+525, 1.00% Floor	06/22/24	17,896		17,707		17,627		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	06/22/23	1,826		1,030		1,016		(9)(21)(23) (26)
						18,737		18,643
CARE Fertility
Royton Bidco Limited	First Lien Secured Debt	SON+525, 0.50% Floor	05/09/25	£	19,766	22,335		23,473		(9)(17)(21) (23)(31)
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt	L+675, 1.00% Floor	12/16/27	13,125		12,800		12,797		(9)(28)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	12/16/26	1,875		(46)		(47)		(8)(9)(21) (23)
						12,754		12,750

See notes to financial statements.

12

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
Cerus
Cerus Corporation	First Lien Secured Debt	L+545, 1.80% Floor	03/01/24	21,000	16,449	16,830	(9)(17)(23) (26)
	First Lien Secured Debt - Revolver	L+375, 1.80% Floor	03/01/24	1,500	318	324	(9)(17)(21) (23)(26)
					16,767	17,154
Emmes Corporation
Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	842	(9)(13)
The Emmes Company, LLC	First Lien Secured Debt	L+500, 1.00% Floor	03/03/25	15,926	15,782	15,687	(9)(29)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	03/03/25	2,449	2,429	2,412	(9)(23)(26)
					18,517	18,941
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/05/27	9,091	8,919	9,000	(9)(27)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/05/27	909	(17)	(9)	(8)(9)(21) (23)
					8,902	8,991
Forge Biologics
Forge Biologics, Inc.	First Lien Secured Debt	L+675, 0.50% Floor	12/03/26	26,667	3,202	3,201	(9)(23)(26)
Genesis Healthcare, Inc.
Genesis Healthcare, Inc.	First Lien Secured Debt	L+1100, 1.00% Floor	03/06/23	6,087	—	—	(9)(21)(23)
	First Lien Secured Debt - Revolver	L+600, 0.50% Floor	03/06/23	85,870	(171)	—	(9)(21)(23)
					(171)	—
Gossamer
GB001, Inc.	First Lien Secured Debt	L+700, 2.00% Floor	01/01/25	30,000	5,873	6,060	(9)(17)(23) (26)
Health & Safety Institute
HSI HALO Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/31/26	16,412	13,524	13,360	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/02/25	813	131	121	(9)(21)(23) (26)
	Common Equity - Common Stock	N/A	N/A	500 Shares	500	612	(9)(13)
					14,155	14,093
IMA Group
IMA Group Management Company, LLC	First Lien Secured Debt	L+550, 1.00% Floor	05/30/24	12,704	6,866	6,887	(21)(23)(29)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	05/30/24	289	259	257	(21)(23)(27)
					7,125	7,144
Kindeva
Kindeva Drug Delivery L.P.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	9,434	9,267	9,372	(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	05/01/25	167	77	78	(9)(21)(23) (26)
					9,344	9,450
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares	133	206	(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt	L+500, 1.00% Floor	08/27/24	21,714	21,532	21,403	(9)(26)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	08/27/24	2,654	(26)	(40)	(8)(9)(21) (23)
					21,639	21,569

See notes to financial statements.

13

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
Mannkind Corporation
Mannkind Corporation	First Lien Secured Debt	L+675, 1.00% Floor	08/01/25	13,866	13,784	14,094	(9)(26)
	First Lien Secured Debt	L+625, 1.00% Floor	08/01/25	30,000	(24)	—	(9)(23)
	Common Equity - Common Stock	N/A	N/A	334,226 Shares	76	1,461	(9)(10)(13) (17)
					13,836	15,555
Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/06/27	23,438	23,201	22,973	(9)(26)(28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/06/26	1,558	(11)	(30)	(8)(9)(21) (23)
					23,190	22,943
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt	L+650, 1.00% Floor	10/26/26	36,191	30,931	30,911	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	10/26/26	3,810	(55)	(54)	(8)(9)(21) (23)
					30,876	30,857
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt	L+650, 1.00% Floor	01/12/27	24,315	21,466	21,656	(9)(21)(23) (27)(28)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/12/27	612	295	300	(9)(21)(23) (27)
					21,761	21,956
Orchard
Orchard Therapeutics PLC	First Lien Secured Debt	L+595, 1.00% Floor	05/28/26	33,333	10,897	10,994	(9)(17)(23) (26)
Ovation Fertility
FPG Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/13/25	19,068	14,141	14,312	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/13/24	2,105	(21)	(6)	(8)(9)(21) (23)
					14,120	14,306
Paragon 28
Paragon 28, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	10,000	2,492	2,475	(9)(23)(26)
	First Lien Secured Debt - Revolver	L+300, 1.00% Floor	05/01/26	2,000	(9)	(5)	(8)(9)(21) (23)
					2,483	2,470
Partner Therapeutics, Inc
Partner Therapeutics, Inc	First Lien Secured Debt	L+665, 1.00% Floor	01/01/23	10,000	9,964	9,950	(9)(26)
	First Lien Secured Debt - Revolver	L+375, 1.00% Floor	04/01/26	1,000	823	825	(9)(21)(23) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	55,556 Shares	333	871	(9)(13)
	Warrants		N/A	33,333 Shares	135	372	(9)(13)
					11,255	12,018
PHS
PHS Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	01/31/27	25,177	24,746	24,674	(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	01/31/27	2,000	(30)	(40)	(8)(9)(21) (23)
					24,716	24,634
Radius Health
Radius Health, Inc.	First Lien Secured Debt	L+575, 2.00% Floor	06/01/24	33,833	28,700	28,425	(9)(17)(23) (26)
	First Lien Secured Debt - Revolver	L+350, 2.00% Floor	06/01/24	1,000	(1)	(13)	(8)(9)(17) (21)(23)
					28,699	28,412

See notes to financial statements.

14

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt	L+450, 1.00% Floor	08/02/24	4,463		3,837		3,880		(9)(23)(28)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	08/02/24	500		11		(1)		(8)(9)(20) (21)(23)
						3,848		3,879
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt	L+565, 1.50% Floor	09/01/24	6,000		6,017		6,056		(9)(26)
RiteDose Holdings I, Inc.
RiteDose Holdings I, Inc.	First Lien Secured Debt	P+550, 1.00% Floor	09/13/23	12,093		11,977		12,087		(9)(26)(34)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	09/13/23	2,000		(18)		—		(9)(21)(23)
						11,959		12,087
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/09/27	6,765		1,847		1,859		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/09/27	726		(14)		(7)		(8)(9)(21) (23)
						1,833		1,852
		Total Healthcare & Pharmaceuticals				$	412,734	$	417,768
High Tech Industries
Acronis AG
ACRONIS AG	First Lien Secured Debt	L+585, 1.50% Floor	12/18/24	$	21,000	$	20,930	$	21,000	(9)(17)(26)
American Megatrends
AMI US Holdings Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/01/25	21,485		21,241		21,485		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 0.00% Floor	04/01/24	2,907		1,136		1,163		(9)(21)(23) (26)
						22,377		22,648
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/16/25	22,330		21,987		22,194		(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/16/25	2,273		(34)		(14)		(8)(21)(23)
						21,953		22,180
ChyronHego Corporation
ChyronHego Corporation (5)	First Lien Secured Debt	L+350 Cash plus 1.50% PIK, 1.00% Floor	12/31/22	84,958		83,476		84,109		(28)
	First Lien Secured Debt	L+800 PIK, 1.00% Floor	12/31/22	2,514		2,422		2,413		(28)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	12/31/22	8,000		7,156		7,076		(21)(23)(29)
	Preferred Equity - Preferred Equity	N/A	N/A	7,800 Shares		6,000		12,269		(13)(25)
						99,054		105,867
Dairy.com
Momentx Corporation	First Lien Secured Debt	L+575, 1.00% Floor	06/24/27	13,674		13,420		13,335		(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	06/24/27	1,257		(23)		(31)		(8)(9)(21) (23)
						13,397		13,304
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/10/27	22,411		21,833		22,109		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/10/27	2,419		745		774		(9)(21)(23) (28)
						22,578		22,883

See notes to financial statements.

15

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
GoHealth
Norvax, LLC	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	09/13/24	3,182	2,423	2,466	(9)(21)(23) (26)(27)(28)
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc.	First Lien Secured Debt	L+525, 1.00% Floor	06/06/25	14,475	14,329	13,540	(26)
Modern Campus
Destiny Solutions U.S., Inc.	First Lien Secured Debt	L+575, 1.00% Floor	06/08/26	15,733	15,405	15,458	(26)
	First Lien Secured Debt	L+600, 1.00% Floor	06/08/26	9,840	5,775	5,858	(21)(23)(28)
RMCF IV CIV XXXV, L.P.	Common Equity - Common Stock	N/A	N/A	482 Shares	1,000	1,340	(13)(25)
					22,180	22,656
MYCOM
Magnate Holding Corp.	First Lien Secured Debt	L+625 Cash plus 1.00% PIK, 0.50% Floor	12/16/24	19,206	19,080	17,737	(9)(17)(28)
	First Lien Secured Debt - Revolver	L+625 Cash plus 1.00% PIK, 0.50% Floor	12/14/23	3,150	3,131	2,980	(9)(17)(23) (28)
					22,211	20,717
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	10/31/26	23,850	20,358	20,278	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	10/30/26	1,049	330	329	(9)(21)(23) (28)
					20,688	20,607
Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt	L+850, 1.00% Floor	01/11/25	9,935	9,733	9,798	(9)(26)
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt	L+600 Cash plus 1.00% PIK, 1.00% Floor	07/12/25	9,887	9,723	9,741	(9)(28)
	First Lien Secured Debt	L+775, 1.00% Floor	07/12/25	963	949	971	(9)(28)
					10,672	10,712
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt	L+550, 1.00% Floor	02/02/26	8,293	8,207	8,178	(9)(26)
	First Lien Secured Debt	L+525, 1.00% Floor	02/02/26	4,615	(24)	(69)	(8)(9)(21) 23)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	02/02/26	1,731	(18)	(24)	(8)(9)(21) (23)
					8,165	8,085
Sirsi Corporation
Sirsi Corporation	First Lien Secured Debt	L+450, 1.00% Floor	03/15/24	5,671	5,631	5,654	(9)(26)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/15/24	429	(3)	(1)	(8)(9)(21) (23)
					5,628	5,653
Springbrook
Springbrook Holding Company, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/23/26	13,336	10,693	10,727	(21)(23)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/23/26	1,463	(18)	(13)	(8)(21)(23)
					10,675	10,714
Tax Slayer
MEP-TS Midco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/31/26	13,413	13,159	13,279	(9)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/31/26	1,452	(2)	(15)	(8)(9)(21) (23)
					13,157	13,264

See notes to financial statements.

16

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Telnyx
Telnyx LLC	First Lien Secured Debt	L+625, 1.50% Floor	10/21/25	8,583		5,202		5,278		(9)(23)(26)
UpStack
Upstack Holdco Inc.	First Lien Secured Debt	L+600, 1.00% Floor	08/20/27	31,958		27,593		27,478		(9)(21)(23) (28)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	08/20/27	3,000		(78)		(83)		(8)(9)(20) (21)(23)
						27,515		27,395
		Total High Tech Industries				$	372,867	$	378,767
Hotel, Gaming, Leisure, Restaurants
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt	6.95%	11/18/26	$	14,333	$	14,194	$	14,190	(9)
	First Lien Secured Debt	L+595, 1.00% Floor	11/18/26	1,667		—		—		(9)(23)
						14,194		14,190
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/16/26	9,967		9,851		9,842		(9)(26)
		Total Hotel, Gaming, Leisure, Restaurants				$	24,045	$	24,032
Insurance
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt	L+600, 0.75% Floor	04/14/28	$	30,189	$	29,660	$	29,585	(9)(28)(29)
	First Lien Secured Debt - Revolver	L+600, 0.75% Floor	04/16/27	2,203		(39)		(44)		(8)(9)(21) (23)
						29,621		29,541
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	12/02/25	19,279		18,962		18,893		(9)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/02/25	923		(15)		(18)		(8)(9)(21) (23)
						18,947		18,875
Relation Insurance
AQ Sunshine, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	04/15/25	30,353		29,684		30,172		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	04/15/24	1,369		353		365		(9)(20)(21) (23)(29)
						30,037		30,537
		Total Insurance				$	78,605	$	78,953
Manufacturing, Capital Equipment
AVAD, LLC
AVAD, LLC	First Lien Secured Debt - Revolver	L+400, 1.00% Floor	10/02/23	$	2,060	$	962	$	—	(9)(23)(26)
Surf Opco, LLC	First Lien Secured Debt - Revolver	L+400, 1.00% Floor	03/17/26	16,667		11,785		11,785		(9)(20)(21) (23)(26)
	Preferred Equity - Class P-1 Preferred	N/A	N/A	33,333 Shares		3,333		6,667		(9)(13)(16) (25)
	Preferred Equity - Class P-2 Preferred	N/A	N/A	85,164 Shares		8,516		3,131		(9)(13)(16) (25)
	Common Equity - Class A-1 Common	N/A	N/A	3,333 Shares		—		180		(9)(13)(16) (25)
						24,596		21,763
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A	250,000 Shares		250		60		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/08/25	16,324		16,139		15,865		(9)(28)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	05/08/25	1,243		269		276		(9)(21)(23) (28)
						16,658		16,201

See notes to financial statements.

17

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
MedPlast Holdings Inc.
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.)	Second Lien Secured Debt	L+775, 0.00% Floor	07/02/26	8,000		7,954		7,586		(26)
		Total Manufacturing, Capital Equipment				$	49,208	$	45,550
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc.	First Lien Secured Debt	L+750, 1.00% Floor	08/16/24	$	28,491	$	27,611	$	27,711	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+750, 1.00% Floor	08/16/24	3,078		3,046		3,055		(9)(23)(28)
						30,657		30,766
Nitro World Entertainment
NWE OPCO LP	First Lien Secured Debt	L+650, 2.00% Floor	12/19/22	4,637		4,627		4,637		(9)(26)
Sonar Entertainment
Sonar Entertainment, Inc.	First Lien Secured Debt	L+760, 1.25% Floor	11/15/21	3,186		3,185		2,673		(9)(11)(26)
	First Lien Secured Debt - Revolver	L+760, 1.25% Floor	11/15/21	1,890		1,848		1,586		(9)(11)(23) (26)
						5,033		4,259
		Total Media – Diversified & Production				$	40,317	$	39,662
Retail
IPS
SI Holdings, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	07/25/25	$	31,085	$	30,692	$	30,616	(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/25/24	3,413		391		388		(9)(21)(23) (28)
		Total Retail				$	31,083	$	31,004
Telecommunications
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.	Second Lien Secured Debt	L+825, 1.00% Floor	11/01/25	$	12,878	$	12,809	$	12,363	(28)
		Total Telecommunications				$	12,809	$	12,363
Transportation – Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp.	First Lien Secured Debt	L+550, 1.00% Floor	05/22/24	$	13,989	$	13,292	$	13,396	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	05/22/24	957		(16)		(9)		(8)(9)(21) (23)
						13,276		13,387
Dynamic Product Tankers (Prime), LLC
Dynamic Product Tankers, LLC (5)	Unsecured Debt	L+500, 0.00% Floor	07/31/24	22,000		22,000		22,000		(17)(29)
	Common Equity - Class A Units	N/A	N/A	N/A		49,806		5,776		(13)(17)(24) (25)
						71,806		27,776
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/03/26	30,531		30,067		29,630		(9)(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/03/24	3,925		1,262		1,230		(9)(20)(21) (23)(26)
						31,329		30,860
MSEA Tankers LLC
MSEA Tankers LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		50,994		46,254		(17)(18)(25)
		Total Transportation – Cargo, Distribution				$	167,405	$	118,277

See notes to financial statements.

18

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Wholesale
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/31/25	$	17,789	$	15,136	$	15,224	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/31/25	1,935		(24)		(12)		(8)(9)(21) (23)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A	6,125 Shares		613		560		(9)(13)
						15,725		15,772
Thomas Scientific
BSP-TS, LP	Common Equity - Common Stock	N/A	N/A	185 Shares		185		185		(9)(13)(25)
Thomas Scientific, LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/27	31,852		26,088		26,081		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/14/27	2,963		(59)		(59)		(8)(9)(21) (23)
						26,214		26,207
		Total Wholesale				$	41,939	$	41,979
Total Investments before Cash Equivalents						$	2,792,350	$	2,594,843
J.P. Morgan U.S. Government Money Market Fund				$	22,367	$	22,367	$	22,367	(22)
Total Investments after Cash Equivalents						$	2,814,717	$	2,617,210	(6)(7)

____________________

(1)Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (See Note 2 to the financial statements).

(2)Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments.

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of December 31, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation, and 27% equity ownership interest in Carbonfree Chemicals SA LLC.

See notes to financial statements.

19

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

(4)Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2021 and December 31, 2021 along with transactions during the nine months ended December 31, 2021 in these affiliated investments are as follows:

Name of Issuer	Fair Value at March 31, 2021		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at December 31, 2021		Net Realized Gains (Losses)		Interest/Dividend/Other Income
1244311 B.C. Ltd., Common Stock	$	1,719	$	—	$	—	$	(833)	$	886	$	—	$	—
1244311 B.C. Ltd., Term Loan	3,822		46		(15)		(67)		3,786		—		185
9357-5991 Quebec Inc., Term Loan	—		—		(215)		—		—		215		—
AIC SPV Holdings II, LLC, Preferred Equity	498		—		—		(81)		417		—		81
Carbonfree Chemicals Holdings LLC, Common Stock	25,424		904		—		18,662		44,990		—		—
Carbonfree Chemicals SA LLC, Class B Units	—		—		—		—		—		—		—
Golden Bear 2016-R, LLC, Membership Interests	11,289		175		—		(643)		10,821		—		878
GSC Technologies Inc., Term Loan	—		218		(8)		(14)		196		—		11
KLO Acquisition LLC, Term Loan	—		—		(327)		1		—		326		—
Pelican Energy, LLC, Common Stock	2,170		—		(3,698)		2,158		630		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock	42		—		—		(42)		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	28		—		—		(28)		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	5,106		—		—		(122)		4,984		—		—
Renew JV LLC, Membership Interests	776		—		(158)		17		635		—		—
	$	50,874	$	1,343	$	(4,421)	$	19,008	$	67,345	$	541	$	1,155

____________________

● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

See notes to financial statements.

20

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

(5)Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of March 31, 2021 and December 31, 2021 along with transactions during the nine months ended December 31, 2021 in these controlled investments are as follows:

Name of Issuer	Fair Value at March 31, 2021		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Losses		Fair Value at December 31, 2021		Net Realized Losses		Interest/Dividend/Other Income
Majority Owned Company
ChyronHego Corporation, Preferred Equity	$	6,151	$	1	$	—	$	6,117	$	12,269	$	—	$	—
ChyronHego Corporation, Revolver	2,226		4,750		—		100		7,076		—		208
ChyronHego Corporation, Term Loan	81,676		3,381		873		592		86,522		—		4,965
Dynamic Product Tankers, LLC, Common Stock	25,528		—		—		(19,752)		5,776		—		—
Dynamic Product Tankers, LLC, Unsecured Term Loan	22,000		—		—		—		22,000		—		853
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock	—		—		—		—		—		—		—
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan	8,111		—		(5,020)		23,952		6,116		(20,927)		—
Merx Aviation Finance, LLC, Letter of Credit	—		—		—		—		—		—		—
Merx Aviation Finance, LLC, Membership Interests	125,061		—		(84,500)		2,680		43,241		—		—
Merx Aviation Finance, LLC, Revolver	190,500		84,500		—		—		275,000		—		18,611
MSEA Tankers LLC, Class A Units	57,028		—		(6,666)		(4,108)		46,254				2,059
Controlled Company
SHD Oil & Gas, LLC, Series C Units	—		44,065		—		(41,226)		2,839		—		—
SHD Oil & Gas, LLC, Series A Units	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche A Note	9,899		—		(44,065)		34,159		—		7
SHD Oil & Gas, LLC, Tranche B Note	—		—		—		44,380		—		(44,380)		—
SHD Oil & Gas, LLC, Tranche C Note	25,470		—		—		—		25,470		—		2,268
	$	553,650	$	136,697	$	(139,378)	$	46,894	$	532,563	$	(65,300)	$	28,964

____________________

● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions includes decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

    As of December 31, 2021, the Company had a 87%, 85%, 96%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation; Dynamic Product Tankers, LLC; Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

See notes to financial statements.

21

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

(6)Aggregate gross unrealized gain and loss for federal income tax purposes is $67,719 and $283,375, respectively. Net unrealized loss is $215,656 based on a tax cost of $2,832,866.

(7)Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 6 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(8)The negative fair value is the result of the commitment being valued below par.

(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the financial statements for discussion of the exemptive order from the SEC.)

(10)Other than the investments noted by this footnote, the fair value of the Company’s investments are determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(11)The maturity date for this investment was November 15, 2021. The investment is expected to be paid down in a series of payments subsequent to the stated maturity date.

(12)Par amount is denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), Canadian Dollar (“C$”) and Australian Dollar (“A$”).

(13)Non-income producing security.

(14)Non-accrual status (See Note 2 to the financial statements).

(15)The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.

(16)AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AP Surf Investments, LLC and AIC SB Holdings LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdngs LLC.

(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2021, non-qualifying assets represented approximately 12.98% of the total assets of the Company.

(18)As of December 31, 2021, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.

(19)Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments

(20)As of December 31, 2021, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

(21)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate.

(22)This security is included in the Cash and Cash Equivalents on the Statements of Assets and Liabilities.

See notes to financial statements.

22

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

(23)As of December 31, 2021, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
A&V Holdings Midco, LLC	$	1,505	$	—	$	—	$	1,505
Activ Software Holdings, LLC	2,407		—		—		2,407
Alpinex Opco, LLC	5,585		—		—		5,585
Amerivet Partners Management, Inc.	806		—		—		806
AMI US Holdings Inc.	2,907		1,163		—		1,744
Analogic Corporation	1,826		1,043		—		783
AQ Sunshine, Inc.	1,538		365		30		1,143
AVAD, LLC	2,060		2,060		—		—
Banner Buyer, LLC	4,387		—		—		4,387
Beacon Mobility Corp.	1,421		—		—		1,421
Berner Food & Beverage, LLC	2,881		1,210		—		1,671
Bird US Opco, LLC	33,747		—		—		33,747
Cerus Corporation	6,000		320		—		5,680
ChyronHego Corporation	8,000		7,156		—		844
Claritas, LLC	1,031		77		—		954
Club Car Wash Operating, LLC	11,538		2,438		—		9,100
Compu-Link Corporation	2,273		—		—		2,273
Continuum Global Solutions, LLC	20,000		11,813		—		8,187
Destiny Solutions U.S., Inc.	3,810		—		—		3,810
Digital.ai Software Holdings, Inc.	2,419		806		—		1,613
EHL Merger Sub, LLC	4,155		—		—		4,155
Eldrickco Limited*	6,272		481		—		5,791
EmpiRx Health LLC	909		—		—		909
Erickson Inc	36,000		24,518		1,522		9,960
First Heritage Credit, LLC	10,500		2,459		—		8,041
Flock SPV I, LLC	8,000		—		—		8,000
Forge Biologics, Inc.	23,333		—		—		23,333
FPG Services, LLC	6,811		—		—		6,811
Gabriel Partners, LLC	665		—		—		665
GB001, Inc.	24,000		—		—		24,000
Genesis Healthcare, Inc.	91,957		—		—		91,957
Go Car Wash Management Corp.	3,619		—		—		3,619
Graffiti Buyer, Inc.	3,920		240		—		3,680
Guernsey Holdings SDI LA LLC	1,667		—		—		1,667
Gutter Buyer, Inc.	2,727		409		94		2,224
Heniff Holdco, LLC	3,925		1,308		355		2,262
High Street Buyer, Inc.	2,203		—		—		2,203
Hive Intermediate, LLC	2,326		466		—		1,860
HRO (Hero Digital) Holdings, LLC	10,213		—		31		10,182
HSI HALO Acquisition, Inc.	3,492		136		—		3,356
IMA Group Management Company, LLC	5,978		260		—		5,718
Jacent Strategic Merchandising	3,500		3,494		—		6
JF Acquisition, LLC	1,569		1,443		—		126
Kauffman Intermediate, LLC	1,243		311		—		932
KDC US Holdings	6,020		4,909		40		1,071
Kindeva Drug Delivery L.P.	167		80		—		87
KL Charlie Acquisition Company	10,190		—		—		10,190
Kure Pain Holdings, Inc.	2,654		—		—		2,654
Lash OpCo, LLC	5,362		—		—		5,362

See notes to financial statements.

23

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Name of Issuer	Total Commitment	Drawn Commitment	Letters of Credit **	Undrawn Commitment
LendingPoint LLC	13,244	6,667	—	6,577
Lifelong Learner Holdings, LLC	2,985	2,982	—	3
Liqui-Box Holdings, Inc.	3,560	2,018	78	1,464
LS Clinical Services Holdings, Inc.	1,875	—	—	1,875
Magnate Holding Corp.	3,150	3,150	—	—
Mannkind Corporation	30,000	—	—	30,000
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,558	—	—	1,558
Medical Guardian, LLC	8,571	—	—	8,571
MEP-TS Midco, LLC	1,452	—	—	1,452
Merx Aviation Finance, LLC	275,177	275,000	177	—
Midwest Vision Partners Management, LLC	3,029	306	—	2,723
Momentx Corporation	1,257	—	—	1,257
Naviga Inc. (fka Newscycle Solutions, Inc.)	500	280	—	220
Nemo (BC) Bidco Pty Ltd*	169	—	—	169
New Era Technology, Inc.	4,143	350	—	3,793
Norvax, LLC	3,182	2,466	—	716
NW Entertainment, Inc.	3,678	3,078	—	600
Olaplex, Inc.	2,300	—	—	2,300
Orchard Therapeutics PLC	22,333	—	—	22,333
Ortega National Parks, LLC	8,251	—	—	8,251
Pace Health Companies, LLC	1,075	—	105	970
Paladone Group Bidco Limited	3,295	282	—	3,013
Paladone Group Bidco Limited*	478	—	—	478
Papershop Holdco Inc.	3,082	2,757	—	325
Paragon 28, Inc.	9,500	—	—	9,500
Partner Therapeutics, Inc	1,000	825	—	175
PHS Buyer, Inc.	2,000	—	—	2,000
Project Comfort Buyer, Inc.	3,462	1,154	—	2,308
Protein For Pets Opco, LLC	2,219	—	—	2,219
Purchasing Power Funding I, LLC	9,113	1,642	—	7,471
Radius Health, Inc.	5,833	—	—	5,833
RiteDose Holdings I, Inc.	2,000	—	—	2,000
Royton Bidco Limited*	3,065	—	—	3,065
Sequential Brands Group, Inc.	402	—	—	402
Shelby 2021 Holdings Corp.	2,532	—	—	2,532
SI Holdings, Inc.	3,413	427	—	2,986
Simeio Group Holdings, Inc.	6,346	—	—	6,346
Sirsi Corporation	429	—	—	429
Sonar Entertainment, Inc.	1,890	1,890	—	—
Springbrook Holding Company, LLC	3,951	—	—	3,951
Surf Opco, LLC	16,667	11,786	333	4,548
Telesoft Holdings, LLC	2,273	—	—	2,273
Telnyx LLC	3,333	—	—	3,333
Ten-X, LLC	4,680	4,680	—	—
TGG TS Acquisition Company	1,750	250	—	1,500
The Emmes Company, LLC	2,449	2,449	—	—
THLP CO. LLC	4,494	2,921	79	1,494
Thomas Scientific, LLC	8,148	—	—	8,148
TNT Crust LLC	3,252	3,092	—	160
Truck-Lite Co., LLC	4,175	—	81	4,094
Turbo Buyer, Inc.	923	—	—	923
U.S. Auto Finance, Inc.	28,733	11,007	—	17,726

See notes to financial statements.

24

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
Ultimate Baked Goods Midco LLC	3,243		1,702		365		1,176
Unchained Labs, LLC	5,565		—		—		5,565
Upstack Holdco Inc.	6,600		—		110		6,490
USLS Acquisition, Inc.	1,608		322		100		1,186
Westfall Technik, Inc.	2,019		2,019		—		—
Wildcat BuyerCo, Inc.	3,244		—		—		3,244
Total Commitments	$	958,858	$	414,467	$	3,500	$	540,891

____________________

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2021 exchange rate.

** For all letters of credit issued and outstanding on December 31, 2021, $3,482 will expire in 2022, $3 will expire in 2023 and $15 will expire in 2024.

See notes to financial statements.

25

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

(24)As of December 31, 2021, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting. The units entitle the Company to appoint three out of five managers to the board of managers.

(25)Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2021, the aggregate fair value of these securities is $177,530 or 17% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer	Investment Type	Acquisition Date
1244311 B.C. Ltd.	Common Equity - Common Stock	9/30/2020
AIC SPV Holdings II, LLC	Preferred Equity - Preferred Stock	6/1/2017
BSP-TS, LP	Common Equity - Common Stock	12/14/2021
Carbonfree Chemicals Holdings LLC	Common Equity - Common Equity / Interest	11/19/2019
Carbonfree Chemicals SA LLC	Common Equity - Class B Units	11/19/2019
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
Dynamic Product Tankers, LLC	Common Equity - Class A Units	4/3/2015
FCP-Hive Holdings, LLC	Common Equity - Common Stock	9/22/2021
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	9/22/2021
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	11/12/2021
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	Common Equity - Common Stock	3/29/2016
Graffiti Parent, LP	Common Equity - Common Stock	8/10/2021
HRO Holdings I LP	Common Equity - Common Stock	11/18/2021
Merx Aviation Finance, LLC	Common Equity - Membership Interests	5/22/2013
MSEA Tankers LLC	Common Equity - Class A Units	12/12/2014
Paladone Group Holdings Limited	Common Equity - Common Stock	11/12/2021
Pelican Energy, LLC	Common Equity - Membership Interests	2/16/2016
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series E Preferred Stock	12/23/2020
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series D Preferred Stock	10/1/2015
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series B Preferred Stock	4/9/2014
Renew JV LLC	Common Equity - Membership Interests	3/20/2017
RMCF IV CIV XXXV, L.P.	Common Equity - Common Stock	6/8/2021
SHD Oil & Gas, LLC	Common Equity - Series C Units	9/30/2021
SHD Oil & Gas, LLC	Common Equity - Series A Units	11/18/2016
Surf Opco, LLC	Common Equity - Class A-1 Common	3/17/2021
Surf Opco, LLC	Preferred Equity - Class P-1 Preferred	3/17/2021
Surf Opco, LLC	Preferred Equity - Class P-2 Preferred	3/17/2021

(26)The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%

(27)The interest rate on these loans is subject to 2 months LIBOR, which as of December 31, 2021 was 0.15%

(28)The interest rate on these loans is subject to 3 months LIBOR, which as of December 31, 2021 was 0.21%

(29)The interest rate on these loans is subject to 6 months LIBOR, which as of December 31, 2021 was 0.34%

(30)The interest rate on these loans is subject to 12 months LIBOR, which as of December 31, 2021 was 0.58%

(31)The interest rate on these loans is subject to SONIA, which as of December 31, 2021 was 0.19%

(32)The interest rate on these loans is subject to 6 months GBP LIBOR, which as of December 31, 2021 was 0.47%

(33)The interest rate on these loans is subject to 6 months BBSW, which as of December 31, 2021 was 0.21%

(34)The interest rate on these loans is subject to Prime, which as of December 31, 2021 was 3.25%

See notes to financial statements.

26

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

(35)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2021:

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Non-Controlled/Non-Affiliated Investments
Advertising, Printing & Publishing	$	41,454	$	—	$	—	$	—	$	—	$	432	$	—	$	41,886
Aerospace & Defense	24,472		—		—		—		—		—		—		24,472
Automotive	53,762		23,583		—		—		—		350		—		77,695
Aviation and Consumer Transport	17,186		—		—		—		—		—		—		17,186
Beverage, Food & Tobacco	128,708		—		—		—		448		2,207		—		131,363
Business Services	210,036		68,653		—		—		89		1,676		—		280,454
Chemicals, Plastics & Rubber	23,066		—		—		—		—		—		—		23,066
Construction & Building	28,520		—		—		—		—		500		—		29,020
Consumer Goods – Durable	19,594		—		—		—		—		107		—		19,701
Consumer Goods – Non-durable	84,451		1,951		—		—		462		2,135		—		88,999
Consumer Services	168,306		—		—		—		—		—		—		168,306
Diversified Investment Vehicles, Banking, Finance, Real Estate	47,882		—		—		—		—		—		—		47,882
Education	36,295		—		—		—		—		—		—		36,295
Energy – Electricity	7,231		—		—		—		5,623		4		—		12,858
Environmental Industries	9,202		—		—		—		—		—		—		9,202
Healthcare & Pharmaceuticals	411,126		—		—		—		333		1,140		135		412,734
High Tech Industries	272,813		—		—		—		—		1,000		—		273,813
Hotel, Gaming, Leisure, Restaurants	24,045		—		—		—		—		—		—		24,045
Insurance	78,605		—		—		—		—		—		—		78,605
Manufacturing, Capital Equipment	29,154		7,954		—		—		11,850		250		—		49,208
Media – Diversified & Production	40,317		—		—		—		—		—		—		40,317
Retail	31,083		—		—		—		—		—		—		31,083
Telecommunications	—		12,809		—		—		—		—		—		12,809
Transportation – Cargo, Distribution	44,605		—		—		—		—		—		—		44,605
Wholesale	41,141		—		—		—		—		798		—		41,939
Total Non-Controlled/ Non-Affiliated Investments	$	1,873,054	$	114,950	$	—	$	—	$	18,805	$	10,599	$	135	$	2,017,543
Non-Controlled/Affiliated Investments
Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	78,729	$	—	$	78,729
Consumer Goods – Durable	4,251		—		—		—		—		1,000		—		5,251
Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,987		—		—		—		16,987
Energy – Electricity	—		—		—		—		16,347		513		—		16,860
Energy – Oil & Gas	—		—		—		—		—		13,063		—		13,063
Total Non-Controlled/Affiliated Investments	$	4,251	$	—	$	—	$	16,987	$	16,347	$	93,305	$	—	$	130,890
Controlled Investments
Aviation and Consumer Transport	$	275,000	$	—	$	—	$	—	$	—	$	35,800	$	—	$	310,800
Energy – Oil & Gas	24,728		10,980		—		—		—		75,555		—		111,263
High Tech Industries	93,054		—		—		—		6,000		—				99,054
Transportation – Cargo, Distribution	—		—		22,000		—		—		100,800		—		122,800
Total Controlled Investments	$	392,782	$	10,980	$	22,000	$	—	$	6,000	$	212,155	$	—	$	643,917
Total	$	2,270,087	$	125,930	$	22,000	$	16,987	$	41,152	$	316,059	$	135	$	2,792,350

See notes to financial statements.

27

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

(36)The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of December 31, 2021:

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total			% of Net Assets
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	41,821		$	—		$	—		$	—		$	—		$	557		$	—		$	42,378		4.1	%
Aerospace & Defense	24,159			—			—			—			—			—			—			24,159			2.5	%
Automotive	52,864			21,507			—			—			—			406			—			74,777			7.3	%
Aviation and Consumer Transport	17,280			—			—			—			—			—			—			17,280			1.7	%
Beverage, Food & Tobacco	128,517			—			—			—			475			2,450			—			131,442			12.8	%
Business Services	209,044			55,485			—			—			89			2,233			—			266,851			26.1	%
Chemicals, Plastics & Rubber	22,831			—			—			—			—			—			—			22,831			2.2	%
Construction & Building	28,518			—			—			—			—			1,049			—			29,567			2.9	%
Consumer Goods – Durable	19,670			—			—			—			—			551			—			20,221			2.0	%
Consumer Goods – Non-durable	84,151			1,957			—			—			55			2,127			—			88,290			8.6	%
Consumer Services	169,347			—			—			—			—			—			—			169,347			16.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	47,934			—			—			—			—			—			—			47,934			4.7	%
Education	40,407			—			—			—			—			—			—			40,407			4.0	%
Energy – Electricity	1,791			—			—			—			—			—			—			1,791			0.2	%
Environmental Industries	9,201			—			—			—			—			—			—			9,201			0.9	%
Healthcare & Pharmaceuticals	413,106			—			—			—			871			3,419			372			417,768			40.8	%
High Tech Industries	271,560			—			—			—			—			1,340			—			272,900			26.6	%
Hotel, Gaming, Leisure, Restaurants	24,032			—			—			—			—			—			—			24,032			2.3	%
Insurance	78,953			—			—			—			—			—			—			78,953			7.7	%
Manufacturing, Capital Equipment	27,927			7,586			—			—			9,797			240			—			45,550			4.4	%
Media – Diversified & Production	39,662			—			—			—			—			—			—			39,662			3.9	%
Retail	31,004			—			—			—			—			—			—			31,004			3.0	%
Telecommunications	—			12,363			—			—			—			—			—			12,363			1.2	%
Transportation – Cargo, Distribution	44,248			—			—			—			—			—			—			44,248			4.3	%
Wholesale	41,234			—			—			—			—			745			—			41,979			4.1	%
Total Non-Controlled / Non-Affiliated Investments	$	1,869,261		$	98,898		$	—		$	—		$	11,287		$	15,117		$	372		$	1,994,935		194.8	%
% of Net Assets	182.5		%	9.7		%	—		%	—		%	1.1		%	1.5		%	—		%	194.8		%
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	44,990		$	—		$	44,990		4.4	%
Consumer Goods – Durable	3,982			—			—			—			—			886			—			4,868			0.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			10,821			—			—			—			10,821			1.0	%
Energy – Electricity	—			—			—			—			5,401			635			—			6,036			0.6	%
Energy – Oil & Gas	—			—			—			—			—			630			—			630			0.1	%
Total Non-Controlled / Affiliated Investments	$	3,982		$	—		$	—		$	10,821		$	5,401		$	47,141		$	—		$	67,345		6.6	%
% of Net Assets	0.4		%	—		%	—		%	1.1		%	0.5		%	4.6		%	—		%	6.6		%
Controlled Investments
Aviation and Consumer Transport	$	275,002		$	—		$	—		$	—		$	—		$	43,240		$	—		$	318,242		31.1	%
Energy – Oil & Gas	25,470			6,116			—			—			—			2,839			—			34,425			3.4	%
High Tech Industries	93,598			—			—			—			12,269			—			—			105,867			10.3	%
Transportation – Cargo, Distribution	—			—			22,000			—			—			52,029			—			74,029			7.2	%
Total Controlled Investments	$	394,070		$	6,116		$	22,000		$	—		$	12,269		$	98,108		$	—		$	532,563		52.0	%
% of Net Assets	38.5		%	0.6		%	2.1		%	—		%	1.2		%	9.6		%	—		%	52.0		%
Total	$	2,267,313		$	105,014		$	22,000		$	10,821		$	28,957		$	160,366		$	372		$	2,594,843		253.4	%
% of Net Assets	221.4		%	10.3		%	2.1		%	1.1		%	2.8		%	15.7		%	—		%	253.4		%

See notes to financial statements.

28

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of December 31, 2021
Healthcare & Pharmaceuticals	16.1%
High Tech Industries	14.6%
Aviation and Consumer Transport	12.9%
Business Services	10.3%
Consumer Services	6.5%
Beverage, Food & Tobacco	5.1%
Transportation – Cargo, Distribution	4.6%
Consumer Goods – Non-durable	3.4%
Insurance	3.0%
Automotive	2.9%
Chemicals, Plastics & Rubber	2.6%
Diversified Investment Vehicles, Banking, Finance, Real Estate	2.3%
Manufacturing, Capital Equipment	1.8%
Advertising, Printing & Publishing	1.6%
Wholesale	1.6%
Education	1.6%
Media – Diversified & Production	1.5%
Energy – Oil & Gas	1.3%
Retail	1.2%
Construction & Building	1.1%
Consumer Goods – Durable	1.0%
Aerospace & Defense	0.9%
Hotel, Gaming, Leisure, Restaurants	0.9%
Telecommunications	0.5%
Environmental Industries	0.4%
Energy – Electricity	0.3%
Total Investments	100.0%

See notes to financial statements.

29

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt	7.25% (3M L+625, 1.00% Floor)	12/30/26	$	18,653	$	18,292	$	18,467	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/30/26	2,190		(29)		(22)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	12/30/26	4,380		(29)		(44)		(8)(9) (21)(23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		239		(9)(13) (25)
						18,453		18,640
Simplifi Holdings, Inc.
Simplifi Holdings, Inc.	First Lien Secured Debt	7.25% (6M L+625, 1.00% Floor)	08/02/25	38,440		37,919		37,867		(9)
	First Lien Secured Debt - Revolver	8.50% (P+525)	08/02/25	1,440		1,440		1,418		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/02/25	960		(40)		(14)		(8)(9) (21)(23)
						39,319		39,271
		Total Advertising, Printing & Publishing				$	57,772	$	57,911
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	9.00% (3M L+750, 1.50% Floor)	04/28/22	$	30,469	$	30,469	$	30,012	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/28/22	4,091		(101)		(61)		(8)(9) (21)(23)
	First Lien Secured Debt - Letters of Credit	7.50%	04/23/21 - 11/23/22	1,440		—		(21)		(8)(9) (23)
		Total Aerospace & Defense				$	30,368	$	29,930
Automotive
Crowne Automotive
Vari-Form Group, LLC	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	$	5,860	$	901	$	293	(9)(14)
Vari-Form Inc.	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	2,110		391		105		(9)(14)
						1,292		398
K&N Parent, Inc.
K&N Parent, Inc.	Second Lien Secured Debt	9.75% (3M L+875, 1.00% Floor)	10/21/24	23,765		23,549		21,982
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		345		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt	7.25% (3M L+625, 1.00% Floor)	12/14/26	28,585		28,029		28,088		(9)
	First Lien Secured Debt - Revolver	7.25% (3M L+625, 1.00% Floor)	12/13/24	1,526		1,526		1,508		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/13/24	1,432		(53)		(17)		(8)(9) (21)(23)
	First Lien Secured Debt - Letters of Credit	6.25%	11/30/21 - 12/21/21	94		—		(1)		(8)(9) (23)
						29,852		29,923
		Total Automotive				$	54,693	$	52,303

See notes to financial statements.

30

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	190,500	$	190,500	$	190,500	(23)
	First Lien Secured Debt - Letter of Credit	2.25%	07/13/21	177		—		—		(23)
	Common Equity - Membership Interests	N/A	N/A	N/A		120,300		125,061		(25)
						310,800		315,561
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	6.50% (1M L+550, 1.00% Floor)	05/09/24	17,478		17,229		17,088		(9)
		Total Aviation and Consumer Transport				$	328,029	$	332,649
Beverage, Food & Tobacco
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Common Stock	N/A	N/A	1,000,000 Shares		$	1,001	$	1,070	(13)
Eagle Foods
Eagle Foods Family Group, LLC	First Lien Secured Debt	7.50% (3M L+650, 1.00% Floor)	06/14/24	23,458		23,317		23,224		(9)
	First Lien Secured Debt - Revolver	7.50% (3M L+650, 1.00% Floor)	06/14/23	750		750		742		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/14/23	3,000		(19)		(30)		(8)(9) (21)(23)
						24,048		23,936
Florida Food Products, Inc.
Florida Food Products, Inc.	First Lien Secured Debt	7.50% (3M L+650, 1.00% Floor)	09/08/25	22,705		22,345		22,592		(9)
	First Lien Secured Debt	8.25% (3M L+725, 1.00% Floor)	09/08/25	2,977		2,795		2,977		(9)
Florida Food Products, LLC	First Lien Secured Debt - Revolver	7.50% (3M L+650, 1.00% Floor)	09/06/23	479		479		477		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/06/23	1,233		(21)		(6)		(8)(9) (21)(23)
						25,598		26,040
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,275		(13)
TNT Crust LLC
TNT Crust LLC	First Lien Secured Debt	7.75% (3M L+675, 1.00% Floor)	11/06/23	20,473		20,223		20,166		(9)
	First Lien Secured Debt - Revolver	7.75% (3M L+675, 1.00% Floor)	11/06/23	325		325		320		(9)(23)
	First Lien Secured Debt - Revolver	7.75% (1M L+675, 1.00% Floor)	11/06/23	813		813		801		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	11/06/23	2,114		(36)		(32)		(8)(9) (21)(23)
	Common Equity - Series A Units	N/A	N/A	244 Shares		30		276		(9)(13)
						21,355		21,531

See notes to financial statements.

31

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		351		(9)(13)
THLP CO. LLC	First Lien Secured Debt	7.00% (12M L+600, 1.00% Floor)	05/30/25	2,787		2,763		2,759		(9)
	First Lien Secured Debt	8.25% (P+500)	05/30/25	1		1		1		(9)
	First Lien Secured Debt	7.00% (2M L+600, 1.00% Floor)	05/30/25	19,562		19,290		19,366		(9)
	First Lien Secured Debt - Revolver	8.25% (P+500)	05/31/24	2,360		2,360		2,336		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/31/24	2,135		(57)		(21)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	05/30/25	2,809		(39)		(28)		(8)(9) (21)(23)
						24,487		24,764
		Total Beverage, Food & Tobacco				$	97,494	$	98,616
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	7.87% (1M L+775)	02/27/26	$	15,900	$	15,807	$	15,709
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	9.00%	08/28/25	21,429		20,536		12,795		(14)
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt	7.25% (6M L+625, 1.00% Floor)	09/21/26	10,176		9,945		9,971		(9)
	First Lien Secured Debt - Revolver	7.25% (6M L+625, 1.00% Floor)	09/21/26	443		443		435		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/21/26	222		(15)		(4)		(8)(9) (21)(23)
						10,373		10,402
Claritas
Claritas, LLC	First Lien Secured Debt	7.00% (3M L+600, 1.00% Floor)	12/21/23	3,746		3,724		3,708		(9)
	First Lien Secured Debt - Revolver	7.00% (3M L+600, 1.00% Floor)	12/21/23	129		129		128		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/21/23	902		(6)		(9)		(8)(9) (21)(23)
						3,847		3,827
Continuum
Continuum Global Solutions, LLC	First Lien Secured Debt - Revolver	6.50% (1M L+550, 1.00% Floor)	02/15/22	5,317		5,317		5,224		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/15/22	14,683		(142)		(257)		(8)(9) (21)(23)
	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares		78		78		(9)(13)
						5,253		5,045
Education Personnel
Arthur Bidco Limited	First Lien Secured Debt	6.00% (1M GBPL+550, 0.50% Floor)	08/31/24	£	4,035	5,162		5,309		(9)(17)
	First Lien Secured Debt - Revolver	6.00% (1M GBPL+550, 0.50% Floor)	08/31/24	£	1,471	1,881		1,933		(9)(17) (23)
						7,043		7,242
Electro Rent Corporation
Electro Rent Corporation	Second Lien Secured Debt	10.00% (3M L+900, 1.00% Floor)	01/31/25	34,235		33,672		33,722		(9)

See notes to financial statements.

32

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)	Fair Value (1)(29)
Elo Touch
TGG TS Acquisition Company	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/14/23	1,750		—	(33)	(8)(21) (23)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Unfunded Revolver	0.25% Unfunded	08/01/24	4,155		(254)	(140)	(8)(21) (23)
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	04/23/24	22,352		22,146	21,896	(9)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	04/23/24	2,567		2,567	2,514	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/23/24	933		(32)	(19)	(8)(9) (21)(23)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares		500	313	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares		11	11	(9)(13) (25)
						25,192	24,715
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	6.50% (12M L+550, 1.00% Floor)	07/31/24	13,139		12,963	12,965	(9)
	First Lien Secured Debt	6.50% (3M L+550, 1.00% Floor)	07/31/24	169		167	167	(9)
	First Lien Secured Debt - Revolver	6.50% (1M L+550, 1.00% Floor)	07/31/24	628		628	619	(9)(23)
	First Lien Secured Debt - Revolver	6.50% (12M L+550, 1.00% Floor)	07/31/24	628		628	619	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	07/31/24	314		(21)	(4)	(8)(9) (21)(23)
						14,365	14,366
MAKS
Trident Bidco Limited	First Lien Secured Debt	6.50% (6M L+550, 1.00% Floor)	11/08/25	34,562		33,765	34,013	(9)(17)
McLarens
Margaux Acquisition Inc.	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	12/19/24	23,054		22,766	22,876	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/19/24	1,601		(20)	(12)	(8)(9) (21)(23)
Margaux UK Finance Limited	First Lien Secured Debt	6.75% (3M GBPL+575, 1.00% Floor)	12/19/24	£	7,183	8,965	9,835	(9)(17)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/19/24	£	541	(8)	(6)	(8)(9) (17)(21)(23)
						31,703	32,693
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	8.00% (3M L+700, 1.00% Floor)	12/29/22	11,024		10,910	10,914	(9)
	First Lien Secured Debt - Revolver	8.00% (1M L+700, 1.00% Floor)	12/29/22	240		240	238	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/29/22	260		(4)	(3)	(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	12/29/22	1,282		(15)	(13)	(8)(9) (21)(23)
						11,131	11,136
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	10/19/26	32,536		32,005	31,420	(9)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	10/20/25	1,039		1,039	1,009	(9)(23)

See notes to financial statements.

33

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	10/20/25	1,946		(45)		(57)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	10/19/26	2,388		(19)		(82)		(8)(9) (21)(23)
						32,980		32,290
RA Outdoors, LLC (Active Outdoors)
RA Outdoors, LLC	First Lien Secured Debt	5.75% (6M L+475, 1.00% Floor)	09/11/24	6,525		6,461		6,460		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/09/22	1,200		(7)		—		(9)(21) (23)
	Second Lien Secured Debt	9.75% (6M L+875, 1.00% Floor)	09/11/25	31,950		31,504		31,311		(9)
						37,958		37,771
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		374		(9)(13)
Soliant Holdings, LLC	First Lien Secured Debt	6.50% (1M L+550, 1.00% Floor)	12/31/26	16,274		16,007		16,274		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/31/24	1,936		(29)		—		(9)(21) (23)
						16,278		16,648
Transplace Holdings, Inc.
Transplace Holdings, Inc.	Second Lien Secured Debt	9.75% (3M L+875, 1.00% Floor)	10/06/25	8,599		8,476		8,513
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		474		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	12/02/24	24,250		23,948		22,785		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/02/24	1,508		(20)		(93)		(8)(9) (21)(23)
	First Lien Secured Debt - Letters of Credit	5.75%	05/23/21 - 12/31/21	100		—		(6)		(8)(9) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	12/02/24	670		(7)		(24)		(8)(9) (21)(23)
						24,553		23,136
		Total Business Services				$	332,678	$	323,850
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,288 Shares		$	45,391	$	25,424	(13)(16) (25)
Carbonfree Chemicals SA LLC (4)	Common Equity - Class B Units	N/A	N/A	3,152 Shares		32,434		—		(3)(13) (16)(25)
						77,825		25,424
Niacet Corporation
Hare Bidco, Inc.	Second Lien Secured Debt	9.75% (1M E+875, 1.00% Floor)	08/01/24	€	11,351	12,165		13,307
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	7.25% (1M L+625, 1.00% Floor)	09/13/24	15,777		15,588		15,355		(9)
	First Lien Secured Debt - Revolver	7.25% (1M L+625, 1.00% Floor)	09/13/24	1,750		1,750		1,702		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/13/24	269		(23)		(7)		(8)(9) (21)(23)
						17,315		17,050
		Total Chemicals, Plastics & Rubber				$	107,305	$	55,781

See notes to financial statements.

34

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	7.25% (1M L+625, 1.00% Floor)	03/06/25	$	28,629	$	28,267	$	28,022	(9)
	First Lien Secured Debt - Revolver	8.50% (P+525)	03/06/24	409		409		401		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/06/24	2,279		(40)		(43)		(8)(9) (21)(23)
	First Lien Secured Debt - Letter of Credit	6.25%	07/01/21	39		—		(1)		(8)(9) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	03/06/25	55		(33)		(1)		(8)(9) (21)(23)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,128		(9)(13)
		Total Construction & Building				$	29,103	$	29,506
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLC	First Lien Secured Debt	6.38% (3M L+538, 1.00% Floor)	03/10/27	$	10,854	$	10,514	$	10,550
	First Lien Secured Debt - Unfunded Revolver	0.375% Unfunded	03/10/25	1,505		(107)		(89)		(8)(21) (23)
						10,407		10,461
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	3.11% (1M L+300)	12/21/23	2,696		2,696		2,635		(23)
	First Lien Secured Debt - Unfunded Revolver	0.38% Unfunded	12/21/23	3,270		—		(74)		(8)(21) (23)
	First Lien Secured Debt - Letter of Credit	3.00%	11/06/21 - 03/16/22	50		—		(1)		(8)(23)
	First Lien Secured Debt - Letters of Credit	3.00%	02/05/22	£	4	—		—		(23)
						2,696		2,560
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	First Lien Secured Debt	6.00% (1M L+500, 1.00% Floor)	09/25/25	2,993		2,993		2,857		(17)
	First Lien Secured Debt	6.00% (3M L+500 PIK, 1.00% Floor)	09/25/25	1,016		1,016		965		(17)
	Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		1,719		(2)(13) (17)(25)
9357-5991 Quebec Inc. (4)	First Lien Secured Debt	11.25% (3M L+775 Cash plus 2.00% PIK)	04/07/22	3,945		—		—		(14)
						5,009		5,541
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	5.50% (3M L+450, 1.00% Floor)	02/26/25	1,661		1,661		1,660		(23)
	First Lien Secured Debt - Revolver	6.75% (P+350)	02/26/25	190		190		190		(23)
	First Lien Secured Debt - Revolver	5.50% (1M L+450, 1.00% Floor)	02/26/25	475		475		474		(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/26/25	1,161		(28)		(1)		(8)(21) (23)
	First Lien Secured Debt - Letter of Credit	4.50%	06/30/21	€	42	—		—		(23)
	First Lien Secured Debt - Letters of Credit	4.50%	09/27/21 - 12/31/24	32		—		—		(23)
						2,298		2,323

See notes to financial statements.

35

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
NSi Industries
Wildcat BuyerCo, Inc.	First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	02/27/26	7,174		6,878		7,074
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/27/26	717		(13)		(10)		(8)(21) (23)
	First Lien Secured Debt - Letter of Credit	5.25%	08/30/21	8		—		—		(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	02/27/26	2,029		(29)		(28)		(8)(21) (23)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		141		(13)
						6,943		7,177
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		484		(10)(13)
		Total Consumer Goods – Durable				$	27,353	$	28,546
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt	5.50% (3M L+450, 1.00% Floor)	11/28/25	$	11,487	$	11,322	$	11,429	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/31/24	2,219		(37)		(11)		(8)(9) (21)(23)
						11,285		11,418
Beauty Industry Group (BIG)
BIG Buyer, LLC	First Lien Secured Debt	7.50% (6M L+650, 1.00% Floor)	11/20/23	19,428		19,121		19,247		(9)
	First Lien Secured Debt - Revolver	7.50% (1M L+650, 1.00% Floor)	11/20/23	722		722		708		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	11/20/23	1,083		(29)		(22)		(8)(9) (21)(23)
						19,814		19,933
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	8.00% (3M L+700, 1.00% Floor)	02/01/25	22,435		22,003		21,457		(9)
	First Lien Secured Debt	8.00% (12M L+700, 1.00% Floor)	02/01/25	3,848		3,789		3,680		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/01/24	3,462		(59)		(161)		(8)(9) (21)(23)
	Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		212		(9)(13)
						26,195		25,188
LashCo
Lash OpCo, LLC	First Lien Secured Debt	9.25% (P+600)	03/18/26	10,223		9,988		9,943		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/18/25	697		(16)		(19)		(8)(9) (21)(23)
						9,972		9,924
Olaplex
Olaplex, Inc.	First Lien Secured Debt	7.50% (1M L+650, 1.00% Floor)	01/08/26	12,300		12,104		12,210		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	01/08/25	2,300		(35)		(19)		(8)(9) (21)(23)
						12,069		12,191
Sequential Brands Group, Inc.
Sequential Brands Group, Inc.	Second Lien Secured Debt	9.75% (1M L+875, 1.00% Floor)	02/07/24	12,837		12,777		10,536		(17)
		Total Consumer Goods – Non-durable				$	92,112	$	89,190

See notes to financial statements.

36

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Consumer Services
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	7.50% (6M L+650, 1.00% Floor)	07/01/25	$	19,127	$	18,817	$	18,744
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	07/01/25	685		(8)		(14)		(8)(21) (23)
						18,809		18,730
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	4.87% (1M L+475)	04/02/22	18,000		17,945		17,883		(9)
	First Lien Secured Debt - Revolver	5.62% (1M L+550)	04/02/22	747		747		743		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/02/22	3,003		(13)		(18)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	04/02/22	8,250		(33)		(54)		(8)(9) (21)(23)
						18,646		18,554
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	6.75% (1M L+575, 1.00% Floor)	12/31/26	1,838		1,808		1,796		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/31/26	417		(5)		(9)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	12/31/26	2,742		(17)		(62)		(8)(9) (21)(23)
						1,786		1,725
Lending Point
LendingPoint LLC	First Lien Secured Debt	11.50% (3M L+1050, 1.00% Floor)	12/30/25	11,375		11,267		11,253		(9)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	12/30/25	1,000		991		989		(9)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	12/30/25	6,125		(58)		(66)		(8)(9) (21)(23)
						12,200		12,176
Nutrisystem
Nutrisystem, Inc.	First Lien Secured Debt	7.50% (1M L+650, 1.00% Floor)	12/08/25	8,800		8,634		8,663
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/08/25	200		(4)		(3)		(8)(21) (23)
						8,630		8,660
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	7.75% (1M BBSW+675, 1.00% Floor)	04/06/24	A$	6,768	4,938		4,949		(17)
	First Lien Secured Debt - Unfunded Delayed Draw	3.04% Unfunded	04/06/24	A$	232	(6)		(7)		(8)(17) (21)(23)
						4,932		4,942
Paper Source
Paper Source, Inc.	First Lien Secured Debt	8.00% (3M L+700, 1.00% Floor)	05/22/24	11,322		11,179		8,831		(9)
	First Lien Secured Debt	11.00% (1M L+1000, 1.00% Floor)	06/30/21	1,691		1,691		1,691		(9)
	First Lien Secured Debt	13.00% (3M L+1200, 1.00% Floor)	02/26/21	556		556		434		(9)(11)
	First Lien Secured Debt - Revolver	8.00% (3M L+700, 1.00% Floor)	05/22/24	3,082		3,044		2,404		(9)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	06/30/21	1,597		(75)		—		(9)(21) (23)
	Preferred Equity - Preferred Equity	N/A	N/A	658 Shares		—		—		(9)(13) (25)
	Common Equity - Class A Common Stock	N/A	N/A	20,548 Shares		—		—		(9)(13) (25)
						16,395		13,360

See notes to financial statements.

37

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Pinstripe Holdings, LLC
Pinstripe Holdings, LLC	First Lien Secured Debt	7.00% (1M L+600, 1.00% Floor)	01/17/25	6,860		6,773		6,798
The Club Company
Eldrickco Limited	First Lien Secured Debt	6.75% (6M GBPL+625 PIK, 0.50% Floor)	11/21/25	£	10,976	13,797		14,336		(9)(17)
	First Lien Secured Debt - Revolver	6.75% (6M GBPL+625 PIK, 0.50% Floor)	05/21/25	£	356	410		464		(9)(17) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.93% Unfunded	11/21/25	£	3,934	(85)		(253)		(8)(9) (17)(21)(23)
						14,122		14,547
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	04/17/24	11,842		11,875		11,810		(9)
	First Lien Secured Debt - Revolver	7.00% (3M L+600, 1.00% Floor)	04/17/24	6,734		6,734		6,715		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/17/24	6,600		(36)		(18)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	04/17/24	8,222		(21)		—		(9)(21) (23)
						18,552		18,507
		Total Consumer Services				$	120,845	$	117,999
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/11/24	$	2,273	$	(33)	$	(27)	(8)(9) (21)(23)
Peer Advisors, LLC	First Lien Secured Debt	6.50% (1M L+550, 1.00% Floor)	06/11/24	19,034		18,759		18,809		(9)
						18,726		18,782
Exeter Property Group, LLC
Exeter Property Group, LLC	First Lien Secured Debt	4.62% (1M L+450)	08/28/24	4,550		4,508		4,550		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/28/24	192		(2)		—		(9)(21) (23)
						4,506		4,550
Flock Financial, LLC
Flock SPV I, LLC	First Lien Secured Debt	7.50% (1M L+650, 1.00% Floor)	08/30/22	14,533		14,505		14,388		(9)(17)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/30/22	1,333		(5)		(13)		(8)(9) (17)(21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	08/30/22	4,133		(38)		(41)		(8)(9) (17)(21)(23)
						14,462		14,334
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests		09/20/42	N/A		16,812		11,289		(3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	7.50% (1M L+650, 1.00% Floor)	01/24/24	8,383		8,384		8,334		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.40% Unfunded	01/24/24	729		—		(4)		(8)(9) (21)(23)
						8,384		8,330
Ten-X, LLC
Ten-X, LLC	First Lien Secured Debt - Revolver	3.36% (1M L+325)	09/29/22	4,680		4,554		4,485		(23)
	Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	67,444	$	61,770

See notes to financial statements.

38

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Education
NFA Group
SSCP Spring Bidco Limited	First Lien Secured Debt	6.75% (6M GPBL+625, 0.50% Floor)	07/30/25	£	30,000	$	36,161	$	41,159	(9)(17)
			Total Education			$	36,161	$	41,159
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC (4)	Preferred Equity - Preferred Stock	N/A	N/A	143 Shares		$	534	$	498	(15)(17) (25)
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Preferred Equity - Series B Preferred Stock	N/A	N/A	1,505,868 Shares		8,343		42		(13)(25)
	Preferred Equity - Series D Preferred Stock	N/A	N/A	436,689 Shares		5,568		28		(13)(25)
	Preferred Equity - Series E Preferred Stock	N/A	N/A	441,576 Shares		1,902		5,106		(13)(17) (25)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	671,194 Shares		671		776		(13)(17) (25)
						17,018		6,450
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,637		2,534		(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A	4,286 Shares		5,623		—		(2)(13) (17)
	Common Equity - Ordinary Shares	N/A	N/A	2,825 Shares		4		—		(2)(13) (17)
						13,264		2,534
		Total Energy – Electricity				$	30,282	$	8,984
Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/29/21	$	41,121	$	36,926	$	8,111	(11)(14)
	Common Equity - Common Stock	N/A	N/A	5,000,000 Shares		30,078		—		(13)(25)
						67,004		8,111
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		16,764		2,170		(13)(16) (17)(25)
Spotted Hawk
SHD Oil & Gas, LLC (5)	First Lien Secured Debt - Tranche A Note	14.00% (8.00% Cash plus 6.00% PIK)	07/31/21	47,511		44,059		9,899		(14)
	First Lien Secured Debt - Tranche B Note	14.00% PIK	07/31/21	89,434		44,380		—		(14)
	First Lien Secured Debt - Tranche C Note	12.00%	07/31/21	24,728		24,728		25,470
	Common Equity - Series A Units	N/A	N/A	7,600,000 Shares		1,411		—		(13)(16) (25)
						114,578		35,369
		Total Energy – Oil & Gas				$	198,346	$	45,650
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC	First Lien Secured Debt	6.25% (6M L+525, 1.00% Floor)	10/31/25	$	11,603	$	11,429	$	11,132	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	10/31/25	1,366		(31)		(55)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	10/31/25	6,202		(51)		(252)		(8)(9) (21)(23)
		Total Environmental Industries				$	11,347	$	10,825

See notes to financial statements.

39

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Healthcare & Pharmaceuticals
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt	7.85% (1M L+635, 1.50% Floor)	10/27/25	$	9,750	$	9,746	$	9,735	(9)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	10/27/25	1,500		(7)		(2)		(8)(9) (21)(23)
						9,739		9,733
AmeriVet
Amerivet Partners Management, Inc.	First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	06/05/24	1,517		1,500		1,514		(9)
	First Lien Secured Debt	6.25% (6M L+525, 1.00% Floor)	06/05/24	26,883		26,509		26,827		(9)
	First Lien Secured Debt	6.25% (2M L+525, 1.00% Floor)	06/05/24	912		901		911		(9)
	First Lien Secured Debt - Revolver	7.50% (P+425)	06/05/24	524		524		523		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/05/24	282		(11)		(1)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	06/05/24	4,519		(72)		(9)		(8)(9) (21)(23)
Amerivet Partners Parent LP	Common Equity - Class D Partnership Units	N/A	N/A	13 Shares		125		192		(9)(13)
						29,476		29,957
Analogic
Analogic Corporation	First Lien Secured Debt	6.25% (1M L+525, 1.00% Floor)	06/22/24	18,033		17,789		17,762		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/22/23	1,826		(20)		(27)		(8)(9) (21)(23)
						17,769		17,735
BioClinica Holding I, LP
BioClinica Holding I, LP	Second Lien Secured Debt	9.25% (1M L+825, 1.00% Floor)	10/21/24	24,612		24,359		24,501
BK Medical
BK Medical Holding Company, Inc.	First Lien Secured Debt	6.25% (1M L+525, 1.00% Floor)	06/22/24	7,231		7,179		7,187		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/22/24	783		(5)		(2)		(8)(9) (21)(23)
						7,174		7,185
CARE Fertility
Royton Bidco Limited	First Lien Secured Debt	6.75% (6M GBPL+625, 0.50% Floor)	05/09/25	£	15,510	19,796		21,093		(9)(17)
	First Lien Secured Debt	6.75% (1M GBPL+625, 0.50% Floor)	05/09/25	£	2,147	2,701		2,920		(9)(17)
	First Lien Secured Debt - Unfunded Delayed Draw	2.19% Unfunded	05/09/25	£	2,265	(59)		(45)		(8)(9) (17)(21)(23)
						22,438		23,968
Cerus
Cerus Corporation	First Lien Secured Debt	7.25% (1M L+545, 1.80% Floor)	03/01/24	16,500		16,452		16,830		(9)(17)
	First Lien Secured Debt - Revolver	5.55% (1M L+375, 1.80% Floor)	03/01/24	125		125		127		(9)(17) (23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/01/24	875		(1)		—		(9)(17) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	03/01/24	4,500		(13)		—		(9)(17) (21)(23)
						16,563		16,957

See notes to financial statements.

40

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)	Cost (28)	Fair Value (1)(29)
Dohmen Life Science Services
LSCS Holdings, Inc	Second Lien Secured Debt	8.51% (6M L+825)	03/16/26	19,818	19,530	19,285
Emmes Corporation
Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	475	(9)(13)
The Emmes Company, LLC	First Lien Secured Debt	6.00% (6M L+500, 1.00% Floor)	03/03/25	12,000	11,882	11,760	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/03/25	2,449	(24)	(49)	(8)(9) (21)(23)
					12,164	12,186
Genesis Healthcare, Inc.
Genesis Healthcare, Inc.	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/08/23	85,870	(305)	(1,511)	(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	2.00% Unfunded	03/06/23	6,087	—	(91)	(8)(9) (21)(23)
					(305)	(1,602)
Gossamer
GB001, Inc.	First Lien Secured Debt	9.00% (1M L+700, 2.00% Floor)	01/01/25	6,000	5,995	6,120	(9)(17)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	01/01/25	24,000	(156)	—	(9)(17) (21)(23)
					5,839	6,120
Health & Safety Institute
HSI Halo Acquisition, Inc.	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	08/31/26	8,981	8,886	8,852	(9)
	First Lien Secured Debt - Revolver	6.75% (1M L+575, 1.00% Floor)	08/30/25	135	135	134	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/30/25	677	(6)	(7)	(8)(9) (21)(23)
	Common Equity - Common Stock	N/A	N/A	500 Shares	500	517	(9)(13)
					9,515	9,496
IMA Group
IMA Group Management Company, LLC	First Lien Secured Debt	6.50% (6M L+550, 1.00% Floor)	05/30/24	458	454	439
	First Lien Secured Debt	6.50% (3M L+550, 1.00% Floor)	05/30/24	4,616	4,587	4,432
	First Lien Secured Debt - Revolver	6.50% (1M L+550, 1.00% Floor)	05/30/24	289	287	277	(23)
					5,328	5,148
Kindeva
Kindeva Drug Delivery L.P.	First Lien Secured Debt	7.00% (3M L+600, 1.00% Floor)	05/01/26	1,820	1,781	1,804	(9)
	First Lien Secured Debt - Revolver	7.00% (1M L+600, 1.00% Floor)	05/01/25	50	50	50	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/01/25	117	(3)	(1)	(8)(9) (21)(23)
					1,828	1,853
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares	133	162	(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt	6.50% (1M L+550, 1.00% Floor)	08/27/24	21,880	21,656	21,493	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/27/24	2,654	(27)	(47)	(8)(9) (21)(23)
					21,762	21,608

See notes to financial statements.

41

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)	Cost (28)	Fair Value (1)(29)
Lanai Holdings III, Inc. (Patterson Medical)
Lanai Holdings III, Inc.	Second Lien Secured Debt	11.50% (1M L+1050 PIK, 1.00% Floor)	08/28/23	19,564	19,385	19,079
Mannkind Corporation
Mannkind Corporation	First Lien Secured Debt	8.75% (1M L+675, 2.00% Floor)	08/01/24	17,333	17,218	17,888	(9)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	08/01/24	8,667	(29)	—	(9)(21) (23)
	Warrants	N/A	N/A	444,936 Shares	76	1,492	(9)(13)
					17,265	19,380
Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC	First Lien Secured Debt	6.50% (3M L+550, 1.00% Floor)	11/22/23	23,638	23,379	23,590	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	11/22/22	1,558	(13)	(1)	(8)(9) (21)(23)
					23,366	23,589
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt	8.75% (1M L+825, 0.50% Floor)	12/31/24	28,571	28,142	28,374	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/31/24	5,714	(86)	(39)	(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	12/31/24	5,714	(114)	(39)	(8)(9) (21)(23)
					27,942	28,296
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt	7.25% (6M L+625, 1.00% Floor)	01/12/27	5,704	5,594	5,647	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	01/12/27	612	(12)	(6)	(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	01/12/27	3,670	(35)	(37)	(8)(9) (21)(23)
					5,547	5,604
Orchard
Orchard Therapeutics plc	First Lien Secured Debt	7.00% (1M L+600, 1.00% Floor)	05/24/24	8,333	8,307	8,400	(9)(17)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	05/24/24	16,667	(53)	—	(9)(17) (21)(23)
					8,254	8,400
Ovation Fertility
FPG Services, LLC	First Lien Secured Debt	6.50% (3M L+550, 1.00% Floor)	06/13/25	13,901	13,713	13,762	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/13/24	2,105	(27)	(21)	(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	06/13/25	3,768	(37)	(38)	(8)(9) (21)(23)
					13,649	13,703
Partner Therapeutics, Inc
Partner Therapeutics, Inc	First Lien Secured Debt	7.65% (1M L+665, 1.00% Floor)	01/01/23	10,000	9,934	9,975	(9)
	Preferred Equity - Preferred Equity	N/A	N/A	55,556 Shares	333	416	(9)(13)
	Warrants	N/A	N/A	33,333 Shares	135	103	(9)(13)
					10,402	10,494

See notes to financial statements.

42

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
PHS
PHS Buyer, Inc.	First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	01/31/25	10,203		10,055		9,947		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	01/31/25	2,000		(29)		(50)		(8)(9) (21)(23)
						10,026		9,897
Radius Health
Radius Health, Inc.	First Lien Secured Debt	7.75% (1M L+575, 2.00% Floor)	06/01/24	29,000		28,636		28,623		(9)(17)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/01/24	1,000		(2)		(1)		(8)(9) (17)(21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	06/01/24	4,833		—		—		(9)(17) (21)(23)
						28,634		28,622
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt	5.50% (3M L+450, 1.00% Floor)	08/02/24	3,914		3,874		3,902		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/02/24	395		(7)		(1)		(8)(9) (21)(23)
	First Lien Secured Debt - Letter of Credit	4.50%	12/10/21	105		—		—		(9)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	08/02/24	575		(27)		(2)		(8)(9) (21)(23)
						3,840		3,899
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt	7.15% (1M L+565, 1.50% Floor)	09/01/24	6,000		6,012		6,049		(9)
RiteDose Holdings I, Inc.
RiteDose Holdings I, Inc.	First Lien Secured Debt	7.50% (1M L+650, 1.00% Floor)	09/13/23	13,333		13,155		13,333		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/13/23	2,000		(27)		—		(9)(21) (23)
						13,128		13,333
		Total Healthcare & Pharmaceuticals				$	390,629	$	394,475
High Tech Industries
Acronis AG
Acronis AG	First Lien Secured Debt	7.85% (1M L+635, 1.50% Floor)	12/18/24	$	21,000	$	20,922	$	20,895	(9)(17)
American Megatrends
AMI US Holdings Inc.	First Lien Secured Debt	6.50% (1M L+550, 1.00% Floor)	04/01/25	21,651		21,362		21,833		(9)
	First Lien Secured Debt - Revolver	5.61% (1M L+550)	04/01/24	2,093		2,093		2,093		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/01/24	814		(35)		—		(9)(21) (23)
						23,420		23,926
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	12/16/25	22,500		22,101		22,104
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/16/25	2,273		(40)		(40)		(8)(21) (23)
						22,061		22,064

See notes to financial statements.

43

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)	Fair Value (1)(29)
ChyronHego Corporation
ChyronHego Corporation (5)	First Lien Secured Debt	6.00% (3M L+350 Cash plus 1.50% PIK, 1.00% Floor)	12/31/22	84,202		81,644	81,676
	First Lien Secured Debt - Revolver	6.00% (3M L+500, 1.00% Floor)	12/31/22	2,406		2,406	2,334	(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/31/22	3,594		—	(108)	(8)(21) (23)
	Preferred Equity - Preferred Equity	N/A	N/A	7,800 Shares		6,000	6,151	(13)(25)
						90,050	90,053
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt	8.00% (3M L+700, 1.00% Floor)	02/10/27	22,581		21,919	22,242	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/10/27	2,419		(71)	(36)	(8)(9) (21)(23)
						21,848	22,206
GoHealth
Norvax, LLC	First Lien Secured Debt	7.50% (3M L+650, 1.00% Floor)	09/15/25	31,341		30,753	31,654	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/13/24	3,182		(55)	—	(9)(21) (23)
						30,698	31,654
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc.	First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	06/06/25	14,587		14,411	13,350
LabVantage Solutions
LabVantage Solutions Inc.	First Lien Secured Debt	8.50% (1M L+750, 1.00% Floor)	09/30/21	7,256		7,236	7,256
LabVantage Solutions Limited	First Lien Secured Debt	8.50% (1M E+750, 1.00% Floor)	09/30/21	€	8,053	8,642	9,465	(17)
						15,878	16,721
Magnitude Software
New Amsterdam Software BidCo LLC	First Lien Secured Debt	6.00% (3M L+500, 1.00% Floor)	05/01/26	6,796		6,697	6,694	(9)
	First Lien Secured Debt	6.00% (3M E+500, 1.00% Floor)	05/01/26	€	730	807	845	(9)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	05/01/26	2,250		(16)	(34)	(8)(9) (21)(23)
						7,488	7,505
MYCOM
Magnate Holding Corp.	First Lien Secured Debt	7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor)	12/16/24	18,112		17,959	15,575	(9)(17)
	First Lien Secured Debt - Revolver	7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor)	12/14/23	2,970		2,970	2,554	(9)(17) (23)
	First Lien Secured Debt - Unfunded Revolver	2.19% Unfunded	12/14/23	221		(27)	(31)	(8)(9) (17)(21)(23)
	First Lien Secured Debt - Letter of Credit	6.25%	04/22/21	140		—	(20)	(8)(9) (17)(23)
						20,902	18,078
Omnitracs, LLC
Omnitracs, LLC	First Lien Secured Debt - Unfunded Revolver	0.375% Unfunded	03/23/23	3,750		(133)	(263)	(8)(21) (23)
Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt	9.50% (1M L+850, 1.00% Floor)	01/13/25	8,000		7,774	7,760	(9)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	01/13/25	2,000		(33)	(60)	(8)(9) (21)(23)
						7,741	7,700

See notes to financial statements.

44

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt	8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor)	07/12/25	9,066		8,885		8,857		(9)
	First Lien Secured Debt	8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor)	07/12/25	841		825		822		(9)
						9,710		9,679
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt	6.25% (1M L+525, 1.00% Floor)	01/30/26	8,567		8,464		8,422		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	01/30/26	1,731		(21)		(29)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.75% Unfunded	01/30/26	4,615		(28)		(83)		(8)(9) (21)(23)
						8,415		8,310
Sirsi Corporation
Sirsi Corporation	First Lien Secured Debt	5.75% (1M L+475, 1.00% Floor)	03/15/24	6,459		6,401		6,362		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/15/24	429		(4)		(6)		(8)(9) (21)(23)
						6,397		6,356
Sontiq, Inc.
Sontiq, Inc.	First Lien Secured Debt	8.50% (3M L+750, 1.00% Floor)	03/02/26	14,167		13,888		13,883		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/02/26	833		(14)		(17)		(8)(9) (21)(23)
						13,874		13,866
Springbrook
Springbrook Holding Company, LLC	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	12/23/26	9,755		9,618		9,613
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/23/26	1,463		(21)		(21)		(8)(21) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	12/23/26	3,659		(29)		(53)		(8)(21) (23)
						9,568		9,539
Tax Slayer
MEP-TS Midco, LLC	First Lien Secured Debt	7.50% (6M L+650, 1.00% Floor)	12/31/26	13,514		13,256		13,379		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/31/26	1,452		(28)		(15)		(8)(9) (21)(23)
						13,228		13,364
Telnyx
Telnyx LLC	First Lien Secured Debt	7.75% (1M L+625, 1.50% Floor)	10/21/25	5,250		5,216		5,250		(9)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	10/21/25	4,750		(43)		—		(9)(21) (23)
						5,173		5,250
		Total High Tech Industries				$	341,651	$	340,253
Insurance
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt	6.50% (6M L+550, 1.00% Floor)	12/02/25	$	13,912	$	13,638	$	13,786	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/02/25	923		(18)		(8)		(8)(9) (21)(23)
						13,620		13,778

See notes to financial statements.

45

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Relation Insurance
AQ Sunshine, Inc.	First Lien Secured Debt	7.25% (3M L+625, 1.00% Floor)	04/15/25	2,617		2,580		2,619		(9)
	First Lien Secured Debt	7.25% (6M L+625, 1.00% Floor)	04/15/25	18,524		18,273		18,542		(9)
	First Lien Secured Debt - Revolver	7.25% (6M L+625, 1.00% Floor)	04/15/24	471		471		472		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/15/24	668		(14)		—		(9)(21) (23)
	First Lien Secured Debt - Letter of Credit	6.25%	04/30/21	38		—		—		(9)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	04/15/25	4,611		(186)		—		(9)(21) (23)
						21,124		21,633
		Total Insurance				$	34,744	$	35,411
Manufacturing, Capital Equipment
AVAD, LLC
AVAD Canada Ltd.	First Lien Secured Debt - Revolver	N/A	10/02/23	$	284	$	274	$	283	(9)(23)
AVAD, LLC	First Lien Secured Debt - Revolver	N/A	10/02/23	3,744		2,537		1,639		(9)(23)
Surf Opco, LLC	First Lien Secured Debt - Revolver	5.00% (1M L+400, 1.00% Floor)	03/16/26	1,667		1,667		1,667		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/16/26	15,000		—		—		(9)(21) (23)
	Preferred Equity - Class P-1 Preferred	N/A	N/A	33,333 Shares		3,333		6,667		(9)(16) (25)
	Preferred Equity - Class P-2 Preferred	N/A	N/A	85,164 Shares		8,516		3,328		(9)(16) (25)
	Common Equity - Class A-1 Common	N/A	N/A	3,333 Shares		—		215		(9)(16) (25)
						16,327		13,799
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A	250,000 Shares		250		51		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt	7.50% (3M L+650, 1.00% Floor)	05/08/25	16,665		16,436		15,960		(9)
	First Lien Secured Debt - Revolver	7.50% (1M L+650, 1.00% Floor)	05/08/25	78		78		74		(9)(23)
	First Lien Secured Debt - Revolver	7.50% (3M L+650, 1.00% Floor)	05/08/25	388		388		372		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/08/25	1,165		(35)		(49)		(8)(9) (21)(23)
	First Lien Secured Debt - Letter of Credit	6.50%	07/25/21	155		—		(7)		(8)(9) (23)
						17,117		16,401
MedPlast Holdings Inc.
MedPlast Holdings Inc.	Second Lien Secured Debt	7.86% (1M L+775)	07/02/26	8,000		7,947		7,619
		Total Manufacturing, Capital Equipment				$	41,391	$	37,819
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc.	First Lien Secured Debt	10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor)	08/16/24	$	26,450	$	26,101	$	25,130	(9)(19)
	First Lien Secured Debt - Revolver	8.00% (3M L+700, 1.00% Floor)	08/16/24	3,061		3,021		2,909		(9)(19) (23)
						29,122		28,039

See notes to financial statements.

46

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
Nitro World Entertainment
NWE OPCO LP	First Lien Secured Debt	8.50% (1M L+650, 2.00% Floor)	12/19/22	4,815		4,801		4,790		(9)
Sonar Entertainment
Sonar Entertainment, Inc.	First Lien Secured Debt	8.85% (1M L+760, 1.25% Floor)	11/15/21	6,849		6,824		5,651		(9)(19)
	First Lien Secured Debt - Revolver	8.85% (1M L+760, 1.25% Floor)	11/15/21	3,304		3,304		2,726		(9)(19) (23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	11/15/21	19,527		(83)		—		(9)(21) (23)
						10,045		8,377
		Total Media – Diversified & Production				$	43,968	$	41,206
Retail
IPS
SI Holdings, Inc.	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	07/25/25	$	31,324	$	30,862	$	30,757	(9)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	07/25/24	853		853		842		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	07/25/24	2,560		(45)		(34)		(8)(9) (21)(23)
						31,670		31,565
Rapid Displays
Rapid Displays Acquisition Corporation	First Lien Secured Debt	6.00% (3M L+500, 1.00% Floor)	07/01/25	10,305		10,161		10,305		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	07/01/25	2,308		(16)		—		(9)(21) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	07/01/25	1,154		(12)		—		(9)(21) (23)
						10,133		10,305
			Total Retail			$	41,803	$	41,870
Telecommunications
IPC Corporation
IPC Corporation	First Lien Secured Debt	5.21% (3M L+500)	08/06/21	$	10,000	$	9,989	$	9,301	(9)
IPC Information Systems UK Holdings Limited	First Lien Secured Debt	8.00% (3M L+650, 1.50% Floor)	08/06/21	1,405		1,393		1,360		(9)(17)
						11,382		10,661
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.	Second Lien Secured Debt	9.25% (6M L+825, 1.00% Floor)	11/01/25	12,878		12,804		11,139
		Total Telecommunications				$	24,186	$	21,800
Transportation – Cargo, Distribution
Dynamic Product Tankers (Prime), LLC
Dynamic Product Tankers, LLC (5)	Unsecured Debt	5.31% (6M L+500)	07/31/24	$	22,000	$	22,000	$	22,000	(17)
	Common Equity - Class A Units	N/A	N/A	N/A		49,806		25,528		(13)(17) (24)(25)
						71,806		47,528
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	12/03/26	30,764		30,242		30,023		(9)
	First Lien Secured Debt - Revolver	6.75% (1M L+575, 1.00% Floor)	12/03/24	2,518		2,518		2,480		(9)(23)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	12/03/24	1,047		1,047		1,030		(9)(23)

See notes to financial statements.

47

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par / Shares (12)		Cost (28)		Fair Value (1)(29)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/03/24	5		(58)		—		(9)(21) (23)
	First Lien Secured Debt - Letter of Credit	5.75%	02/06/22	355		—		(5)		(8)(9) (23)
						33,749		33,528
MSEA Tankers LLC
MSEA Tankers LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		57,660		57,028		(17)(18) (25)
		Total Transportation – Cargo, Distribution				$	163,215	$	138,084
Wholesale
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt	6.75% (1M L+575, 1.00% Floor)	10/31/25	$	396	$	393	$	393	(9)
	First Lien Secured Debt	6.75% (12M L+575, 1.00% Floor)	10/31/25	12,414		12,247		12,314		(9)
	First Lien Secured Debt - Revolver	6.75% (1M L+575, 1.00% Floor)	10/31/25	387		387		384		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	10/31/25	1,548		(26)		(12)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.75% Unfunded	10/31/25	5,097		(37)		(41)		(8)(9) (21)(23)
Banner Parent Holdings, Inc	Common Equity - Common Stock	N/A	N/A	5,164 Shares		516		526		(9)(13)
			Total Wholesale			$	13,480	$	13,564
Total Investments before Cash Equivalents						$	2,716,399	$	2,449,151
J.P. Morgan U.S. Government Money Market Fund				$	50,180	$	50,180	$	50,180	(22)
Total Investments after Cash Equivalents						$	2,766,579	$	2,499,331	(6)(7)

____________________

(1)Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (See Note 2 to the financial statements).

(2)Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments.

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of March 31, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation and 31% ownership in Carbonfree Chemicals SA LLC.

See notes to financial statements.

48

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

(4)Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2020 and March 31, 2021 along with transactions during the year ended March 31, 2021 in these affiliated investments are as follows:

Name of Issuer	Fair Value at March 31, 2020		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at March 31, 2021		Net Realized Gains (Losses)		Interest/Dividend/Other Income
1244311 B.C. Ltd., Common Stock	$	—	$	1,000	$	—	$	719	$	1,719	$	—	$	—
1244311 B.C. Ltd., Term Loan	—		1,016		—		(51)		965		—		31
1244311 B.C. Ltd., Term Loan	—		3,000		(7)		(136)		2,857		—		91
KLO Acquisition LLC, Term Loan	—		30		(4,838)		4,808		—		(4,808)		—
9357-5991 Quebec Inc., Term Loan	—		2,118		(8,653)		6,535		—		(3,653)		—
AIC SPV Holdings II, LLC, Preferred Stock	442		—		—		56		498		—		102
AMP Solar Group, Inc., Class A Common Unit	8,736		—		(10,000)		1,264		—		4,176		—
Carbonfree Caustic SPE LLC, Term Loan	13,111		—		(13,111)		—		—		—		—
Carbonfree Chemicals Holdings LLC, Common Equity / Interest	15,105		14,541		(36)		(4,186)		25,424		—		—
Carbonfree Chemicals SA LLC, Class B Units	—		17,057		(26)		(17,031)		—		—		—
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC), Term Loan	4,389		—		(17,057)		12,668		—		—		11
Golden Bear 2016-R, LLC, Membership Interests	9,748		83		—		1,458		11,289		—		1,206
Pelican Energy, LLC, Membership Interests	2,411		—		(58)		(183)		2,170		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock	3,284		—		—		(3,242)		42		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	2,101		—		—		(2,073)		28		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	—		1,902		—		3,204		5,106		—		—
Renew JV LLC, Membership Interests	914		—		(222)		84		776		—		—
	$	60,241	$	40,747	$	(54,008)	$	3,894	$	50,874	$	(4,285)	$	1,441

____________________

● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

See notes to financial statements.

49

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

(5)Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of March 31, 2020 and March 31, 2021 along with transactions during the year ended March 31, 2021 in these controlled investments are as follows:

Name of Issuer	Fair Value at March 31, 2020		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at March 31, 2021		Net Realized Gains (Losses)		Interest/Dividend/Other Income
Majority Owned Company
ChyronHego Corporation, Preferred Equity	$	—	$	6,000	$	—	$	151	$	6,151	$	—	$	—
ChyronHego Corporation, Term Loan	—		81,644		—		32		81,676		—		429
ChyronHego Corporation, Revolver	—		2,406		—		(180)		2,226		—		1,161
Dynamic Product Tankers, LLC, Class A Units	36,457		—		—		(10,928)		25,528		—		—
Dynamic Product Tankers, LLC, First Lien Term Loan	42,000		130		(42,000)		(130)		—		—		1,391
Dynamic Product Tankers, LLC, Unsecured Debt	—		22,000		—		—		22,000		—		738
Dynamic Product Tankers, LLC, Letters of Credit	—		—		—		—		—		—		—
Merx Aviation Finance, LLC, Membership Interests	28,447		105,300		—		(8,686)		125,061		—		—
Merx Aviation Finance, LLC, Revolver	305,300		10,500		(125,300)		—		190,500		—		19,796
Merx Aviation Finance, LLC, Letters of Credit	—		—		—		—		—		—		—
MSEA Tankers LLC, Class A Units	59,735		—		(4,289)		1,582		57,028		—		1,691
Controlled Company
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Second Lien Term Loan	14,711		—		—		(6,600)		8,111		—		—
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Series A Units	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche A Note	22,495		—		(939)		(11,656)		9,899		—		—
SHD Oil & Gas, LLC, Tranche B Note	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche C Note	24,720		728		—		22		25,470		—		3,153
	$	533,865	$	228,708	$	(172,528)	$	(36,393)	$	553,650	$	—	$	28,359

____________________

● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

    As of March 31, 2021, the Company had a 78%, 85%, 47%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation, Dynamic Product Tankers, LLC; Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

See notes to financial statements.

50

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

(6)Aggregate gross unrealized gain and loss for federal income tax purposes is $62,170 and $391,419, respectively. Net unrealized loss is $329,249 based on a tax cost of $2,828,580.

(7)Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 8 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(8)The negative fair value is the result of the commitment being valued below par.

(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the financial statements for discussion of the exemptive order from the SEC.)

(10)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(11)The maturity date for these investments are expected to be extended past March 31, 2021. The final terms of the extension are still under negotiation between the Company and the respective portfolio company.

(12)Par amount is denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), Canadian Dollar (“C$”), and Australian Dollar (“A$”) .

(13)Non-income producing security.

(14)Non-accrual status (See Note 2 to the financial statements).

(15)The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company has a 14.25% ownership interest in the residual tranche.

(16)AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC and AP Surf Investments, LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC.

(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2021, non-qualifying assets represented approximately 15.98% of the total assets of the Company.

(18)As of March 31, 2021, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.

(19)Denoted security is currently accruing additional penalty interest above the stated rate.

(20)Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”), the federal funds rate or the prime rate. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively), EURIBOR loans are typically indexed to 90-day EURIBOR rates (3M E), Bank Bill Swap rates are typically index to 90-day Bank Bill Swap rates (3M BBSW), GBP LIBOR loans are typically indexed to 90-day GBP LIBOR rates (3M GBP L) and EUR LIBOR loans are typically indexed to 90-day EUR LIBOR rates (3M E L) at the borrower’s option. LIBOR and EURIBOR loans may be subject to interest floors. As of March 31, 2021, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 1M BBSW, 3M BBSW, 1M GBP L, 3M GBP L, and Prime are 0.11%, 0.13%, 0.19%, 0.21%, (0.56%), (0.54%), 0.01%, 0.04%, 0.05%, 0.09% and 3.25%, respectively.

(21)The rates associated with these undrawn committed revolvers and delayed draw term loans represent rates for commitment and unused fees.

(22)This security is included in the Cash and Cash Equivalents on the Statements of Assets and Liabilities.

See notes to financial statements.

51

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

(23)As of March 31, 2021, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 10 to the financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Portfolio Company	Total Commitment		Drawn Commitment		Letters of Credit		Undrawn Commitment
A&V Holdings Midco, LLC	$	1,505	$	—	$	—	$	1,505
Akoya Biosciences, Inc.	1,500		—		—		1,500
Amerivet Partners Management, Inc.	5,325		524		—		4,801
AMI US Holdings Inc.	2,907		2,093		—		814
Analogic Corporation	1,826		—		—		1,826
AQ Sunshine, Inc.	5,787		471		38		5,278
Arthur Bidco Limited*	2,029		2,029		—		—
AVAD Canada Ltd.	284		284		—		—
AVAD, LLC	3,744		3,744		—		—
Banner Buyer, LLC	7,032		387		—		6,645
BIG Buyer, LLC	1,805		722		—		1,083
BK Medical Holding Company, Inc.	783		—		—		783
Cerus Corporation	5,500		125		—		5,375
ChyronHego Corporation	6,000		2,406		—		3,594
Claritas, LLC	1,031		129		—		902
Compu-Link Corporation	2,273		—		—		2,273
Continuum Global Solutions, LLC	20,000		5,317		—		14,683
Eagle Foods Family Group, LLC	3,750		750		—		3,000
EHL Merger Sub, LLC	4,155		—		—		4,155
Eldrickco Limited*	5,919		491		—		5,428
Erickson Inc	36,000		30,469		1,440		4,091
Exeter Property Group, LLC	192		—		—		192
First Heritage Credit, LLC	12,000		747		—		11,253
Flock SPV I, LLC	5,467		—		—		5,467
Florida Food Products, LLC	1,712		479		—		1,233
FPG Services, LLC	5,874		—		—		5,874
Gabriel Partners, LLC	665		443		—		222
GB001, Inc.	24,000		—		—		24,000
Genesis Healthcare, Inc.	91,957		—		—		91,957
Go Car Wash Management Corp.	3,158		—		—		3,158
Gutter Buyer, Inc.	2,782		409		39		2,334
Heniff Holdco, LLC	3,925		3,565		355		5
HSI Halo Acquisition, Inc.	812		135		—		677
IMA Group Management Company, LLC	289		289		—		—
Jacent Strategic Merchandising	3,500		2,567		—		933
JF Acquisition, LLC	1,569		1,255		—		314
Kauffman Intermediate, LLC	1,786		466		155		1,165
KDC US Holdings*	6,021		2,696		55		3,270
Kindeva Drug Delivery L.P.	167		50		—		117
KL Charlie Acquisition Company	6,569		—		—		6,569
Kure Pain Holdings, Inc.	2,654		—		—		2,654
Lash OpCo, LLC	697		—		—		697
LendingPoint LLC	7,125		1,000		—		6,125
Lifelong Learner Holdings, LLC	5,373		1,039		—		4,334
Liqui-Box Holdings, Inc.*	3,568		2,326		81		1,161
Magnate Holding Corp.	3,331		2,970		140		221

See notes to financial statements.

52

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Portfolio Company	Total Commitment	Drawn Commitment	Letters of Credit	Undrawn Commitment
Mannkind Corporation	8,667	—	—	8,667
Margaux Acquisition Inc.	1,601	—	—	1,601
Margaux UK Finance Limited*	747	—	—	747
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,558	—	—	1,558
Medical Guardian, LLC	11,429	—	—	11,429
MEP-TS Midco, LLC	1,452	—	—	1,452
Merx Aviation Finance, LLC	190,677	190,500	177	—
Nemo (BC) Bidco Pty Ltd*	177	—	—	177
New Amsterdam Software BidCo LLC	2,250	—	—	2,250
Norvax, LLC	3,182	—	—	3,182
Nutrisystem, Inc.	200	—	—	200
NW Entertainment, Inc.	3,061	3,061	—	—
Olaplex, Inc.	2,300	—	—	2,300
Omnitracs, LLC	3,750	—	—	3,750
Orchard Therapeutics plc	16,667	—	—	16,667
Ortega National Parks, LLC	7,568	—	—	7,568
Pace Health Companies, LLC	1,075	—	105	970
Paper Source, Inc.	4,679	3,082	—	1,597
PHS Buyer, Inc.	2,000	—	—	2,000
Project Comfort Buyer, Inc.	3,462	—	—	3,462
Protein For Pets Opco, LLC	2,219	—	—	2,219
Purchasing Power Funding I, LLC	9,113	8,384	—	729
RA Outdoors, LLC	1,200	—	—	1,200
Radius Health, Inc.	5,833	—	—	5,833
Rapid Displays Acquisition Corporation	3,462	—	—	3,462
RiteDose Holdings I, Inc.	2,000	—	—	2,000
Royton Bidco Limited*	3,125	—	—	3,125
SI Holdings, Inc.	3,413	853	—	2,560
Simeio Group Holdings, Inc.	6,346	—	—	6,346
Simplifi Holdings, Inc.	2,400	1,440	—	960
Sirsi Corporation	429	—	—	429
Soliant Holdings, LLC	1,936	—	—	1,936
Sonar Entertainment, Inc.	22,831	3,304	—	19,527
Springbrook Holding Company, LLC	5,122	—	—	5,122
Telesoft Holdings, LLC	2,273	—	—	2,273
Telnyx LLC	4,750	—	—	4,750
Ten-X, LLC	4,680	4,680	—	—
TGG TS Acquisition Company	1,750	—	—	1,750
The Emmes Company, LLC	2,449	—	—	2,449
THLP CO. LLC	7,304	2,360	—	4,944
TNT Crust LLC	3,252	1,138	—	2,114
Truck-Lite Co., LLC	3,052	1,526	94	1,432
Turbo Buyer, Inc.	923	—	—	923
U.S. Auto Finance, Inc.	21,556	6,734	—	14,822
USLS Acquisition, Inc.	2,278	—	100	2,178
Westfall Technik, Inc.	2,019	1,750	—	269
Wildcat BuyerCo, Inc.	2,754	—	8	2,746
Naviga Inc. (fka Newscycle Solutions, Inc.)	1,782	240	—	1,542
Surf Opco, LLC	16,667	1,667	—	15,000

See notes to financial statements.

53

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Portfolio Company	Total Commitment		Drawn Commitment		Letters of Credit		Undrawn Commitment
Digital.ai Software Holdings, Inc.	2,419		—		—		2,419
Midwest Vision Partners Management, LLC	4,281		—		—		4,281
Pro-Vigil Holding Company, LLC	2,000		—		—		2,000
Sontiq, Inc.	833		—		—		833
Total Commitments	$	737,986	$	301,096	$	2,787	$	434,103

____________________

* These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2021 exchange rate.

(24)As of March 31, 2021, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting. The units entitle the Company to appoint three out of five managers to the board of managers.

(25)Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2021, the aggregate fair value of these securities is $259,991 or 25% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer	Investment Type	Acquisition Date
1244311 B.C. Ltd.	Common Equity - Common Stock	9/30/2020
AIC SPV Holdings II, LLC	Preferred Equity - Preferred Stock	6/1/2017
Carbonfree Chemicals Holdings LLC	Common Equity - Common Equity / Interest	11/19/2019
Carbonfree Chemicals SA LLC	Common Equity - Class B Units	11/19/2019
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
Dynamic Product Tankers, LLC	Common Equity - Class A Units	4/3/2015
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	Common Equity - Common Stock	3/29/2016
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	6/30/2020
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	12/29/2020
Merx Aviation Finance, LLC	Common Equity - Membership Interests	5/22/2013
MSEA Tankers LLC	Common Equity - Class A Units	12/12/2014
Paper Source, Inc.	Preferred Equity - Preferred Equity	9/11/2020
Paper Source, Inc.	Common Equity - Class A Common Stock	10/30/2020
Pelican Energy, LLC	Common Equity - Membership Interests	2/16/2016
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series E Preferred Stock	12/23/2020
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series D Preferred Stock	10/1/2015
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series B Preferred Stock	4/9/2014
Renew JV LLC	Common Equity - Membership Interests	3/20/2017
SHD Oil & Gas, LLC	Common Equity - Series A Units	11/18/2016
Surf Opco, LLC	Preferred Equity - Class P-1 Preferred	3/17/2021
Surf Opco, LLC	Preferred Equity - Class P-2 Preferred	3/17/2021
Surf Opco, LLC	Common Equity - Class A-1 Common	3/17/2021

See notes to financial statements.

54

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

(26)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, 2021:

Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	57,553	$	—	$	—	$	—	$	—	$	219	$	—	$	57,772
Aerospace & Defense	30,368		—		—		—		—		—		—		30,368
Automotive	30,794		23,549		—		—		—		350		—		54,693
Aviation and Consumer Transport	17,229		—		—		—		—		—		—		17,229
Beverage, Food & Tobacco	95,289		—		—		—		—		2,205				97,494
Business Services	221,162		109,995		—		—		89		1,432		—		332,678
Chemicals, Plastics & Rubber	17,315		12,165		—		—		—		—		—		29,480
Construction & Building	28,603		—		—		—		—		500		—		29,103
Consumer Goods – Durable	22,237		—		—		—		—		107		—		22,344
Consumer Goods – Non-Durable	78,873		12,777		—		—		462		—		—		92,112
Consumer Services	120,845		—		—		—		—		—		—		120,845
Diversified Investment Vehicles, Banking, Finance, Real Estate	50,632		—		—		—		—		—		—		50,632
Education	36,161		—		—		—		—		—		—		36,161
Energy – Electricity	7,637		—		—		—		5,623		4		—		13,264
Environmental Industries	11,347		—		—		—		—		—		—		11,347
Healthcare & Pharmaceuticals	325,747		63,274		—		—		333		1,064		211		390,629
High Tech Industries	251,601		—		—		—		—		—		—		251,601
Insurance	34,744		—		—		—		—		—		—		34,744
Manufacturing, Capital Equipment	21,345		7,947		—		—		11,849		250		—		41,391
Media – Diversified & Production	43,968		—		—		—		—		—		—		43,968
Retail	41,803		—		—		—		—		—		—		41,803
Telecommunications	11,382		12,804		—		—		—		—		—		24,186
Transportation – Cargo, Distribution	33,749		—		—		—		—		—		—		33,749
Wholesale	12,964		—		—		—		—		516		—		13,480
Total Non-Controlled / Non-Affiliated Investments	$	1,603,348	$	242,511	$	—	$	—	$	18,356	$	6,647	$	211	$	1,871,073
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	77,825	$	—	$	77,825
Consumer Goods – Durable	4,009		—		—		—		—		1,000		—		5,009
Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,812		—		—		—		16,812
Energy – Electricity	—		—		—		—		16,347		671		—		17,018
Energy – Oil & Gas	—		—		—		—		—		16,764		—		16,764
Manufacturing, Capital Equipment	—		—		—		—		—		—		—		—
Total Non-Controlled / Affiliated Investments	$	4,009	$	—	$	—	$	16,812	$	16,347	$	96,260	$	—	$	133,428
Controlled Investments
Aviation and Consumer Transport	$	190,500	$	—	$	—	$	—	$	—	$	120,300	$	—	$	310,800
Energy – Oil & Gas	113,167		36,926		—		—		—		31,489		—		181,582
High Tech Industries	84,050		—		—		—		6,000		—		—		90,050
Transportation – Cargo, Distribution	—		—		22,000		—		—		107,466		—		129,466
Total Controlled Investments	$	387,717	$	36,926	$	22,000	$	—	$	6,000	$	259,255	$	—	$	711,898
Total	$	1,995,074	$	279,437	$	22,000	$	16,812	$	40,703	$	362,162	$	211	$	2,716,399

See notes to financial statements.

55

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

(27) The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of March 31,2021:

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total			% of Net Assets
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	57,672		$	—		$	—		$	—		$	—		$	239		$	—		$	57,911		5.6	%
Aerospace & Defense	29,930			—			—			—			—			—			—			29,930			3.0	%
Automotive	29,976			21,982			—			—			—			345			—			52,303			5.0	%
Aviation and Consumer Transport	17,088			—			—			—			—			—			—			17,088			1.6	%
Beverage, Food & Tobacco	95,644			—			—			—			—			2,972			—			98,616			9.6	%
Business Services	220,550			102,050			—			—			89			1,161			—			323,850			31.2	%
Chemicals, Plastics & Rubber	17,050			13,307			—			—			—			—			—			30,357			3.0	%
Construction & Building	28,378			—			—			—			—			1,128			—			29,506			2.8	%
Consumer Goods – Durable	22,380			—			—			—			—			625			—			23,005			2.2	%
Consumer Goods – Non-durable	78,442			10,536			—			—			212			—			—			89,190			8.6	%
Consumer Services	117,999			—			—			—			—			—			—			117,999			11.4	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	50,481			—			—			—			—			—			—			50,481			4.9	%
Education	41,159			—			—			—			—			—			—			41,159			4.0	%
Energy – Electricity	2,534			—			—			—			—			—			—			2,534			0.2	%
Environmental Industries	10,825			—			—			—			—			—			—			10,825			1.0	%
Healthcare & Pharmaceuticals	328,253			62,865			—			—			416			1,346			1,595			394,475			38.1	%
High Tech Industries	250,200			—			—			—			—			—			—			250,200			24.1	%
Insurance	35,411			—			—			—			—			—			—			35,411			3.4	%
Manufacturing, Capital Equipment	19,939			7,619			—			—			9,995			266			—			37,819			3.6	%
Media – Diversified & Production	41,206			—			—			—			—			—			—			41,206			4.0	%
Retail	41,870			—			—			—			—			—			—			41,870			4.0	%
Telecommunications	10,661			11,139			—			—			—			—			—			21,800			2.1	%
Transportation – Cargo, Distribution	33,528			—			—			—			—			—			—			33,528			3.2	%
Wholesale	13,038			—			—			—			—			526			—			13,564			1.3	%
Total Non-Controlled / Non-Affiliated Investments	$	1,594,214		$	229,498		$	—		$	—		$	10,712		$	8,608		$	1,595		$	1,844,627		177.9	%
% of Net Assets	153.8		%	22.1		%	—		%	—		%	1.0		%	0.8		%	0.2		%	177.9		%
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	25,424		$	—		$	25,424		2.5	%
Consumer Goods – Durable	3,822			—			—			—			—			1,719			—			5,541			0.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			11,289			—			—			—			11,289			1.1	%
Energy – Electricity	—			—			—			—			5,674			776			—			6,450			0.6	%
Energy – Oil & Gas	—			—			—			—			—			2,170			—			2,170			0.2	%
Manufacturing, Capital Equipment	—			—			—			—			—			—			—			—			—	%
Total Non-Controlled / Affiliated Investments	$	3,822		$	—		$	—		$	11,289		$	5,674		$	30,089		$	—		$	50,874		4.9	%
% of Net Assets	0.4		%	—		%	—		%	1.1		%	0.5		%	2.9		%	—		%	4.9		%

See notes to financial statements.

56

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total			% of Net Assets
Controlled Investments
Aviation and Consumer Transport	$	190,500		$	—		$	—		$	—		$	—		$	125,061		$	—		$	315,561		30.4	%
Energy – Oil & Gas	35,369			8,111			—			—			—			—			—			43,480			4.2	%
High Tech Industries	83,902			—			—			—			6,151			—			—			90,053			8.7	%
Transportation – Cargo, Distribution	—			—			22,000			—			—			82,556			—			104,556			10.1	%
Total Controlled Investments	$	309,771		$	8,111		$	22,000		$	—		$	6,151		$	207,617		$	—		$	553,650		53.4	%
% of Net Assets	29.9		%	0.8		%	2.1		%	—		%	0.6		%	20.0		%	—		%	53.4		%
Total	$	1,907,807		$	237,609		$	22,000		$	11,289		$	22,537		$	246,314		$	1,595		$	2,449,151		236.2	%
% of Net Assets	184.1		%	22.9		%	2.1		%	1.1		%	2.1		%	23.7		%	0.2		%	236.2		%

See notes to financial statements.

57

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of March 31, 2021
Healthcare & Pharmaceuticals	16.1%
High Tech Industries	13.9%
Aviation and Consumer Transport	13.6%
Business Services	13.2%
Transportation – Cargo, Distribution	5.6%
Consumer Services	4.8%
Beverage, Food & Tobacco	4.0%
Consumer Goods – Non-durable	3.6%
Diversified Investment Vehicles, Banking, Finance, Real Estate	2.5%
Advertising, Printing & Publishing	2.4%
Chemicals, Plastics & Rubber	2.3%
Automotive	2.1%
Energy – Oil & Gas	1.9%
Retail	1.7%
Media – Diversified & Production	1.7%
Education	1.7%
Manufacturing, Capital Equipment	1.5%
Insurance	1.5%
Aerospace & Defense	1.2%
Construction & Building	1.2%
Consumer Goods – Durable	1.2%
Telecommunications	0.9%
Wholesale	0.6%
Environmental Industries	0.4%
Energy – Electricity	0.4%
Total Investments	100.0%

See notes to financial statements.

58

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Note 1. Organization

Apollo Investment Corporation (the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through December 31, 2021, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $243,402.

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. We may also invest in the securities of public companies and in structured products and other investments such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Our portfolio is comprised primarily of investments in debt, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $250 million. Our portfolio may include equity interests such as common stock, preferred stock, warrants and/or options.

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Basis of Presentation

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.

These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended March 31, 2021.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) that began in 2020 and still persists and any other parameters used in determining these estimates could cause actual results to differ materially.

59

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost which approximates fair value. Cash equivalents held as of December 31, 2021 was $22,367. Cash equivalents held as of March 31, 2021 was $50,180.

Collateral on Option Contracts

Collateral on option contracts represents restricted cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies. As of December 31, 2021 and March 31, 2021 the Company did not hold any derivative contracts.

Investment Transactions

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Statements of Assets and Liabilities.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

60

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investment Valuation Process

Under procedures established by our Board of Directors, we value investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of our Board of Directors including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of our Board of Directors. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Board of Directors has approved a multi-step valuation process each quarter, as described below:

1.Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser who are responsible for the portfolio investment.

2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.

3.Independent valuation firms are engaged by our Board of Directors to conduct independent appraisals by reviewing our Investment Adviser’s preliminary valuations and then making their own independent assessment.

4.The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser and the valuation prepared by the independent valuation firms and responds, if warranted, to the valuation recommendation of the independent valuation firms.

5.The Board of Directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our Investment Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.

6.For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the nine months ended December 31, 2021, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Investment Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

As of December 31, 2021 and March 31, 2021, the Company did not hold any derivative contracts.

Offsetting Assets and Liabilities

The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of December 31, 2021 and March 31, 2021, the Company did not hold any derivative contracts.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.

The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pool of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are and will be payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Financing Costs

The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Statements of Assets and Liabilities. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability, except that incurred under the Senior Secured Facility (as defined in Note 6 to the financial statements), which the Company presents as an asset on the Statements of Assets and Liabilities. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For modifications to or exchanges of our Senior Secured Facility (as defined in Note 6 to the financial statements), any unamortized deferred financing costs relating to lenders who are not part of the new lending group are expensed. For extinguishments of our senior secured notes and senior unsecured notes, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Share Repurchases

In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through December 31, 2021 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending March 31, 2022. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

64

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. As of December 31, 2021, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal. Our tax returns for each of our federal tax years since 2018 remain subject to examination by the Internal Revenue Service.

Retroactive Adjustments for Common Stock Reverse Split

The Company’s Board of Directors approved a one-for-three reverse stock split of the Company’s common stock on October 30, 2018, which was effective as of close of business as of November 30, 2018 (the “Reverse Stock Split”). All common share and common per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split.

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities through December 31, 2022. The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s financial statements.

SEC Disclosure Update and Simplification

In December 2020, the SEC adopted Rule 2a-5. The rule establishes a consistent, principles-based framework for boards of directors to use in creating their own specific processes in order to determine fair values in good faith. The effective date for compliance with Rule 2a-5 is September 8, 2022. The Company continues to evaluate the potential impact that the rule will have on the Company’s financial statements.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement with AIM

The Company has an investment advisory management agreement with the Investment Adviser (the “Investment Advisory Agreement”) under which AIM receives a fee from the Company, consisting of two components — a base management fee and a performance-based incentive fee.

65

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Base Management Fee

Effective April 1, 2018, the base management fee is calculated initially at an annual rate of 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company’s gross assets, net of average of any payable for investments (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter; provided, however, in each case, the base management fee is calculated at an annual rate of 1.00% (0.250% per quarter) of the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (A) 200% and (B) the value of the Company’s net asset value at the end of the prior calendar quarter. The base management fee will be payable quarterly in arrears. The value of the Company’s gross assets shall be calculated in accordance with the Company's valuation policies.

Performance-based Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:

A. Incentive Fee based on Income

Beginning January 1, 2019, the incentive fee on pre-incentive fee net investment income will be determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.

The preferred return amount will be determined on a quarterly basis, and will be calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters. The preferred return amount will be calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

The amount of the Incentive Fee on Income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.

The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters does not exceed the preferred return amount.

(2) 100% of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeds the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeds the catch-up amount, the incentive fee shall equal 20% of the amount of the Company’s pre-incentive fee net investment income for such trailing twelve quarters.

The Incentive Fee on Income as calculated is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant trailing twelve quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant trailing twelve quarters.

66

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

B. Incentive Fee Based on Cumulative Net Realized Gains

The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee shall equal 20.0% of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the three and nine months ended December 31, 2021 and 2020. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three and nine months ended December 31, 2021, the Company recognized $9,232 and $27,203 respectively, of management fees, and $5,367 and $10,638, respectively, of incentive fees before impact of waived fees. For the three and nine months ended December 31, 2020, the Company recognized $8,957 and $27,743 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees. For the three and nine months ended December 31, 2021 and 2020, no management fees were waived (as not applicable) and no incentive fees were waived.

As of December 31, 2021 and March 31, 2021, management and performance-based incentive fees payable were $14,568 and $8,666, respectively.

67

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Fee Offset

On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. The Company will receive an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement. The amount offset will initially be 20% of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by the New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeds $3 billion cumulatively, the fee offset will step down to 10% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset will be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period will also be used to offset incentive fees payable to AIM by the Company. The offset will be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

For the three and nine months ended December 31, 2021, the performance-based incentive fee offset was $31 & $178. For three and nine months ended December 31, 2020, there was no performance-based incentive fee offset.

Administration Agreement with AIA

The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three and nine months ended December 31, 2021, the Company recognized administrative services expense under the Administration Agreement of $1,441 and $4,426, respectively. For the three and nine months ended December 31, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $3,590, respectively. There was no payable to AIA and its affiliates for expenses paid on our behalf as of December 31, 2021 and March 31, 2021.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities. For the three and nine months ended December 31, 2021, the Company recognized administrative service expense reimbursements of $76 and $226, respectively, under the Merx Administration Agreement. For the three and nine months ended December 31, 2020, the Company recognized administrative service expense reimbursements of $76 and $226, respectively.

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three and nine months ended December 31, 2021, the Company recognized debt expense reimbursements of $1 and $3, respectively, under the debt expense reimbursement agreements. For the three and nine months ended December 31, 2020, the Company recognized debt expense reimbursements of $1 and $60, respectively, under the debt expense reimbursement agreements.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Co-Investment Activity

We may co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On March 29, 2016, we received an exemptive order from the SEC, which was amended on December 29,2021 (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates and Apollo proprietary accounts, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

As of December 31, 2021, the Company’s co-investment holdings were 69% of the portfolio or $1,796,324, measured at fair value. On a cost basis, 64% of the portfolio or $1,791,943 were co-investments. As of March 31, 2021, the Company’s co-investment holdings were 63% of the portfolio or $1,542,275, measured at fair value. On a cost basis, 57% of the portfolio or $1,545,567 were co-investments.

Merx Aviation

Effective January 16, 2019, Mr. Gary Rothschild, President and Chief Executive Officer of Merx, became an employee of Apollo Management Holdings, L.P. ("AMH"), an affiliate of the Company’s investment adviser. Mr. Rothschild also retained his role as the President and Chief Executive Officer of Merx.

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with Apollo Capital Management, L.P. (“ACM”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM, Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. Under a technical support agreement, Merx and AMH share the services of Mr. Gary Rothschild, who is the President and Chief Executive Officer of Merx and an employee of AMH.

On April 1, 2020, $105,300 of the Merx first lien secured revolver held by the Company was converted into common equity. In addition, the interest rate on the revolver was lowered from 12% to 10%.

On July 1, 2021, $84,500 of the Merx common equity held by the Company was converted into the Merx first lien secured revolver. The balance of the Merx revolver as of December 31, 2021 was $275,000.

Note 4. Earnings Per Share

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three and nine months ended December 31, 2021 and 2020:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Basic Earnings (Loss) Per Share
Net increase (decrease) in net assets resulting from operations	$	20,541	$	33,166	$	78,125	$	69,449
Weighted average shares outstanding	64,159,546		65,259,176		64,795,710		65,259,176
Basic earnings (loss) per share	$	0.32	$	0.51	$	1.21	$	1.06

69

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 5. Investments

Fair Value Measurement and Disclosures

The following table shows the composition of our investment as of December 31, 2021, 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	$	2,270,087	$	2,267,313	$	—	$	—	$	2,267,313
Second Lien Secured Debt	125,930		105,014		—		—		105,014
Unsecured Debt	22,000		22,000		—		—		22,000
Structured Products and Other	16,987		10,821		—		—		10,821
Preferred Equity	41,152		28,957		—		—		28,957
Common Equity/Interests	316,059		160,366		1,461		390		158,515
Warrants	135		372		—		—		372
Total Investments before Cash Equivalents	$	2,792,350	$	2,594,843	$	1,461	$	390	$	2,592,992
Money Market Fund	$	22,367	$	22,367	$	22,367	$	—	$	—
Total Cash Equivalents	$	22,367	$	22,367	$	22,367	$	—	$	—
Total Investments after Cash Equivalents	$	2,814,717	$	2,617,210	$	23,828	$	390	$	2,592,992

The following table shows the composition of our investments as of March 31, 2021, 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	$	1,995,074	$	1,907,807	$	—	$	—	$	1,907,807
Second Lien Secured Debt	279,437		237,609		—		—		237,609
Unsecured Debt	22,000		22,000		—		—		22,000
Structured Products and Other	16,812		11,289		—		—		11,289
Preferred Equity	40,703		22,537		—		—		22,537
Common Equity/Interests	362,162		246,314		—		484		245,830
Warrants	211		1,595		—		—		1,595
Total Investments before Cash Equivalents	$	2,716,399	$	2,449,151	$	—	$	484	$	2,448,667
Money Market Fund	$	50,180	$	50,180	$	50,180	$	—	$	—
Total Cash Equivalents	$	50,180	$	50,180	$	50,180	$	—	$	—
Total Investments after Cash Equivalents	$	2,766,579	$	2,499,331	$	50,180	$	484	$	2,448,667

70

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended December 31, 2021:

	First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Fair value as of September 30, 2021	$	2,236,381	$	145,151	$	22,000	$	10,794	$	22,903	$	172,911	$	1,757	$	2,611,897
Net realized gains (losses)	504		(1,086)		—		—		—		—		—		(582)
Net change in unrealized gains (losses)	347		3,019		—		(124)		6,054		(10,448)		(1,309)		(2,461)
Net amortization on investments	5,459		429		—		—		—		—		—		5,888
Purchases, including capitalized PIK (3)	343,329		1,956		—		151		—		2,533		—		347,969
Sales (3)	(318,707)		(44,455)		—		—		—		(6,481)		(76)		(369,719)
Transfers out of Level 3 (1)	—		—		—		—		—		—		—		—
Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
Fair value as of December 31, 2021	$	2,267,313	$	105,014	$	22,000	$	10,821	$	28,957	$	158,515	$	372	$	2,592,992
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2021	$	3,129	$	(38)	$	—	$	(124)	$	6,054	$	(10,448)	$	268	$	(1,159)

The following table shows changes in the fair value of our Level 3 investments during the nine months ended December 31, 2021:

	First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Fair value as of March 31, 2021	$	1,907,807	$	237,609	$	22,000	$	11,289	$	22,537	$	245,830	$	1,595	$	2,448,667
Net realized gains (losses)	(41,940)		(20,891)		—		—		—		—		—		(62,831)
Net change in unrealized gains (losses)	84,823		20,911		—		(644)		5,972		(41,133)		(1,147)		68,782
Net amortization on investments	12,408		2,074		—		—		—		—		—		14,482
Purchases, including capitalized PIK (3)	1,012,657		2,440		—		176		448		48,845		—		1,064,566
Sales (3)	(697,724)		(137,129)		—		—		—		(95,027)		(76)		(929,956)
Transfers out of Level 3 (1)	(10,718)		—		—		—		—		—		—		(10,718)
Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
Fair value as of December 31, 2021	$	2,267,313	$	105,014	$	22,000	$	10,821	$	28,957	$	158,515	$	372	$	2,592,992
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2021	$	6,334	$	(519)	$	—	$	(636)	$	5,972	$	(6,749)	$	269	$	4,671

____________________

(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 Investment 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 unfunded commitments measured at fair value of $(1,986).

(3)Includes reorganizations and restructuring of investments.

71

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended December 31, 2020:

	First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Fair value as of September 30, 2020	$	1,998,765	$	294,549	$	22,000	$	9,265	$	8,023	$	253,241	$	265	$	2,586,108
Net realized gains (losses)	(7,615)		(1,883)		—		—		(1,505)		4,176		—		(6,827)
Net change in unrealized gains (losses)	20,101		(3,164)		—		759		(2,091)		3,907		931		20,443
Net amortization on investments	2,538		286		—		—		—		—		—		2,824
Purchases, including capitalized PIK (3)	230,093		484		—		47		7,904		219		76		238,823
Sales (3)	(315,467)		(34,756)		—		—		(78)		(14,696)		—		(364,997)
Transfers out of Level 3 (1)	—		—		—		—		—		—		—		—
Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
Fair value as of December 31, 2020	$	1,928,415	$	255,516	$	22,000	$	10,071	$	12,253	$	246,847	$	1,272	$	2,476,374
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020	$	5,578	$	(6,214)	$	—	$	759	$	(2,841)	$	2,477	$	978	$	737

The following table shows changes in the fair value of our Level 3 investments during the nine months ended December 31, 2020:

	First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Fair value as of March 31, 2020	$	2,265,800	$	343,420	$	—	$	9,748	$	7,968	$	157,943	$	136	$	2,785,015
Net realized gains (losses)	(18,283)		(2,906)		—		—		(1,519)		4,239		(48)		(18,517)
Net change in unrealized gains (losses)	60,020		(2,678)		—		250		(1,892)		(36,196)		1,108		20,612
Net amortization on investments	7,908		772		—		—		—		—		—		8,680
Purchases, including capitalized PIK (3)	462,879		1,334		22,000		73		7,916		138,128		76		632,406
Sales (3)	(849,909)		(84,426)		—		—		(220)		(17,267)		—		(951,822)
Transfers out of Level 3 (1)	—		—		—		—		—		—		—		—
Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
Fair value as of December 31, 2020	$	1,928,415	$	255,516	$	22,000	$	10,071	$	12,253	$	246,847	$	1,272	$	2,476,374
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020	$	13,413	$	(8,062)	$	—	$	250	$	(1,892)	$	(37,460)	$	1,108	$	(32,643)

____________________

(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 Investment 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 unfunded commitments measured at fair value of $(8,089).

(3)Includes reorganizations and restructuring of investments.

72

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2021 and March 31, 2021. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2021 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	$	275,000	Discounted Cash Flow	Discount Rate	12.0%	12.0%	12.0%
			Residual Value	Residual Value	N/A	N/A	N/A
	108,030		Recent Transaction	Recent Transaction	N/A	N/A	N/A
	25,470		Recovery Analysis	Commodity Price	$66.50	$74.75	$67.18
	398		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	4,259		Recovery Analysis	Sale Proceeds	N/A	N/A	N/A
	1,854,156		Yield Analysis	Discount Rate	4.6%	52.0%	8.4%
Second Lien Secured Debt	5,657		Market Comparable Technique	Comparable Multiple	12.3x	12.3x	12.3x
	6,357		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	93,000		Yield Analysis	Discount Rate	6.5%	14.1%	11.6%
Unsecured Debt	22,000		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
Structured Products and Other	10,821		Discounted Cash Flow	Discount Rate	8.5%	8.5%	8.5%
Preferred Equity	417		Discounted Cash Flow	Discount Rate	9.0%	9.0%	9.0%
	23,478		Market Comparable Technique	Comparable Multiple	1.9x	13.8x	9.8x
	4,984		Option Pricing Model	Expected Volatility	76.0%	76.0%	76.0%
	78		Residual Value	Residual Value	N/A	N/A	N/A
	—		Yield Analysis	Discount Rate	52.0%	52.0%	52.0%
Common Equity/Interests	635		Discounted Cash Flow	Discount Rate	9.0%	52.0%	9.0%
	89,494		Discounted Cash Flow	Discount Rate	10.2%	13.3%	11.8%
			Residual Value	Residual Value	N/A	N/A	N/A
	13,480		Market Comparable Technique	Comparable Multiple	7.0x	15.5x	10.6x
	45,481		Recent Transaction	Recent Transaction	N/A	N/A	N/A
	2,839		Recovery Analysis	Commodity Price	$66.50	$74.75	$67.18
	—		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	5,776		Recovery Analysis	Sale Proceeds	N/A	N/A	N/A
	180		Market Comparable Technique	Comparable Multiple	9.6x	9.6x	9.6x
			Option Pricing Model	Expected Volatility	35.0%	35.0%	35.0%
	630		Sale Proceeds	Sale Proceeds	N/A	N/A	N/A
Warrants	372		Option Pricing Model	Expected Volatility	60.0%	60.0%	60.0%
Total Level 3 Investments	$	2,592,992

___________________

(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.

73

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2021 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	$	190,500	Discounted Cash Flow	Discount Rate	7.5%	12.0%	12.0%
			Residual Value	Residual Value	N/A	N/A	N/A
	31,438		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
			Market Comparable Technique	Comparable Multiple	0.7x	1.4x	1.1x
	44,998		Recent Transaction	Recent Transaction	N/A	N/A	N/A
	35,369		Recovery Analysis	Commodity Price	54.00	60.16	59.86
	398		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	8,376		Recovery Analysis	Sale Proceeds	N/A	N/A	N/A
	1,596,728		Yield Analysis	Discount Rate	4.1%	32.3%	8.5%
Second Lien Secured Debt	12,795		Market Comparable Technique	Comparable Multiple	6.3x	6.3x	6.3x
	8,111		Recovery Analysis	Commodity Price	57.00	62.33	61.13
	10,536		Recovery Analysis	Sale Proceeds	N/A	N/A	N/A
	206,167		Yield Analysis	Discount Rate	9.3%	14.9%	11.5%
Unsecured Debt	22,000		Discounted Cash Flow	Discount Rate	16.0%	16.0%	16.0%
			Residual Value	Residual Value	N/A	N/A	N/A
Structured Products and Other	11,289		Discounted Cash Flow	Discount Rate	9.0%	9.0%	9.0%
Preferred Equity	498		Discounted Cash Flow	Discount Rate	9.0%	9.0%	9.0%
	16,863		Market Comparable Technique	Comparable Multiple	0.7x	13.2x	8.7x
	5,176		Option Pricing Model	Expected Volatility	101.0%	101.0%	101.0%
	—		Yield Analysis	Discount Rate	32.3%	32.3%	0.0%
Common Equity/Interests	2,053		Discounted Cash Flow	Discount Rate	9.0%	32.3%	19.3%
	207,617		Discounted Cash Flow	Discount Rate	7.5%	16.0%	10.2%
			Residual Value	Residual Value	N/A	N/A	N/A
	7,977		Market Comparable Technique	Comparable Multiple	0.7x	16.5x	9.9x
	215		Option Pricing Model	Expected Volatility	35.0%	35.0%	35.0%
	374		Recent Transaction	Recent Transaction	N/A	N/A	N/A
	2,170		Recovery Analysis	Commodity Price	54.00	62.33	60.08
	25,424		Recovery Analysis	Implied Illiquidity Discount	18.5%	18.5%	18.5%
			Recovery Analysis	Transaction Price	N/A	N/A	N/A
Warrants	1,595		Option Pricing Model	Expected Volatility	65.0%	90.0%	88.4%
Total Level 3 Investments	$	2,448,667

____________________

(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.

74

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

Investment Transactions

For the three and nine months ended December 31, 2021, purchases of investments on a trade date basis were $335,478 and $920,786, respectively. For the three and nine months ended December 31, 2020, purchases of investments on a trade date basis were $157,176 and $400,930, respectively.

For the three and nine months ended December 31, 2021, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $358,165 and $800,553, respectively. For the three and nine months ended December 31, 2020, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $287,284 and $729,112, respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and nine months ended December 31, 2021, PIK income earned was $982 and $3,451, respectively. During the three and nine months ended December 31, 2020, PIK income earned was $1,627 and $4,753, respectively.

The following table shows the change in capitalized PIK balance for the three and nine months ended December 31, 2021 and 2020:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
PIK balance at beginning of period	$	37,637	$	40,440	$	41,947	$	37,481
PIK income capitalized	988		1,867		3,715		4,901
Adjustments due to investments exited or written off	—		—		(7,037)		—
PIK income received in cash	—		—		—		(75)
PIK balance at end of period	$	38,625	$	42,307	$	38,625	$	42,307

75

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Dividend Income on CLOs

The Company holds structured products and other investments. The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. During the three and nine months ended December 31, 2021, dividend income from structured products was $310 and $959, respectively. During the three and nine months ended December 31, 2020, dividend income from structured products was $323 and $1,000, respectively.

Investments on Non-Accrual Status

As of December 31, 2021, 1.4% of total investments at amortized cost, or 0.5% of total investments at fair value, were on non-accrual status. As of March 31, 2021, 5.7% of total investments at amortized cost, or 1.4% of total investments at fair value, were on non-accrual status.

Unconsolidated Significant Subsidiary

The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of December 31, 2021. Accordingly, summarized, unaudited, comparative financial information is presented below for the unconsolidated significant subsidiary.

Merx Aviation Finance, LLC

Merx Aviation Finance, LLC and its subsidiaries are principally engaged in acquiring and leasing commercial aircraft to airlines. Its focus is on current generation aircraft, held either domestically or internationally. Merx may acquire fleets of aircraft primarily through securitized, non-recourse debt or individual aircraft. Merx may outsource its aircraft servicing requirements to third parties that have the global staff and expertise necessary to complete such tasks. The following table shows unaudited summarized financial information for Merx Aviation:

	Nine Months Ended December 31,
	2021		2020
Net revenue	$	172,541	$	166,578
Net operating income	58,443		2,657
Earnings (loss) before taxes	(8,042)		(59,084)
Net profit (loss)	(6,487)		(57,993)
Net profit (loss) after taxes attributable to non-controlling interests	(3,730)		(991)
Net profit (loss) after taxes attributable to Merx Aviation	(2,757)		(57,002)

76

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 6. Debt and Foreign Currency Transactions and Translations

On April 4, 2018, the Company’s Board of Directors, including a “required majority” (as defined in Section 57(o) of the Investment Company Act of 1940, as amended) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940. As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

The Company’s outstanding debt obligations as of December 31, 2021 were as follows:

	Date Issued/Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding			Fair Value			Final Maturity Date
Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,117,484	*	$	1,117,484	(1)	12/22/2025
2025 Notes	3/3/2015	350,000			350,000			361,596		(2)	3/3/2025
2026 Notes	7/16/2021	125,000			125,000			124,274		(2)	7/16/2026
Total Debt Obligations		$	2,285,000		$	1,592,484		$	1,603,354
Deferred Financing Costs and Debt Discount					$	(5,108)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,587,376

____________________

*Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.

** Lender commitments will remain $1,810,000 through November 19, 2022 and will then decrease to $1,705,000 thereafter

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2021. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2021. The valuation is based on broker quoted prices.

The Company’s outstanding debt obligations as of March 31, 2021 were as follows:

	Date Issued/Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding			Fair Value			Final Maturity Date
Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,119,186	*	$	1,139,765	(1)	12/22/2025
2025 Notes	3/3/2015	350,000			350,000			357,763		(2)	3/3/2025
Total Debt Obligations		$	2,160,000		$	1,469,186		$	1,497,528
Deferred Financing Costs and Debt Discount					$	(3,815)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,465,371

____________________

*Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.

** Lender commitments will remain $1,810,000 through November 19, 2022 and will then decrease to $1,705,000 thereafter

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2021. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, 2021. The valuation is based on broker quoted prices.

77

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Senior Secured Facility

On December 22, 2020, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of November 19, 2018. Lender commitments in the amended and restated agreement will remain $1,810,000 through November 19, 2022 and will decrease to $1,705,000 thereafter. The amended and restated agreement extended the final maturity date through December 22, 2025, and includes an accordion provision which allows the Company to increase the total commitments under the existing revolving facility up to an aggregate principal amount of $2,715,000 from new or existing lenders on the same terms and conditions as the existing commitments. The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents. Commencing December 22, 2024, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of December 22, 2024. In addition, the stated interest rate on the facility remains as a formula-based calculation based on a minimum borrowing base, resulting in a stated interest rate, depending on the type of borrowing, of (a) either LIBOR plus 1.75% per annum or LIBOR plus 2.00% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 1% per annum. As of December 31, 2021, the stated interest rate on the facility was LIBOR plus 2.00%. The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and participation fees and fronting fees of up to 2.25% per annum on the letters of credit issued.

The Senior Secured Facility contains affirmative and restrictive covenants, events of default and other customary provisions for similar debt facilities, including: (a) periodic financial reporting requirements, (b) maintaining minimum stockholders’ equity of the greater of (i) 30% of the total assets of the Company and its consolidated subsidiaries as of the last day of any fiscal quarter and (ii) the sum of (A) $705,000 plus (B) 25% of the net proceeds from the sale of equity interests in the Company after the closing date of the Senior Secured Facility, (c) maintaining a ratio of total assets, less total liabilities (other than indebtedness) to total indebtedness, in each case of the Company and its consolidated subsidiaries, of not less than 1.5:1.0, (d) limitations on the incurrence of additional indebtedness, including a requirement to meet a certain minimum liquidity threshold before the Company can incur such additional debt, (e) limitations on liens, (f) limitations on investments (other than in the ordinary course of the Company’s business), (g) limitations on mergers and disposition of assets (other than in the normal course of the Company’s business activities), (h) limitations on the creation or existence of agreements that permit liens on properties of the Company’s consolidated subsidiaries and (i) limitations on the repurchase or redemption of certain unsecured debt and debt securities. In addition to the asset coverage ratio described in clause (c) of the preceding sentence, borrowings under the Senior Secured Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio will also depend on the relevant asset coverage ratio as of the date of determination. Borrowings under the Senior Secured Facility will also continue to be subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended.

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of December 31, 2021 and March 31, 2021, the Company had $177 and $177, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $692,339 and $690,637 as of December 31, 2021 and March 31, 2021, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

78

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Senior Unsecured Notes

2025 Notes

On March 3, 2015, the Company issued $350,000 aggregate principal amount of senior unsecured notes for net proceeds of $343,650 (the “2025 Notes”). The 2025 Notes will mature on March 3, 2025. Interest on the 2025 Notes is due semi-annually on March 3 and September 3, at an annual rate of 5.25%, commencing on September 3, 2015. The 2025 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

2026 Notes

On July 16, 2021, the Company issued $125,000 aggregate principal amount of general unsecured notes for net proceeds of $122,965 (the “2026 Notes”). The 2026 Notes will mature on July 16, 2026. Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and nine months ended December 31, 2021 and 2020:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Average debt outstanding	$	1,580,491	$	1,533,238	$	1,526,685	$	1,663,241
Maximum amount of debt outstanding	1,599,384		1,602,090		1,608,285		1,818,920
Weighted average annualized interest cost (1)	3.19%		3.05%		3.16%		3.04%
Annualized amortized debt issuance cost	0.36%		0.37%		0.38%		0.34%
Total annualized interest cost	3.55%		3.42%		3.54%		3.38%

____________________

(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three and nine months ended December 31, 2021 were $670 and $2,019 respectively. Commitment fees for the three and nine months ended December 31, 2020 were $598 and $1,404, respectively.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2021:

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
British Pound	£	68,000	84,420		92,018		(7,598)		1/31/2022
Australian Dollar	A$	6,200	4,543		4,503		40		1/31/2022
			$	88,963	$	96,521	$	(7,558)

79

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, 2021:

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
Euro	€	15,900	17,392		18,687		(1,295)		4/30/2021
British Pound	£	77,000	95,593		106,237		(10,644)		4/30/2021
Australian Dollar	A$	6,300	4,617		4,799		(182)		4/30/2021
			$	117,602	$	129,723	$	(12,121)

As of December 31, 2021 and March 31, 2021, the Company was in compliance with all debt covenants for all outstanding debt obligations.

Note 7. Stockholders’ Equity

There were no equity offerings of common stock during the three and nine months ended December 31, 2021 and March 31, 2021.

The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “1934 Act”) (the “Repurchase Plans”):

Date of Agreement/Amendment	Maximum Cost of Shares That May Be Repurchased		Cost of Shares Repurchased		Remaining Cost of Shares That May Be Repurchased
August 5, 2015	$	50,000	$	50,000	$	—
December 14, 2015	50,000		50,000		—
September 14, 2016	50,000		50,000		—
October 30, 2018	50,000		50,000		—
February 6, 2019	50,000		43,402		6,598
Total as of December 31, 2021	$	250,000	$	243,402	$	6,598

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

80

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date	Termination Date	Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015	November 5, 2015	$	5,000
January 1, 2016	February 5, 2016	10,000
April 1, 2016	May 19, 2016	5,000
July 1, 2016	August 5, 2016	15,000
September 30, 2016	November 8, 2016	20,000
January 4, 2017	February 6, 2017	10,000
March 31, 2017	May 19, 2017	10,000
June 30, 2017	August 7, 2017	10,000
October 2, 2017	November 6, 2017	10,000
January 3, 2018	February 8, 2018	10,000
June 18, 2018	August 9, 2018	10,000
September 17, 2018	October 31, 2018	10,000
December 12, 2018	February 7, 2019	10,000
February 25, 2019	May 17, 2019	25,000
March 18, 2019	May 17, 2019	10,000
June 4, 2019	August 7, 2019	25,000
June 17, 2019	August 7, 2019	20,000
September 16, 2019	November 6, 2019	20,000
December 6, 2019	February 5, 2020	25,000
December 16, 2019	February 5, 2020	15,000
March 12, 2020	March 19, 2020	20,000
March 30, 2021	May 21, 2021	10,000
June 16, 2021	November 5, 2021	10,000
December 16, 2021	February 4, 2022	5,000

During the nine months ended December 31, 2021, the Company repurchased 1,551,331 shares at a weighted average price per share of $13.10, inclusive of commissions, for a total cost of $20,330. This represents a discount of approximately 18.15% of the average net asset value per share for the nine months ended December 31, 2021.

During the nine months ended December 31, 2020, the Company did not repurchase shares.

Since the inception of the Repurchase Plans through December 31, 2021, the Company repurchased 15,205,909 shares at a weighted average price per share of $16.01, inclusive of commissions, for a total cost of $243,402. Including fractional shares, the company has repurchased 15,205,939 shares at a weighted average price per share of $16.01, inclusive of commissions for a total cost of $243,402.

On July 22, 2019, the Board of Directors approved Articles of Amendment which amended the Company’s charter to reduce the amount of authorized capital stock from 400,000,000 shares, par value $0.001 per share, to 130,000,000 shares, par value $0.001 per share. The Articles of Amendment were accepted for record by the Department of Assessments and Taxation of the State of Maryland on July 22, 2019 and immediately became effective.

81

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 8. Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of December 31, 2021 and March 31, 2021, the Company had the following unfunded commitments to its portfolio companies:

	December 31, 2021		March 31, 2021
Unfunded revolver obligations and bridge loan commitments (1)	$	236,095	$	261,854
Standby letters of credit issued and outstanding (2)	3,500		2,787
Unfunded delayed draw loan commitments (3)	304,796		172,249
Total Unfunded Commitments (4)	$	544,391	$	436,890

__________________

(1)The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of December 31, 2021 and March 31, 2021, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of December 31, 2021 and March 31, 2021, the bridge loan commitments included in the balances were $0 and $0, respectively.

(2)For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.

(3)The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

(4)The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $25,000 and $109,500 as of December 31, 2021 and March 31, 2021, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

82

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 9. Financial Highlights

The following is a schedule of financial highlights for the nine months ended December 31, 2021 and 2020.

	Nine Months Ended December 31, 2021			Nine Months Ended December 31, 2020
	(Unaudited)			(Unaudited)
Per Share Data*
Net asset value at beginning of period	$	15.88		$	15.70
Net investment income (1)	1.07			1.29
Net realized and change in unrealized gains (losses) (1)	0.14			(0.23)
Net increase in net assets resulting from operations	1.21			1.06
Distribution of net investment income (2)	(1.08)			(1.17)
Distribution of return of capital (2)	—			—
Accretion due to share repurchases	0.07			—
Net asset value at end of period	$	16.08		$	15.59
Per share market value at end of period	$	12.79		$	10.63
Total return (3)	0.95		%	77.63		%
Shares outstanding at end of period	63,707,845			65,259,176
Weighted average shares outstanding	64,795,710			65,259,176
Ratio/Supplemental Data
Net assets at end of period (in millions)	$	1,024.3		$	1,017.4
Annualized ratio of operating expenses to average net assets (4)(5)	6.23		%	5.13		%
Annualized ratio of interest and other debt expenses to average net assets (5)	5.22		%	5.56		%
Annualized ratio of total expenses to average net assets (4)(5)	11.45		%	10.69		%
Annualized ratio of net investment income to average net assets (5)	8.85		%	11.07		%
Average debt outstanding (in millions)	$	1,526.7		$	1,663.2
Average debt per share	$	23.56		$	25.49
Annualized portfolio turnover rate (5)	41.88		%	20.23		%
Asset coverage per unit (6)	$	1,643		$	1,671

____________________

*Totals may not foot due to rounding.

(1)Financial highlights are based on the weighted average number of shares outstanding for the period presented.

(2)The tax character of distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through December 31, 2021 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.

(3)Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.

83

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

(4)The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements). For the nine months ended December 31, 2021, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 6.28% and 11.50%, respectively, without the voluntary fee waivers. For the nine months ended December 31, 2020 the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 5.16% and 10.73%, respectively, without the voluntary fee waivers.

(5)Annualized for the nine months ended December 31, 2021 and December 31, 2020.

(6)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit.

Note 10. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements other than those disclosed below.

During the period from January 1, 2022 through February 2, 2022, the Company repurchased 60,605 shares at a weighted average price per share of $12.70, inclusive of commissions, for a total cost of $770.

On February 3, 2022, the Company’s Board of Directors approved a new stock repurchase plan (the “Repurchase Plan”) to acquire up to $25.0 million of the Company’s common stock. The new Repurchase Plan is in addition to the Company's existing share repurchase authorization, of which approximately $5,829 of repurchase capacity remains. Accordingly, the Company now has approximately $30,829 available for stock repurchases under its repurchase program.

On February 3, 2022, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on April 7, 2022 to stockholders of record as of March 21, 2022. On February 3, 2022, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on April 7, 2022 to stockholders of record as of March 21, 2022. Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board may declare a quarterly supplemental distribution in an amount to be determined each quarter. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.

84

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Apollo Investment Corporation

Results of Review of Interim Financial Statements

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of December 31, 2021, and the related statements of operations and of changes in net assets for the three-month and nine-month periods ended December 31, 2021 and 2020, and the statements of cash flows for the nine-month periods ended December 31, 2021 and 2020, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of assets and liabilities, including the schedule of investments, of the Company as of March 31, 2021, and the related statements of operations, of changes in net assets and of cash flows for the year then ended (not presented herein), and in our report dated May 20, 2021, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying statement of assets and liabilities, including the schedule of investments, as of March 31, 2021, is fairly stated, in all material respects, in relation to the statement of assets and liabilities, including the schedule of investments, from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

February 3, 2022

85

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•the impact of investments that we expect to make;

•our contractual arrangements and relationships with third parties;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

•the current and future effects of the COVID-19 pandemic on us and our portfolio companies; and

•the timing of cash flows, if any, from the operations of our portfolio companies.

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

Apollo Investment Corporation (the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through December 31, 2021, we have raised approximately $2.21 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $243.4 million.

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Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

COVID-19 Developments

There is an ongoing global outbreak of COVID-19, which has spread to over 200 countries and territories, including every state in the United States. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19, including new variants, have continued to be identified in additional countries, many countries have reacted, and continue to react, by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential businesses. Such actions have created disruption in global supply chains, and adversely impacted many industries. Supply chain disruptions could significantly impact the businesses of our portfolio companies and lead to increased costs, inventory shortages, shipping delays and an inability to meet customer demands. The outbreak has had a continued adverse impact on economic and market conditions and has triggered a period of global economic slowdown.

Although vaccines have been widely distributed in the U.S., certain U.S. states are planning on reopening and we believe the economy is beginning to rebound in certain respects, the uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19, the efficacy of existing vaccines against new variants and acceptance of vaccines and other factors have and may continue to contribute to significant volatility in the global markets. COVID-19 and the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our performance, financial condition, results of operations and ability to pay distributions.

LIBOR Developments

On July 27, 2017, the U.K Financial Conduct Authority (“FCA”) announced that it would phase out LIBOR as a benchmark by the end of 2021. As of December 31, 2021, all non-U.S. dollar LIBOR publications have been phased out. The phase out of a majority of the U.S. dollar publications is delayed until June 30, 2023. The Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve Bank of New York previously confirm that this constitutes a “benchmark transition event” and established “benchmark replacement dates” in ARRC standard LIBOR transition provisions that exist in many U.S. law contracts using LIBOR.

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The publication of all EUR and CHF LIBOR settings, the Spot Next/Overnight, 1 week, 2 month and 12 month JPY and GBP LIBOR settings, and the 1 week and 2 months USD LIBOR settings has ceased. The publication of the overnight, 1 month, 3 month, 6 month, and 12 months USD LIBOR settings will cease after June 30, 2023. The FCA plans to consult the market on creating “synthetic” 1 month, 3 month and 6 month rates for GBP and JPY LIBOR, to be published for a limited time.

The New York State legislation was signed into law to aid “tough legacy” LIBOR contracts. Other legislative solutions are being pursued at the Federal level, in the U.K. and in Europe. The U.S. Federal banking agencies have also issued guidance encouraging banking and global organizations to cease reference to USD LIBOR as soon as practicable and, in any event, by December 31, 2021. The E.U. Benchmarks Regulation imposed conditions under which only compliant benchmarks may be used in new contracts after 2021.

The ARRC has identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by the U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. However, the COVID-19 pandemic may adversely impact the timing of many firms’ transition planning, and we continue to assess the potential impact of the COVID-19 pandemic on our transition plans. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, it is not possible at this time to predict the effect of any such changes, any establishment of alternative reference rates, whether the COVID-19 pandemic will have further effect on LIBOR transition timelines or plans, or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere.

The discontinuation of LIBOR could have a significant impact on our business. We anticipate significant operational challenges for the transition away from LIBOR, including, but not limited to, amending existing loan agreements with borrowers on investments that may have not been modified with fallback language and adding effective fallback language to new agreements in the event that LIBOR is discontinued before maturity.

Beyond these challenges, we anticipate there may be additional risks to our current processes and information systems that we will need to identify and evaluate. Due to the uncertainty of the replacement for LIBOR, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value of any LIBOR-linked securities, loans and other financial obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations.

Investments

Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. We may also invest in the securities of public companies and in structured products and other investments such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Our portfolio is comprised primarily of investments in debt, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $250 million. Our portfolio also includes equity interests such as common stock, preferred stock, warrants or options.

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make and, market disruptions due to COVID-19. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of December 31, 2021, non-qualifying assets represented approximately 13.0% of the total assets of the Company.

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Revenue

We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of mezzanine or senior secured loans, generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as the LIBOR, the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.

Expenses

For all investment professionals of AIM and their staff, when and to the extent engaged in providing investment advisory and management services to us, the compensation and routine overhead expenses of that personnel which is allocable to those services are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to:

•investment advisory and management fees;

•expenses incurred by AIM payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;

•calculation of our net asset value (including the cost and expenses of any independent valuation firm);

•direct costs and expenses of administration, including independent registered public accounting and legal costs;

•costs of preparing and filing reports or other documents with the SEC;

•interest payable on debt, if any, incurred to finance our investments;

•offerings of our common stock and other securities;

•registration and listing fees;

•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;

•transfer agent and custodial fees;

•taxes;

•independent directors’ fees and expenses;

•marketing and distribution-related expenses;

•the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;

•our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•organizational costs; and

•all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.

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Portfolio and Investment Activity

Our portfolio and investment activity during the three and nine months ended December 31, 2021 and 2020 was as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)*	2021		2020		2021		2020
Investments made in portfolio companies	$	335.5	$	157.2	$	920.8	$	400.9
Investments sold	(7.4)		(17.8)		(18.1)		(101.1)
Net activity before repaid investments	328.1		139.4		902.7		299.9
Investments repaid	(350.8)		(269.5)		(782.5)		(628.0)
Net investment activity	$	(22.7)	$	(130.1)	$	120.2	$	(328.2)
Portfolio companies at beginning of period	144		147		135		152
Number of new portfolio companies	7		7		27		10
Number of exited portfolio companies	(12)		(11)		(23)		(19)
Portfolio companies at end of period	139		143		139		143
Number of investments made in existing portfolio companies	62		35		79		62

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*Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of December 31, 2021 and March 31, 2021 were as follows:

	December 31, 2021		March 31, 2021
Portfolio composition, at fair value:
First lien secured debt	87	%	78	%
Second lien secured debt	4	%	10	%
Total secured debt	91	%	88	%
Unsecured debt	1	%	1	%
Structured products and other	0	%	0	%
Preferred equity	1	%	1	%
Common equity/interests and warrants	6	%	10	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)	7.9	%	7.8	%
Second lien secured debt (2)	9.6	%	9.9	%
Secured debt portfolio (2)	8.0	%	8.0	%
Unsecured debt portfolio (2)	5.3	%	5.3	%
Total debt portfolio (2)	7.9	%	8.0	%
Total portfolio (3)	6.9	%	6.5	%
Interest rate type, at fair value (4):
Fixed rate amount	$0.0	billion	—
Floating rate amount	$2.0	billion	$1.9	billion
Fixed rate, as percentage of total	1	%	—
Floating rate, as percentage of total	99	%	100	%
Interest rate type, at amortized cost (4):
Fixed rate amount	$0.0	billion	—
Floating rate amount	$2.0	billion	$1.9	billion
Fixed rate, as percentage of total	1	%	—
Floating rate, as percentage of total	99	%	100	%

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(1)An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.

(2)Exclusive of investments on non-accrual status.

(3)Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

(4)The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status.

Since the initial public offering of Apollo Investment in April 2004 and through December 31, 2021, invested capital totaled $22.8 billion in 579 portfolio companies. Over the same period, Apollo Investment completed transactions with more than 100 different financial sponsors.

Recent Developments

On February 3, 2022, the Company’s Board of Directors approved a new stock repurchase plan (the “Repurchase Plan”) to acquire up to $25 million of the Company’s common stock. The new Repurchase Plan is in addition to the Company's existing share repurchase authorization, of which approximately $5.8 million of repurchase capacity remains. Accordingly, the Company now has approximately $30.8 million available for stock repurchases under its repurchase program.

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Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our critical accounting policies are further described in the notes to the financial statements.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

As of December 31, 2021, $2.59 billion or 99.93% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

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Investment Valuation Process

Under procedures established by our Board of Directors, we value investments, including certain secured debt, unsecured debt, and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case, such investments shall be valued at fair value as determined in good faith by or under the direction of our Board of Directors, including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of our Board of Directors. Such determination of fair values may involve subjective judgments and estimates.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Board of Directors has approved a multi-step valuation process each quarter, as described below:

1.Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser who are responsible for the portfolio investment.

2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.

3.Independent valuation firms are engaged by our Board of Directors to conduct independent appraisals by reviewing our Investment Adviser’s preliminary valuations and then making their own independent assessment.

4.The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser and the valuation prepared by the independent valuation firms and responds, if warranted, to the valuation recommendation of the independent valuation firms.

5.The Board of Directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our Investment Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.

6.For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

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Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides a valuation. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered in the valuation process of independent valuation firms. During the nine months ended December 31, 2021, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual PIK interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. Certain PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, administrative fees, management fees, bridge fees, and structuring fees which are recorded when earned.

The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pools of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are payable solely from the cash flows from such assets. As such any unforeseen event in these underlying pools of assets might impact the expected recovery and future accrual of income.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

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Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses)

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized gain (loss) reflects the net change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized gains or losses.

Within the context of these critical accounting policies, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being reported.

Results of Operations

Operating results for the three and nine months ended December 31, 2021 and 2020 were as follows:

	Three Months Ended December 31,				Nine Months Ended December 31,
(in millions)*	2021		2020		2021		2020
Investment Income
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	51.9	$	50.4	$	147.6	$	155.9
Dividend income	0.5		1.1		3.6		3.4
PIK interest income	1.0		1.6		3.5		4.8
Other income	1.6		1.2		3.8		1.8
Total investment income	$	55.0	$	54.4	$	158.4	$	165.9
Expenses
Management and performance-based incentive fees	$	14.6	$	9.0	$	37.7	$	27.7
Interest and other debt expenses, net of reimbursements	14.1		13.2		40.7		42.4
Administrative services expense, net of reimbursements	1.4		1.1		4.2		3.4
Other general and administrative expenses	2.4		2.8		6.7		8.0
Net Expenses	$	32.5	$	26.1	$	89.3	$	81.5
Net Investment Income	$	22.5	$	28.2	$	69.1	$	84.4
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)	$	(0.6)	$	(6.7)	$	(65.3)	$	(18.1)
Net change in unrealized gains (losses)	(1.3)		11.6		74.4		3.2
Net Realized and Change in Unrealized Gains (Losses)	$	(2.0)	$	4.9	$	9.1	$	(14.9)
Net Increase in Net Assets Resulting from Operations	$	20.5	$	33.2	$	78.1	$	69.5
Net Investment Income on Per Average Share Basis (1)	$	0.35	$	0.43	$	1.07	$	1.29
Earnings per share — basic (1)	$	0.32	$	0.51	$	1.21	$	1.06

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*Totals may not foot due to rounding.

(1)Based on the weighted average number of shares outstanding for the period presented.

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Total Investment Income

For the three months ended December 31, 2021 as compared to the three months ended December 31, 2020

The increase in total investment income for the three months ended December 31, 2021 compared to the three months ended December 31, 2020 was primarily driven by the increase in total interest income (including PIK) of $0.9 million. The increase in total interest income (including PIK) was primarily due to a higher income bearing investment portfolio. Furthermore there was an increase in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $2.4 million for the three months ended December 31, 2020 and $4.0 million for the three months ended December 31, 2021. This was partially offset by the $0.6 million decrease in dividend income. Furthermore, there was also an increase in other income of $0.4 million due to higher bridge fees.

For the nine months ended December 31, 2021 as compared to the nine months ended December 31, 2020

The decrease in total investment income for the nine months ended December 31, 2021 compared to the nine months ended December 31, 2020 was primarily driven by the decrease in total interest income (including PIK) of $9.6 million. The decrease in total interest income (including PIK) was primarily due to a decrease in the portfolio of second lien secured debt. This was partially offset by an increase in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $4.7 million for the nine months ended December 31, 2020 and $8.7 million for the for the nine months ended December 31, 2021. The $0.2 million increase in dividend income was primarily due to an increase in dividends received from MSEA Tankers LLC. Furthermore, there was an increase in other income of $2.0 million due to higher amendment fees and bridge fees.

Net Expenses

For the three months ended December 31, 2021 as compared to the three months ended December 31, 2020

The increase in net expenses for the three months ended December 31, 2021 compared to the three months ended December 31, 2020 was primarily due to the increase in management and performance-based incentive fees. The increase of $5.6 million in management and performance-based incentive fees was due to an increase in performance based incentive fees and an increase in the investment portfolio. Furthermore, there was an increase in interest and other debt expenses, which was attributed to increase in the average debt outstanding and net leverage from $1.53 billion and 1.43x, respectively during the three months ended December 31, 2020, to $1.58 billion and 1.52x, respectively during the three months ended December 31, 2021. Additionally there was increase in the total annualized cost of debt, from 3.42% for the three months ended December 31, 2020 to 3.55% for the three months ended December 31, 2021.

For the nine months ended December 31, 2021 as compared to the nine months ended December 31, 2020

The increase in net expenses for the nine months ended December 31, 2021 compared to the nine months ended December 31, 2020 was primarily due to the increase in management and performance-based incentive fees. The increase of $10.0 million in management and performance-based incentive fees was due to an increase in performance based incentive fees and an increase in the investment portfolio. Furthermore there was a decrease in interest and other debt expenses, which was attributed to a decrease in the average debt outstanding, from $1.66 billion during the nine months ended December 31, 2020, to $1.53 billion during the nine months ended December 31, 2021. This was partially offset by an increase in the total annualized cost of debt from 3.38% for the nine months ended December 31, 2020 to 3.54% for the nine months ended December 31, 2021.

96

Net Realized Gains (Losses)

For the three months ended December 31, 2021 as compared to the three months ended December 31, 2020

During the three months ended December 31, 2021, we recognized gross realized gains of $0.6 million and gross realized losses of $1.3 million, resulting in net realized losses of $0.6 million. Significant realized gains (losses) for the three months ended December 31, 2021 are summarized below:

(in millions)	Net Realized Gain (Loss)
Sequential Brands Group, Inc.	$	(1.1)

During the three months ended December 31, 2020, we recognized gross realized gains of $4.6 million and gross realized losses of $11.3 million, resulting in net realized losses of $6.7 million. Significant realized gains (losses) for the three months ended December 31, 2020 are summarized below:

(in millions)	Net Realized Gain (Loss)
AMP Solar Group, Inc.	$	4.2
KLO Holdings, LLC	(4.8)
Garden Fresh	(2.5)
Learfield Communications	(1.9)
FiscalNote	(1.5)

For the nine months ended December 31, 2021 as compared to the nine months ended December 31, 2020

During the nine months ended December 31, 2021, we recognized gross realized gains of $4.0 million and gross realized losses of $69.4 million, resulting in net realized losses of $65.3 million. Significant realized gains (losses) for the nine months ended December 31, 2021 are summarized below:

(in millions)	Net Realized Gain (Loss)
Niacet Corporation	$	1.1
Spotted Hawk	(44.4)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	(20.9)
Sequential Brands Group, Inc.	(1.1)

During the nine months ended December 31, 2020, we recognized gross realized gains of $5.3 million and gross realized losses of $23.5 million, resulting in net realized losses of $18.1 million. Significant realized gains (losses) for the nine months ended December 31, 2020 are summarized below:

(in millions)	Net Realized Gain (Loss)
AMP Solar Group, Inc.	$	4.2
KLO Holdings, LLC	(8.5)
ZPower, LLC	(6.1)
Garden Fresh	(2.5)
Learfield Communications	(1.9)
FiscalNote	(1.5)

97

Net Change in Unrealized Gains (Losses)

For the three months ended December 31, 2021 as compared to the three months ended December 31, 2020

During the three months ended December 31, 2021, we recognized gross unrealized gains of $26.9 million and gross unrealized losses of $28.2 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $1.3 million. Significant changes in unrealized gains (losses) for the three months ended December 31, 2021 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
ChyronHego Corporation	$	6.3
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	5.2
Merx Aviation Finance, LLC	3.4
Pelican	2.2
Sequential Brands Group, Inc.	1.1
Dynamic Product Tankers (Prime), LLC	(10.3)
Spotted Hawk	(3.9)
Ambrosia Buyer Corp.	(3.1)
MSEA Tankers LLC	(1.6)

During the three months ended December 31, 2020, we recognized gross unrealized gains of $49.6 million and gross unrealized losses of $38.0 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $11.6 million. Significant changes in unrealized gains (losses) for the three months ended December 31, 2020 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
ChyronHego Corporation	$	5.7
KLO Holdings, LLC	5.2
Garden Fresh	2.5
NFA Group	2.5
MSEA Tankers LLC	2.0
Learfield Communications	1.9
CARE Fertility	1.8
MYCOM	1.8
PIB Group	1.5
AMP Solar Group, Inc.	1.4
Spotted Hawk	(9.5)
Ambrosia Buyer Corp.	(6.5)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	(2.4)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	(2.2)
Dynamic Product Tankers (Prime), LLC	(1.8)
Sonar Entertainment	(1.1)

98

For the nine months ended December 31, 2021 as compared to the nine months ended December 31, 2020

During the nine months ended December 31, 2021, we recognized gross unrealized gains of $115.2 million and gross unrealized losses of $40.8 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $74.4 million. Significant changes in unrealized gains (losses) for the nine months ended December 31, 2021 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Spotted Hawk	$	37.3
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	24.0
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	18.7
ChyronHego Corporation	6.8
Paper Source	3.0
Merx Aviation Finance, LLC	2.7
Sequential Brands Group, Inc.	2.2
Pelican	2.2
US Legal Support	1.5
Genesis Healthcare, Inc.	1.5
Dynamic Product Tankers (Prime), LLC	(19.8)
Ambrosia Buyer Corp.	(5.7)
MSEA Tankers LLC	(4.1)
Niacet Corporation	(1.1)

99

During the nine months ended December 31, 2020, we recognized gross unrealized gains of $91.3 million and gross unrealized losses of $88.1 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $3.2 million. Significant changes in unrealized gains (losses) for the nine months ended December 31, 2020 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
KLO Holdings, LLC	$	11.6
ZPower, LLC	4.8
NFA Group	4.8
ChyronHego Corporation	3.2
CARE Fertility	3.1
CT Technologies Intermediate Holdings, Inc	3.0
PIB Group	3.0
MYCOM	2.8
MSEA Tankers LLC	2.3
McLarens	2.2
Spotted Hawk	(14.6)
Dynamic Product Tankers (Prime), LLC	(11.3)
Merx Aviation Finance, LLC	(9.1)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	(8.9)
Ambrosia Buyer Corp.	(7.6)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	(6.5)
Paper Source	(2.3)
Renew Financial LLC (f/k/a Renewable Funding, LLC)	(1.8)
Sonar Entertainment	(1.2)
Solarplicity Group Limited (f/k/a AMP Solar UK)	(1.1)

100

Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, our Senior Secured Facility (as defined in Note 6 to the financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This "Liquidity and Capital Resources" section should be read in conjunction with "COVID-19 Developments" section above.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the financial statements.) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. Apollo Investment may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.

Debt

See Note 6 to the financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of December 31, 2021:

	Payments Due by Period
(in millions)	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
Senior Secured Facility (1)	$	1,117.5	$	—	$	—	$	1,117.5	$	—
2025 Notes	350.0		—		—		350.0		—
2026 Notes	125.0		—		—		125.0		—
Total Debt Obligations	$	1,592.5	$	—	$	—	$	1,592.5	$	—

____________________

(1)As of December 31, 2021, aggregate lender commitments under the Senior Secured Facility totaled $1.81 billion and $692.3 million of unused capacity. As of December 31, 2021, there were $0.2 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the financial statements.

Stockholders’ Equity

See Note 7 to the financial statements for information on the Company’s public offerings and share repurchase plans.

101

Distributions

Distributions paid to stockholders during the three and nine months ended December 31, 2021 totaled $23.4 million ($0.36 per share) and $70.3 million ($1.08 per share), respectively. Distributions paid to stockholders during the three and nine months ended December 31, 2020 totaled $23.5 million ($0.36 per share) and $82.2 million ($1.26 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through December 31, 2021 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended March 31, 2022. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board of Directors.

To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

PIK Income

For the three and nine months ended December 31, 2021, PIK income totaled $1.0 million and $3.5 million on total investment income of $55.0 million and $158.4 million respectively. For the three and nine months ended December 31, 2020, PIK income totaled $1.6 million and $4.8 million on total investment income of $54.4 million and $165.9 million respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the financial statements for more information on the Company’s PIK income.

Related Party Transactions

See Note 3 to the financial statements for information on the Company’s related party transactions.

102

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the economic effects of the COVID-19 outbreak and subsequent variants has introduced significant volatility in the financial markets, and the effects of this volatility could materially impact our market risks, including those listed below. For additional information concerning the COVID-19 pandemic and its potential impact on our business and our operating results, see Part II - Other information, Item 1A. Risk Factors.

Investment valuation risk

Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our board of directors based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three and nine months ended December 31, 2021, for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of December 31, 2021, all of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility bears interest at LIBOR rates with no interest rate floors, while the 2025 Notes bears interest at a fixed rate. As of December 31, 2021, all non-U.S. dollar LIBOR publications have been phased out. The phase out of a majority of the U.S. dollar publications is delayed until June 30, 2023. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. Please see Part 1 of our annual report on Form 10-k for the year ended March 31, 2021, “Item 1A. Risk Factors—Risks Relating to the Current Environment—Uncertainty relating to the LIBOR calculation process may adversely affect the value of our portfolio of the LIBOR-indexed, floating-rate debt securities in our portfolio or the cost of our borrowings”

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

103

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of December 31, 2021, assuming no changes in our investment and borrowing structure:

Basis Point Change	Net Investment Income			Net Investment Income Per Share
Up 200 basis points	$	2.9	million	$	0.045
Up 100 basis points	(4.4)		million	(0.068)
Up 50 basis points	(3.7)		million	(0.058)
Down 25 basis points	1.2		million	0.019

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

104

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of December 31, 2021 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the third fiscal quarter of 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

105

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors

In addition to the other information set forth in this report and as provided below, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2021, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Inflation may adversely affect our business and operations and those of our portfolio companies.

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain issues, a rise in energy prices and strong consumer demand as economies continue to reopen, inflation is showing signs of acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Certain of our portfolio companies may be impacted by inflation and persistent inflationary pressures could negatively affect our portfolio companies profit margins.

Disruptions to the global supply chain may have adverse impact on our portfolio companies and, in turn, harm us.

Recent supply chain disruptions, including the global microchip shortage, may have an adverse impact on the business of our portfolio companies. Potential adverse impacts to certain of our portfolio companies may include, among others, increased costs, inventory shortages, shipping and project completion delays, and inability to meet customer demand.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the 1934 Act (the “Repurchase Plans”):

Date of Agreement/Amendment	Maximum Cost of Shares That May Be Repurchased			Cost of Shares Repurchased			Remaining Cost of Shares That May Be Repurchased
August 5, 2015	$	50.0	million	$	50.0	million	$	—
December 14, 2015	50.0		million	50.0		million	—
September 14, 2016	50.0		million	50.0		million	—
October 30, 2018	50.0		million	50.0		million	—
February 6, 2019	50.0		million	43.4		million	6.6		million
Total as of December 31, 2021	$	250.0	million	$	243.4	million	$	6.6	million

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

106

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date	Termination Date	Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015	November 5, 2015	$	5.0	million
January 1, 2016	February 5, 2016	10.0		million
April 1, 2016	May 19, 2016	5.0		million
July 1, 2016	August 5, 2016	15.0		million
September 30, 2016	November 8, 2016	20.0		million
January 4, 2017	February 6, 2017	10.0		million
March 31, 2017	May 19, 2017	10.0		million
June 30, 2017	August 7, 2017	10.0		million
October 2, 2017	November 6, 2017	10.0		million
January 3, 2018	February 8, 2018	10.0		million
June 18, 2018	August 9, 2018	10.0		million
September 17, 2018	October 31, 2018	10.0		million
December 12, 2018	February 7, 2019	10.0		million
February 25, 2019	May 17, 2019	25.0		million
March 18, 2019	May 17, 2019	10.0		million
June 4, 2019	August 7, 2019	25.0		million
June 17, 2019	August 7, 2019	20.0		million
September 16, 2019	November 6, 2019	20.0		million
December 6, 2019	February 5, 2020	25.0		million
December 16, 2019	February 5, 2020	15.0		million
March 12, 2020	March 19, 2020	20.0		million
March 30, 2021	May 21, 2021	10.0		million
June 16, 2021	November 5, 2021	10.0		million
December 16, 2021	February 4, 2022	5.0		million

107

The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through December 31, 2021:

Month	Total Number of Shares Purchased	Average Price Paid Per Share*		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans
August 2015	510,000	$	19.71	510,000	$	40.0	million
September 2015	603,466	18.46		603,466	28.8		million
November 2015	1,116,666	18.10		1,116,666	8.6		million
December 2015	627,443	17.58		627,443	47.6		million
January 2016	670,708	14.91		670,708	37.6		million
June 2016	362,933	16.73		362,933	31.5		million
July 2016	16,491	16.53		16,491	31.2		million
August 2016	596,294	17.67		596,294	20.7		million
September 2016	411,523	18.13		411,523	63.2		million
October 2016	527,417	17.82		527,417	53.8		million
November 2016	239,289	17.45		239,289	49.6		million
August 2017	33,333	17.96		33,333	49.0		million
September 2017	186,767	17.98		186,767	45.7		million
October 2017	144,867	17.96		144,867	43.1		million
November 2017	64,500	17.79		64,500	41.9		million
December 2017	50,100	17.89		50,100	41.0		million
January 2018	577,386	17.32		577,386	31.0		million
February 2018	70,567	16.23		70,567	29.9		million
May 2018	263,667	17.12		263,667	25.4		million
June 2018	198,601	16.94		198,601	22.0		million
July 2018	8,867	16.75		8,867	21.9		million
August 2018	502,767	17.11		502,767	13.3		million
September 2018	444,467	16.54		444,467	5.9		million
October 2018	160,800	16.46		160,800	53.3		million
November 2018	595,672	15.81		595,672	43.9		million
December 2018	741,389	13.49		741,359	33.9		million
February 2019	19,392	15.16		19,392	83.6		million
March 2019	291,426	15.40		291,426	79.1		million
April 2019	44,534	15.23		44,534	78.4		million
May 2019	298,026	15.93		298,026	73.6		million
June 2019	607,073	15.97		607,073	63.9		million
July 2019	89,610	16.10		89,610	62.5		million
August 2019	758,020	16.15		758,020	50.3		million
September 2019	32,371	16.26		32,371	49.7		million
October 2019	495,464	15.65		495,464	42.0		million
November 2019	6,147	15.91		6,147	41.9		million
March 2020	1,286,565	11.62		1,286,565	26.9		million
May 2021	145,572	13.92		145,572	24.9		million
July 2021	44,418	13.46		44,418	24.3		million
August 2021	45,675	13.32		45,675	23.7		million
September 2021	360,860	13.02		360,860	19.0		million
October 2021	308,005	13.30		308,005	14.9		million
November 2021	419,372	13.05		419,372	9.4		million
December 2021	227,429	12.44		227,429	6.6		million
Total	15,205,939	$	16.01	15,205,909

________________

* The average price per share is inclusive of commissions.

108

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

109

Item 6. Exhibits

(a)    Exhibits

3.1(a)	Articles of Amendment (1)
3.1(b)	Articles of Amendment and Restatement (2)
3.1(c)	Articles of Amendment (4)
3.1(d)	Articles of Amendment (5)
3.2	Fifth Amended and Restated Bylaws (3)
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

_________________________

*Filed herewith.

(1)Incorporated by reference from the Registrant’s pre-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, as Form N-2, filed on June 20, 2005.

(2)Incorporated by reference from the Registrant’s post-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2, filed on August 14, 2006.

(3)Incorporated by reference to Exhibit 3.2 as applicable, to the Registrant’s Form 8-K, filed on May 18, 2018.

(4)Incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on December 3, 2018.

(5)Incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on July 22, 2019.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 3, 2022.

APOLLO INVESTMENT CORPORATION
By:	/s/ HOWARD WIDRA
Howard Widra
Chief Executive Officer
By:	/s/ GREGORY W. HUNT
Gregory W. Hunt
Chief Financial Officer and Treasurer
By:	/s/ AMIT JOSHI
Amit Joshi
Chief Accounting Officer and Assistant Treasurer

111