See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2021

(In thousands, except share data)

~~(27)~~(36)~~Thefollowing~~The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of ~~June~~September 30, 2021:


Industry	Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total		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	Non-Controlled/Non-Affiliated Investments																	Non-Controlled/Non-Affiliated Investments
Advertising, Printing & Publishing	Advertising, Printing & Publishing	$	60,225	$	—	$	—	$	—	$	—	$	219	$	—	$	60,444	Advertising, Printing & Publishing	$	59,376	$	—	$	—	$	—	$	—	$	219	$	—	$	59,595
Aerospace & Defense	Aerospace & Defense	32,800		—		—		—		—		—		—		32,800		Aerospace & Defense	30,255		—		—		—		—		—		—		30,255
Automotive	Automotive	42,690		23,565		—		—		—		350		—		66,605		Automotive	46,639		23,573		—		—		—		350		—		70,562
Aviation and Consumer Transport	Aviation and Consumer Transport	17,218		—		—		—		—		—		—		17,218		Aviation and Consumer Transport	17,202		—		—		—		—		—		—		17,202
Beverage, Food & Tobacco	Beverage, Food & Tobacco	97,392		—		—		—		—		2,205		—		99,597		Beverage, Food & Tobacco	148,644		—		—		—		448		2,207		—		151,299
Business Services	Business Services	212,345		78,057		—		—		89		1,432		—		291,923		Business Services	218,121		77,591		—		—		89		1,676		—		297,477
Chemicals, Plastics & Rubber	Chemicals, Plastics & Rubber	17,424		12,174		—		—		—		—		—		29,598		Chemicals, Plastics & Rubber	22,965		—		—		—		—		—		—		22,965
Construction & Building	Construction & Building	28,205		—		—		—		—		500		—		28,705		Construction & Building	28,158		—		—		—		—		500		—		28,658
Consumer Goods – Durable	Consumer Goods – Durable	23,683		—		—		—		—		107		—		23,790		Consumer Goods – Durable	14,943		—		—		—		—		107		—		15,050
Consumer Goods – Non-durable	Consumer Goods – Non-durable	77,368		12,603		—		—		462		—		—		90,433		Consumer Goods – Non-durable	104,373		12,606		—		—		462		—		—		117,441
Consumer Services	Consumer Services	142,645		—		—		—		—		—		—		142,645		Consumer Services	150,909		—		—		—		—		—		—		150,909

Diversified Investment Vehicles, Banking, Finance, Real Estate	Diversified Investment Vehicles, Banking, Finance, Real Estate	45,574		—		—		—		—		—		—		45,574		Diversified Investment Vehicles, Banking, Finance, Real Estate	45,182		—		—		—		—		—		—		45,182
Education	Education	36,205		—		—		—		—		—		—		36,205		Education	36,255		—		—		—		—		—		—		36,255
Energy – Electricity	Energy – Electricity	7,439		—		—		—		5,623		4		—		13,066		Energy – Electricity	7,357		—		—		—		5,623		4		—		12,984
Environmental Industries	Environmental Industries	11,332		—		—		—		—		—		—		11,332		Environmental Industries	9,186		—		—		—		—		—		—		9,186

Healthcare & Pharmaceuticals	Healthcare & Pharmaceuticals	363,035		39,433		—		—		333		1,064		211		404,076		Healthcare & Pharmaceuticals	389,728		19,556		—		—		333		1,064		211		410,892
High Tech Industries	High Tech Industries	257,245		—		—		—		—		1,000		—		258,245		High Tech Industries	266,496		—		—		—		—		1,000		—		267,496

Hotel, Gaming, Leisure, Restaurants																		Hotel, Gaming, Leisure, Restaurants	9,871		—		—		—		—		—		—		9,871
Insurance	Insurance	60,841		—		—		—		—		—		—		60,841		Insurance	72,454		—		—		—		—		—		—		72,454
Manufacturing, Capital Equipment	Manufacturing, Capital Equipment	26,517		7,950		—		—		11,849		250		—		46,566		Manufacturing, Capital Equipment	27,837		7,952		—		—		11,850		250		—		47,889
Media – Diversified & Production	Media – Diversified & Production	41,777		—		—		—		—		—		—		41,777		Media – Diversified & Production	40,905		—		—		—		—		—		—		40,905

Retail	Retail	31,621		—		—		—		—		—		—		31,621		Retail	31,565		—		—		—		—		—		—		31,565
Telecommunications	Telecommunications	11,399		12,808		—		—		—		—		—		24,207		Telecommunications	11,400		12,808		—		—		—		—		—		24,208
Transportation – Cargo, Distribution	Transportation – Cargo, Distribution	37,435		—		—		—		—		—		—		37,435		Transportation – Cargo, Distribution	41,699		—		—		—		—		—		—		41,699
Wholesale	Wholesale	15,175		—		—		—		—		613		—		15,788		Wholesale	15,268		—		—		—		—		613		—		15,881
Total Non-Controlled/ Non-Affiliated Investments	Total Non-Controlled/ Non-Affiliated Investments	$	1,697,590	$	186,590	$	—	$	—	$	18,356	$	7,744	$	211	$	1,910,491	Total Non-Controlled/ Non-Affiliated Investments	$	1,846,788	$	154,086	$	—	$	—	$	18,805	$	7,990	$	211	$	2,027,880
Non-Controlled/Affiliated Investments	Non-Controlled/Affiliated Investments																	Non-Controlled/Affiliated Investments
Chemicals, Plastics & Rubber	Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	78,729	$	—	$	78,729	Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	78,729	$	—	$	78,729
Consumer Goods - Durable		4,016		—		—		—		—		1,000		—		5,016
Consumer Goods – Durable																		Consumer Goods – Durable	4,240		—		—		—		—		1,000		—		5,240
Diversified Investment Vehicles, Banking, Finance, Real Estate	Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,812		—		—		—		16,812		Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,837		—		—		—		16,837
Energy – Electricity	Energy – Electricity	—		—		—		—		16,347		634		—		16,981		Energy – Electricity	—		—		—		—		16,347		548		—		16,895
Energy – Oil & Gas	Energy – Oil & Gas	—		—		—		—		—		16,764		—		16,764		Energy – Oil & Gas	—		—		—		—		—		16,764		—		16,764
Total Non-Controlled/Affiliated Investments	Total Non-Controlled/Affiliated Investments	$	4,016	$	—	$	—	$	16,812	$	16,347	$	97,127	$	—	$	134,302	Total Non-Controlled/Affiliated Investments	$	4,240	$	—	$	—	$	16,837	$	16,347	$	97,041	$	—	$	134,465
Controlled Investments	Controlled Investments																	Controlled Investments
Aviation and Consumer Transport	Aviation and Consumer Transport	$	190,500	$	—	$	—	$	—	$	—	$	120,300	$	—	$	310,800	Aviation and Consumer Transport	$	275,000	$	—	$	—	$	—	$	—	$	35,800	$	—	$	310,800
Energy – Oil & Gas	Energy – Oil & Gas	113,167		36,926		—		—		—		31,489		—		181,582		Energy – Oil & Gas	24,727		15,000		—		—		—		75,555		—		115,282
High Tech Industries	High Tech Industries	84,526		—		—		—		6,000		—		—		90,526		High Tech Industries	88,746		—		—		—		6,000		—				94,746
Transportation – Cargo, Distribution	Transportation – Cargo, Distribution	—		—		22,000		—		—		103,545		—		125,545		Transportation – Cargo, Distribution	—		—		22,000		—		—		103,545		—		125,545
Total Controlled Investments	Total Controlled Investments	$	388,193	$	36,926	$	22,000	$	—	$	6,000	$	255,334	$	—	$	708,453	Total Controlled Investments	$	388,473	$	15,000	$	22,000	$	—	$	6,000	$	214,900	$	—	$	646,373
Total	Total	$	2,089,799	$	223,516	$	22,000	$	16,812	$	40,703	$	360,205	$	211	$	2,753,246	Total	$	2,239,501	$	169,086	$	22,000	$	16,837	$	41,152	$	319,931	$	211	$	2,808,718

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~June~~September 30, 2021

(In thousands, except share data)

~~(28)~~(37)The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of ~~June~~September 30, 2021:


Industry	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		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	Non-Controlled / Non-Affiliated Investments																											Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	Advertising, Printing & Publishing	$	60,575		$	—		$	—		$	—		$	—		$	370		$	—		$	60,945		5.8	%	Advertising, Printing & Publishing	$	60,048		$	—		$	—		$	—		$	—		$	335		$	—		$	60,383		5.8	%
Aerospace & Defense	Aerospace & Defense	32,338			—			—			—			—			—			—			32,338			3.1	%	Aerospace & Defense	29,843			—			—			—			—			—			—			29,843			2.9	%
Automotive	Automotive	42,204			22,279			—			—			—			382			—			64,865			6.2	%	Automotive	46,184			22,220			—			—			—			382			—			68,786			6.6	%
Aviation and Consumer Transport	Aviation and Consumer Transport	17,194			—			—			—			—			—			—			17,194			1.6	%	Aviation and Consumer Transport	17,267			—			—			—			—			—			—			17,267			1.7	%
Beverage, Food & Tobacco	Beverage, Food & Tobacco	97,827			—			—			—			—			2,999			—			100,826			9.7	%	Beverage, Food & Tobacco	149,167			—			—			—			448			2,700			—			152,315			14.7	%
Business Services	Business Services	212,042			67,443			—			—			89			1,498			—			281,072			27.0	%	Business Services	217,755			67,674			—			—			89			1,911			—			287,429			27.7	%
Chemicals, Plastics & Rubber	Chemicals, Plastics & Rubber	17,266			13,427			—			—			—			—			—			30,693			2.9	%	Chemicals, Plastics & Rubber	22,724			—			—			—			—			—			—			22,724			2.2	%
Construction & Building	Construction & Building	28,255			—			—			—			—			1,346			—			29,601			2.8	%	Construction & Building	27,917			—			—			—			—			1,105			—			29,022			2.8	%
Consumer Goods – Durable	Consumer Goods – Durable	24,291			—			—			—			—			609			—			24,900			2.4	%	Consumer Goods – Durable	15,227			—			—			—			—			573			—			15,800			1.5	%
Consumer Goods – Non-durable	Consumer Goods – Non-durable	77,385			10,386			—			—			245			—			—			88,016			8.4	%	Consumer Goods – Non-durable	104,353			11,545			—			—			258			—			—			116,156			11.2	%
Consumer Services	Consumer Services	143,415			—			—			—			—			—			—			143,415			13.8	%	Consumer Services	151,177			—			—			—			—			—			—			151,177			14.5	%

Diversified Investment Vehicles, Banking, Finance, Real Estate	Diversified Investment Vehicles, Banking, Finance, Real Estate	45,509			—			—			—			—			—			—			45,509			4.4	%	Diversified Investment Vehicles, Banking, Finance, Real Estate	45,235			—			—			—			—			—			—			45,235			4.3	%
Education	Education	41,254			—			—			—						—			—			41,254			4.0	%	Education	40,223			—			—			—			—			—			—			40,223			3.9	%
Energy – Electricity	Energy – Electricity	2,544			—			—			—			—			—			—			2,544			0.2	%	Energy – Electricity	2,166			—			—			—			—			—			—			2,166			0.2	%
Environmental Industries	Environmental Industries	10,923			—			—			—			—			—			—			10,923			1.0	%	Environmental Industries	8,881			—			—			—			—			—			—			8,881			0.9	%

Healthcare & Pharmaceuticals	Healthcare & Pharmaceuticals	365,941			39,510			—			—			348			1,507			1,851			409,157			39.2	%	Healthcare & Pharmaceuticals	391,738			19,654			—			—			348			1,720			1,757			415,217			40.0	%
High Tech Industries	High Tech Industries	255,792			—			—			—			—			1,000			—			256,792			24.7	%	High Tech Industries	264,848			—			—			—			—			1,309			—			266,157			25.6	%

Hotel, Gaming, Leisure, Restaurants																												Hotel, Gaming, Leisure, Restaurants	9,867			—			—			—			—			—			—			9,867			0.9	%
Insurance	Insurance	61,360			—			—			—			—			—			—			61,360			6.0	%	Insurance	72,860			—			—			—			—			—			—			72,860			7.0	%
Manufacturing, Capital Equipment	Manufacturing, Capital Equipment	25,228			7,486			—			—			9,929			288			—			42,931			4.1	%	Manufacturing, Capital Equipment	26,666			7,546			—			—			9,862			265			—			44,339			4.3	%
Media – Diversified & Production	Media – Diversified & Production	40,134			—			—			—			—			—			—			40,134			3.9	%	Media – Diversified & Production	39,695			—			—			—			—			—			—			39,695			3.8	%

Retail	Retail	31,537			—			—			—			—			—			—			31,537			3.0	%	Retail	31,431			—			—			—			—			—			—			31,431			3.0	%
Telecommunications	Telecommunications	10,818			11,268			—			—			—			—			—			22,086			2.1	%	Telecommunications	11,405			11,590			—			—			—			—			—			22,995			2.2	%
Transportation – Cargo, Distribution	Transportation – Cargo, Distribution	36,871			—			—			—			—			—			—			36,871			3.5	%	Transportation – Cargo, Distribution	41,122			—			—			—			—			—			—			41,122			4.0	%
Wholesale	Wholesale	15,272			—			—			—			—			636			—			15,908			1.5	%	Wholesale	15,349			—			—			—			—			604			—			15,953			1.5	%
Total Non-Controlled / Non-Affiliated Investments	Total Non-Controlled / Non-Affiliated Investments	$	1,695,975		$	171,799		$	—		$	—		$	10,611		$	10,635		$	1,851		$	1,890,871		181.3	%	Total Non-Controlled / Non-Affiliated Investments	$	1,843,148		$	140,229		$	—		$	—		$	11,005		$	10,904		$	1,757		$	2,007,043		193.2	%
% of Net Assets	% of Net Assets	162.6		%	16.5		%	—		%	—		%	1.0		%	1.0		%	0.2		%	181.3		%			% of Net Assets	177.4		%	13.5		%	—		%	—		%	1.1		%	1.0		%	0.2		%	193.2		%
Non-Controlled / Affiliated Investments	Non-Controlled / Affiliated Investments																											Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	36,162		$	—		$	36,162		3.5	%	Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	45,234		$	—		$	45,234		4.3	%
Consumer Goods - Durable		3,804			—			—			—			—			1,551			—			5,355			0.5	%
Consumer Goods – Durable																												Consumer Goods – Durable	3,986			—			—			—			—			1,096			—			5,082			0.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			11,675			—			—			—			11,675			1.1	%	Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			10,794			—			—			—			10,794			1.0	%
Energy – Electricity	Energy – Electricity													5,584			801						6,385			0.6	%	Energy – Electricity	—			—			—			—			5,434			629			—			6,063			0.6	%
Energy – Oil & Gas	Energy – Oil & Gas	—			—			—			—			—			2,170			—			2,170			0.2	%	Energy – Oil & Gas	—			—			—			—			—			2,170			—			2,170			0.2	%
Total Non-Controlled / Affiliated Investments	Total Non-Controlled / Affiliated Investments	$	3,804		$	—		$	—		$	11,675		$	5,584		$	40,684		$	—		$	61,747		5.9	%	Total Non-Controlled / Affiliated Investments	$	3,986		$	—		$	—		$	10,794		$	5,434		$	49,129		$	—		$	69,343		6.6	%
% of Net Assets	% of Net Assets	0.4		%	—		%	—		%	1.1		%	0.5		%	3.9		%	—		%	5.9		%			% of Net Assets	0.4		%	—		%	—		%	1.0		%	0.5		%	4.7		%	—		%	6.6		%

Controlled Investments																												Controlled Investments

Aviation and Consumer Transport																												Aviation and Consumer Transport	$	275,000		$	—		$	—		$	—		$	—		$	39,820		$	—		$	314,820		30.3	%
Energy – Oil & Gas																												Energy – Oil & Gas	25,470			4,922			—			—			—			6,740			—			37,132			3.6	%
High Tech Industries																												High Tech Industries	88,777			—			—			—			6,464			—			—			95,241			9.2	%
Transportation – Cargo, Distribution																												Transportation – Cargo, Distribution	—			—			22,000			—			—			66,729			—			88,729			8.5	%
Total Controlled Investments																												Total Controlled Investments	$	389,247		$	4,922		$	22,000		$	—		$	6,464		$	113,289		$	—		$	535,922		51.6	%
% of Net Assets																												% of Net Assets	37.5		%	0.5		%	2.1		%	—		%	0.6		%	10.9		%	—		%	51.6		%
Total																												Total	$	2,236,381		$	145,151		$	22,000		$	10,794		$	22,903		$	173,322		$	1,757		$	2,612,308		251.4	%
% of Net Assets																												% of Net Assets	215.3		%	14.0		%	2.1		%	1.0		%	2.2		%	16.6		%	0.2		%	251.4		%

See notes to financial statements.

Table of Contents

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.

Table of Contents

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


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

____________________

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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, ~~2020~~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.

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

~~(In thousands, except share data)~~

(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.

Table of Contents

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	Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total		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	Non-Controlled / Non-Affiliated Investments																	Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	Advertising, Printing & Publishing	$	57,553	$	—	$	—	$	—	$	—	$	219	$	—	$	57,772	Advertising, Printing & Publishing	$	57,553	$	—	$	—	$	—	$	—	$	219	$	—	$	57,772
Aerospace & Defense	Aerospace & Defense	30,368		—		—		—		—		—		—		30,368		Aerospace & Defense	30,368		—		—		—		—		—		—		30,368
Automotive	Automotive	30,794		23,549		—		—		—		350		—		54,693		Automotive	30,794		23,549		—		—		—		350		—		54,693
Aviation and Consumer Transport	Aviation and Consumer Transport	17,229		—		—		—		—		—		—		17,229		Aviation and Consumer Transport	17,229		—		—		—		—		—		—		17,229
Beverage, Food & Tobacco	Beverage, Food & Tobacco	95,289		—		—		—		—		2,205		—		97,494		Beverage, Food & Tobacco	95,289		—		—		—		—		2,205				97,494
Business Services	Business Services	221,162		109,995		—		—		89		1,432		—		332,678		Business Services	221,162		109,995		—		—		89		1,432		—		332,678
Chemicals, Plastics & Rubber	Chemicals, Plastics & Rubber	17,315		12,165		—		—		—		—		—		29,480		Chemicals, Plastics & Rubber	17,315		12,165		—		—		—		—		—		29,480
Construction & Building	Construction & Building	28,603		—		—		—		—		500		—		29,103		Construction & Building	28,603		—		—		—		—		500		—		29,103
Consumer Goods – Durable	Consumer Goods – Durable	22,237		—		—		—		—		107		—		22,344		Consumer Goods – Durable	22,237		—		—		—		—		107		—		22,344
Consumer Goods – Non-Durable	Consumer Goods – Non-Durable	78,873		12,777		—		—		462		—		—		92,112		Consumer Goods – Non-Durable	78,873		12,777		—		—		462		—		—		92,112
Consumer Services	Consumer Services	120,845		—		—		—		—		—		—		120,845		Consumer Services	120,845		—		—		—		—		—		—		120,845

Diversified Investment Vehicles, Banking, Finance, Real Estate	Diversified Investment Vehicles, Banking, Finance, Real Estate	50,632		—		—		—		—		—		—		50,632		Diversified Investment Vehicles, Banking, Finance, Real Estate	50,632		—		—		—		—		—		—		50,632
Education	Education	36,161		—		—		—		—		—		—		36,161		Education	36,161		—		—		—		—		—		—		36,161
Energy – Electricity	Energy – Electricity	7,637		—		—		—		5,623		4		—		13,264		Energy – Electricity	7,637		—		—		—		5,623		4		—		13,264
Environmental Industries	Environmental Industries	11,347		—		—		—		—		—		—		11,347		Environmental Industries	11,347		—		—		—		—		—		—		11,347

Healthcare & Pharmaceuticals	Healthcare & Pharmaceuticals	325,747		63,274		—		—		333		1,064		211		390,629		Healthcare & Pharmaceuticals	325,747		63,274		—		—		333		1,064		211		390,629
High Tech Industries	High Tech Industries	251,601		—		—		—		—		—		—		251,601		High Tech Industries	251,601		—		—		—		—		—		—		251,601

Insurance	Insurance	34,744		—		—		—		—		—		—		34,744		Insurance	34,744		—		—		—		—		—		—		34,744
Manufacturing, Capital Equipment	Manufacturing, Capital Equipment	21,345		7,947		—		—		11,849		250		—		41,391		Manufacturing, Capital Equipment	21,345		7,947		—		—		11,849		250		—		41,391
Media – Diversified & Production	Media – Diversified & Production	43,968		—		—		—		—		—		—		43,968		Media – Diversified & Production	43,968		—		—		—		—		—		—		43,968

Retail	Retail	41,803		—		—		—		—		—		—		41,803		Retail	41,803		—		—		—		—		—		—		41,803
Telecommunications	Telecommunications	11,382		12,804		—		—		—		—		—		24,186		Telecommunications	11,382		12,804		—		—		—		—		—		24,186
Transportation – Cargo, Distribution	Transportation – Cargo, Distribution	33,749		—		—		—		—		—		—		33,749		Transportation – Cargo, Distribution	33,749		—		—		—		—		—		—		33,749
Wholesale	Wholesale	12,964		—		—		—		—		516		—		13,480		Wholesale	12,964		—		—		—		—		516		—		13,480
Total Non-Controlled / Non-Affiliated Investments	Total Non-Controlled / Non-Affiliated Investments	$	1,603,348	$	242,511	$	—	$	—	$	18,356	$	6,647	$	211	$	1,871,073	Total Non-Controlled / Non-Affiliated Investments	$	1,603,348	$	242,511	$	—	$	—	$	18,356	$	6,647	$	211	$	1,871,073
Non-Controlled / Affiliated Investments	Non-Controlled / Affiliated Investments																	Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	77,825	$	—	$	77,825	Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	77,825	$	—	$	77,825
Consumer Goods – Durable	Consumer Goods – Durable	4,009		—		—		—		—		1,000		—		5,009		Consumer Goods – Durable	4,009		—		—		—		—		1,000		—		5,009
Diversified Investment Vehicles, Banking, Finance, Real Estate	Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,812		—		—		—		16,812		Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,812		—		—		—		16,812
Energy – Electricity	Energy – Electricity	—		—		—		—		16,347		671		—		17,018		Energy – Electricity	—		—		—		—		16,347		671		—		17,018
Energy – Oil & Gas	Energy – Oil & Gas	—		—		—		—		—		16,764		—		16,764		Energy – Oil & Gas	—		—		—		—		—		16,764		—		16,764
Manufacturing, Capital Equipment	Manufacturing, Capital Equipment	—		—		—		—		—		—		—		—		Manufacturing, Capital Equipment	—		—		—		—		—		—		—		—
Total Non-Controlled / Affiliated Investments	Total Non-Controlled / Affiliated Investments	$	4,009	$	—	$	—	$	16,812	$	16,347	$	96,260	$	—	$	133,428	Total Non-Controlled / Affiliated Investments	$	4,009	$	—	$	—	$	16,812	$	16,347	$	96,260	$	—	$	133,428
Controlled Investments																		Controlled Investments
Aviation and Consumer Transport																		Aviation and Consumer Transport	$	190,500	$	—	$	—	$	—	$	—	$	120,300	$	—	$	310,800
Energy – Oil & Gas																		Energy – Oil & Gas	113,167		36,926		—		—		—		31,489		—		181,582
High Tech Industries																		High Tech Industries	84,050		—		—		—		6,000		—		—		90,050
Transportation – Cargo, Distribution																		Transportation – Cargo, Distribution	—		—		22,000		—		—		107,466		—		129,466
Total Controlled Investments																		Total Controlled Investments	$	387,717	$	36,926	$	22,000	$	—	$	6,000	$	259,255	$	—	$	711,898
Total																		Total	$	1,995,074	$	279,437	$	22,000	$	16,812	$	40,703	$	362,162	$	211	$	2,716,399

See notes to financial statements.

~~Table of Contents~~

~~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
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.~~

6256

Table of Contents

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:~~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.

Table of Contents

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.

Table of Contents

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, ~~2020~~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.

Table of Contents

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 ~~June~~September 30, 2021, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for ~~$225,099.~~$231,004.

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) during 2020 and 2021 and any other parameters used in determining these estimates could cause actual results to differ materially.

Table of Contents

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19, as well as new strains, such as the new Delta strain, have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of nonessential businesses. Such actions created disruption in global supply chains, and adversely impacted many industries. Even though vaccines have been distributed nationally in the United States and restrictions in the United States and several other countries are being lifted, the outbreak has had and could continue to have a continued and adverse impact on economic and market conditions. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions. The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of June 30, 2021. However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results may ultimately differ from those estimates.

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 ~~June~~September 30, 2021 was ~~$41,155.~~$23,556. Cash equivalents held as of March 31, 2021 was ~~$50,180.~~$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 ~~June~~September 30, 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.

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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.

Table of Contents

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.

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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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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 ~~three~~six months ended ~~June~~September 30, 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.

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~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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 ~~June~~September 30, 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 ~~June~~September 30, 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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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.

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~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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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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 6to 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.~~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.

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~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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 ~~June~~September 30, 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.

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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 ~~June~~September 30, 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 as disclosed in~~ ~~Note 7~~.split.

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~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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 ~~as of March 12, 2020~~ 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 is evaluating 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.

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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.

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~~APOLLO INVESTMENT CORPORATION~~

~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

For this purpose, “Cumulative Pre-Incentive Fee Net ~~Return”~~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.

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~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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 six months ended ~~June~~September 30, 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 six months ended ~~June~~September 30, 2021, the Company recognized $9,158 and $17,972 respectively, of management fees, and $5,271 and $5,271, respectively, of incentive fees before impact of waived fees. For the three and six months ended September 30, 2020, the Company recognized ~~$8,813~~$9,262 and ~~$9,524~~$18,786 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees. For the three and six months ended ~~June~~September 30, 2021 and 2020, no management fees were waived (as not applicable) and no incentive fees were waived.

As of ~~June~~September 30, 2021 and March 31, 2021, management and performance-based incentive fees payable were ~~$8,813~~$14,282 and $8,666, respectively.

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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 six months ended ~~June~~September 30, 2021, ~~and 2020, management~~the performance-based incentive fee offset was $0$147 & $147. For three and ~~$0, respectively.~~six months ended September 30, 2020, there was no performance-based incentive fee offset.

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~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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 six months ended ~~June~~September 30, 2021, the Company recognized administrative services expense under the Administration Agreement of $1,715 and $2,985, respectively. For the three and six months ended September 30, 2020, the Company recognized administrative services expense under the Administration Agreement of ~~$1,271~~$1,201 and ~~$1,188,~~$2,389, respectively. There was no payable to AIA and its affiliates for expenses paid on our behalf as of ~~June~~September 30, 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 six months ended ~~June~~September 30, 2021, ~~and 2020,~~ the Company recognized administrative service expense reimbursements of $75 and ~~$75,~~$150, respectively, under the Merx Administration Agreement. For the three and six months ended September 30, 2020, the Company recognized administrative service expense reimbursements of $76 and $150, 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 six months ended ~~June~~September 30, 2021, the Company recognized debt expense reimbursements of $1 and $2, respectively, under the debt expense reimbursement agreements. For the three and six months ended September 30, 2020, the Company recognized debt expense reimbursements of $1 a~~nd $35,~~of $24 and $60, respectively, under the debt expense reimbursement agreements.

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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 (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, 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 ~~June~~September 30, 2021, the Company’s co-investment holdings were ~~65%~~68% of the portfolio or ~~$1,610,022,~~$1,766,039, measured at fair value. On a cost basis, ~~58%~~63% of the portfolio or ~~$1,605,791~~$1,762,540 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.

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)~~

~~(In thousands, except share and per share data)~~

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%~~.The~~.

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 ~~June~~September 30, 2021 was ~~$190,500.~~$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 six months ended ~~June~~September 30, 2021 and 2020:

Three Months Ended June 30,
2021 2020
Basic Earnings Per Share
Net increase in net assets resulting from operations $ 32,144 $ 2,995
Weighted average shares outstanding 65,200,856 65,259,176
Basic earnings per share $ 0.49 $ 0.05


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Basic Earnings (Loss) Per Share
Net increase (decrease) in net assets resulting from operations	$	25,441	$	33,289	$	57,584	$	36,283
Weighted average shares outstanding	65,031,131		65,259,176		65,115,530		65,259,176
Basic earnings (loss) per share	$	0.39	$	0.51	$	0.88	$	0.56

7770

Table of Contents

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 ~~June~~September 30, 2021, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:


						Fair Value Hierarchy											Fair Value Hierarchy
		Cost		Fair Value		Level 1		Level 2		Level 3			Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	First Lien Secured Debt	$	2,089,799	$	2,010,811	$	—	$	10,718	$	2,000,093	First Lien Secured Debt	$	2,239,501	$	2,236,381	$	—	$	—	$	2,236,381
Second Lien Secured Debt	Second Lien Secured Debt	223,516		175,938		—		—		175,938		Second Lien Secured Debt	169,086		145,151		—		—		145,151
Unsecured Debt	Unsecured Debt	22,000		22,000		—		—		22,000		Unsecured Debt	22,000		22,000		—		—		22,000
Structured Products and Other	Structured Products and Other	16,812		11,675		—		—		11,675		Structured Products and Other	16,837		10,794		—		—		10,794
Preferred Equity	Preferred Equity	40,703		22,279		—		—		22,279		Preferred Equity	41,152		22,903		—		—		22,903
Common Equity/Interests	Common Equity/Interests	360,205		248,242		—		455		247,787		Common Equity/Interests	319,931		173,322		—		411		172,911
Warrants	Warrants	211		1,851		—		—		1,851		Warrants	211		1,757		—		—		1,757
Total Investments before Cash Equivalents	Total Investments before Cash Equivalents	$	2,753,246	$	2,492,796	$	—	$	11,173	$	2,481,623	Total Investments before Cash Equivalents	$	2,808,718	$	2,612,308	$	—	$	411	$	2,611,897

Money Market Fund	Money Market Fund	$	41,155	$	41,155	$	41,155	$	—	$	—	Money Market Fund	$	23,556	$	23,556	$	23,556	$	—	$	—
Total Cash Equivalents	Total Cash Equivalents	$	41,155	$	41,155	$	41,155	$	—	$	—	Total Cash Equivalents	$	23,556	$	23,556	$	23,556	$	—	$	—
Total Investments after Cash Equivalents	Total Investments after Cash Equivalents	$	2,794,401	$	2,533,951	$	41,155	$	11,173	$	2,481,623	Total Investments after Cash Equivalents	$	2,832,274	$	2,635,864	$	23,556	$	411	$	2,611,897

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											Fair Value Hierarchy
		Cost		Fair Value		Level 1		Level 2		Level 3			Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	First Lien Secured Debt	$	1,995,074	$	1,907,807	$	—	$	—	$	1,907,807	First Lien Secured Debt	$	1,995,074	$	1,907,807	$	—	$	—	$	1,907,807
Second Lien Secured Debt	Second Lien Secured Debt	279,437		237,609		—		—		237,609		Second Lien Secured Debt	279,437		237,609		—		—		237,609
Unsecured Debt	Unsecured Debt	22,000		22,000		—		—		22,000		Unsecured Debt	22,000		22,000		—		—		22,000
Structured Products and Other	Structured Products and Other	16,812		11,289		—		—		11,289		Structured Products and Other	16,812		11,289		—		—		11,289
Preferred Equity	Preferred Equity	40,703		22,537		—		—		22,537		Preferred Equity	40,703		22,537		—		—		22,537
Common Equity/Interests	Common Equity/Interests	362,162		246,314		—		484		245,830		Common Equity/Interests	362,162		246,314		—		484		245,830
Warrants	Warrants	211		1,595		—		—		1,595		Warrants	211		1,595		—		—		1,595
Total Investments and Cash Equivalents		$	2,716,399	$	2,449,151	$	—	$	484	$	2,448,667
Total Investments before Cash Equivalents												Total Investments before Cash Equivalents	$	2,716,399	$	2,449,151	$	—	$	484	$	2,448,667

Money Market Fund	Money Market Fund	$	50,180	$	50,180	$	50,180	$	—	$	—	Money Market Fund	$	50,180	$	50,180	$	50,180	$	—	$	—
Total Cash Equivalents	Total Cash Equivalents	$	50,180	$	50,180	$	50,180	$	—	$	—	Total Cash Equivalents	$	50,180	$	50,180	$	50,180	$	—	$	—
Total Investments after Cash Equivalents	Total Investments after Cash Equivalents	$	2,766,579	$	2,499,331	$	50,180	$	484	$	2,448,667	Total Investments after Cash Equivalents	$	2,766,579	$	2,499,331	$	50,180	$	484	$	2,448,667

7871

Table of Contents

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 ~~June~~September 30, 2021:


		First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total			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
Fair value as of June 30, 2021																		Fair value as of June 30, 2021	$	2,000,093	$	175,938	$	22,000	$	11,675	$	22,279	$	247,787	$	1,851	$	2,481,623
Net realized gains (losses)	Net realized gains (losses)	279		—		—		—		—		—		—		279		Net realized gains (losses)	(42,724)		(19,805)		—		—		—		—		—		(62,529)
Net change in unrealized gains (losses)	Net change in unrealized gains (losses)	8,277		(5,750)		—		386		(258)		3,916		256		6,827		Net change in unrealized gains (losses)	76,199		23,643		—		(906)		175		(34,602)		(94)		64,415
Net amortization on investments	Net amortization on investments	2,284		125		—		—		—		—		—		2,409		Net amortization on investments	2,592		334		—		—		—		—		—		2,926
Purchases, including capitalized PIK (3)	Purchases, including capitalized PIK (3)	294,515		485		—		—		—		2,000		—		297,000		Purchases, including capitalized PIK (3)	374,815		—		—		25		449		44,312		—		419,601
Sales (3)	Sales (3)	(202,350)		(56,531)		—		—		—		(3,959)		—		(262,840)		Sales (3)	(174,594)		(34,959)		—		—		—		(84,586)		—		(294,139)
Transfers out of Level 3 (1)	Transfers out of Level 3 (1)	(10,719)		—		—		—		—		—		—		(10,719)		Transfers out of Level 3 (1)	—		—		—		—		—		—		—		—
Transfers into Level 3 (1)	Transfers into Level 3 (1)	—		—		—		—		—		—		—		—		Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
Fair value as of June 30, 2021		$	2,000,093	$	175,938	$	22,000	$	11,675	$	22,279	$	247,787	$	1,851	$	2,481,623
Fair value as of September 30, 2021																		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 change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2021		$	5,151	$	(5,834)	$	—	$	386	$	(257)	$	3,917	$	256	$	3,619
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2021																		Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2021	$	2,025	$	5,155	$	—	$	(898)	$	175	$	(1,336)	$	(94)	$	5,027

The following table shows changes in the fair value of our Level 3 investments during the six months ended September 30, 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)	(42,444)		(19,805)		—		—		—		—		—		(62,249)
Net change in unrealized gains (losses)	84,476		17,891		—		(520)		(82)		(30,685)		162		71,242
Net amortization on investments	6,949		1,645		—		—		—		—		—		8,594
Purchases, including capitalized PIK (3)	669,328		487		—		25		448		46,312		—		716,600
Sales (3)	(379,017)		(92,676)		—		—		—		(88,546)		—		(560,239)
Transfers out of Level 3 (1)	(10,718)		—		—		—		—		—		—		(10,718)
Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
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 change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2021	$	5,046	$	1,352	$	—	$	(512)	$	(82)	$	3,699	$	162	$	9,665

____________________

(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 ~~period~~periods shown.

(2)Includes unfunded commitments measured at fair va~~lue~~value of ~~$(5,576)~~ $(4,933).

(3)Includes reorganizations and restructuring of investments.

Table of Contents

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 ~~June~~September 30, 2020:


		First Lien Secured Debt (2)		Second Lien Secured Debt (2)		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total			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
Fair value as of June 30, 2020																		Fair value as of June 30, 2020	$	2,093,720	$	309,111	$	—	$	9,815	$	8,720	$	249,031	$	217	$	2,670,614
Net realized gains (losses)	Net realized gains (losses)	(7,333)		(1,247)		—		—		—		—		(48)		(8,628)		Net realized gains (losses)	(3,334)		224		—		—		(14)		62		—		(3,062)
Net change in unrealized gains (losses)	Net change in unrealized gains (losses)	(2,026)		(1,636)		—		67		741		(12,927)		129		(15,652)		Net change in unrealized gains (losses)	41,943		2,120		—		(576)		(541)		(27,176)		48		15,818
Net amortization on investments	Net amortization on investments	2,693		256		—		—		—		—		—		2,949		Net amortization on investments	2,677		231		—		—		—		—		—		2,908
Purchases, including capitalized PIK (3)	Purchases, including capitalized PIK (3)	139,107		373		—		—		11		105,307		—		244,798		Purchases, including capitalized PIK (3)	93,679		477		22,000		26		—		32,603		—		148,785
Sales (3)	Sales (3)	(304,521)		(32,055)		—		—		—		(1,292)		—		(337,868)		Sales (3)	(229,920)		(17,614)		—		—		(142)		(1,279)		—		(248,955)
Transfers out of Level 3 (1)	Transfers out of Level 3 (1)	—		—		—		—		—		—		—		—		Transfers out of Level 3 (1)	—		—		—		—		—		—		—		—
Transfers into Level 3 (1)	Transfers into Level 3 (1)	—		—		—		—		—		—		—		—		Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
Fair value as of June 30, 2020		$	2,093,720	$	309,111	$	—	$	9,815	$	8,720	$	249,031	$	217	$	2,670,614
Fair value as of September 30, 2020																		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 change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2020		$	(13,438)	$	(3,098)	$	—	$	68	$	741	$	(12,927)	$	81	$	(28,573)
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020																		Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020	$	12,800	$	1,766	$	—	$	(576)	$	(542)	$	(27,177)	$	47	$	(13,682)


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)


		Page
	PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Statements of Assets and Liabilities ~~June~~ September 30, 2021 and March 31, 2021	1

	Statements of Operations Three and six months ended ~~June~~September 30, 2021 and ~~June~~September 30, 2020	2

	Statements of Changes in Net Assets Three and six months ended ~~June~~September 30, ~~202~~1 2021 and ~~June~~September 30, 20 20 2020	3

	Statements of Cash Flows ~~Three~~ Six months ended ~~June~~September 30, 2021 and ~~June~~September 30, 2020	4

	Schedule of Investments ~~June~~ September 30, 2021	5

	Schedule of Investments March 31, ~~2020~~2021	3531

	Notes to Financial Statements	6660

	Report of Independent Registered Public Accounting Firm	9287

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9388

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~107~~104

Item 4.	Controls and Procedures	~~109~~106

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	~~110~~107

Item 1A.	Risk Factors	~~110~~107

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~111~~108

Item 3.	Defaults Upon Senior Securities	~~114~~111

Item 4.	Mine Safety Disclosures	~~114~~111

Item 5.	Other Information	~~114~~111

Item 6.	Exhibits	~~115~~112

	Signatures	~~116~~113


		June 30, 2021		March 31, 2021			September 30, 2021		March 31, 2021
		(Unaudited)					(Unaudited)
Assets	Assets					Assets
Investments at fair value:	Investments at fair value:					Investments at fair value:
Non-controlled/non-affiliated investments (cost — $1,910,491 and $1,871,073, respectively)		$	1,890,871	$	1,844,627
Non-controlled/affiliated investments (cost — $134,302 and $133,428, respectively)		61,747		50,874
Controlled investments (cost — $708,453 and $711,898, respectively)		540,178		553,650
Non-controlled/non-affiliated investments (cost — $2,027,880 and $1,871,073, respectively)						Non-controlled/non-affiliated investments (cost — $2,027,880 and $1,871,073, respectively)	$	2,007,043	$	1,844,627
Non-controlled/affiliated investments (cost — $134,465 and $133,428, respectively)						Non-controlled/affiliated investments (cost — $134,465 and $133,428, respectively)	69,343		50,874
Controlled investments (cost — $646,373 and $711,898, respectively)						Controlled investments (cost — $646,373 and $711,898, respectively)	535,922		553,650

Cash and cash equivalents	Cash and cash equivalents	41,155		50,180		Cash and cash equivalents	23,556		50,180
Foreign currencies (cost — $6,227 and $4,462, respectively)		6,162		4,444
Foreign currencies (cost — $4,083 and $4,462, respectively)						Foreign currencies (cost — $4,083 and $4,462, respectively)	3,962		4,444

Receivable for investments sold	Receivable for investments sold	5,390		1,351		Receivable for investments sold	11,089		1,351
Interest receivable	Interest receivable	13,730		13,135		Interest receivable	12,697		13,135
Dividends receivable	Dividends receivable	4,104		3,793		Dividends receivable	6,500		3,793
Deferred financing costs	Deferred financing costs	20,332		21,528		Deferred financing costs	19,123		21,528

Prepaid expenses and other assets	Prepaid expenses and other assets	1,657		907		Prepaid expenses and other assets	1,332		907
Total Assets	Total Assets	$	2,585,326	$	2,544,489	Total Assets	$	2,690,567	$	2,544,489

Liabilities	Liabilities					Liabilities
Debt	Debt	$	1,488,798	$	1,465,371	Debt	$	1,597,792	$	1,465,371
Payable for investments purchased	Payable for investments purchased	6,586		—		Payable for investments purchased	2,005		—
Distributions payable	Distributions payable	23,441		23,493		Distributions payable	23,408		23,493
Management and performance-based incentive fees payable	Management and performance-based incentive fees payable	8,813		8,666		Management and performance-based incentive fees payable	14,282		8,666
Interest payable	Interest payable	6,781		2,096		Interest payable	3,436		2,096
Accrued administrative services expense	Accrued administrative services expense	1,251		794		Accrued administrative services expense	2,279		794

Other liabilities and accrued expenses	Other liabilities and accrued expenses	6,651		7,739		Other liabilities and accrued expenses	8,232		7,739
Total Liabilities	Total Liabilities	$	1,542,321	$	1,508,159	Total Liabilities	$	1,651,434	$	1,508,159
Commitments and contingencies (Note 8)	Commitments and contingencies (Note 8)					Commitments and contingencies (Note 8)
Net Assets	Net Assets	$	1,043,005	$	1,036,330	Net Assets	$	1,039,133	$	1,036,330

Net Assets	Net Assets					Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 65,113,604 and 65,259,176 shares issued and outstanding, respectively)		$	65	$	65
Common stock, $0.001 par value (130,000,000 shares authorized; 64,662,651 and 65,259,176 shares issued and outstanding, respectively)						Common stock, $0.001 par value (130,000,000 shares authorized; 64,662,651 and 65,259,176 shares issued and outstanding, respectively)	$	65	$	65
Capital in excess of par value	Capital in excess of par value	2,097,832		2,099,876		Capital in excess of par value	2,091,927		2,099,876
Accumulated under-distributed (over-distributed) earnings	Accumulated under-distributed (over-distributed) earnings	(1,054,892)		(1,063,611)		Accumulated under-distributed (over-distributed) earnings	(1,052,859)		(1,063,611)

Net Assets	Net Assets	$	1,043,005	$	1,036,330	Net Assets	$	1,039,133	$	1,036,330

Net Asset Value Per Share	Net Asset Value Per Share	$	16.02	$	15.88	Net Asset Value Per Share	$	16.07	$	15.88


		Three Months Ended June 30,				Three Months Ended September 30,		Six Months Ended September 30,
		2021		2020				2021		2020		2021		2020
Investment Income	Investment Income						Investment Income
Non-controlled/non-affiliated investments:	Non-controlled/non-affiliated investments:						Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	40,244	$	47,726		Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	38,850	$	46,139	$	79,096	$	93,502
Dividend income	Dividend income	72		—			Dividend income	325		—		397		—
PIK interest income	PIK interest income	1,201		786			PIK interest income	592		925		1,792		2,073
Other income	Other income	1,187		384			Other income	994		163		2,181		547
Non-controlled/affiliated investments:	Non-controlled/affiliated investments:						Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	Interest income (excluding PIK interest income)	45		8			Interest income (excluding PIK interest income)	48		4		93		12
Dividend income	Dividend income	312		345			Dividend income	338		331		649		676
PIK interest income	PIK interest income	16		—			PIK interest income	18		—		34		—
Other income	Other income	—		—			Other income	—		—		—		—
Controlled investments:	Controlled investments:						Controlled investments:
Interest income (excluding PIK interest income)	Interest income (excluding PIK interest income)	7,157		5,892			Interest income (excluding PIK interest income)	9,342		6,438		16,499		12,331
Dividend income	Dividend income	—		800			Dividend income	2,059		891		2,059		1,691
PIK interest income	PIK interest income	319		728			PIK interest income	323		—		642		728
Other income	Other income	—		—			Other income	—		—		—		—
Total Investment Income	Total Investment Income	$	50,553	$	56,669		Total Investment Income	$	52,889	$	54,891	$	103,442	$	111,560
Expenses	Expenses						Expenses
Management fees	Management fees	$	8,813	$	9,524		Management fees	$	9,158	$	9,262	$	17,972	$	18,786
Performance-based incentive fees	Performance-based incentive fees	—		—			Performance-based incentive fees	5,271		—		5,271		—
Interest and other debt expenses	Interest and other debt expenses	12,662		15,392			Interest and other debt expenses	13,944		13,845		26,608		29,237
Administrative services expense	Administrative services expense	1,271		1,188			Administrative services expense	1,715		1,201		2,985		2,389
Other general and administrative expenses	Other general and administrative expenses	2,538		2,446			Other general and administrative expenses	1,793		2,777		4,331		5,224
Total expenses	Total expenses	25,284		28,550			Total expenses	31,881		27,085		57,167		55,636
Management and performance-based incentive fees waived	Management and performance-based incentive fees waived	—		—			Management and performance-based incentive fees waived	—		—		—		—
Management fee offset rebate		—		—
Performance-based incentive fee offset							Performance-based incentive fee offset	(147)		—		(147)		—
Expense reimbursements	Expense reimbursements	(76)		(110)			Expense reimbursements	(76)		(100)		(152)		(210)
Net Expenses	Net Expenses	$	25,208	$	28,440		Net Expenses	$	31,658	$	26,985	$	56,868	$	55,426
Net Investment Income	Net Investment Income	$	25,345	$	28,229		Net Investment Income	$	21,231	$	27,906	$	46,574	$	56,134
Net Realized and Change in Unrealized Gains (Losses)	Net Realized and Change in Unrealized Gains (Losses)						Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):	Net realized gains (losses):						Net realized gains (losses):
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	$	279	$	(8,629)		Non-controlled/non-affiliated investments	$	2,523	$	590	$	2,803	$	(8,039)
Non-controlled/affiliated investments	Non-controlled/affiliated investments	—		—			Non-controlled/affiliated investments	541		(3,653)		541		(3,653)
Controlled investments	Controlled investments	—		—			Controlled investments	(65,300)		—		(65,300)		—

Foreign currency transactions	Foreign currency transactions	(184)		212			Foreign currency transactions	(2,565)		64		(2,749)		276

Net realized gains (losses)	Net realized gains (losses)	95		(8,417)			Net realized gains (losses)	(64,801)		(2,999)		(64,705)		(11,416)
Net change in unrealized gains (losses):	Net change in unrealized gains (losses):						Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments	Non-controlled/non-affiliated investments	6,826		10,607			Non-controlled/non-affiliated investments	(1,215)		21,680		5,610		32,248
Non-controlled/affiliated investments	Non-controlled/affiliated investments	9,998		(9,002)			Non-controlled/affiliated investments	7,434		5,957		17,433		(3,006)
Controlled investments	Controlled investments	(10,026)		(17,248)			Controlled investments	57,821		(11,769)		47,795		(29,017)

Foreign currency translations	Foreign currency translations	(94)		(1,174)			Foreign currency translations	4,971		(7,486)		4,877		(8,660)
Net change in unrealized gains (losses)	Net change in unrealized gains (losses)	6,704		(16,817)			Net change in unrealized gains (losses)	69,011		8,382		75,715		(8,435)
Net Realized and Change in Unrealized Gains (Losses)	Net Realized and Change in Unrealized Gains (Losses)	$	6,799	$	(25,234)		Net Realized and Change in Unrealized Gains (Losses)	$	4,210	$	5,383	$	11,010	$	(19,851)
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	$	32,144	$	2,995		Net Increase (Decrease) in Net Assets Resulting from Operations	$	25,441	$	33,289	$	57,584	$	36,283
Earnings (Loss) Per Share — Basic	Earnings (Loss) Per Share — Basic	$	0.49	$	0.05		Earnings (Loss) Per Share — Basic	$	0.39	$	0.51	$	0.88	$	0.56


		Three Months Ended June 30,					Three Months Ended September 30,				Six Months Ended September 30,
		2021		2020			2021		2020		2021		2020
Operations	Operations					Operations
Net investment income	Net investment income	$	25,345	$	28,229	Net investment income	$	21,231	$	27,906	$	46,574	$	56,134
Net realized gains (losses)	Net realized gains (losses)	95		(8,417)		Net realized gains (losses)	(64,801)		(2,999)		(64,705)		(11,416)
Net change in unrealized gains (losses)	Net change in unrealized gains (losses)	6,704		(16,817)		Net change in unrealized gains (losses)	69,011		8,382		75,715		(8,435)
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	$	32,144	$	2,995	Net Increase (Decrease) in Net Assets Resulting from Operations	$	25,441	$	33,289	$	57,584	$	36,283

Distributions to Stockholders	Distributions to Stockholders					Distributions to Stockholders
Distribution of net investment income	Distribution of net investment income	$	(23,441)	$	(29,367)	Distribution of net investment income	$	(23,408)	$	(23,494)	$	(46,850)	$	(52,860)
Distribution of return of capital	Distribution of return of capital	—		—		Distribution of return of capital	—		—		—		—
Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders		$	(23,441)	$	(29,367)
Net Decrease in Net Assets Resulting from Distributions to Stockholders						Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(23,408)	$	(23,494)	$	(46,850)	$	(52,860)

Capital Share Transactions	Capital Share Transactions					Capital Share Transactions

Repurchase of common stock	Repurchase of common stock	$	(2,026)	$	—	Repurchase of common stock	$	(5,905)	$	—	$	(7,931)	$	—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(2,026)	$	—	Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(5,905)	$	—	$	(7,931)	$	—

Net Assets	Net Assets					Net Assets
Net decrease in net assets during the period		$	6,675	$	(26,372)
Net increase (decrease) in net assets during the period						Net increase (decrease) in net assets during the period	$	(3,872)	$	9,795	$	2,803	$	(16,577)
Net assets at beginning of period	Net assets at beginning of period	1,036,330		1,024,315		Net assets at beginning of period	1,043,005		997,943		1,036,330		1,024,315
Net Assets at End of Period	Net Assets at End of Period	$	1,043,005	$	997,943	Net Assets at End of Period	$	1,039,133	$	1,007,738	$	1,039,133	$	1,007,738

Capital Share Activity	Capital Share Activity					Capital Share Activity
Shares repurchased during the period	Shares repurchased during the period	(145,572)		—		Shares repurchased during the period	(450,953)		—		(596,525)		—
Shares issued and outstanding at beginning of period	Shares issued and outstanding at beginning of period	65,259,176		65,259,176		Shares issued and outstanding at beginning of period	65,113,604		65,259,176		65,259,176		65,259,176
Shares Issued and Outstanding at End of Period	Shares Issued and Outstanding at End of Period	65,113,604		65,259,176		Shares Issued and Outstanding at End of Period	64,662,651		65,259,176		64,662,651		65,259,176


Industry / Company	Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
Advertising, Printing & Publishing	Advertising, Printing & Publishing											Advertising, Printing & Publishing
FingerPaint Marketing	FingerPaint Marketing											FingerPaint Marketing
KL Charlie Acquisition Company	KL Charlie Acquisition Company	First Lien Secured Debt	6.25% (1M L+525, 1.00% Floor)	12/30/26	$	3,504	$	3,469	$	3,469	(9)	KL Charlie Acquisition Company	First Lien Secured Debt	L+525, 1.00% Floor	12/30/26	$	18,560	$	18,220	$	18,374	(9)(28)
		First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	12/30/26	18,606		18,262		18,420		(9)
		First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/30/26	2,190		(19)		(22)		(8)(9) (21)(23)		First Lien Secured Debt	L+525, 1.00% Floor	12/30/26	4,371		3,441		3,451		(9)(21) (23)(28)
		First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	12/30/26	876		(20)		(9)		(8)(9) (21)(23)		First Lien Secured Debt - Revolver	L+525, 1.00% Floor	12/30/26	2,190		(19)		(22)		(8)(9)(21) (23)
KL Charlie Co-Invest, L.P.	KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		370		(9)(13) (25)	KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		335		(9)(13)(25)
							21,911		22,228									21,861		22,138
Simplifi Holdings, Inc.	Simplifi Holdings, Inc.											Simplifi Holdings, Inc.
Simplifi Holdings, Inc.	Simplifi Holdings, Inc.	First Lien Secured Debt	6.25% (6M L+525, 1.00% Floor)	08/02/25	38,342		37,851		38,020		(9)	Simplifi Holdings, Inc.	First Lien Secured Debt	P+425, 1.00% Floor	08/02/25	38,245		37,770		38,245		(9)(34)
		First Lien Secured Debt - Revolver	7.50% (P+425)	08/02/25	720		720		713		(9)(23)		First Lien Secured Debt - Revolver	L+525, 1.00% Floor	08/02/25	2,400		(36)		—		(9)(23)
		First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/02/25	1,680		(38)		(16)		(8)(9) (21)(23)							37,734		38,245
							38,533		38,717					Total Advertising, Printing & Publishing				$	59,595	$	60,383
			Total Advertising, Printing & Publishing				$	60,444	$	60,945
Aerospace & Defense	Aerospace & Defense											Aerospace & Defense
Erickson Inc	Erickson Inc											Erickson Inc
Erickson Inc	Erickson Inc	First Lien Secured Debt - Revolver	9.00% (3M L+750, 1.50% Floor)	04/28/22	$	32,877	$	32,877	$	32,384	(9)(23)	Erickson Inc	First Lien Secured Debt - Revolver	L+750, 1.50% Floor	04/28/22	$	32,250	$	26,505	$	26,142	(9)(20)(21) (23)(28)
		First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/28/22	1,694		(77)		(25)		(8)(9) (21)(23)
		First Lien Secured Debt - Letters of Credit	7.50%	09/30/21 - 11/23/22	1,429		—		(21)		(8)(9) (23)		First Lien Secured Debt - Revolver	13.50%	04/28/22	3,750		3,750		3,701		(9)(23)
			Total Aerospace & Defense				$	32,800	$	32,338				Total Aerospace & Defense				$	30,255	$	29,843
Automotive	Automotive											Automotive
Club Car Wash	Club Car Wash											Club Car Wash
Club Car Wash Operating, LLC	Club Car Wash Operating, LLC	First Lien Secured Debt	7.50% (6M L+650, 1.00% Floor)	06/16/27	$	13,813	$	13,572	$	13,571	(9)	Club Car Wash Operating, LLC	First Lien Secured Debt	L+650, 1.00% Floor	06/16/27	$	13,778	$	13,545	$	13,531	(9)(29)
		First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/16/27	2,438		(42)		(43)		(8)(9) (21)(23)		First Lien Secured Debt	L+650, 1.00% Floor	06/16/27	16,250		3,953		3,934		(9)(21)(23) (29)
		First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	06/16/27	16,250		(282)		(284)		(8)(9) (21)(23)		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		(41)		(44)		(8)(9)(21) (23)
							13,248		13,244									17,457		17,421
Crowne Automotive	Crowne Automotive											Crowne Automotive
Vari-Form Group, LLC	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 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.	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)	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									1,292		398
K&N Parent, Inc.	K&N Parent, Inc.											K&N Parent, Inc.
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		23,565		22,279			K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,573		22,220		(28)
Truck-Lite Co., LLC	Truck-Lite Co., LLC											Truck-Lite Co., LLC
TL Lighting Holdings, LLC	TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		382		(9)(13)	TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		382		(9)(13)
Truck-Lite Co., LLC	Truck-Lite Co., LLC	First Lien Secured Debt	7.25% (3M L+625, 1.00% Floor)	12/14/26	28,513		27,981		28,353		(9)	Truck-Lite Co., LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/26	28,440		27,930		28,367		(9)(28)
		First Lien Secured Debt - Revolver	7.25% (3M L+625, 1.00% Floor)	12/13/24	218		218		217		(9)(23)		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/13/24	3,052		(40)		(2)		(8)(9)(20) (21)(23)
		First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/13/24	2,729		(49)		(8)		(8)(9) (21)(23)							28,240		28,747
		First Lien Secured Debt - Letters of Credit	6.25%	12/01/21 - 12/21/21	105		—		—		(9)(23)			Total Automotive				$	70,562	$	68,786
Aviation and Consumer Transport												Aviation and Consumer Transport
Merx Aviation Finance, LLC												Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)												Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	275,177	$	275,000	$	275,000	(20)(23)
							28,500		28,944				Common Equity - Membership Interests	N/A	N/A	N/A		35,800		39,820		(25)
			Total Automotive				$	66,605	$	64,865
																		310,800		314,820


		Date Issued/Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding			Fair Value			Final Maturity Date		Date Issued/Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding			Fair Value			Final Maturity Date
Senior Secured Facility	Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,142,371	*	$	1,162,150	(1)	12/22/2025	Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,128,067	*	$	1,136,287	(1)	12/22/2025

2025 Notes	2025 Notes	3/3/2015	350,000			350,000			364,163		(2)	3/3/2025	2025 Notes	3/3/2015	350,000			350,000			365,724		(2)	3/3/2025

2026 Notes													2026 Notes	7/16/2021	125,000			125,000			127,051		(2)	7/16/2026
Total Debt Obligations	Total Debt Obligations		$	2,160,000		$	1,492,371		$	1,526,313			Total Debt Obligations		$	2,285,000		$	1,603,067		$	1,629,062
Deferred Financing Cost and Debt Discount						$	(3,573)
Deferred Financing Costs and Debt Discount													Deferred Financing Costs and Debt Discount					$	(5,275)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount	Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,488,798						Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,597,792


	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date

Euro	€	15,400	16,845		18,263		(1,418)		7/30/2021
British Pound	£	76,000	94,351		104,990		(10,639)		7/30/2021


Australian Dollar	A$	6,200	4,543		4,654		(111)		7/30/2021

			$	115,739	$	127,907	$	(12,168)


Date of Agreement/Amendment	Date of Agreement/Amendment	Maximum Cost of Shares That May Be Repurchased		Cost of Shares Repurchased		Remaining Cost of Shares That May Be Repurchased		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	$	—
August 6, 2015								August 6, 2015	$	50,000	$	50,000	$	—
December 14, 2015	December 14, 2015	50,000		50,000		—		December 14, 2015	50,000		50,000		—
September 14, 2016	September 14, 2016	50,000		50,000		—		September 14, 2016	50,000		50,000		—
October 30, 2018	October 30, 2018	50,000		50,000		—		October 30, 2018	50,000		50,000		—
February 6, 2019	February 6, 2019	50,000		25,098		24,902		February 6, 2019	50,000		31,003		18,997
Total as of June 30, 2021		$	250,000	$	225,098	$	24,902
Total as of September 30, 2021								Total as of September 30, 2021	$	250,000	$	231,003	$	18,997


		Three Months Ended June 30, 2021			Three Months Ended June 30, 2020				Six Months Ended September 30, 2021			Six Months Ended September 30, 2020
		(Unaudited)			(Unaudited)				(Unaudited)			(Unaudited)
Per Share Data*	Per Share Data*							Per Share Data*
Net asset value at beginning of period	Net asset value at beginning of period	$	15.88		$	15.70		Net asset value at beginning of period	$	15.88		$	15.70
Net investment income (1)	Net investment income (1)	0.39			0.43			Net investment income (1)	0.72			0.86
Net realized and change in unrealized gains (losses) (1)	Net realized and change in unrealized gains (losses) (1)	0.10			(0.39)			Net realized and change in unrealized gains (losses) (1)	0.17			(0.30)
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	0.49			0.05			Net increase in net assets resulting from operations	0.88			0.56
Distribution of net investment income (2)	Distribution of net investment income (2)	(0.36)			(0.45)			Distribution of net investment income (2)	(0.72)			(0.81)
Distribution of return of capital (2)	Distribution of return of capital (2)	—			—			Distribution of return of capital (2)	—			—

Accretion due to share repurchases	Accretion due to share repurchases	0.00			—			Accretion due to share repurchases	0.02			—
Net asset value at end of period	Net asset value at end of period	$	16.02		$	15.29		Net asset value at end of period	$	16.07		$	15.44

Per share market value at end of period	Per share market value at end of period	$	13.65		$	9.57		Per share market value at end of period	$	12.97		$	8.27
Total return (3)	Total return (3)	2.11		%	48.77		%	Total return (3)	(0.37)		%	33.90		%
Shares outstanding at end of period	Shares outstanding at end of period	65,113,604			65,259,176			Shares outstanding at end of period	64,662,651			65,259,176
Weighted average shares outstanding	Weighted average shares outstanding	65,200,856			65,259,176			Weighted average shares outstanding	65,115,530			65,259,176

Ratio/Supplemental Data	Ratio/Supplemental Data							Ratio/Supplemental Data
Net assets at end of period (in millions)	Net assets at end of period (in millions)	$	1,043.0		$	997.9		Net assets at end of period (in millions)	$	1,039.1		$	1,007.7
Annualized ratio of operating expenses to average net assets (4)(5)	Annualized ratio of operating expenses to average net assets (4)(5)	4.84		%	5.19		%	Annualized ratio of operating expenses to average net assets (4)(5)	5.81		%	5.18		%
Annualized ratio of interest and other debt expenses to average net assets (5)	Annualized ratio of interest and other debt expenses to average net assets (5)	4.88		%	6.09		%	Annualized ratio of interest and other debt expenses to average net assets (5)	5.10		%	5.76		%
Annualized ratio of total expenses to average net assets (4)(5)	Annualized ratio of total expenses to average net assets (4)(5)	9.73		%	11.28		%	Annualized ratio of total expenses to average net assets (4)(5)	10.91		%	10.94		%
Annualized ratio of net investment income to average net assets (5)	Annualized ratio of net investment income to average net assets (5)	9.78		%	11.20		%	Annualized ratio of net investment income to average net assets (5)	8.94		%	11.09		%
Average debt outstanding (in millions)	Average debt outstanding (in millions)	$	1,459.8		$	1,793.0		Average debt outstanding (in millions)	$	1,499.6		$	1,728.6
Average debt per share	Average debt per share	$	22.39		$	27.47		Average debt per share	$	23.03		$	26.49
Annualized portfolio turnover rate (5)	Annualized portfolio turnover rate (5)	43.20		%	20.27		%	Annualized portfolio turnover rate (5)	35.04		%	18.12		%
Asset coverage per unit (6)	Asset coverage per unit (6)	$	1,699		$	1,570		Asset coverage per unit (6)	$	1,648		$	1,628


(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)


(in millions)	Net Realized Gain (Loss)
KLO Holdings, LLC	$	(3.7)


(in millions)	Net Realized Gain (Loss)
ZPower, LLC	$	(6.1)	*
KLO Holdings, LLC	(3.7)


(in millions)	Net Change in Unrealized Gain (Loss)
Spotted Hawk	$	40.1
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	22.7
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	9.1
Sequential Brands Group, Inc.	1.2
Dynamic Product Tankers (Prime), LLC	(4.0)
MSEA Tankers LLC	(2.3)
Niacet Corporation	(1.3)
NFA Group	(1.1)


(in millions)	Net Change in Unrealized Gain (Loss)
~~ZPower,~~KLO Holdings, LLC	$	6.4
ZPower, LLC	4.8
~~PAE Holding Corporation~~NFA Group	~~1.1~~ 2.3
CT Technologies Intermediate Holdings, Inc	1.8
PIB Group	1.5
McLarens	1.4
Arlington	1.4
CARE Fertility	1.3
GoHealth	1.3
ProPharma	1.2
Merx Aviation Finance, LLC	(10.2)
Dynamic Product Tankers (Prime), LLC	(9.5)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	~~(10.0)~~(9.1)
~~Dynamic Product Tankers (Prime), LLC~~Spotted Hawk	~~(9.2)~~
~~Merx Aviation Finance, LLC~~	~~(4.3)~~(5.2)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	~~(3.2)~~(4.4)
ChyronHego Corporation	(2.5)
Paper Source	(2.5)
Garden Fresh	~~(2.4)~~
~~ChyronHego Corporation~~	(2.4)
Solarplicity Group Limited (f/k/a AMP Solar UK)	(1.4)
Learfield Communications	(1.2)


		Payments Due by Period											Payments Due by Period
(in millions)	(in millions)	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years		(in millions)	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
Senior Secured Facility (1)	Senior Secured Facility (1)	$	1,142.4	$	—	$	—	$	1,142.4	$	—	Senior Secured Facility (1)	$	1,128.1	$	—	$	—	$	1,128.1	$	—

2025 Notes	2025 Notes	350.0		—		—		350.0		—		2025 Notes	350.0		—		—		350.0		—

2026 Notes												2026 Notes	125.0		—		—		125.0		—
Total Debt Obligations	Total Debt Obligations	$	1,492.4	$	—	$	—	$	1,492.4	$	—	Total Debt Obligations	$	1,603.1	$	—	$	—	$	1,603.1	$	—


Basis Point Change	Basis Point Change	Net Investment Income			Net Investment Income Per Share		Basis Point Change	Net Investment Income			Net Investment Income Per Share
Up 200 basis points	Up 200 basis points	$	0.2	million	$	0.003	Up 200 basis points	$	1.6	million	$	0.024
Up 100 basis points	Up 100 basis points	(5.7)		million	(0.088)		Up 100 basis points	(5.5)		million	(0.084)
Up 50 basis points	Up 50 basis points	(4.0)		million	(0.061)		Up 50 basis points	(3.7)		million	(0.057)
Down 25 basis points	Down 25 basis points	1.0		million	0.015		Down 25 basis points	0.8		million	0.012


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

Total	13,800,180	$	16.31	13,800,150


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)*


			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