UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended ~~December 31, 2021~~June 30, 2022

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

Commission File Number: 814-00646

APOLLO INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)


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

(212) 515-3450

(Registrant’s telephone number, including area code)

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

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

AINV

NASDAQ Global Select Market

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

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

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

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

(Do not check if a smaller reporting company)

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of ~~February 2,~~August 1, 2022 was ~~63,647,240~~63,518,718.

APOLLO INVESTMENT CORPORATION

Table of Contents


		Page
	PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Statements of Assets and Liabilities June 30, 202 ~~Dec~~2 ~~ember 3~~1 ~~, 2021~~ and March 31, ~~2021~~2022	1

	Statements of Operations Three months ended June 30, 202 ~~Three~~2 and n ~~ine~~ ~~months ended~~ ~~December 3~~1 ,June 30, 2021 ~~and~~ ~~December 3~~1 ~~, 2020~~	2

	Statements of Changes in Net Assets Three ~~and~~ n ~~ine~~ months ended June 30, 202 ~~Dec~~2 ~~ember 3~~ and June 30, 202 1 ~~, 2021 and~~ ~~December 3~~1 ~~, 2020~~	3

	Statements of Cash Flows ~~Nine~~Three months ended June 30, 202 ~~Dec~~2 ~~ember 3~~1 ~~, 2021~~ and ~~December 3~~1 ~~, 2020~~June 30, 2021	4

	Schedule of Investments June 30, ~~December 3~~1 ~~, 2021~~2022	5

	Schedule of Investments March 31, ~~2021~~2022	30

	Notes to Financial Statements	5955

	~~Report~~Reports of Independent Registered Public Accounting Firm	8582

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8684

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	~~103~~97

Item 4.	Controls and Procedures	~~105~~99

	PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	~~106~~100

Item 1A.	Risk Factors	~~106~~100

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	~~106~~101

Item 3.	Defaults Upon Senior Securities	~~109~~104

Item 4.	Mine Safety Disclosures	~~109~~104

Item 5.	Other Information	~~109~~104

Item 6.	Exhibits	~~110~~105

	Signatures	~~111~~106

Table of Contents

PART I. FINANCIAL INFORMATION

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

Item 1. Financial Statements

APOLLO INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)


		December 31, 2021		March 31, 2021			June 30, 2022		March 31, 2022
		(Unaudited)					(Unaudited)
Assets	Assets					Assets
Investments at fair value:	Investments at fair value:					Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,017,543 and $1,871,073, respectively)		$	1,994,935	$	1,844,627
Non-controlled/affiliated investments (cost — $130,890 and $133,428, respectively)		67,345		50,874
Controlled investments (cost — $643,917 and $711,898, respectively)		532,563		553,650
Non-controlled/non-affiliated investments (cost — $2,060,771 and $2,001,907, respectively)						Non-controlled/non-affiliated investments (cost — $2,060,771 and $2,001,907, respectively)	$	2,025,196	$	1,977,647
Non-controlled/affiliated investments (cost — $130,855 and $130,866, respectively)						Non-controlled/affiliated investments (cost — $130,855 and $130,866, respectively)	60,208		63,709
Controlled investments (cost — $602,913 and $613,056, respectively)						Controlled investments (cost — $602,913 and $613,056, respectively)	464,100		481,817

Cash and cash equivalents	Cash and cash equivalents	22,367		50,180		Cash and cash equivalents	34,512		30,033
Foreign currencies (cost — $12,024 and $4,462, respectively)		12,100		4,444
Foreign currencies (cost — $1,027 and $601, respectively)						Foreign currencies (cost — $1,027 and $601, respectively)	950		565

Receivable for investments sold	Receivable for investments sold	851		1,351		Receivable for investments sold	8,244		7,989
Interest receivable	Interest receivable	12,185		13,135		Interest receivable	18,842		15,554
Dividends receivable	Dividends receivable	4,751		3,793		Dividends receivable	5,393		5,083
Deferred financing costs	Deferred financing costs	18,187		21,528		Deferred financing costs	15,811		17,005

Prepaid expenses and other assets	Prepaid expenses and other assets	932		907		Prepaid expenses and other assets	1,825		719
Total Assets	Total Assets	$	2,666,216	$	2,544,489	Total Assets	$	2,635,081	$	2,600,121

Liabilities	Liabilities					Liabilities
Debt	Debt	$	1,587,376	$	1,465,371	Debt	$	1,597,563	$	1,550,608

Payable for investments purchased						Payable for investments purchased	206		—
Distributions payable	Distributions payable	22,999		23,493		Distributions payable	22,867		22,913
Management and performance-based incentive fees payable	Management and performance-based incentive fees payable	14,568		8,666		Management and performance-based incentive fees payable	10,270		9,912
Interest payable	Interest payable	9,363		2,096		Interest payable	9,341		3,335
Accrued administrative services expense	Accrued administrative services expense	416		794		Accrued administrative services expense	1,290		897

Other liabilities and accrued expenses	Other liabilities and accrued expenses	7,218		7,739		Other liabilities and accrued expenses	7,557		7,624
Total Liabilities	Total Liabilities	$	1,641,940	$	1,508,159	Total Liabilities	$	1,649,094	$	1,595,289
Commitments and contingencies (Note 8)	Commitments and contingencies (Note 8)					Commitments and contingencies (Note 8)
Net Assets	Net Assets	$	1,024,276	$	1,036,330	Net Assets	$	985,987	$	1,004,832

Net Assets	Net Assets					Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 63,707,845 and 65,259,176 shares issued and outstanding, respectively)		$	63	$	65
Common stock, $0.001 par value (130,000,000 shares authorized; 63,518,718 and 63,647,240 shares issued and outstanding, respectively)						Common stock, $0.001 par value (130,000,000 shares authorized; 63,518,718 and 63,647,240 shares issued and outstanding, respectively)	$	62	$	62
Capital in excess of par value	Capital in excess of par value	2,079,530		2,099,876		Capital in excess of par value	2,077,124		2,078,760
Accumulated under-distributed (over-distributed) earnings	Accumulated under-distributed (over-distributed) earnings	(1,055,317)		(1,063,611)		Accumulated under-distributed (over-distributed) earnings	(1,091,199)		(1,073,990)

Net Assets	Net Assets	$	1,024,276	$	1,036,330	Net Assets	$	985,987	$	1,004,832

Net Asset Value Per Share	Net Asset Value Per Share	$	16.08	$	15.88	Net Asset Value Per Share	$	15.52	$	15.79

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)


		Three Months Ended December 31,				Nine Months Ended December 31,				Three Months Ended June 30,
		2021		2020		2021		2020				2022		2021
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)	$	42,466	$	44,097	$	121,560	$	137,273		Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	42,448	$	40,244
Dividend income	Dividend income	161		753		558		753			Dividend income	25		72
PIK interest income	PIK interest income	629		1,627		2,421		4,025			PIK interest income	414		1,201
Other income	Other income	1,575		1,246		3,756		1,792			Other income	276		1,187
Non-controlled/affiliated investments:	Non-controlled/affiliated investments:										Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	Interest income (excluding PIK interest income)	49		61		143		73			Interest income (excluding PIK interest income)	48		45
Dividend income	Dividend income	310		323		959		1,000			Dividend income	311		312
PIK interest income	PIK interest income	19		—		53		—			PIK interest income	19		16
Other income	Other income	—		—		—		—			Other income	—		—
Controlled investments:	Controlled investments:										Controlled investments:
Interest income (excluding PIK interest income)	Interest income (excluding PIK interest income)	9,430		6,257		25,928		18,589			Interest income (excluding PIK interest income)	9,101		7,157
Dividend income	Dividend income	—		—		2,059		1,691			Dividend income	—		—
PIK interest income	PIK interest income	334		—		977		728			PIK interest income	522		319
Other income	Other income	—		—		—		—			Other income	240		—
Total Investment Income	Total Investment Income	$	54,973	$	54,364	$	158,414	$	165,924		Total Investment Income	$	53,404	$	50,553
Expenses	Expenses										Expenses
Management fees	Management fees	$	9,232	$	8,957	$	27,203	$	27,743		Management fees	$	8,949	$	8,813
Performance-based incentive fees	Performance-based incentive fees	5,367		—		10,638		—			Performance-based incentive fees	1,396		—
Interest and other debt expenses	Interest and other debt expenses	14,133		13,213		40,740		42,450			Interest and other debt expenses	16,377		12,662
Administrative services expense	Administrative services expense	1,441		1,201		4,426		3,590			Administrative services expense	1,286		1,271
Other general and administrative expenses	Other general and administrative expenses	2,410		2,813		6,742		8,036			Other general and administrative expenses	2,206		2,538
Total expenses	Total expenses	32,583		26,184		89,749		81,819			Total expenses	30,214		25,284
Management and performance-based incentive fees waived	Management and performance-based incentive fees waived	—		—		—		—			Management and performance-based incentive fees waived	—		—
Performance-based incentive fee offset		(31)		—		(178)		—
Management fee offset rebate											Management fee offset rebate	(75)		—
Expense reimbursements	Expense reimbursements	(77)		(77)		(229)		(286)			Expense reimbursements	(228)		(76)
Net Expenses	Net Expenses	$	32,475	$	26,107	$	89,342	$	81,533		Net Expenses	$	29,911	$	25,208
Net Investment Income	Net Investment Income	$	22,498	$	28,257	$	69,072	$	84,391		Net Investment Income	$	23,493	$	25,345
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	$	(582)	$	(6,196)	$	2,221	$	(14,235)		Non-controlled/non-affiliated investments	$	314	$	279
Non-controlled/affiliated investments	Non-controlled/affiliated investments	—		(632)		541		(4,285)			Non-controlled/affiliated investments	—		—
Controlled investments	Controlled investments	—		—		(65,300)		—			Controlled investments	—		—

Foreign currency transactions	Foreign currency transactions	(59)		117		(2,808)		393			Foreign currency transactions	(22)		(184)

Net realized gains (losses)	Net realized gains (losses)	(641)		(6,711)		(65,346)		(18,127)			Net realized gains (losses)	292		95
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	(1,771)		25,716		3,839		57,965			Non-controlled/non-affiliated investments	(11,315)		6,826
Non-controlled/affiliated investments	Non-controlled/affiliated investments	1,575		5,193		19,008		2,187			Non-controlled/affiliated investments	(3,490)		9,998
Controlled investments	Controlled investments	(901)		(10,447)		46,894		(39,465)			Controlled investments	(7,575)		(10,026)

Foreign currency translations	Foreign currency translations	(219)		(8,842)		4,658		(17,502)			Foreign currency translations	4,254		(94)
Net change in unrealized gains (losses)	Net change in unrealized gains (losses)	(1,316)		11,620		74,399		3,185			Net change in unrealized gains (losses)	(18,126)		6,704
Net Realized and Change in Unrealized Gains (Losses)	Net Realized and Change in Unrealized Gains (Losses)	$	(1,957)	$	4,909	$	9,053	$	(14,942)		Net Realized and Change in Unrealized Gains (Losses)	$	(17,834)	$	6,799
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,541	$	33,166	$	78,125	$	69,449		Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,659	$	32,144
Earnings (Loss) Per Share — Basic	Earnings (Loss) Per Share — Basic	$	0.32	$	0.51	$	1.21	$	1.06		Earnings (Loss) Per Share — Basic	$	0.09	$	0.49

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)


		Three Months Ended December 31,				Nine Months Ended December 31,				Three Months Ended June 30,
		2021		2020		2021		2020				2022		2021
Operations	Operations										Operations
Net investment income	Net investment income	$	22,498	$	28,257	$	69,072	$	84,391		Net investment income	$	23,493	$	25,345
Net realized gains (losses)	Net realized gains (losses)	(641)		(6,711)		(65,346)		(18,127)			Net realized gains (losses)	292		95
Net change in unrealized gains (losses)	Net change in unrealized gains (losses)	(1,316)		11,620		74,399		3,185			Net change in unrealized gains (losses)	(18,126)		6,704
Net Increase (Decrease) in Net Assets Resulting from Operations	Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,541	$	33,166	$	78,125	$	69,449		Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,659	$	32,144

Distributions to Stockholders	Distributions to Stockholders										Distributions to Stockholders
Distribution of net investment income	Distribution of net investment income	$	(22,999)	$	(23,493)	$	(69,849)	$	(76,353)		Distribution of net investment income	$	(22,867)	$	(23,441)
Distribution of return of capital	Distribution of return of capital	—		—		—		—			Distribution of return of capital	—		—
Net Decrease in Net Assets Resulting from Distributions to Stockholders		$	(22,999)	$	(23,493)	$	(69,849)	$	(76,353)
Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders											Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders	$	(22,867)	$	(23,441)

Capital Share Transactions	Capital Share Transactions										Capital Share Transactions

Repurchase of common stock	Repurchase of common stock	$	(12,399)	$	—	$	(20,330)	$	—		Repurchase of common stock	$	(1,638)	$	(2,026)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(12,399)	$	—	$	(20,330)	$	—		Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(1,638)	$	(2,026)

Net Assets	Net Assets										Net Assets
Net increase (decrease) in net assets during the period		$	(14,857)	$	9,673	$	(12,054)	$	(6,904)
Net decrease in net assets during the period											Net decrease in net assets during the period	$	(18,845)	$	6,675
Net assets at beginning of period	Net assets at beginning of period	1,039,133		1,007,738		1,036,330		1,024,315			Net assets at beginning of period	1,004,832		1,036,330
Net Assets at End of Period	Net Assets at End of Period	$	1,024,276	$	1,017,411	$	1,024,276	$	1,017,411		Net Assets at End of Period	$	985,987	$	1,043,005

Capital Share Activity	Capital Share Activity										Capital Share Activity
Shares repurchased during the period	Shares repurchased during the period	(954,806)		—		(1,551,331)		—			Shares repurchased during the period	(128,522)		(145,572)
Shares issued and outstanding at beginning of period	Shares issued and outstanding at beginning of period	64,662,651		65,259,176		65,259,176		65,259,176			Shares issued and outstanding at beginning of period	63,647,240		65,259,176
Shares Issued and Outstanding at End of Period	Shares Issued and Outstanding at End of Period	63,707,845		65,259,176		63,707,845		65,259,176			Shares Issued and Outstanding at End of Period	63,518,718		65,113,604

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)


		Nine Months Ended December 31,				Three Months Ended June 30,
		2021		2020				2022		2021
Operating Activities	Operating Activities						Operating Activities
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	78,125	$	69,449		Net increase (decrease) in net assets resulting from operations	$	5,659	$	32,144
Net realized (gains) losses	Net realized (gains) losses	65,346		18,127			Net realized (gains) losses	(292)		(95)
Net change in unrealized (gains) losses	Net change in unrealized (gains) losses	(74,399)		(3,185)			Net change in unrealized (gains) losses	18,126		(6,704)
Net amortization of premiums and accretion of discounts on investments	Net amortization of premiums and accretion of discounts on investments	(6,868)		(8,699)			Net amortization of premiums and accretion of discounts on investments	(2,368)		(2,415)
Accretion of discount on notes	Accretion of discount on notes	533		447			Accretion of discount on notes	151		148
Amortization of deferred financing costs	Amortization of deferred financing costs	3,883		3,798			Amortization of deferred financing costs	1,292		1,289
Increase in gains/(losses) from foreign currency transactions		(2,802)		408
Increase in gains (losses) from foreign currency transactions							Increase in gains (losses) from foreign currency transactions	(22)		(178)
PIK interest and dividends capitalized	PIK interest and dividends capitalized	(3,715)		(4,901)			PIK interest and dividends capitalized	(731)		(1,786)
Changes in operating assets and liabilities:	Changes in operating assets and liabilities:						Changes in operating assets and liabilities:
Purchases of investments	Purchases of investments	(920,807)		(400,822)			Purchases of investments	(227,216)		(288,628)
Proceeds from sales and repayments of investments	Proceeds from sales and repayments of investments	793,394		720,614			Proceeds from sales and repayments of investments	181,870		258,801

Decrease (increase) in interest receivable	Decrease (increase) in interest receivable	950		4,511			Decrease (increase) in interest receivable	(3,287)		(595)
Decrease (increase) in dividends receivable	Decrease (increase) in dividends receivable	(958)		1,550			Decrease (increase) in dividends receivable	(310)		(311)
Decrease (increase) in prepaid expenses and other assets	Decrease (increase) in prepaid expenses and other assets	(25)		(534)			Decrease (increase) in prepaid expenses and other assets	(1,106)		(750)
Increase (decrease) in management and performance-based incentive fees payable	Increase (decrease) in management and performance-based incentive fees payable	5,902		(1,332)			Increase (decrease) in management and performance-based incentive fees payable	358		147
Increase (decrease) in interest payable	Increase (decrease) in interest payable	7,267		3,482			Increase (decrease) in interest payable	6,006		4,685
Increase (decrease) in accrued administrative services expense	Increase (decrease) in accrued administrative services expense	(378)		(293)			Increase (decrease) in accrued administrative services expense	393		457
Increase (decrease) in other liabilities and accrued expenses	Increase (decrease) in other liabilities and accrued expenses	(521)		838			Increase (decrease) in other liabilities and accrued expenses	(67)		(1,088)
Net Cash Used in/Provided by Operating Activities	Net Cash Used in/Provided by Operating Activities	$	(55,073)	$	403,458		Net Cash Used in/Provided by Operating Activities	$	(21,544)	$	(4,879)
Financing Activities	Financing Activities						Financing Activities
Issuances of debt	Issuances of debt	$	430,005	$	80,481		Issuances of debt	$	148,000	$	88,540
Payments of debt	Payments of debt	(304,177)		(381,823)			Payments of debt	(97,000)		(65,402)
Financing costs paid and deferred	Financing costs paid and deferred	(333)		(10,171)			Financing costs paid and deferred	—		—

Repurchase of common stock	Repurchase of common stock	(20,330)		—			Repurchase of common stock	(1,638)		(2,026)
Distributions paid	Distributions paid	(70,343)		(82,227)			Distributions paid	(22,913)		(23,493)
Net Cash Used in/Provided by Financing Activities	Net Cash Used in/Provided by Financing Activities	$	34,822	$	(393,740)		Net Cash Used in/Provided by Financing Activities	$	26,449	$	(2,381)

Cash, Cash Equivalents and Foreign Currencies	Cash, Cash Equivalents and Foreign Currencies						Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(20,251)	$	9,718		Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	4,905	$	(7,260)
Effect of foreign exchange rate changes on cash and cash equivalents	Effect of foreign exchange rate changes on cash and cash equivalents	94		780			Effect of foreign exchange rate changes on cash and cash equivalents	(41)		(47)
Cash, cash equivalents and foreign currencies at beginning of period	Cash, cash equivalents and foreign currencies at beginning of period	54,624		43,676			Cash, cash equivalents and foreign currencies at beginning of period	30,598		54,624
Cash, Cash Equivalents and Foreign Currencies at the End of Period	Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	34,467	$	54,174		Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	35,462	$	47,317

Supplemental Disclosure of Cash Flow Information	Supplemental Disclosure of Cash Flow Information						Supplemental Disclosure of Cash Flow Information
Cash interest paid	Cash interest paid	$	29,057	$	34,755		Cash interest paid	$	8,814	$	6,538

Non-Cash Activity	Non-Cash Activity						Non-Cash Activity
PIK income	PIK income	$	3,451	$	4,753		PIK income	$	956	$	1,536

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
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	L+625, 1.00% Floor	12/30/26	$	30,875	$	22,411	$	22,566	(9)(21)(23) (26)(28)	KL Charlie Acquisition Company	First Lien Secured Debt	L+625, 1.00% Floor	12/30/26	$	30,760	$	22,344	$	22,298	(9)(21)(23) (28)
		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/30/26	2,190		(18)		(22)		(8)(9)(21) (23)		First Lien Secured Debt - Revolver	P+575	12/30/26	1,962		128		128		(9)(21)(23) (25)
KL Charlie Co-Invest, L.P.	KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		344		(9)(13)	KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		269		(9)(13)
							22,612		22,888									22,691		22,695
Hero Digital	Hero Digital											Hero Digital
HRO (Hero Digital) Holdings, LLC	HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt	L+600, 1.00% Floor	11/18/28	27,234		19,111		19,303		(9)(21)(23) (26)	HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt	L+600, 1.00% Floor	11/18/28	27,137		19,052		19,140		(9)(21)(23) (29)
		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	11/18/26	2,553		(50)		(26)		(8)(9)(20) (21)(23)		First Lien Secured Debt - Revolver	P+500	11/18/26	2,553		806		819		(9)(20)(21) (23)(25)
HRO Holdings I LP	HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		213		(9)(13)(25)	HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		207		(9)(13)(24)
							19,274		19,490									20,071		20,166
			Total Advertising, Printing & Publishing				$	41,886	$	42,378				Total Advertising, Printing & Publishing				$	42,762	$	42,861
Aerospace & Defense	Aerospace & Defense											Aerospace & Defense
Erickson Inc	Erickson Inc											Erickson Inc
Erickson Inc	Erickson Inc	First Lien Secured Debt - Revolver	L+750, 1.50% Floor	04/28/22	$	32,250	$	20,722	$	20,446	(9)(20)(21) (23)(28)	Erickson Inc	First Lien Secured Debt - Revolver	SOFR+800, 1.00% Floor	05/20/24	$	33,000	$	26,096	$	25,811	(9)(20)(21) (23)(31)
		First Lien Secured Debt - Revolver	13.50%	04/28/22	3,750		3,750		3,713		(9)(23)
			Total Aerospace & Defense				$	24,472	$	24,159				Total Aerospace & Defense				$	26,096	$	25,811
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	L+650, 1.00% Floor	06/16/27	$	29,982	$	20,400	$	20,493	(9)(21)(23) (29)	Club Car Wash Operating, LLC	First Lien Secured Debt	L+600, 1.00% Floor	06/16/27	$	29,872	$	25,014	$	25,011	(9)(21)(23) (26)(29)
		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		2,398		2,406		(9)(23)(29)		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		(36)		(37)		(8)(9)(21) (23)
							22,798		22,899									24,978		24,974
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		893		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		893		264		(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		95		(9)(14)
							1,284		398									1,284		359
K&N Parent, Inc.	K&N Parent, Inc.											K&N Parent, Inc.
K&N Parent, Inc.	K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,583		21,507		(28)	K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,621		19,546		(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		406		(9)(13)	TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		379		(9)(13)
Truck-Lite Co., LLC	Truck-Lite Co., LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/26	31,363		29,709		29,602		(9)(21)(23) (27)(28)	Truck-Lite Co., LLC	First Lien Secured Debt	SOFR+625, 1.00% Floor	12/14/26	31,899		31,387		31,262		(9)(33)
		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/13/24	3,052		(29)		(35)		(8)(9)(20) (21)(23)		First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	12/13/24	3,052		(11)		(34)		(8)(9)(20) (21)(23)
							30,030		29,973									31,726		31,607
			Total Automotive				$	77,695	$	74,777				Total Automotive				$	81,609	$	76,486
Aviation and Consumer Transport	Aviation and Consumer Transport											Aviation and Consumer Transport
Merx Aviation Finance, LLC(5)
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)	Merx Aviation Finance, LLC(5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	275,177	$	275,000	$	275,000	(20)(23)

		Common Equity - Membership Interests	N/A	N/A	N/A		35,800		43,241		(25)		Common Equity - Membership Interests	N/A	N/A	N/A		35,800		9,395		(13)(24)
							310,800		318,241									310,800		284,395
Primeflight	Primeflight											Primeflight
PrimeFlight Aviation Services, Inc.	PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,384		17,186		17,281		(9)(26)	PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,322		17,162		17,235		(9)(26)(28)
														Total Aviation and Consumer Transport				$	327,962	$	301,630
			Total Aviation and Consumer Transport				$	327,986	$	335,522

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Beverage, Food & Tobacco	Beverage, Food & Tobacco											Beverage, Food & Tobacco
Berner Foods	Berner Foods											Berner Foods
Berner Food & Beverage, LLC	Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	31,041	$	30,375	$	30,886	(9)(29)	Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	30,885	$	30,287	$	30,422	(9)(29)
		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	2,247		529		565		(9)(21)(23) (29)		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	1,613		547		552		(9)(21)(23) (29)
		First Lien Secured Debt - Revolver	P+550	07/30/26	634		621		631		(9)(23)(34)		First Lien Secured Debt - Revolver	P+550	07/30/26	1,268		1,244		1,249		(9)(21)(23) (25)
							31,525		32,082									32,078		32,223
Bolthouse Farms	Bolthouse Farms											Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Wm. Bolthouse Farms, Inc.	Common Equity - Common Stock	N/A	N/A	1,000,000 Shares		1,001		990		(13)	Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interests	N/A	N/A	1,000,000 Shares		1,000		1,090		(13)
Hive	Hive											Hive
FCP-Hive Holdings, LLC	FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A	589 Shares		448		475		(9)(13)(25)	FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A	589 Shares		448		488		(9)(13)(24)
		Common Equity - Common Stock	N/A	N/A	589 Shares		3		50		(9)(13)(25)		Common Equity - Common Stock	N/A	N/A	589 Shares		3		—		(9)(13)(24)
Hive Intermediate, LLC	Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,166		16,849		16,995		(9)(26)	Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,080		16,790		16,824		(9)(26)
		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		422		442		(9)(21)(23) (26)		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		(40)		(35)		(8)(9)(21) (23)
							17,722		17,962									17,201		17,277
Orgain, Inc.	Orgain, Inc.											Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,000			Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	490,000 Shares		90		928
Rise Baking	Rise Baking											Rise Baking
Ultimate Baked Goods Midco LLC	Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,757		26,121		26,096		(9)(29)	Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,623		26,048		25,864		(9)(26)
		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		1,626		1,623		(9)(20)(21) (23)(28)(29)		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		1,876		1,854		(9)(20)(21) (23)(26)
							27,747		27,719									27,924		27,718
TNT Crust LLC
TNT Crust LLC		First Lien Secured Debt	L+675, 1.00% Floor	11/06/23	21,655		21,406		21,113		(9)(28)
		First Lien Secured Debt - Revolver	L+675 Cash plus 1.00% PIK, 1.00% Floor	11/06/23	3,252		3,069		3,011		(9)(21)(23) (28)(29)
		Common Equity - Series A Units	N/A	N/A	244 Shares		30		136		(9)(13)
							24,505		24,260
Turkey Hill	Turkey Hill											Turkey Hill
IC Holdings LLC	IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		273		(9)(13)	IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		141		(9)(13)
THLP CO. LLC	THLP CO. LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/31/25	25,124		24,811		24,369		(9)(26)	THLP CO. LLC	First Lien Secured Debt	L+600 Cash plus 2.00% PIK, 1.00% Floor	05/31/25	25,228		24,961		24,723		(9)(28)
		First Lien Secured Debt - Revolver	P+500	05/31/24	4,494		2,878		2,787		(9)(20)(21) (23)(34)		First Lien Secured Debt - Revolver	L+600 Cash plus 2.00% PIK, 1.00% Floor	05/31/24	4,493		1,886		1,829		(9)(20)(21) (23)(28)
							27,858		27,429									27,016		26,693
			Total Beverage, Food & Tobacco				$	131,363	$	131,442				Total Beverage, Food & Tobacco				$	105,309	$	105,929
Business Services	Business Services											Business Services
Access Information	Access Information											Access Information
Access CIG, LLC	Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,820	$	15,764	(26)	Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,833	$	15,582	(28)
AlpineX	AlpineX											AlpineX
Alpinex Opco, LLC	Alpinex Opco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/27/27	16,383		11,633		11,632		(9)(21)(23) (28)	Alpinex Opco, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/27/27	11,915		11,692		11,683		(9)(28)
		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/27/27	1,117		(22)		(22)		(8)(9)(21) (23)		First Lien Secured Debt	L+600, 1.00% Floor	12/27/27	4,468		1,687		1,655		(9)(21)(23) (26)(28)
							11,611		11,610				First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/27/27	1,117		426		425		(9)(21)(23) (28)
																		13,805		13,763
Ambrosia Buyer Corp.	Ambrosia Buyer Corp.											Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Ambrosia Buyer Corp.	Second Lien Secured Debt	9.00%	08/28/25	21,429		19,069		5,657		(14)	Ambrosia Buyer Corp.	Second Lien Secured Debt	8.00%	08/28/25	21,429		18,093		6,109		(14)
AML Rightsource												AML Rightsource
Gabriel Partners, LLC												Gabriel Partners, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/21/26	31,372		30,843		31,106		(9)(29)
													First Lien Secured Debt - Revolver	P+500	09/21/26	665		120		128		(9)(21)(23) (25)
																		30,963		31,234

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)		Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
AML Rightsource
Gabriel Partners, LLC		First Lien Secured Debt	L+600, 1.00% Floor	09/21/26	31,531	30,951	31,291	(9)(29)
		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	09/21/26	665	(14)	(5)	(8)(9)(21) (23)
						30,937	31,286
Claritas
Claritas, LLC		First Lien Secured Debt	L+575, 1.00% Floor	12/21/23	3,671	3,656	3,635	(9)(26)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/21/23	1,031	73	67	(9)(21)(23) (26)
						3,729	3,702
Continuum	Continuum								Continuum
Continuum Global Solutions, LLC	Continuum Global Solutions, LLC	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	10/29/24	20,000	11,728	11,463	(9)(21)(23) (26)	Continuum Global Solutions, LLC	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares	78	78	(9)(13)
		Preferred Equity - Preferred Equity	N/A	N/A	775 Shares	78	78	(9)(13)
						11,806	11,541
Electro Rent Corporation	Electro Rent Corporation								Electro Rent Corporation
Electro Rent Corporation	Electro Rent Corporation	Second Lien Secured Debt	L+900, 1.00% Floor	01/31/25	34,235	33,764	34,064	(9)(28)	Electro Rent Corporation	Second Lien Secured Debt	L+900, 1.00% Floor	01/31/25	34,235	33,839	33,978	(9)(28)

Elo Touch	Elo Touch								Elo Touch
TGG TS Acquisition Company	TGG TS Acquisition Company	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	12/14/23	1,750	250	216	(21)(23)(26)	TGG TS Acquisition Company	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	12/14/23	1,750	—	(25)	(8)(21)(23)
Ensemble Health	Ensemble Health								Ensemble Health
EHL Merger Sub, LLC	EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(198)	(119)	(8)(21)(23)	EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(160)	(128)	(8)(21)(23)
IRP									IRP
Precision Refrigeration & Air Conditioning LLC									Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt	SOFR+600, 1.00% Floor	03/08/28	8,161	8,005	7,957	(9)(32)
										First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	03/08/27	1,705	(32)	(43)	(8)(9)(21) (23)
SMC IR Holdings, LLC									SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	114 Shares	114	114	(9)(13)(24)
														8,087	8,028
Jacent	Jacent								Jacent
Jacent Strategic Merchandising	Jacent Strategic Merchandising	First Lien Secured Debt	L+625, 1.00% Floor	04/23/24	22,142	21,983	21,743	(9)(28)(29)	Jacent Strategic Merchandising	First Lien Secured Debt	L+675, 1.00% Floor	04/23/24	22,116	21,993	21,226	(9)(28)
		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	04/23/24	3,500	3,469	3,430	(9)(21)(23) (28)(29)		First Lien Secured Debt - Revolver	L+675, 1.00% Floor	04/23/24	3,500	3,475	3,355	(9)(21)(23) (28)
		Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	144	(9)(13)		Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	—	(9)(13)
JSM Equity Investors, L.P.	JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)	JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)
						25,963	25,328							25,979	24,592
Jones & Frank	Jones & Frank								Jones & Frank
JF Acquisition, LLC	JF Acquisition, LLC	First Lien Secured Debt	L+550, 1.00% Floor	07/31/24	13,234	13,094	13,083	(9)(28)(30)	JF Acquisition, LLC	First Lien Secured Debt	L+600, 1.00% Floor	07/31/26	13,167	13,032	12,802	(9)(26)(28)
		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	07/31/24	1,569	1,427	1,426	(9)(21)(23) (28)(30)		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/31/26	1,569	737	710	(9)(21)(23) (28)
						14,521	14,509							13,769	13,512
MAKS
Trident Bidco Limited		First Lien Secured Debt	L+550, 1.00% Floor	11/08/25	33,688	33,033	33,677	(9)(17)(29)
Naviga	Naviga								Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	L+700, 1.00% Floor	12/29/22	12,213	12,130	12,183	(9)(28)	Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	L+700, 1.00% Floor	12/29/22	13,363	13,303	13,363	(9)(28)
										First Lien Secured Debt - Revolver	L+700, 1.00% Floor	12/29/22	476	279	280	(9)(21)(23) (26)
		First Lien Secured Debt - Revolver	L+700, 1.00% Floor	12/29/22	500	277	279	(9)(21)(23) (26)		First Lien Secured Debt - Revolver	P+600	12/29/22	24	24	24	(9)(23)(25)
						12,407	12,462							13,606	13,667
PSE	PSE								PSE
Graffiti Buyer, Inc.	Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,435	5,686	5,653	(9)(21)(23) (28)	Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,405	5,672	5,582	(9)(21)(23) (28)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,307	215	213	(9)(21)(23) (27)		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,263	391	388	(9)(21)(23) (28)
										First Lien Secured Debt - Revolver	P+475	08/10/27	44	44	37	(9)(23)(25)
Graffiti Parent, LP	Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares	244	241	(9)(13)(25)	Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares	244	206	(9)(13)(24)
						6,145	6,107							6,351	6,213
PSI Services, LLC									PSI Services, LLC
Lifelong Learner Holdings, LLC									Lifelong Learner Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	33,887	33,464	32,112	(9)(28)
										First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/20/25	2,985	2,949	2,851	(9)(21)(23) (28)
														36,413	34,963

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
PSI Services, LLC
Lifelong Learner Holdings, LLC		First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	34,062		33,587		32,430		(9)(28)(29)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/20/25	2,985		2,945		2,861		(9)(21)(23) (28)
							36,532		35,291
Soliant	Soliant											Soliant
Soliant Health, Inc.	Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		863		(9)	Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		1,018		(9)
Trench Plate												Trench Plate
Trench Plate Rental Co.												Trench Plate Rental Co.	First Lien Secured Debt	SOFR+550, 1.00% Floor	12/03/26	18,182		17,914		17,909		(9)(32)
													First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	12/03/26	1,818		155		155		(9)(20)(21) (23)(32)
Trench Safety Solutions Holdings, LLC												Trench Safety Solutions Holdings, LLC	Common Equity - Common Stock	N/A	N/A	331 Shares		50		50		(9)(24)
																		18,119		18,114
US Legal Support	US Legal Support											US Legal Support
US Legal Support Investment Holdings, LLC	US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		986		(9)(13)	US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		923		(9)(13)
USLS Acquisition, Inc.	USLS Acquisition, Inc.	First Lien Secured Debt	L+550, 1.00% Floor	12/02/24	24,064		23,827		23,616		(9)(28)	USLS Acquisition, Inc.	First Lien Secured Debt	SOFR+565, 1.00% Floor	12/02/24	23,941		23,731		23,540		(9)(32)
		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/02/24	1,501		200		186		(9)(20)(21) (23)(28)		First Lien Secured Debt - Revolver	SOFR+565, 1.00% Floor	12/02/24	1,608		373		374		(9)(20)(21) (23)(31)(32)
		First Lien Secured Debt - Revolver	P+475, 1.00% Floor	12/02/24	107		106		105		(9)(23)(34)							24,736		24,837
Wilson Language Training												Wilson Language Training
Owl Acquisition, LLC												Owl Acquisition, LLC	First Lien Secured Debt	SOFR+575, 1.00% Floor	02/04/28	9,900		9,712		9,702		(9)(33)
Owl Parent Holdings, LLC												Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A	100 Shares		100		115		(9)(13)(24)
							24,765		24,893									9,812		9,817
			Total Business Services				$	280,454	$	266,851				Total Business Services				$	269,623	$	255,352
Chemicals, Plastics & Rubber	Chemicals, Plastics & Rubber											Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)											Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,354 Shares		$	46,295	$	44,990	(3)(13)(16) (25)	Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,491 Shares		$	78,729	$	40,607	(13)(16)(24)
Carbonfree Chemicals SA LLC (4)		Common Equity - Class B Units	N/A	N/A	3,152 Shares		32,434		—		(3)(13)(16) (25)
							78,729		44,990
Westfall Technik, Inc.	Westfall Technik, Inc.											Westfall Technik, Inc.
Westfall Technik, Inc.	Westfall Technik, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	09/13/24	$	15,656	15,504		15,300		(9)(28)	Westfall Technik, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	09/13/24	15,576		15,458		15,098		(9)(28)
		First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,653		5,561		5,558		(9)(28)		First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,624		5,550		5,451		(9)(28)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/13/24	2,019		2,001		1,973		(9)(23)(28)		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/13/24	2,019		2,003		1,957		(9)(23)(28)
							23,066		22,831									23,011		22,506
			Total Chemicals, Plastics & Rubber				$	101,795	$	67,821				Total Chemicals, Plastics & Rubber				$	101,740	$	63,113
Construction & Building	Construction & Building											Construction & Building
Englert	Englert											Englert
Gutter Buyer, Inc.	Gutter Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	03/06/25	$	28,466	$	28,140	$	28,147	(9)(26)	Gutter Buyer, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	03/06/25	$	29,119	$	28,829	$	28,707	(9)(26)
		First Lien Secured Debt - Revolver	P+475	03/06/24	2,727		380		371		(9)(20)(21) (23)(34)		First Lien Secured Debt - Revolver	P+525	03/06/24	2,727		1,340		1,322		(9)(20)(21) (23)(25)
Gutter Holdings, LP	Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,049		(9)	Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,095		(9)
			Total Construction & Building				$	29,020	$	29,567				Total Construction & Building				$	30,669	$	31,124
Consumer Goods – Durable	Consumer Goods – Durable											Consumer Goods – Durable
A&V	A&V											A&V
A&V Holdings Midco, LLC	A&V Holdings Midco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/10/25	$	1,505	$	(87)	$	(54)	(8)(21)(23)	A&V Holdings Midco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/10/25	$	1,505	$	378	$	399	(21)(23)(26)
KDC	KDC											KDC
KDC US Holdings	KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		4,909		4,838		(20)(21)(23) (26)	KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		796		344		(10)(20)(21) (23)(26)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)		First Lien Secured Debt	L+500, 1.00% Floor	09/30/25	2,978		2,978		2,795		(17)(28)
		First Lien Secured Debt	L+500 PIK, 1.00% Floor	09/30/25	1,062		1,062		991		(17)(28)
		Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		886		(13)(17)(19) (25)
GSC Technologies Inc. (4)		First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	211		211		196		(17)(28)
							5,251		4,868

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
KLO Holdings, LLC												KLO Holdings, LLC
1244311 B.C. Ltd. (4)												1244311 B.C. Ltd. (4)	First Lien Secured Debt	L+500, 1.00% Floor	09/30/25	2,978		2,978		2,765		(17)(28)
													First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	1,095		1,095		1,008		(17)(28)
													Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		769		(2)(13)(17) (24)
GSC Technologies Inc. (4)												GSC Technologies Inc. (4)	First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	201		201		185		(17)(28)
																		5,274		4,727
Liqui-Box	Liqui-Box											Liqui-Box
Liqui-Box Holdings, Inc.	Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	3,204		1,640		1,658		(20)(21)(23) (28)	Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	2,051		881		875		(20)(21)(23) (28)
		First Lien Secured Debt - Revolver	P+350, 1.00% Floor	02/26/25	356		354		356		(23)(34)		First Lien Secured Debt - Revolver	P+350	02/26/25	1,509		1,501		1,498		(23)(25)
							1,994		2,014									2,382		2,373
NSi Industries	NSi Industries											NSi Industries
Wildcat BuyerCo, Inc.	Wildcat BuyerCo, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	02/27/26	15,771		12,789		12,890		(21)(23)(28)	Wildcat BuyerCo, Inc.	First Lien Secured Debt	SOFR+5.90%, 1.00% Floor	02/27/26	17,233		15,530		15,696		(23)(32)

		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	02/27/26	725		(11)		(17)		(8)(21)(23)		First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	02/27/26	725		77		75		(20)(21)(23) (32)
Wildcat Parent LP	Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		160		(13)	Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		166		(13)
							12,885		13,033									15,714		15,937
Sorenson Holdings, LLC	Sorenson Holdings, LLC											Sorenson Holdings, LLC
Sorenson Holdings, LLC	Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		390		(10)(13)	Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		352		(10)(13)
			Total Consumer Goods – Durable				$	24,952	$	25,089				Total Consumer Goods – Durable				$	24,544	$	24,132
Consumer Goods – Non-durable	Consumer Goods – Non-durable											Consumer Goods – Non-durable
3D Protein	3D Protein											3D Protein
Protein For Pets Opco, LLC	Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	05/31/24	$	2,219	$	(28)	$	—	(9)(21)(23)	Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	05/31/24	$	2,219	$	(22)	$	—	(9)(21)(23)
Dan Dee	Dan Dee											Dan Dee
Project Comfort Buyer, Inc.	Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	25,243		24,852		24,304		(9)(28)	Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	24,550		24,231		23,656		(9)(26)
		First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		1,111		1,019		(9)(21)(23) (26)		First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		(33)		(130)		(8)(9)(21) (23)
		Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		55		(9)(13)		Preferred Equity - Preferred Equity	N/A	N/A	491,405 Shares		492		64		(9)(13)(24)
							26,425		25,378									24,690		23,590
LashCo	LashCo											LashCo
Lash OpCo, LLC	Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	34,950		30,481		30,414		(9)(21)(23) (26)	Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	43,358		42,552		42,730		(9)(28)
		First Lien Secured Debt	P+600	03/18/26	10,146		9,942		9,918		(9)(34)		First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,612		553		574		(9)(21)(23) (29)
		First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,612		(50)		(36)		(8)(9)(21) (23)							43,105		43,304
							40,373		40,296
Olaplex
Olaplex, Inc.		First Lien Secured Debt	L+625, 1.00% Floor	01/08/26	12,063		11,898		12,184		(9)(26)
		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/08/25	2,300		(28)		—		(9)(21)(23)
							11,870		12,184
Paladone	Paladone											Paladone
Paladone Group Bidco Limited	Paladone Group Bidco Limited	First Lien Secured Debt	L+575, 1.00% Floor	11/12/27	8,003		5,981		6,038		(9)(17)(23) (28)	Paladone Group Bidco Limited	First Lien Secured Debt	L+575, 1.00% Floor	11/12/27	7,972		5,964		5,967		(9)(17)(21) (23)(28)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	£	353	(9)		(5)		(8)(9)(17) (21)(23)		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	£	353	(9)		(7)		(8)(9)(17) (21)(23)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		255		268		(9)(17)(21) (23)(28)		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		(25)		(22)		(8)(9)(17) (21)(23)
Paladone Group Holdings Limited	Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		94		(9)(13)(17) (25)	Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		118		(9)(13)(17) (24)
							6,321		6,395									6,024		6,056
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC		Common Equity - Common Stock	N/A	N/A	10,854 Shares		2,041		2,033		(13)(16)(17) (25)
Sequential Avia Holdings LLC		Second Lien Secured Debt	L+500, 1.00% Floor	11/12/26	1,717		1,715		1,717		(17)(26)
Sequential Brands Group, Inc.		First Lien Secured Debt	L+500, 1.00% Floor	01/28/22	448		46		46		(17)(21)(23) (26)
		Second Lien Secured Debt	8.75%	02/07/24	1,293		236		241		(14)(17)
							4,038		4,037
			Total Consumer Goods – Non-durable				$	88,999	$	88,290

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Sequential Brands Group, Inc.												Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC												Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A	10,854 Shares		2,041		1,666		(13)(16)(17) (24)
Sequential Avia Holdings LLC												Sequential Avia Holdings LLC	First Lien Secured Debt	L+500, 1.00% Floor	11/12/26	1,611		1,610		1,609		(17)(29)
Sequential Brands Group, Inc.												Sequential Brands Group, Inc.	Second Lien Secured Debt	8.75%	02/07/24	1,293		—		239		(14)(17)
Swisstech IP CO, LLC												Swisstech IP CO, LLC	First Lien Secured Debt	6.00% PIK	11/29/24	268		6		268		(17)
																		3,657		3,782
														Total Consumer Goods – Non-durable				$	77,454	$	76,732
Consumer Services	Consumer Services											Consumer Services
Activ	Activ											Activ
Activ Software Holdings, LLC	Activ Software Holdings, LLC	First Lien Secured Debt	L+625, 1.00% Floor	05/04/27	$	29,943	$	29,399	$	29,479	(9)(30)	Activ Software Holdings, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/04/27	$	29,792	$	29,305	$	29,059	(9)(30)
		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(43)		(37)		(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(39)		(59)		(8)(9)(21) (23)
							29,356		29,442									29,266		29,000
Bird	Bird											Bird
Bird US Opco, LLC	Bird US Opco, LLC	First Lien Secured Debt	L+750, 1.00% Floor	10/12/24	50,000		15,615		16,203		(9)(23)(26)	Bird US Opco, LLC	First Lien Secured Debt	L+750, 1.00% Floor	10/12/24	42,849		34,163		34,934		(9)(23)(26)
Clarus Commerce	Clarus Commerce											Clarus Commerce
Marlin DTC-LS Midco 2, LLC	Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	22,214		21,877		22,038		(29)	Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	21,632		21,351		21,472		(28)
		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		8		(5)		(8)(21)(23)		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		9		(5)		(8)(21)(23)
							21,885		22,033									21,360		21,467
First Heritage	First Heritage											First Heritage
First Heritage Credit, LLC	First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	04/02/22	26,250		19,492		19,474		(9)(21)(23) (26)	First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	08/31/22	26,250		22,506		22,487		(9)(21)(23) (26)
		First Lien Secured Debt - Revolver	L+550, 0.00% Floor	04/02/22	3,750		2,458		2,459		(9)(21)(23) (26)		First Lien Secured Debt - Revolver	L+550, 0.00% Floor	08/31/22	3,750		3,221		3,220		(9)(21)(23) (26)
							21,950		21,933									25,727		25,707
Go Car Wash	Go Car Wash											Go Car Wash
Go Car Wash Management Corp.	Go Car Wash Management Corp.	First Lien Secured Debt	L+575, 1.00% Floor	12/31/26	11,465		8,114		8,089		(9)(21)(23) (26)	Go Car Wash Management Corp.	First Lien Secured Debt	SOFR+575, 1.00% Floor	12/31/26	26,421		10,744		10,552		(9)(21)(23) (31)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(6)		(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(8)		(8)(9)(21) (23)
							8,111		8,083
																		10,741		10,544
Lending Point	Lending Point											Lending Point
LendingPoint LLC	LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	17,500		13,411		13,452		(9)(21)(23) (28)	LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	32,500		20,182		20,300		(9)(21)(23) (28)
		First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		3,155		3,169		(9)(21)(23) (28)		First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		2,571		2,575		(9)(21)(23) (28)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		6,590		6,617		(9)(21)(23) (28)		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		6,879		6,887		(9)(21)(23) (28)
							23,156		23,238									29,632		29,762
Only About Children	Only About Children											Only About Children
Nemo (BC) Bidco Pty Ltd	Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+675, 1.00% Floor	04/06/24	A$	7,000	4,945		4,763		(17)(21)(23) (33)	Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+675, 1.00% Floor	04/06/24	A$	7,000	4,952		4,653		(17)(21)(23) (34)

Paper Source
Papershop Holdco Inc.		First Lien Secured Debt	L+700, 1.00% Floor	05/27/26	10,607		10,509		10,501		(9)(28)
Renovo												Renovo
HomeRenew Buyer, Inc.												HomeRenew Buyer, Inc.	First Lien Secured Debt	SOFR+665, 1.00% Floor	11/23/27	18,021		12,630		12,569		(9)(21)(23) (32)
		First Lien Secured Debt - Revolver	L+700, 1.00% Floor	05/27/26	1,705		1,365		1,364		(9)(21)(23) (26)(28)
		First Lien Secured Debt - Revolver	P+600	05/27/26	1,377		1,364		1,363		(9)(23)(34)		First Lien Secured Debt - Revolver	SOFR+665, 1.00% Floor	11/23/27	1,958		(38)		(39)		(8)(9)(21) (23)
							13,238		13,228									12,592		12,530
The Club Company
Eldrickco Limited		First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,083	14,021		14,436		(9)(17)(21) (23)(31)
		First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		465		(9)(17)(23) (31)
		First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	—		(9)		(8)(9)(17) (21)(23)(31)
							14,432		14,892
US Auto
U.S. Auto Finance, Inc.		First Lien Secured Debt	L+525, 1.00% Floor	04/17/24	20,000		4,623		4,556		(9)(21)(23) (28)
		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	04/17/24	13,333		10,995		10,976		(9)(21)(23) (28)
							15,618		15,532
			Total Consumer Services				$	168,306	$	169,347

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
The Club Company												The Club Company
Eldrickco Limited												Eldrickco Limited	First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,027	13,974		13,148		(9)(17)(21) (23)(27)
													First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		425		(9)(17)(23) (27)
													First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	1		(7)		(8)(9)(17) (21)(23)
																		14,386		13,566
US Auto												US Auto
U.S. Auto Finance, Inc.												U.S. Auto Finance, Inc.	First Lien Secured Debt	SOFR+525, 1.00% Floor	04/17/25	17,300		11,541		11,427		(9)(21)(23) (31)
													First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/17/25	13,333		(5)		—		(9)(21)(23)
																		11,536		11,427
														Total Consumer Services				$	194,355	$	193,590
Diversified Investment Vehicles, Banking, Finance, Real Estate	Diversified Investment Vehicles, Banking, Finance, Real Estate											Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink	Celink											Celink
Compu-Link Corporation	Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(25)	$	(24)	(8)(9)(21) (23)	Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(20)	$	(22)	(8)(9)(21) (23)
Peer Advisors, LLC	Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,670		17,468		17,487		(9)(26)	Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,386		17,230		17,218		(9)(26)
							17,443		17,463
Flock Financial, LLC
Flock SPV I, LLC		First Lien Secured Debt	L+650, 1.00% Floor	12/31/22	14,667		11,997		12,000		(9)(17)(21) (23)(26)
		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	12/31/22	5,333		(28)		—		(9)(17)(21) (23)
							11,969		12,000									17,210		17,196
Golden Bear	Golden Bear											Golden Bear
Golden Bear 2016-R, LLC (4)	Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,987		10,821		(3)(17)	Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,998		8,957		(3)(17)
Purchasing Power, LLC	Purchasing Power, LLC											Purchasing Power, LLC
Purchasing Power Funding I, LLC	Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	01/24/24	9,113		1,640		1,640		(9)(21)(23) (27)	Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	01/24/24	9,113		598		598		(9)(21)(23) (26)
Spectrum Automotive	Spectrum Automotive											Spectrum Automotive
Shelby 2021 Holdings Corp.	Shelby 2021 Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	14,521		12,219		12,263		(9)(21)(23) (26)(27)(28)	Shelby 2021 Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	14,457		12,714		12,678		(9)(21)(23) (28)
		First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(6)		(4)		(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(5)		(6)		(8)(9)(21) (23)
							12,213		12,259									12,709		12,672
Ten-X, LLC	Ten-X, LLC											Ten-X, LLC
Ten-X, LLC	Ten-X, LLC	First Lien Secured Debt - Revolver	P+225	09/29/22	4,680		4,617		4,572		(23)(34)	Ten-X, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	09/29/22	4,680		(22)		(39)		(8)(21)(23)
		Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	64,869	$	58,755			Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	47,493	$	39,384
Education	Education											Education
NFA Group	NFA Group											NFA Group
SSCP Spring Bidco Limited	SSCP Spring Bidco Limited	First Lien Secured Debt	GBPL+600, 0.50% Floor	07/30/25	£	30,000	$	36,295	$	40,407	(9)(17)(32)	SSCP Spring Bidco Limited	First Lien Secured Debt	SON+600, 0.50% Floor	07/30/25	£	30,000	$	36,331	$	36,205	(9)(17)(27)
			Total Education				$	36,295	$	40,407				Total Education				$	36,331	$	36,205
Energy – Electricity	Energy – Electricity											Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Renew Financial LLC (f/k/a Renewable Funding, LLC)											Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC (4)	AIC SPV Holdings II, LLC (4)	Preferred Equity - Preferred Stock	N/A	N/A	534,375 Shares		$	534	$	417	(15)(17)(25)	AIC SPV Holdings II, LLC (4)	Preferred Equity - Preferred Stock	N/A	N/A	534,375 Shares		$	534	$	288	(15)(17)(24)
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Preferred Equity - Series B Preferred Stock	N/A	N/A	1,505,868 Shares		8,343		—		(13)(25)	Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Preferred Equity - Series E Preferred Stock	N/A	N/A	441,576 Shares		1,902		4,425		(13)(17)(24)
		Preferred Equity - Series D Preferred Stock	N/A	N/A	436,689 Shares		5,568		—		(13)(25)		Preferred Equity - Series B Preferred Stock	N/A	N/A	1,505,868 Shares		8,343		—		(13)(24)
		Preferred Equity - Series E Preferred Stock	N/A	N/A	441,576 Shares		1,902		4,984		(13)(17)(25)		Preferred Equity - Series D Preferred Stock	N/A	N/A	436,689 Shares		5,568		—		(13)(24)
Renew JV LLC (4)	Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	513,215 Shares		513		635		(13)(17)(25)	Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	443,844 Shares		444		574		(13)(17)(24)
							16,860		6,036									16,791		5,287
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited		First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,231		1,791		(14)(17)
		Preferred Equity - Preferred Stock	N/A	N/A	4,286 Shares		5,623		—		(2)(13)(17)
		Common Equity - Ordinary Shares	N/A	N/A	2,825 Shares		4		—		(2)(13)(17)
							12,858		1,791
			Total Energy – Electricity				$	29,718	$	7,827

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Solarplicity Group Limited (f/k/a AMP Solar UK)												Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited												Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,230		1,837		(14)(17)
													Preferred Equity - Preferred Stock	N/A	N/A	4,286 Shares		5,623		—		(2)(13)(17)
													Common Equity - Ordinary Shares	N/A	N/A	2,825 Shares		4		—		(2)(13)(17)
																		12,857		1,837
														Total Energy – Electricity				$	29,648	$	7,124
Energy – Oil & Gas	Energy – Oil & Gas											Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)											Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/31/23	$	11,556	$	10,980	$	6,116	(14)	Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/31/23	$	3,959	$	3,094	$	3,959
		Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,078		—		(13)(25)		Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,077		714		(13)(24)
							41,058		6,116									33,171		4,673
Pelican	Pelican											Pelican
Pelican Energy, LLC (4)	Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(13)(16)(17) (25)	Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(13)(16)(17) (24)
Spotted Hawk	Spotted Hawk											Spotted Hawk
SHD Oil & Gas, LLC (5)	SHD Oil & Gas, LLC (5)	First Lien Secured Debt - Tranche C Note	12.00%	06/30/22	24,728		24,728		25,470			SHD Oil & Gas, LLC (5)	First Lien Secured Debt - Tranche C Note	12.00%	03/31/23	24,728		24,729		25,470
		Common Equity - Series A Units	N/A	N/A	7,600,000 Shares		1,412		—		(13)(16)(25)		Common Equity - Series C Units	N/A	N/A	50,952,525 Shares		44,065		7,985		(13)(16)(24)
		Common Equity - Series C Units	N/A	N/A	50,952,525 Shares		44,065		2,839		(13)(16)(25)		Common Equity - Series A Units	N/A	N/A	7,600,000 Shares		1,411		—		(13)(16)(24)
							70,205		28,309									70,205		33,455
			Total Energy – Oil & Gas				$	124,326	$	35,055				Total Energy – Oil & Gas				$	116,439	$	38,758
Environmental Industries	Environmental Industries											Environmental Industries
Ortega National Parks	Ortega National Parks											Ortega National Parks
Ortega National Parks, LLC	Ortega National Parks, LLC	First Lien Secured Debt	L+525, 1.00% Floor	10/31/25	$	15,590	$	9,229	$	9,223	(9)(21)(23) (29)	Ortega National Parks, LLC	First Lien Secured Debt	L+500, 1.00% Floor	10/31/26	$	14,497	$	8,162	$	8,249	(9)(21)(23) (29)
		First Lien Secured Debt - Revolver	L+525, 1.00% Floor	10/31/25	2,049		(27)		(22)		(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+500, 1.00% Floor	10/31/26	2,049		(25)		(7)		(8)(9)(21) (23)
			Total Environmental Industries				$	9,202	$	9,201				Total Environmental Industries				$	8,137	$	8,242
Healthcare & Pharmaceuticals	Healthcare & Pharmaceuticals											Healthcare & Pharmaceuticals
83bar	83bar											83bar
83Bar, Inc.	83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,975	$	4,975	(9)(26)	83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,980	$	4,938	(9)(26)
Akoya	Akoya											Akoya
Akoya Biosciences, Inc.	Akoya Biosciences, Inc.	First Lien Secured Debt	L+635, 1.50% Floor	10/27/25	9,750		9,771		9,750		(9)(26)	Akoya Biosciences, Inc.	First Lien Secured Debt	SOFR+635, 1.61% Floor	10/27/25	15,750		12,751		12,711		(9)(23)(31)
AmeriVet
Amerivet Partners Management, Inc.		First Lien Secured Debt	L+475, 1.00% Floor	06/05/24	33,617		33,202		33,265		(9)(27)
		First Lien Secured Debt - Revolver	L+475, 1.00% Floor	06/05/24	806		(8)		(9)		(8)(9)(21) (23)
AmeriVet Partners Parent LP		Common Equity - Class D Partnership Units	N/A	N/A	13 Shares		125		299		(9)(13)
							33,319		33,555
Analogic	Analogic											Analogic
Analogic Corporation	Analogic Corporation	First Lien Secured Debt	L+525, 1.00% Floor	06/22/24	17,896		17,707		17,627		(9)(26)	Analogic Corporation	First Lien Secured Debt	L+525, 1.00% Floor	06/22/24	17,804		17,643		17,493		(9)(28)
		First Lien Secured Debt - Revolver	L+525, 1.00% Floor	06/22/23	1,826		1,030		1,016		(9)(21)(23) (26)		First Lien Secured Debt - Revolver	L+525, 1.00% Floor	06/22/23	1,826		1,034		1,012		(9)(21)(23) (28)
							18,737		18,643									18,677		18,505
CARE Fertility
Royton Bidco Limited		First Lien Secured Debt	SON+525, 0.50% Floor	05/09/25	£	19,766	22,335		23,473		(9)(17)(21) (23)(31)

Cato Research	Cato Research											Cato Research
LS Clinical Services Holdings, Inc.	LS Clinical Services Holdings, Inc.	First Lien Secured Debt	L+675, 1.00% Floor	12/16/27	13,125		12,800		12,797		(9)(28)	LS Clinical Services Holdings, Inc.	First Lien Secured Debt	L+675, 1.00% Floor	12/16/27	13,059		12,756		12,746		(9)(26)
		First Lien Secured Debt - Revolver	L+675, 1.00% Floor	12/16/26	1,875		(46)		(47)		(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+675, 1.00% Floor	12/16/26	1,875		(42)		(45)		(8)(9)(21) (23)
							12,754		12,750									12,714		12,701

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)		Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
Cerus	Cerus								Cerus
Cerus Corporation	Cerus Corporation	First Lien Secured Debt	L+545, 1.80% Floor	03/01/24	21,000	16,449	16,830	(9)(17)(23) (26)	Cerus Corporation	First Lien Secured Debt	L+545, 1.80% Floor	03/01/24	16,500	16,472	16,665	(9)(17)(26)
										First Lien Secured Debt - Revolver	L+375, 1.80% Floor	03/01/24	1,500	1,022	1,024	(9)(17)(21) (23)(26)
														17,494	17,689
Compass Health									Compass Health
Roscoe Medical, Inc									Roscoe Medical, Inc	First Lien Secured Debt	SOFR+625, 1.00% Floor	09/30/24	7,582	7,309	7,278	(9)(31)
		First Lien Secured Debt - Revolver	L+375, 1.80% Floor	03/01/24	1,500	318	324	(9)(17)(21) (23)(26)		First Lien Secured Debt - Revolver	SOFR+636, 1.00% Floor	09/30/24	1,393	1,341	1,337	(9)(23)(31)
						16,767	17,154							8,650	8,615
Emmes Corporation	Emmes Corporation								Emmes Corporation
Emmes Blocker, Inc.	Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	842	(9)(13)	Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	1,449	(9)(13)
The Emmes Company, LLC	The Emmes Company, LLC	First Lien Secured Debt	L+500, 1.00% Floor	03/03/25	15,926	15,782	15,687	(9)(29)	The Emmes Company, LLC	First Lien Secured Debt	L+500, 1.00% Floor	03/03/25	15,844	15,723	15,765	(9)(29)
		First Lien Secured Debt - Revolver	L+500, 1.00% Floor	03/03/25	2,449	2,429	2,412	(9)(23)(26)		First Lien Secured Debt - Revolver	L+500, 1.00% Floor	03/03/25	2,449	1,208	1,212	(9)(21)(23) (26)
						18,517	18,941							17,237	18,426
EmpiRx	EmpiRx								EmpiRx
EmpiRx Health LLC	EmpiRx Health LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/05/27	9,091	8,919	9,000	(9)(27)	EmpiRx Health LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/05/27	9,045	8,889	8,955	(9)(29)
		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/05/27	909	(17)	(9)	(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/05/27	909	439	445	(9)(20)(21) (23)(26)
						8,902	8,991							9,328	9,400
Forge Biologics	Forge Biologics								Forge Biologics
Forge Biologics, Inc.	Forge Biologics, Inc.	First Lien Secured Debt	L+675, 0.50% Floor	12/03/26	26,667	3,202	3,201	(9)(23)(26)	Forge Biologics, Inc.	First Lien Secured Debt	L+675, 0.50% Floor	12/03/26	26,667	13,217	13,293	(9)(23)(26)
Gateway Services									Gateway Services
Gateway US Holdings, Inc.									Gateway US Holdings, Inc.	First Lien Secured Debt	SOFR+565, 0.75% Floor	09/22/24	7,552	7,481	7,477	(9)(32)
										First Lien Secured Debt	SOFR+575, 0.75% Floor	09/22/24	2,124	390	388	(9)(21)(23) (32)
Genesis Healthcare, Inc.
Genesis Healthcare, Inc.		First Lien Secured Debt	L+1100, 1.00% Floor	03/06/23	6,087	—	—	(9)(21)(23)
		First Lien Secured Debt - Revolver	L+600, 0.50% Floor	03/06/23	85,870	(171)	—	(9)(21)(23)		First Lien Secured Debt - Revolver	SOFR+565, 0.75% Floor	09/22/24	304	12	12	(9)(21)(23) (32)
						(171)	—							7,883	7,877
Gossamer	Gossamer								Gossamer
GB001, Inc.	GB001, Inc.	First Lien Secured Debt	L+700, 2.00% Floor	01/01/25	30,000	5,873	6,060	(9)(17)(23) (26)	GB001, Inc.	First Lien Secured Debt	L+700, 2.00% Floor	01/01/25	30,000	5,897	6,008	(9)(17)(23) (26)

Health & Safety Institute	Health & Safety Institute								Health & Safety Institute
HSI HALO Acquisition, Inc.	HSI HALO Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/31/26	16,412	13,524	13,360	(9)(21)(23) (28)	HSI HALO Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/31/26	16,343	13,477	13,305	(9)(21)(23) (28)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/02/25	813	131	121	(9)(21)(23) (26)		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/02/25	813	131	121	(9)(21)(23) (28)
		Common Equity - Common Stock	N/A	N/A	500 Shares	500	612	(9)(13)		Common Equity - Common Stock	N/A	N/A	500 Shares	500	656	(9)(13)
						14,155	14,093							14,108	14,082
IMA Group	IMA Group								IMA Group
IMA Group Management Company, LLC	IMA Group Management Company, LLC	First Lien Secured Debt	L+550, 1.00% Floor	05/30/24	12,704	6,866	6,887	(21)(23)(29)	IMA Group Management Company, LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/30/24	12,663	8,907	8,898	(21)(23)(28) (29)
		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	05/30/24	289	259	257	(21)(23)(27)		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	05/30/24	289	259	257	(21)(23)(26)
						7,125	7,144							9,166	9,155
Kindeva
Kindeva Drug Delivery L.P.		First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	9,434	9,267	9,372	(9)(28)
Kepro									Kepro
Keystone Acquisition Corp.									Keystone Acquisition Corp.	First Lien Secured Debt	L+575, 0.75% Floor	01/26/29	13,992	11,791	11,965	(9)(21)(23) (28)
		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	05/01/25	167	77	78	(9)(21)(23) (26)		First Lien Secured Debt - Revolver	L+575, 0.75% Floor	01/26/28	978	(18)	(5)	(8)(9)(21) (23)
						9,344	9,450							11,773	11,960
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)		Common Equity - Common Stock	N/A	N/A	133 Shares	133	206	(9)(13)
Kure Pain Holdings, Inc.		First Lien Secured Debt	L+500, 1.00% Floor	08/27/24	21,714	21,532	21,403	(9)(26)
		First Lien Secured Debt - Revolver	L+500, 1.00% Floor	08/27/24	2,654	(26)	(40)	(8)(9)(21) (23)
						21,639	21,569

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)		Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
Kindeva									Kindeva
Kindeva Drug Delivery L.P.									Kindeva Drug Delivery L.P.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	9,386	9,237	9,210	(9)(28)
										First Lien Secured Debt - Revolver	L+600, 1.00% Floor	05/01/25	167	94	93	(9)(21)(23) (26)
														9,331	9,303
KureSmart									KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)									Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares	133	205	(9)(13)
Kure Pain Holdings, Inc.									Kure Pain Holdings, Inc.	First Lien Secured Debt	L+500, 1.00% Floor	08/27/24	21,603	21,457	21,348	(9)(28)
										First Lien Secured Debt - Revolver	L+500, 1.00% Floor	08/27/24	2,654	(22)	(32)	(8)(9)(21) (23)
														21,568	21,521
LucidHealth									LucidHealth
Premier Imaging, LLC									Premier Imaging, LLC	First Lien Secured Debt	L+575, 1.00% Floor	01/02/25	12,460	7,997	7,968	(9)(21)(23) (26)(28)
Mannkind Corporation	Mannkind Corporation								Mannkind Corporation
Mannkind Corporation	Mannkind Corporation	First Lien Secured Debt	L+675, 1.00% Floor	08/01/25	13,866	13,784	14,094	(9)(26)	Mannkind Corporation	First Lien Secured Debt	L+625, 1.00% Floor	08/01/25	43,866	13,777	13,897	(9)(23)(26)
		First Lien Secured Debt	L+625, 1.00% Floor	08/01/25	30,000	(24)	—	(9)(23)
		Common Equity - Common Stock	N/A	N/A	334,226 Shares	76	1,461	(9)(10)(13) (17)		Common Equity - Common Stock	N/A	N/A	334,226 Shares	76	1,273	(9)(10)(13) (17)
						13,836	15,555							13,853	15,170
Maxor National Pharmacy Services, LLC	Maxor National Pharmacy Services, LLC								Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC	Maxor National Pharmacy Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/06/27	23,438	23,201	22,973	(9)(26)(28)	Maxor National Pharmacy Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/06/27	23,305	23,084	23,014	(9)(28)
		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/06/26	1,558	(11)	(30)	(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/06/26	1,558	(3)	(21)	(8)(9)(21) (23)
						23,190	22,943							23,081	22,993
Medical Guardian	Medical Guardian								Medical Guardian
Medical Guardian, LLC	Medical Guardian, LLC	First Lien Secured Debt	L+650, 1.00% Floor	10/26/26	36,191	30,931	30,911	(9)(21)(23) (26)	Medical Guardian, LLC	First Lien Secured Debt	L+650, 1.00% Floor	10/26/26	36,033	30,827	30,659	(9)(21)(23) (26)
		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	10/26/26	3,810	(55)	(54)	(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	10/26/26	3,810	331	316	(9)(21)(23) (26)
						30,876	30,857							31,158	30,975
Midwest Vision	Midwest Vision								Midwest Vision
Midwest Vision Partners Management, LLC	Midwest Vision Partners Management, LLC	First Lien Secured Debt	L+650, 1.00% Floor	01/12/27	24,315	21,466	21,656	(9)(21)(23) (27)(28)(29)	Midwest Vision Partners Management, LLC	First Lien Secured Debt	L+650, 1.00% Floor	01/12/27	24,206	21,395	21,548	(9)(21)(23) (26)(28)
		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/12/27	612	295	300	(9)(21)(23) (27)		First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/12/27	612	602	606	(9)(23)(28)
						21,761	21,956							21,997	22,154
Orchard	Orchard								Orchard
Orchard Therapeutics PLC	Orchard Therapeutics PLC	First Lien Secured Debt	L+595, 1.00% Floor	05/28/26	33,333	10,897	10,994	(9)(17)(23) (26)	Orchard Therapeutics PLC	First Lien Secured Debt	L+595, 1.00% Floor	05/28/26	33,333	10,913	10,667	(9)(17)(23) (26)

Ovation Fertility	Ovation Fertility								Ovation Fertility
FPG Services, LLC	FPG Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/13/25	19,068	14,141	14,312	(9)(21)(23) (28)	FPG Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/13/25	18,994	14,096	14,250	(9)(21)(23) (26)
		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/13/24	2,105	(21)	(6)	(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/13/24	2,105	(17)	(4)	(8)(9)(21) (23)
						14,120	14,306							14,079	14,246
Paragon 28	Paragon 28								Paragon 28
Paragon 28, Inc.	Paragon 28, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	10,000	2,492	2,475	(9)(23)(26)	Paragon 28, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	10,000	7,475	7,450	(9)(23)(26)
		First Lien Secured Debt - Revolver	L+300, 1.00% Floor	05/01/26	2,000	(9)	(5)	(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+300, 1.00% Floor	05/01/26	2,000	(8)	(10)	(8)(9)(21) (23)
						2,483	2,470							7,467	7,440
Partner Therapeutics, Inc
Partner Therapeutics, Inc		First Lien Secured Debt	L+665, 1.00% Floor	01/01/23	10,000	9,964	9,950	(9)(26)
		First Lien Secured Debt - Revolver	L+375, 1.00% Floor	04/01/26	1,000	823	825	(9)(21)(23) (26)
		Preferred Equity - Preferred Equity	N/A	N/A	55,556 Shares	333	871	(9)(13)
		Warrants		N/A	33,333 Shares	135	372	(9)(13)
						11,255	12,018
PHS
PHS Buyer, Inc.		First Lien Secured Debt	L+600, 1.00% Floor	01/31/27	25,177	24,746	24,674	(9)(28)
		First Lien Secured Debt - Revolver	L+600, 1.00% Floor	01/31/27	2,000	(30)	(40)	(8)(9)(21) (23)
						24,716	24,634
Radius Health
Radius Health, Inc.		First Lien Secured Debt	L+575, 2.00% Floor	06/01/24	33,833	28,700	28,425	(9)(17)(23) (26)
		First Lien Secured Debt - Revolver	L+350, 2.00% Floor	06/01/24	1,000	(1)	(13)	(8)(9)(17) (21)(23)
						28,699	28,412

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)

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


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)		Fair Value (1)(36)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	First Lien Secured Debt	L+665, 1.00% Floor	01/01/23	10,000	9,987		9,975		(9)(26)
	First Lien Secured Debt	L+665, 1.00% Floor	08/01/22	3,333	3,333		3,333		(9)(26)
	First Lien Secured Debt - Revolver	L+375, 1.00% Floor	04/01/26	1,000	724		726		(9)(21)(23) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	55,556 Shares	333		343		(9)(13)
	Warrants	N/A	N/A	33,333 Shares	135		98		(9)(13)
					14,512		14,475
PHS
PHS Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	01/31/27	25,051	24,669		24,551		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	01/31/27	2,000	953		960		(9)(21)(23) (26)(28)
					25,622		25,511
Radius Health
Radius Health, Inc.	First Lien Secured Debt	L+575, 2.00% Floor	06/01/24	33,833	28,760		28,729		(9)(17)(23) (26)
	First Lien Secured Debt - Revolver	L+350, 2.00% Floor	06/01/24	1,000	(1)		(6)		(8)(9)(17) (21)(23)
					28,759		28,723
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt	L+450, 1.00% Floor	08/02/24	3,768	3,733		3,738		(9)(28)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	08/02/24	500	26		(4)		(8)(9)(20) (21)(23)
					3,759		3,734
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt	L+565, 1.50% Floor	09/01/24	9,000	9,011		8,955		(9)(26)
TELA Bio, Inc.
TELA Bio, Inc.	First Lien Secured Debt	SOFR+625, 1.00% Floor	05/01/27	16,666	13,269		13,250		(9)(23)(31)


TissueTech
TissueTech, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	04/01/27	17,500	12,193		12,163		(9)(23)(26)
	First Lien Secured Debt - Revolver	L+400, 1.00% Floor	04/01/27	1,000	(5)		(5)		(8)(9)(21) (23)
					12,188		12,158
Treace
Treace Medical Concepts, Inc.	First Lien Secured Debt	SOFR+600, 1.00% Floor	04/01/27	34,999	14,516		14,408		(9)(17)(23) (31)

	First Lien Secured Debt - Revolver	SOFR+400, 1.00% Floor	04/01/27	3,000	386		385		(9)(17)(21) (23)(31)
					14,902		14,793
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/09/27	6,749	4,094		4,117		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/09/27	726	(12)		(7)		(8)(9)(21) (23)
					4,082		4,110
WellDyneRx, LLC
WelldyneRX, LLC	First Lien Secured Debt	SOFR+675, 0.75% Floor	03/09/27	18,032	17,671		17,581		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+675, 0.75% Floor	03/09/26	1,923	(36)		(48)		(8)(9)(21) (23)
					17,635		17,533
		Total Healthcare & Pharmaceuticals			$	469,058	$	471,039

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)

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


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
High Tech Industries
Acronis AG
ACRONIS AG	First Lien Secured Debt	L+535, 1.00% Floor	04/01/27	$	21,000	$	20,936	$	20,895	(9)(17)(26)
American Megatrends
AMI US Holdings Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/01/25	21,375		21,175		21,375		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 0.00% Floor	04/01/24	2,907		1,142		1,160		(9)(21)(23) (26)
						22,317		22,535
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/16/25	22,216		21,917		22,020		(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/16/25	2,273		91		101		(21)(23)(26)
						22,008		22,121
ChyronHego Corporation
ChyronHego Corporation (5)	First Lien Secured Debt	L+350 Cash plus 1.50% PIK, 1.00% Floor	12/31/24	85,600		84,878		84,744		(28)
	First Lien Secured Debt	L+800 PIK, 1.00% Floor	12/31/24	4,629		2,542		2,583		(23)(28)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	12/31/24	10,000		8,876		8,856		(21)(23)(28)
	Preferred Equity - Preferred Equity	N/A	N/A	7,800 Shares		6,000		16,955		(13)(24)
						102,296		113,138
Dairy.com
Momentx Corporation	First Lien Secured Debt	SOFR+575, 1.00% Floor	06/24/27	15,278		15,015		14,914		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	06/24/27	1,257		(21)		(30)		(8)(9)(21) (23)
						14,994		14,884
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/10/27	22,298		21,780		21,946		(9)(28)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	02/10/27	2,419		509		526		(9)(21)(23) (28)
						22,289		22,472
GoHealth
Norvax, LLC	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	09/13/24	3,182		2,432		2,459		(9)(21)(23) (26)
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc.	First Lien Secured Debt	SOFR+535, 1.00% Floor	06/06/25	14,400		14,277		13,661		(31)
Modern Campus
Destiny Solutions U.S., Inc.	First Lien Secured Debt	L+600, 1.00% Floor	06/08/26	25,573		25,050		25,062		(26)
RMCF IV CIV XXXV, L.P.	Common Equity - Common Stock	N/A	N/A	482 Shares		1,000		1,384		(13)
						26,050		26,446
MYCOM
Magnate Holding Corp.	First Lien Secured Debt	L+625, 0.50% Floor	12/16/24	19,123		19,017		19,065		(9)(17)(26)
	First Lien Secured Debt - Revolver	L+625, 0.50% Floor	12/14/23	3,150		3,134		3,143		(9)(17)(23) (26)(28)
						22,151		22,208

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)

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


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	10/31/26	33,112		26,644		26,429		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	10/30/26	1,732		749		740		(9)(21)(23) (28)
						27,393		27,169
Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt	SOFR+850, 1.00% Floor	01/11/25	15,210		12,013		12,146		(9)(21)(23) (32)
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt	SOFR+600 Cash plus 0.50% PIK, 1.00% Floor	07/12/25	10,322		10,176		10,126		(9)(31)(32)
	First Lien Secured Debt	SOFR+775, 1.00% Floor	07/12/25	958		947		958		(9)(32)
						11,123		11,084
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	02/02/26	8,178		8,104		8,039		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	02/02/26	1,731		(16)		(30)		(8)(9)(21) (23)
						8,088		8,009
Sirsi Corporation
Sirsi Corporation	First Lien Secured Debt	L+450, 1.00% Floor	03/15/24	5,371		5,342		5,363		(9)(26)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/15/24	429		(2)		(1)		(8)(9)(21) (23)
						5,340		5,362
Springbrook
Springbrook Holding Company, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/23/26	15,889		15,688		15,642		(28)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/23/26	1,463		(16)		(23)		(8)(21)(23)
						15,672		15,619
Tax Slayer
MEP-TS Midco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/31/26	13,345		13,116		13,212		(9)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/31/26	1,452		1		(15)		(8)(9)(21) (23)
						13,117		13,197
UpStack
Upstack Holdco Inc.	First Lien Secured Debt	L+550, 1.00% Floor	08/20/27	31,843		27,538		27,765		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/20/27	3,000		(71)		(45)		(8)(9)(20) (21)(23)
						27,467		27,720
		Total High Tech Industries				$	389,963	$	401,125
Hotel, Gaming, Leisure, Restaurants
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt	6.95%	11/18/26	$	9,759	$	9,672	$	9,672	(9)
	First Lien Secured Debt	L+595, 1.00% Floor	11/18/26	1,167		1		(11)		(8)(9)(23)
						9,673		9,661
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/16/26	9,917		9,812		9,768		(9)(26)
		Total Hotel, Gaming, Leisure, Restaurants				$	19,485	$	19,429

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)

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


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Insurance
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt	L+600, 0.75% Floor	04/14/28	$	30,037	$	29,551	$	29,361	(9)(26)
	First Lien Secured Debt - Revolver	L+600, 0.75% Floor	04/16/27	2,203		(35)		(50)		(8)(9)(21) (23)
						29,516		29,311
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	12/02/25	19,181		18,898		18,606		(9)(28)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/02/25	923		(13)		(28)		(8)(9)(21) (23)
						18,885		18,578
Relation Insurance
AQ Sunshine, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	04/15/25	34,772		33,934		34,231		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	04/15/24	1,785		489		500		(9)(20)(21) (23)(31)
						34,423		34,731
		Total Insurance				$	82,824	$	82,620
Manufacturing, Capital Equipment
AVAD, LLC
Surf Opco, LLC	First Lien Secured Debt - Revolver	L+400, 1.00% Floor	03/17/26	$	16,667	$	12,977	$	12,805	(9)(20)(21) (23)(26)
	Preferred Equity - Class P-1 Preferred	N/A	N/A	33,333 Shares		3,333		6,462		(9)(13)(16)
	Preferred Equity - Class P-2 Preferred	N/A	N/A	85,164 Shares		8,516		1,840		(9)(13)(16)
	Common Equity - Class A-1 Common	N/A	N/A	3,333 Shares		—		55		(9)(13)(16)
						24,826		21,162
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A	250,000 Shares		250		86		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/08/25	16,237		16,083		15,691		(9)(30)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	05/08/25	1,243		129		114		(9)(21)(23) (28)
						16,462		15,891
MedPlast Holdings Inc.
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.)	Second Lien Secured Debt	L+775, 0.00% Floor	07/02/26	8,000		7,961		7,760		(26)
		Total Manufacturing, Capital Equipment				$	49,249	$	44,813
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc.	First Lien Secured Debt	L+750 Cash plus 2.00% PIK, 1.00% Floor	08/16/24	$	29,764	$	29,515	$	29,520	(9)(28)
	First Lien Secured Debt - Revolver	L+750, 1.00% Floor	08/16/24	3,078		3,052		3,013		(9)(23)(28)
						32,567		32,533
Sonar Entertainment
Sonar Entertainment, Inc.	First Lien Secured Debt	L+760, 1.25% Floor	11/15/21	2,475		2,474		2,039		(9)(11)(26)
	First Lien Secured Debt - Revolver	L+760, 1.25% Floor	11/15/21	1,604		1,561		1,321		(9)(11)(23) (26)
						4,035		3,360
		Total Media – Diversified & Production				$	36,602	$	35,893

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)


Industry / Company	Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)			Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Retail												Retail
IPS												IPS
SI Holdings, Inc.												SI Holdings, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	07/25/25	$	30,926	$	30,591	$	30,573	(9)(26)
													First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/25/24	3,413		740		737		(9)(21)(23) (26)
														Total Retail				$	31,331	$	31,310
Telecommunications												Telecommunications
Securus Technologies Holdings, Inc.												Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.												Securus Technologies Holdings, Inc.	Second Lien Secured Debt	L+825, 1.00% Floor	11/01/25	$	7,128	$	7,094	$	6,736	(28)
														Total Telecommunications				$	7,094	$	6,736
Transportation – Cargo, Distribution												Transportation – Cargo, Distribution
Beacon Mobility												Beacon Mobility
Beacon Mobility Corp.												Beacon Mobility Corp.	First Lien Secured Debt	L+550, 1.00% Floor	05/22/24	$	28,231	$	13,807	$	13,840	(9)(21)(23) (26)(28)
													First Lien Secured Debt - Revolver	L+400, 0.00% Floor	02/04/23	50,000		—		—		(9)(22)(23)
													First Lien Secured Debt - Revolver	L+550, 1.00% Floor	05/22/24	4,145		(68)		(56)		(8)(9)(20) (21)(23)
																		13,739		13,784
Dynamic Product Tankers (Prime), LLC												Dynamic Product Tankers (Prime), LLC
Dynamic Product Tankers, LLC (5)												Dynamic Product Tankers, LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		42,632		1,041		(13)(17)(19) (24)
Heniff and Superior												Heniff and Superior
Heniff Holdco, LLC												Heniff Holdco, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/03/26	30,376		29,956		29,425		(9)(26)
													First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/03/24	3,925		1,531		1,486		(9)(21)(23) (26)
																		31,487		30,911
MSEA Tankers LLC												MSEA Tankers LLC
MSEA Tankers LLC (5)												MSEA Tankers LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		43,808		27,398		(17)(18)(24)
														Total Transportation – Cargo, Distribution				$	131,666	$	73,134
Utilities – Electric												Utilities – Electric
Congruex												Congruex
Congruex Group LLC												Congruex Group LLC	First Lien Secured Debt	SOFR+590, 0.75% Floor	05/03/29	$	15,000	$	14,631	$	14,325	(9)(10)(31)
														Total Utilities – Electric				$	14,631	$	14,325
Wholesale	Wholesale											Wholesale
Banner Solutions	Banner Solutions											Banner Solutions
Banner Buyer, LLC	Banner Buyer, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/31/25	$	17,789	$	15,136	$	15,224	(9)(21)(23) (26)	Banner Buyer, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/31/25	$	17,711	$	15,084	$	15,023	(9)(21)(23) (26)
		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/31/25	1,935		(24)		(12)		(8)(9)(21) (23)		First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/31/25	1,935		624		619		(9)(21)(23) (26)
Banner Parent Holdings, Inc.	Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A	6,125 Shares		613		560		(9)(13)	Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A	6,125 Shares		613		537		(9)(13)
							15,725		15,772									16,321		16,179
Thomas Scientific	Thomas Scientific											Thomas Scientific
BSP-TS, LP	BSP-TS, LP	Common Equity - Common Stock	N/A	N/A	185 Shares		185		185		(9)(13)(25)	BSP-TS, LP	Common Equity - Common Stock	N/A	N/A	185 Shares		185		217		(9)(13)(24)
Thomas Scientific, LLC	Thomas Scientific, LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/27	31,852		26,088		26,081		(9)(21)(23) (28)	Thomas Scientific, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/14/27	26,533		26,056		26,287		(9)(29)
		First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/14/27	2,963		(59)		(59)		(8)(9)(21) (23)		First Lien Secured Debt	L+625, 1.00% Floor	12/14/27	5,185		(43)		(48)		(8)(9)(21) (23)
							26,214		26,207				First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/14/27	2,963		(54)		(28)		(8)(9)(21) (23)
			Total Wholesale				$	41,939	$	41,979								26,144		26,428
Total Investments before Cash Equivalents							$	2,792,350	$	2,594,843
J.P. Morgan U.S. Government Money Market Fund					$	22,367	$	22,367	$	22,367	(22)
Total Investments after Cash Equivalents							$	2,814,717	$	2,617,210	(6)(7)
														Total Wholesale				$	42,465	$	42,607
Total Investments												Total Investments						$	2,794,539	$	2,549,504	(6)(7)

~~____________________~~

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

___________________

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

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

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of ~~December 31, 2021,~~June 30, 2022, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan ~~obligation, and 27% equity ownership interest in Carbonfree Chemicals SA LLC.~~obligation.

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS (Unaudited)~~

~~December 31, 2021~~

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

(4)Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, ~~2021~~2022 and ~~December 31, 2021~~June 30, 2022 along with transactions during the ~~nine~~three months ended ~~December 31, 2021~~June 30, 2022 in these affiliated investments are as follows:


Name of Issuer	Name of Issuer	Fair Value at March 31, 2021		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at December 31, 2021		Net Realized Gains (Losses)		Interest/Dividend/Other Income		Name of Issuer	Fair Value at March 31, 2022		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at June 30, 2022		Net Realized Gains (Losses)		Interest/Dividend/Other Income
1244311 B.C. Ltd., Common Stock	1244311 B.C. Ltd., Common Stock	$	1,719	$	—	$	—	$	(833)	$	886	$	—	$	—	1244311 B.C. Ltd., Common Stock	$	976	$	—	$	—	$	(207)	$	769	$	—	$	—
1244311 B.C. Ltd., Term Loan	1244311 B.C. Ltd., Term Loan	3,822		46		(15)		(67)		3,786		—		185		1244311 B.C. Ltd., Term Loan	3,800		16		—		(43)		3,773		—		62
9357-5991 Quebec Inc., Term Loan		—		—		(215)		—		—		215		—
AIC SPV Holdings II, LLC, Preferred Equity	AIC SPV Holdings II, LLC, Preferred Equity	498		—		—		(81)		417		—		81		AIC SPV Holdings II, LLC, Preferred Equity	355		—		—		(67)		288		—		29

Carbonfree Chemicals Holdings LLC, Common Stock	Carbonfree Chemicals Holdings LLC, Common Stock	25,424		904		—		18,662		44,990		—		—		Carbonfree Chemicals Holdings LLC, Common Stock	42,117		25,074		—		(26,584)		40,607		7,360		—
Carbonfree Chemicals SA LLC, Class B Units	Carbonfree Chemicals SA LLC, Class B Units	—		—		—		—		—		—		—		Carbonfree Chemicals SA LLC, Class B Units	—		—		(25,074)		25,074		—		(7,360)		—
Golden Bear 2016-R, LLC, Membership Interests	Golden Bear 2016-R, LLC, Membership Interests	11,289		175		—		(643)		10,821		—		878		Golden Bear 2016-R, LLC, Membership Interests	10,038		—		—		(1,081)		8,957		—		281
GSC Technologies Inc., Term Loan	GSC Technologies Inc., Term Loan	—		218		(8)		(14)		196		—		11		GSC Technologies Inc., Term Loan	192		3		(8)		(2)		185		—		6
KLO Acquisition LLC, Term Loan		—		—		(327)		1		—		326		—
Pelican Energy, LLC, Common Stock	Pelican Energy, LLC, Common Stock	2,170		—		(3,698)		2,158		630		—		—		Pelican Energy, LLC, Common Stock	630		—		—		—		630		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock	Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock	42		—		—		(42)		—		—		—		Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock	—		—		—		—		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	28		—		—		(28)		—		—		—		Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	—		—		—		—		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	5,106		—		—		(122)		4,984		—		—		Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	4,988		—		—		(563)		4,425		—		—
Renew JV LLC, Membership Interests	Renew JV LLC, Membership Interests	776		—		(158)		17		635		—		—		Renew JV LLC, Membership Interests	613		—		(22)		(17)		574		—		—

		$	50,874	$	1,343	$	(4,421)	$	19,008	$	67,345	$	541	$	1,155

																	$	63,709	$	25,093	$	(25,104)	$	(3,490)	$	60,208	$	—	$	378

____________________

● 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 (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)

(5)Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of March 31, ~~2021~~2022 and ~~December 31, 2021~~June 30, 2022 along with transactions during the ~~nine~~three months ended ~~December 31, 2021~~June 30, 2022 in these controlled investments are as follows:


Name of Issuer	Name of Issuer	Fair Value at March 31, 2021		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Losses		Fair Value at December 31, 2021		Net Realized Losses		Interest/Dividend/Other Income		Name of Issuer	Fair Value at March 31, 2022		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at June 30, 2022		Net Realized Gains (Losses)		Interest/Dividend/Other Income
Majority Owned Company	Majority Owned Company															Majority Owned Company
ChyronHego Corporation, Preferred Equity	ChyronHego Corporation, Preferred Equity	$	6,151	$	1	$	—	$	6,117	$	12,269	$	—	$	—	ChyronHego Corporation, Preferred Equity	$	15,553	$	—	$	—	$	1,402	$	16,955	$	—	$	—
ChyronHego Corporation, Revolver	ChyronHego Corporation, Revolver	2,226		4,750		—		100		7,076		—		208		ChyronHego Corporation, Revolver	7,076		1,720		—		60		8,856		—		350
ChyronHego Corporation, Term Loan	ChyronHego Corporation, Term Loan	81,676		3,381		873		592		86,522		—		4,965		ChyronHego Corporation, Term Loan	86,969		342		410		(394)		87,327		—		1,765
Dynamic Product Tankers, LLC, Common Stock	Dynamic Product Tankers, LLC, Common Stock	25,528		—		—		(19,752)		5,776		—		—		Dynamic Product Tankers, LLC, Common Stock	3,110		—		(1,800)		(269)		1,041		—		—
Dynamic Product Tankers, LLC, Unsecured Term Loan		22,000		—		—		—		22,000		—		853
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock	Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock	—		—		—		—		—		—		—		Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock	—		—		—		714		714		—		—
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan	Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan	8,111		—		(5,020)		23,952		6,116		(20,927)		—		Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan	6,204		141		(4,505)		2,119		3,959		—		142
Merx Aviation Finance, LLC, Letter of Credit	Merx Aviation Finance, LLC, Letter of Credit	—		—		—		—		—		—		—		Merx Aviation Finance, LLC, Letter of Credit	—		—		—		—		—		—		—
Merx Aviation Finance, LLC, Membership Interests	Merx Aviation Finance, LLC, Membership Interests	125,061		—		(84,500)		2,680		43,241		—		—		Merx Aviation Finance, LLC, Membership Interests	23,509		—		—		(14,114)		9,395		—		—
Merx Aviation Finance, LLC, Revolver	Merx Aviation Finance, LLC, Revolver	190,500		84,500		—		—		275,000		—		18,611		Merx Aviation Finance, LLC, Revolver	275,000		—		—		—		275,000		—		6,856
MSEA Tankers LLC, Class A Units	MSEA Tankers LLC, Class A Units	57,028		—		(6,666)		(4,108)		46,254				2,059		MSEA Tankers LLC, Class A Units	34,274		—		(6,450)		(426)		27,398				—
Controlled Company	Controlled Company															Controlled Company							—

SHD Oil & Gas, LLC, Series C Units	SHD Oil & Gas, LLC, Series C Units	—		44,065		—		(41,226)		2,839		—		—		SHD Oil & Gas, LLC, Series C Units	4,652		—		—		3,333		7,985		—		—
SHD Oil & Gas, LLC, Series A Units	SHD Oil & Gas, LLC, Series A Units	—		—		—		—		—		—		—		SHD Oil & Gas, LLC, Series A Units	—		—		—		—		—		—		—

SHD Oil & Gas, LLC, Tranche A Note	SHD Oil & Gas, LLC, Tranche A Note	9,899		—		(44,065)		34,159		—		7				SHD Oil & Gas, LLC, Tranche A Note	—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche B Note	SHD Oil & Gas, LLC, Tranche B Note	—		—		—		44,380		—		(44,380)		—		SHD Oil & Gas, LLC, Tranche B Note	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche C Note	SHD Oil & Gas, LLC, Tranche C Note	25,470		—		—		—		25,470		—		2,268		SHD Oil & Gas, LLC, Tranche C Note	25,470		—		—		—		25,470		—		750
		$	553,650	$	136,697	$	(139,378)	$	46,894	$	532,563	$	(65,300)	$	28,964

																	$	481,817	$	2,203	$	(12,345)	$	(7,575)	$	464,100	$	—	$	9,863

____________________

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

As of ~~December 31, 2021,~~June 30, 2022, the Company had a 87%, 85%, 96%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation; Dynamic Product Tankers, LLC; Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

~~December 31, 2021~~June 30, 2022

(In thousands, except share data)

(6)Aggregate gross unrealized gain and loss for federal income tax purposes is ~~$67,719~~$52,898 and ~~$283,375,~~$320,679, respectively. Net unrealized loss is ~~$215,656~~$267,781 based on a tax cost of ~~$2,832,866.~~$2,851,797.

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

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

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

(10)Other than the investments noted by this footnote, the fair value of the Company’s investments ~~are~~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 this investment was November 15, 2021. The investment is expected to be paid down in a series of payments subsequent to the stated maturity date.

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

(13)Non-income producing security.

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

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

(16)AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AIC SB 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. AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdngs LLC.

(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2022, non-qualifying assets represented approximately 9.28% of the total assets of the Company.

(18)As of June 30, 2022, 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)As of June 30, 2022, 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.

(20)As of June 30, 2022, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

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

(22)A letter of credit associated with this investment has been issued through the Company’s Senior Secured Facility. In the event of draw of funds the related funding would be pro-rated for all existing lenders in the investment.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

(23)As of June 30, 2022, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.


Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit		Undrawn Commitment
A&V Holdings Midco, LLC	$	1,505	$	452	$	—	$	1,053
AMI US Holdings Inc.	2,907		1,163		—		1,744
AQ Sunshine, Inc.	2,144		507		23		1,614
Activ Software Holdings, LLC	2,407		—		—		2,407
Akoya Biosciences, Inc.	3,000		—		—		3,000
Alpinex Opco, LLC	3,843		447		—		3,396
Analogic Corporation	1,826		1,043		—		783
Banner Buyer, LLC	4,387		645		—		3,742
Beacon Mobility Corp.	68,152		—		28,505		39,647
Berner Food & Beverage, LLC	2,881		1,844		—		1,037
Bird US Opco, LLC	7,847		—		—		7,847
Cerus Corporation	1,500		1,024		—		476
ChyronHego Corporation	12,000		8,956		—		3,044
Club Car Wash Operating, LLC	6,847		—		—		6,847
Compu-Link Corporation	2,273		—		—		2,273
Digital.ai Software Holdings, Inc.	2,419		565		—		1,854
EHL Merger Sub, LLC	4,155		—		—		4,155
Eldrickco Limited*	5,644		433		—		5,211
EmpiRx Health LLC	909		455		227		227
Erickson Inc	33,000		26,141		847		6,012
FPG Services, LLC	6,811		—		—		6,811
First Heritage Credit, LLC	7,500		3,220		—		4,280
Forge Biologics, Inc.	13,334		—		—		13,334
GB001, Inc.	24,000		—		—		24,000
Gabriel Partners, LLC	665		133		—		532
Gateway US Holdings, Inc.	2,018		15		—		2,003
Go Car Wash Management Corp.	15,774		—		—		15,774
Graffiti Buyer, Inc.	3,920		457		—		3,463
Guernsey Holdings SDI LA LLC	1,167		—		—		1,167
Gutter Buyer, Inc.	2,727		1,364		119		1,244
HRO (Hero Digital) Holdings, LLC	10,213		851		31		9,331
HSI HALO Acquisition, Inc.	3,492		135		—		3,357
Heniff Holdco, LLC	3,925		1,570		—		2,355
High Street Buyer, Inc.	2,203		—		—		2,203
Hive Intermediate, LLC	2,326		—		—		2,326
HomeRenew Buyer, Inc.	7,049		—		—		7,049
IMA Group Management Company, LLC	3,929		260		—		3,669
JF Acquisition, LLC	1,569		753		—		816
Jacent Strategic Merchandising	3,500		3,494		—		6
KDC US Holdings	6,020		795		34		5,191
KL Charlie Acquisition Company	9,962		157		—		9,805
Kauffman Intermediate, LLC	1,243		155		—		1,088
Keystone Acquisition Corp.	2,935		—		—		2,935
Kindeva Drug Delivery L.P.	167		96		—		71
Kure Pain Holdings, Inc.	2,654		—		—		2,654
LS Clinical Services Holdings, Inc.	1,875		—		—		1,875

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)


Name of Issuer	Total Commitment	Drawn Commitment	Letters of Credit	Undrawn Commitment
Lash OpCo, LLC	1,612	599	—	1,013
LendingPoint LLC	21,856	6,944	—	14,912
Lifelong Learner Holdings, LLC	2,985	2,982	—	3
Liqui-Box Holdings, Inc.	3,560	2,401	31	1,128
MEP-TS Midco, LLC	1,452	—	—	1,452
Magnate Holding Corp.	3,150	3,150	—	—
Mannkind Corporation	30,000	—	—	30,000
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,558	—	—	1,558
Medical Guardian, LLC	8,572	381	—	8,191
Merx Aviation Finance, LLC	275,177	275,000	177	—
Midwest Vision Partners Management, LLC	3,029	612	—	2,417
Momentx Corporation	1,257	—	—	1,257
NW Entertainment, Inc.	3,078	3,078	—	—
Naviga Inc. (fka Newscycle Solutions, Inc.)	500	304	—	196
Nemo (BC) Bidco Pty Ltd*	160	—	—	160
New Era Technology, Inc.	7,670	779	—	6,891
Norvax, LLC	3,182	2,466	—	716
Orchard Therapeutics PLC	22,333	—	—	22,333
Ortega National Parks, LLC	8,251	—	—	8,251
PHS Buyer, Inc.	2,000	1,000	—	1,000
Pace Health Companies, LLC	500	—	105	395
Paladone Group Bidco Limited	3,295	—	—	3,295
Paladone Group Bidco Limited*	430	—	—	430
Paragon 28, Inc.	4,500	—	—	4,500
Partner Therapeutics, Inc	1,000	726	—	274
Precision Refrigeration & Air Conditioning LLC	1,705	—	—	1,705
Premier Imaging, LLC	4,305	—	—	4,305
Pro-Vigil Holding Company, LLC	2,933	—	—	2,933
Project Comfort Buyer, Inc.	3,462	—	—	3,462
Protein For Pets Opco, LLC	2,219	—	—	2,219
Purchasing Power Funding I, LLC	9,113	598	—	8,515
Radius Health, Inc.	5,833	—	—	5,833
Roscoe Medical, Inc	1,393	1,393	—	—
SI Holdings, Inc.	3,413	768	—	2,645
Shelby 2021 Holdings Corp.	1,980	—	—	1,980
Simeio Group Holdings, Inc.	1,731	—	—	1,731
Sirsi Corporation	429	—	—	429
Sonar Entertainment, Inc.	1,604	1,604	—	—
Springbrook Holding Company, LLC	1,463	—	—	1,463
Surf Opco, LLC	16,667	12,976	1,000	2,691
TELA Bio, Inc.	3,333	—	—	3,333
TGG TS Acquisition Company	1,750	—	—	1,750
THLP CO. LLC	4,494	1,919	79	2,496
Telesoft Holdings, LLC	2,273	121	—	2,152
Ten-X, LLC	4,680	—	—	4,680
The Emmes Company, LLC	2,449	1,224	—	1,225
Thomas Scientific, LLC	8,148	—	—	8,148
TissueTech, Inc.	6,250	—	—	6,250
Treace Medical Concepts, Inc.	23,416	400	—	23,016

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)


Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit		Undrawn Commitment
Trench Plate Rental Co.	1,818		182		59		1,577
Truck-Lite Co., LLC	3,052		—		99		2,953
Turbo Buyer, Inc.	923		—		—		923
U.S. Auto Finance, Inc.	19,053		—		—		19,053
USLS Acquisition, Inc.	1,608		402		75		1,131
Ultimate Baked Goods Midco LLC	3,243		1,946		365		932
Unchained Labs, LLC	3,290		—		—		3,290
Upstack Holdco Inc.	6,600		—		110		6,490
WelldyneRX, LLC	1,923		—		—		1,923
Westfall Technik, Inc.	2,019		2,019		—		—
Wildcat BuyerCo, Inc.	1,972		87		30		1,855



Total Commitments	$	882,960	$	383,191	$	31,916	$	467,853

____________________

* These investments are in a foreign currency and the total commitment has been converted to USD using the June 30, 2022 exchange rate.

** For all letters of credit issued and outstanding on June 30, 2022, $2,238 will expire in 2022, $29,663 will expire in 2023 and $15 will expire in 2024.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

(24)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 June 30, 2022, the aggregate fair value of these securities is $113,966 or 12% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer

Investment Type

Acquisition Date

1244311 B.C. Ltd.

Common Equity - Common Stock

9/30/2020

AIC SPV Holdings II, LLC

Preferred Equity - Preferred Stock

6/1/2017

BSP-TS, LP

Common Equity - Common Stock

12/14/2021

Carbonfree Chemicals Holdings LLC

Common Equity - Common Equity / Interest

11/19/2019

ChyronHego Corporation

Preferred Equity - Preferred Equity

12/29/2020

Dynamic Product Tankers, LLC

Common Equity - Class A Units

4/8/2015

FCP-Hive Holdings, LLC

Common Equity - Common Stock

9/22/2021

FCP-Hive Holdings, LLC

Preferred Equity - Preferred Equity

9/22/2021

Gainline Galaxy Holdings LLC

Common Equity - Common Stock

11/12/2021

Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)

Common Equity - Common Stock

3/29/2016

Graffiti Parent, LP

Common Equity - Common Stock

8/10/2021

HRO Holdings I LP

Common Equity - Common Stock

11/18/2021

Merx Aviation Finance, LLC

Common Equity - Membership Interests

7/1/2021

MSEA Tankers LLC

Common Equity - Class A Units

12/12/2014

Owl Parent Holdings, LLC

Common Equity - Common Stock

2/4/2022

Paladone Group Holdings Limited

Common Equity - Common Stock

11/12/2021

Pelican Energy, LLC

Common Equity - Membership Interests

3/28/2012

Project Comfort Buyer, Inc.

Preferred Equity - Preferred Equity

5/16/2022

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

9/5/2019

SHD Oil & Gas, LLC

Common Equity - Series C Units

12/27/2012

SHD Oil & Gas, LLC

Common Equity - Series A Units

11/18/2016

SMC IR Holdings, LLC

Common Equity - Common Stock

3/8/2022

Trench Safety Solutions Holdings, LLC

Common Equity - Series A-1 Units

4/29/2022

(25)The interest rate on these loans is subject to Prime, which as of June 30, 2022 was 4.75%

(26)The interest rate on these loans is subject to 1 month LIBOR, which as of June 30, 2022 was 1.79%

(27)The interest rate on these loans is subject to SONIA, which as of June 30, 2022 was 1.19%

(28)The interest rate on these loans is subject to 3 months LIBOR, which as of June 30, 2022 was 2.29%

(29)The interest rate on these loans is subject to 6 months LIBOR, which as of June 30, 2022 was 2.94%

(30)The interest rate on these loans is subject to 12 months LIBOR, which as of June 30, 2022 was 3.62%

(31)The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2022 was 1.69%

(32)The interest rate on these loans is subject to 3 months SOFR, which as of June 30, 2022 was 2.12%

(33)The interest rate on these loans is subject to 6 months SOFR, which as of June 30, 2022 was 2.63%

(34)The interest rate on these loans is subject to 3 months BBSW, which as of June 30, 2022 was 1.81%

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

(35)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of June 30, 2022:


Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	42,330	$	—	$	—	$	—	$	—	$	432	$	—	$	42,762
Aerospace & Defense	26,096		—		—		—		—		—		—		26,096
Automotive	57,638		23,621		—		—		—		350		—		81,609
Aviation and Consumer Transport	17,162		—		—		—		—		—		—		17,162
Beverage, Food & Tobacco	103,600		—		—		—		448		1,261		—		105,309
Business Services	199,829		67,765		—		—		89		1,940		—		269,623
Chemicals, Plastics & Rubber	23,011		—		—		—		—		—		—		23,011
Construction & Building	30,169		—		—		—		—		500		—		30,669
Consumer Goods – Durable	19,163		—		—		—		—		107		—		19,270
Consumer Goods – Non-durable	74,827		—		—		—		492		2,135		—		77,454
Consumer Services	194,355		—		—		—		—		—		—		194,355

Diversified Investment Vehicles, Banking, Finance, Real Estate	30,495		—		—		—		—		—		—		30,495
Education	36,331		—		—		—		—		—		—		36,331
Energy – Electricity	7,230		—		—		—		5,623		4		—		12,857
Environmental Industries	8,137		—		—		—		—		—		—		8,137

Healthcare & Pharmaceuticals	467,575		—		—		—		333		1,015		135		469,058
High Tech Industries	286,666		—		—		—		—		1,000		—		287,666
Hotel, Gaming, Leisure, Restaurants	19,485		—		—		—		—		—		—		19,485
Insurance	82,824		—		—		—		—		—		—		82,824
Manufacturing, Capital Equipment	29,188		7,961		—		—		11,850		250		—		49,249
Media – Diversified & Production	36,602		—		—		—		—		—		—		36,602

Retail	31,331		—		—		—		—		—		—		31,331
Telecommunications	—		7,094		—		—		—		—		—		7,094
Transportation – Cargo, Distribution	45,226		—		—		—		—		—		—		45,226
Utilities – Electric	14,631		—		—		—		—		—		—		14,631
Wholesale	41,667		—		—		—		—		798		—		42,465
Total Non-Controlled / Non-Affiliated Investments	$	1,925,568	$	106,441	$	—	$	—	$	18,835	$	9,792	$	135	$	2,060,771
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	78,729	$	—	$	78,729
Consumer Goods - Durable	4,274		—		—		—		—		1,000		—		5,274
Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,998		—		—		—		16,998
Energy – Electricity	—		—		—		—		16,347		444		—		16,791
Energy – Oil & Gas	—		—		—		—		—		13,063		—		13,063
Total Non-Controlled / Affiliated Investments	$	4,274	$	—	$	—	$	16,998	$	16,347	$	93,236	$	—	$	130,855
Controlled Investments
Aviation and Consumer Transport	$	275,000	$	—	$	—	$	—	$	—	$	35,800	$	—	$	310,800
Energy – Oil & Gas	24,728		3,093		—		—		—		75,555		—		103,376
High Tech Industries	96,297		—		—		—		6,000		—		—		102,297
Transportation – Cargo, Distribution	—		—		—		—		—		86,440		—		86,440
Total Controlled Investments	$	396,025	$	3,093	$	—	$	—	$	6,000	$	197,795	$	—	$	602,913
Total	$	2,325,867	$	109,534	$	—	$	16,998	$	41,182	$	300,823	$	135	$	2,794,539

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

(36)The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of June 30, 2022:


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	$	42,385		$	—		$	—		$	—		$	—		$	476		$	—		$	42,861		4.3	%
Aerospace & Defense	25,811			—			—			—			—			—			—			25,811			2.6	%
Automotive	56,561			19,546			—			—			—			379			—			76,486			7.7	%
Aviation and Consumer Transport	17,235			—			—			—			—			—			—			17,235			1.7	%
Beverage, Food & Tobacco	103,281			—			—			—			488			2,160			—			105,929			10.7	%
Business Services	197,168			55,670			—			—			89			2,425			—			255,352			25.9	%
Chemicals, Plastics & Rubber	22,506			—			—			—			—			—			—			22,506			2.3	%
Construction & Building	30,029			—			—			—			—			1,095			—			31,124			3.2	%
Consumer Goods – Durable	18,887			—			—			—			—			518			—			19,405			2.0	%
Consumer Goods – Non-durable	74,645			239			—			—			64			1,784			—			76,732			7.8	%
Consumer Services	193,590			—			—			—			—			—			—			193,590			19.6	%

Diversified Investment Vehicles, Banking, Finance, Real Estate	30,427			—			—			—			—			—			—			30,427			3.1	%
Education	36,205			—			—			—			—			—			—			36,205			3.7	%
Energy – Electricity	1,837			—			—			—			—			—			—			1,837			0.2	%
Environmental Industries	8,242			—			—			—			—			—			—			8,242			0.8	%

Healthcare & Pharmaceuticals	467,014			—			—			—			343			3,584			98			471,039			47.8	%
High Tech Industries	286,602			—			—			—			—			1,384			—			287,986			29.2	%
Hotel, Gaming, Leisure, Restaurants	19,429			—			—			—			—			—			—			19,429			2.0	%
Insurance	82,620			—			—			—			—			—			—			82,620			8.4	%
Manufacturing, Capital Equipment	28,611			7,760			—			—			8,301			141			—			44,813			4.5	%
Media – Diversified & Production	35,893			—			—			—			—			—			—			35,893			3.6	%

Retail	31,310			—			—			—			—			—			—			31,310			3.2	%
Telecommunications	—			6,736			—			—			—			—			—			6,736			0.7	%
Transportation – Cargo, Distribution	44,696			—			—			—			—			—			—			44,696			4.5	%
Utilities - Electric	14,325			—			—			—			—			—			—			14,325			1.5	%
Wholesale	41,853			—			—			—			—			754			—			42,607			4.3	%
Total Non-Controlled / Non-Affiliated Investments	$	1,911,162		$	89,951		$	—		$	—		$	9,285		$	14,700		$	98		$	2,025,196		205.3	%
% of Net Assets	193.8		%	9.1		%	—		%	—		%	0.9		%	1.5		%	—		%	205.3		%
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	40,607		$	—		$	40,607		4.1	%
Consumer Goods - Durable	3,958			—			—			—			—			769			—			4,727			0.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			8,957			—			—			—			8,957			0.9	%
Energy – Electricity	—			—			—			—			4,713			574						5,287			0.5	%
Energy – Oil & Gas	—			—			—			—			—			630			—			630			0.1	%
Total Non-Controlled / Affiliated Investments	$	3,958		$	—		$	—		$	8,957		$	4,713		$	42,580		$	—		$	60,208		6.1	%
% of Net Assets	0.4		%	—		%	—		%	0.9		%	0.5		%	4.3		%	—		%	6.1		%
Controlled Investments
Aviation and Consumer Transport	$	275,000		$	—		$	—		$	—		$	—		$	9,395		$	—		$	284,395		28.8	%
Energy – Oil & Gas	25,470			3,959			—			—			—			8,699			—			38,128			3.9	%
High Tech Industries	96,184			—			—			—			16,955			—						113,139			11.4	%
Transportation – Cargo, Distribution	—			—			—			—			—			28,438			—			28,438			2.9	%
Total Controlled Investments	$	396,654		$	3,959		$	—		$	—		$	16,955		$	46,532		$	—		$	464,100		47.0	%
% of Net Assets	40.2		%	0.4		%	—		%	—		%	1.7		%	4.7		%	—		%	47.0		%
Total	$	2,311,774		$	93,910		$	—		$	8,957		$	30,953		$	103,812		$	98		$	2,549,504		258.4	%
% of Net Assets	234.4		%	9.5		%	—		%	0.9		%	3.1		%	10.5		%	—		%	258.4		%

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)


Industry Classification			Percentage of Total Investments (at Fair Value) as of June 30, 2022
Healthcare & Pharmaceuticals			18.5%
High Tech Industries			15.7%
Aviation and Consumer Transport			11.8%
Business Services			10.0%
Consumer Services			7.6%
Beverage, Food & Tobacco			4.2%
Insurance			3.2%
Consumer Goods – Non-durable			3.0%
Automotive			3.0%
Transportation – Cargo, Distribution			2.9%
Chemicals, Plastics & Rubber			2.5%
Manufacturing, Capital Equipment			1.8%
Advertising, Printing & Publishing			1.7%
Wholesale			1.7%
Diversified Investment Vehicles, Banking, Finance, Real Estate			1.5%
Energy – Oil & Gas			1.5%
Education			1.4%
Media – Diversified & Production			1.4%
Retail			1.2%
Construction & Building			1.2%
Aerospace & Defense			1.0%
Consumer Goods – Durable			0.9%
Hotel, Gaming, Leisure, Restaurants			0.8%
Utilities – Electric			0.6%
Environmental Industries			0.3%
Energy – Electricity			0.3%
Telecommunications			0.3%


Total Investments			100.0%

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt	L+625, 1.00% Floor	12/30/26	$	30,818	$	22,373	$	22,510	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/30/26	1,962		(31)		(20)		(8)(9)(21) (23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		353		(9)(13)
						22,561		22,843
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt	L+600, 1.00% Floor	11/18/28	27,186		19,084		19,253		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	11/18/26	2,553		(47)		(26)		(8)(9)(20) (21)(23)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		212		(9)(13)(24)
						19,250		19,439
		Total Advertising, Printing & Publishing				$	41,811	$	42,282
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	L+750, 1.50% Floor	04/28/22	$	32,250	$	23,628	$	23,315	(9)(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	13.50%	04/28/22	3,750		3,750		3,712		(9)(23)
		Total Aerospace & Defense				$	27,378	$	27,027
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt	L+650, 1.00% Floor	06/16/27	$	29,931	$	22,934	$	23,018	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		(37)		(30)		(8)(9)(21) (23)
						22,897		22,988
Crowne Automotive
Vari-Form Group, LLC	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	5,860		893		410		(9)(14)
Vari-Form Inc.	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	2,110		391		148		(9)(14)
						1,284		558
K&N Parent, Inc.
K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,605		19,724		(28)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		420		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/26	31,287		29,655		29,533		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/13/24	3,052		241		226		(9)(20)(21) (23)(26)
						30,246		30,179
		Total Automotive				$	78,032	$	73,449
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	275,177	$	275,000	$	275,000	(20)(23)

	Common Equity - Membership Interests	N/A	N/A	N/A		35,800		23,509		(24)
						310,800		298,509

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,353		17,179		17,271		(9)(26)
		Total Aviation and Consumer Transport				$	327,979	$	315,780
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	30,963	$	30,334	$	30,653	(9)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	2,132		535		555		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	P+550	07/30/26	749		734		742		(9)(23)(25)
						31,603		31,950
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interest	N/A	N/A	1,000,000 Shares		1,001		1,080		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A	589 Shares		448		484		(9)(13)(24)
	Common Equity - Common Stock	N/A	N/A	589 Shares		3		20		(9)(13)(24)
Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,123		16,822		16,952		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		(41)		(23)		(8)(9)(21) (23)
						17,232		17,433
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,648
Rise Baking
Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,690		26,086		25,935		(9)(28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		1,954		1,936		(9)(20)(21) (23)(28)(29)
						28,040		27,871
TNT Crust LLC
TNT Crust LLC	First Lien Secured Debt	L+675 Cash plus 1.00% PIK, 1.00% Floor	11/06/23	21,706		21,512		21,272		(9)(28)
	First Lien Secured Debt - Revolver	L+675 Cash plus 1.00% PIK, 1.00% Floor	11/06/23	3,252		3,085		3,036		(9)(21)(23) (29)
	Common Equity - Series A Units	N/A	N/A	244 Shares		30		172		(9)(13)
						24,627		24,480
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		160		(9)(13)
THLP CO. LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/31/25	25,110		24,824		24,608		(9)(28)
	First Lien Secured Debt - Revolver	P+500	05/31/24	4,494		1,165		1,112		(9)(20)(21) (23)(25)
						26,158		25,880
		Total Beverage, Food & Tobacco				$	129,666	$	130,342
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,829	$	15,787	(26)

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (33)	Fair Value (1)(34)
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/27/27	16,383	11,644	11,605	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/27/27	1,117	(21)	(21)	(8)(9)(21) (23)
					11,623	11,584
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	8.00%	08/28/25	21,429	18,582	5,657	(14)
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/21/26	31,451	30,898	31,203	(9)(29)
	First Lien Secured Debt - Revolver	P+500	09/21/26	665	120	128	(9)(21)(23) (25)
					31,018	31,331
Continuum
Continuum Global Solutions, LLC	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares	78	78	(9)(13)
Electro Rent Corporation
Electro Rent Corporation	Second Lien Secured Debt	L+900, 1.00% Floor	01/31/25	34,235	33,806	34,064	(9)(28)
Elo Touch
TGG TS Acquisition Company	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	12/14/23	1,750	750	721	(21)(23)(26)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(179)	(111)	(8)(21)(23)
IRP
Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt	SOFR+600, 1.00% Floor	03/08/28	8,182	8,020	8,018	(9)(27)
	First Lien Secured Debt - Revolver		03/08/27	1,705	(34)	(34)	(8)(9)(21) (23)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	114 Shares	114	114	(9)(13)(24)
					8,100	8,098
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	L+675, 1.00% Floor	04/23/24	22,116	21,977	21,508	(9)(28)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	04/23/24	3,500	3,472	3,400	(9)(21)(23) (28)(29)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	169	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)
					25,960	25,088
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	L+550, 1.00% Floor	07/31/26	13,201	13,058	13,008	(9)(28)(30)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	07/31/26	1,569	(17)	(23)	(8)(9)(21) (23)
					13,041	12,985
MAKS
Trident Bidco Limited	First Lien Secured Debt	L+550, 1.00% Floor	11/08/25	33,688	33,066	33,670	(9)(17)(29)
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	L+700, 1.00% Floor	12/29/22	13,397	13,318	13,430	(9)(26)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	12/29/22	500	278	280	(9)(21)(23) (26)
					13,596	13,710

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,420		5,679		5,639		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,307		390		388		(9)(21)(23) (28)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares		244		200		(9)(13)(24)
						6,313		6,227
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	33,975		33,527		32,411		(9)(28)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/20/25	2,985		2,947		2,865		(9)(21)(23) (28)
						36,474		35,276
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		871		(9)
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		1,030		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	12/02/24	24,003		23,781		23,643		(9)(28)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	12/02/24	1,286		417		409		(9)(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	P+425	12/02/24	322		319		317		(9)(23)(25)
						25,149		25,399
Wilson Language Training
Owl Acquisition, LLC	First Lien Secured Debt	SOFR+575, 1.00% Floor	02/04/28	9,900		9,707		9,702		(9)(27)
Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A	100 Shares		100		100		(9)(13)(24)
						9,807		9,802
		Total Business Services				$	283,313	$	270,237
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,354 Shares		$	46,295	$	42,117	(3)(13)(16) (24)
Carbonfree Chemicals SA LLC (4)	Common Equity - Class B Units	N/A	N/A	3,152 Shares		32,434		—		(3)(13)(16) (24)
						78,729		42,117
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	09/13/24	15,616		15,482		15,269		(9)(28)
	First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,638		5,557		5,542		(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/13/24	2,019		2,002		1,975		(9)(23)(28)
						23,041		22,786
		Total Chemicals, Plastics & Rubber				$	101,770	$	64,903
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	03/06/25	$	28,393	$	28,097	$	28,169	(9)(26)
	First Lien Secured Debt - Revolver	P+475	03/06/24	2,727		2,019		2,013		(9)(20)(21) (23)(25)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,226		(9)
		Total Construction & Building				$	30,616	$	31,408
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/10/25	$	1,505	$	(80)	$	(52)	(8)(21)(23)

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		692		620		(20)(21)(23)(26)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	First Lien Secured Debt	L+500, 1.00% Floor	09/30/25	2,978		2,978		2,794		(17)(28)
	First Lien Secured Debt	L+500 PIK, 1.00% Floor	09/30/25	1,079		1,079		1,006		(17)(28)
	Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		976		(2)(13)(17) (24)
GSC Technologies Inc. (4)	First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	206		206		192		(17)(28)
						5,263		4,968
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	2,416		878		889		(20)(21)(23)(28)
	First Lien Secured Debt - Revolver	P+350	02/26/25	1,144		1,137		1,143		(23)(25)
						2,015		2,032
NSi Industries
Wildcat BuyerCo, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	02/27/26	14,660		13,096		13,271		(21)(23)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	02/27/26	725		(11)		(13)		(8)(21)(23)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		180		(13)
						13,192		13,438
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		325		(10)(13)
		Total Consumer Goods – Durable				$	21,082	$	21,331
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	05/31/24	$	2,219	$	(25)	$	—	(9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	24,897		24,548		23,936		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		(38)		(139)		(8)(9)(21) (23)
	Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		37		(9)(13)
						24,972		23,834
LashCo
Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	44,992		42,582		42,819		(9)(21)(23) (26)

	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,612		(48)		(25)		(8)(9)(21) (23)
						42,534		42,794
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt	L+575, 1.00% Floor	11/12/27	7,988		5,974		6,035		(9)(17)(21) (23)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	353		(9)		(4)		(8)(9)(17) (21)(23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		(27)		(12)		(8)(9)(17) (21)(23)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		119		(9)(13)(17) (24)
						6,032		6,138

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A	10,854 Shares		2,041		1,900		(13)(16)(17)(24)
Sequential Avia Holdings LLC	Second Lien Secured Debt	L+500, 1.00% Floor	11/12/26	1,717		1,716		1,717		(17)(29)
Sequential Brands Group, Inc.	Second Lien Secured Debt	8.75%	02/07/24	1,293		—		239		(14)(17)
Swisstech IP CO, LLC	First Lien Secured Debt	6.00% PIK	11/29/24	264		1		264		(17)
						3,758		4,120
		Total Consumer Goods – Non-durable				$	77,271	$	76,886
Consumer Services
Activ
Activ Software Holdings, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/04/27	$	29,869	$	29,359	$	29,418	(9)(30)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(41)		(36)		(8)(9)(21) (23)
						29,318		29,382
Bird
Bird US Opco, LLC	First Lien Secured Debt	L+750, 1.00% Floor	10/12/24	48,549		22,076		22,821		(9)(23)(26)
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	21,632		21,330		21,529		(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		8		(3)		(8)(21)(23)
						21,338		21,526
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	08/31/22	26,250		20,992		21,099		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 0.00% Floor	08/31/22	3,750		1,160		1,160		(9)(21)(23) (26)
						22,152		22,259
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	L+575, 1.00% Floor	12/31/26	11,443		9,269		9,255		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(6)		(8)(9)(21) (23)
						9,266		9,249
Lending Point
LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	17,500		13,422		13,515		(9)(21)(23) (28)
	First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		3,158		3,186		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		8,262		8,318		(9)(23)(28)
						24,842		25,019
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+675, 1.00% Floor	04/06/24	A$	7,000	4,953		4,907		(17)(21)(23)(32)
Paper Source
Papershop Holdco Inc.	First Lien Secured Debt	L+700, 1.00% Floor	05/27/26	10,607		10,515		10,395		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	05/27/26	3,082		1,498		1,463		(9)(21)(23) (28)
						12,013		11,858

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
The Club Company
Eldrickco Limited	First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,027	13,965		14,157		(9)(17)(21) (23)(31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		457		(9)(17)(23) (31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	1		(5)		(8)(9)(17) (21)(23)
						14,377		14,609
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/17/24	20,000		9,343		9,202		(9)(21)(23) (28)
	First Lien Secured Debt	L+525, 1.00% Floor	03/31/23	1,000		975		995		(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	04/17/24	13,333		2,412		2,418		(9)(21)(23) (28)
						12,730		12,615
		Total Consumer Services				$	173,065	$	174,245
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(22)	$	(3)	(8)(9)(21) (23)
Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,386		17,210		17,366		(9)(26)
						17,188		17,363
Flock Financial, LLC
Flock SPV I, LLC	First Lien Secured Debt	L+650, 1.00% Floor	12/31/22	14,667		12,011		11,985		(9)(17)(21) (23)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	12/31/22	5,333		1,847		1,861		(9)(17)(21) (23)(26)
						13,858		13,846
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,998		10,038		(3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	01/24/24	9,113		1,142		1,142		(9)(21)(23) (26)
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	14,490		12,288		12,329		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(6)		(4)		(8)(9)(21) (23)
						12,282		12,325
Ten-X, LLC
Ten-X, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	09/29/22	4,680		(43)		(73)		(8)(21)(23)
	Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	61,425	$	54,641
Education
NFA Group
SSCP Spring Bidco Limited	First Lien Secured Debt	SON+600, 0.50% Floor	07/30/25	£	30,000	$	36,322	$	39,059	(9)(17)(31)
		Total Education				$	36,322	$	39,059

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC (4)	Preferred Equity - Preferred Stock	N/A	N/A	142 Shares		$	534	$	355	(15)(17)(24)
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Preferred Equity - Series E Preferred Stock	N/A	N/A	441,576 Shares		1,902		4,988		(13)(17)(24)
	Preferred Equity - Series B Preferred Stock	N/A	N/A	1,505,868 Shares		8,343		—		(13)(24)
	Preferred Equity - Series D Preferred Stock	N/A	N/A	436,689 Shares		5,568		—		(13)(24)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	465,750 Shares		466		613		(13)(17)(24)
						16,813		5,956
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,230		1,874		(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A	4,286 Shares		5,623		—		(2)(13)(17)
	Common Equity - Ordinary Shares	N/A	N/A	2,825 Shares		4		—		(2)(13)(17)
						12,857		1,874
		Total Energy – Electricity				$	29,670	$	7,830
Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/31/23	$	8,323	$	7,458	$	6,204	(14)
	Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,078		—		(13)(24)
						37,536		6,204
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(13)(16)(17)(24)
Spotted Hawk
SHD Oil & Gas, LLC (5)	First Lien Secured Debt - Tranche C Note	12.00%	06/30/22	24,728		24,728		25,470
	Common Equity - Series C Units	N/A	N/A	50,952,525 Shares		44,067		4,652		(13)(16)(24)
	Common Equity - Series A Units	N/A	N/A	7,600,000 Shares		1,411		—		(13)(16)(24)
						70,206		30,122
		Total Energy – Oil & Gas				$	120,805	$	36,956
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC	First Lien Secured Debt	L+500, 1.00% Floor	10/31/26	$	14,497	$	8,156	$	8,235	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	10/31/26	2,049		(27)		(9)		(8)(9)(21) (23)
		Total Environmental Industries				$	8,129	$	8,226
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,978	$	4,975	(9)(26)
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt	L+635, 1.50% Floor	10/27/25	9,750		9,772		9,771		(9)(26)
Analogic
Analogic Corporation	First Lien Secured Debt	L+525, 1.00% Floor	06/22/24	17,850		17,675		17,582		(9)(28)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	06/22/23	1,826		1,293		1,277		(9)(21)(23) (28)
						18,968		18,859

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (33)	Fair Value (1)(34)
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt	L+675, 1.00% Floor	12/16/27	13,092	12,778	12,787	(9)(26)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	12/16/26	1,875	237	237	(9)(21)(23) (28)
					13,015	13,024
Cerus
Cerus Corporation	First Lien Secured Debt	L+545, 1.80% Floor	03/01/24	16,500	16,467	16,665	(9)(17)(26)
	First Lien Secured Debt - Revolver	L+375, 1.80% Floor	03/01/24	1,500	670	672	(9)(17)(21) (23)(26)
					17,137	17,337
Compass Health
Roscoe Medical, Inc	First Lien Secured Debt	SOFR+625, 1.00% Floor	09/30/24	7,601	7,328	7,316	(9)(27)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	09/30/24	1,393	767	767	(9)(21)(23) (27)
					8,095	8,083
Emmes Corporation
Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	879	(9)(13)
The Emmes Company, LLC	First Lien Secured Debt	L+500, 1.00% Floor	03/03/25	15,886	15,755	15,646	(9)(29)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	03/03/25	2,449	2,431	2,412	(9)(23)(26)
					18,492	18,937
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/05/27	9,068	8,906	8,977	(9)(28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/05/27	909	(16)	(9)	(8)(9)(21) (23)
					8,890	8,968
Forge Biologics
Forge Biologics, Inc.	First Lien Secured Debt	L+675, 0.50% Floor	12/03/26	26,667	3,209	3,245	(9)(23)(26)
Gossamer
GB001, Inc.	First Lien Secured Debt	L+700, 2.00% Floor	01/01/25	30,000	5,886	6,056	(9)(17)(23) (26)
Health & Safety Institute
HSI HALO Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/31/26	16,378	13,500	13,335	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/02/25	813	131	121	(9)(21)(23) (26)
	Common Equity - Common Stock	N/A	N/A	500 Shares	500	679	(9)(13)
					14,131	14,135
IMA Group
IMA Group Management Company, LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/30/24	12,680	8,560	8,566	(21)(23)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	05/30/24	289	259	257	(21)(23)(28)
					8,819	8,823
Kepro
Keystone Acquisition Corp.	First Lien Secured Debt	L+575, 0.75% Floor	01/26/29	14,022	11,812	11,925	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	01/26/28	978	(19)	(10)	(8)(9)(21) (23)
					11,793	11,915

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (33)	Fair Value (1)(34)
Kindeva
Kindeva Drug Delivery L.P.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	9,410	9,254	9,311	(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	05/01/25	167	147	147	(9)(21)(23) (26)
					9,401	9,458
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.)	Common Equity - Common Stock	N/A	N/A	133 Shares	133	217	(9)(13)
Kure Pain Holdings, Inc.	First Lien Secured Debt	L+500, 1.00% Floor	08/27/24	21,658	21,497	21,398	(9)(26)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	08/27/24	2,654	(24)	(33)	(8)(9)(21) (23)
					21,606	21,582
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt	L+600, 1.00% Floor	01/02/25	12,480	7,628	7,614	(9)(21)(23) (26)
Mannkind Corporation
Mannkind Corporation	First Lien Secured Debt	L+675, 1.00% Floor	08/01/25	13,866	13,793	14,058	(9)(26)
	First Lien Secured Debt	L+625, 1.00% Floor	08/01/25	30,000	(23)	—	(9)(23)
	Common Equity - Common Stock	N/A	N/A	334,226 Shares	76	1,230	(9)(10)(13) (17)
					13,846	15,288
Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/06/27	23,436	23,206	23,145	(9)(28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/06/26	1,558	(11)	(20)	(8)(9)(21) (23)
					23,195	23,125
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt	L+650, 1.00% Floor	10/26/26	36,112	30,882	30,966	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	10/26/26	3,810	(52)	(41)	(8)(9)(21) (23)
					30,830	30,925
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt	L+650, 1.00% Floor	01/12/27	24,261	21,431	21,601	(9)(21)(23) (28)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/12/27	612	602	606	(9)(23)(28)
					22,033	22,207
Orchard
Orchard Therapeutics PLC	First Lien Secured Debt	L+595, 1.00% Floor	05/28/26	33,333	10,906	10,776	(9)(17)(23) (26)
Ovation Fertility
FPG Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/13/25	19,031	14,119	14,276	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/13/24	2,105	(19)	(5)	(8)(9)(21) (23)
					14,100	14,271
Paragon 28
Paragon 28, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	10,000	7,472	7,475	(9)(23)(26)
	First Lien Secured Debt - Revolver	L+300, 1.00% Floor	05/01/26	2,000	(8)	(5)	(8)(9)(21) (23)
					7,464	7,470

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Partner Therapeutics, Inc
Partner Therapeutics, Inc	First Lien Secured Debt	L+665, 1.00% Floor	01/01/23	10,000		9,976		9,950		(9)(26)
	First Lien Secured Debt	L+665, 1.00% Floor	08/01/22	3,333		3,333		3,333		(9)(26)
	First Lien Secured Debt - Revolver	L+375, 1.00% Floor	04/01/26	1,000		(2)		—		(9)(21)(23)
	Preferred Equity - Preferred Equity	N/A	N/A	55,556 Shares		333		343		(9)(13)
	Warrants	N/A	N/A	33,333 Shares		135		99		(9)(13)
						13,775		13,725
PHS
PHS Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	01/31/27	25,115		24,711		24,612		(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	01/31/27	2,000		351		360		(9)(21)(23) (28)
						25,062		24,972
Radius Health
Radius Health, Inc.	First Lien Secured Debt	L+575, 2.00% Floor	06/01/24	33,833		28,736		28,459		(9)(17)(23) (26)
	First Lien Secured Debt - Revolver	L+350, 2.00% Floor	06/01/24	1,000		(1)		(10)		(8)(9)(17) (21)(23)
						28,735		28,449
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt	L+450, 1.00% Floor	08/02/24	3,768		3,729		3,736		(9)(28)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	08/02/24	500		18		(4)		(8)(9)(20) (21)(23)
						3,747		3,732
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt	L+565, 1.50% Floor	09/01/24	9,000		9,011		9,051		(9)(26)
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/09/27	6,760		1,848		1,854		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/09/27	726		(13)		(7)		(8)(9)(21) (23)
						1,835		1,847
WellDyneRx, LLC
WelldyneRX, LLC	First Lien Secured Debt	SOFR+675, 0.75% Floor	03/09/27	18,077		17,720		17,715		(9)(27)
	First Lien Secured Debt - Revolver	SOFR+675, 0.75% Floor	03/09/26	1,923		(38)		(38)		(8)(9)(21) (23)
						17,682		17,677
		Total Healthcare & Pharmaceuticals				$	404,041	$	406,297
High Tech Industries
Acronis AG
ACRONIS AG	First Lien Secured Debt	L+535, 1.50% Floor	12/18/24	$	21,000	$	20,941	$	20,962	(9)(17)(26)
American Megatrends
AMI US Holdings Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/01/25	21,430		21,211		21,430		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 0.00% Floor	04/01/24	2,907		1,139		1,163		(9)(21)(23) (26)
						22,350		22,593
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/16/25	22,273		21,952		22,141		(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/16/25	2,273		(32)		(13)		(8)(21)(23)
						21,920		22,128

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (33)	Fair Value (1)(34)
ChyronHego Corporation
ChyronHego Corporation (5)	First Lien Secured Debt	L+350 Cash plus 1.50% PIK, 1.00% Floor	12/31/22	85,277	84,170	84,424	(28)
	First Lien Secured Debt	L+800 PIK, 1.00% Floor	12/31/22	2,570	2,500	2,545	(28)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	12/31/22	8,000	7,156	7,076	(21)(23)(28)
	Preferred Equity - Preferred Equity	N/A	N/A	7,800 Shares	6,000	15,553	(13)(24)
					99,826	109,598
Dairy.com
Momentx Corporation	First Lien Secured Debt	L+575, 1.00% Floor	06/24/27	13,640	13,395	13,265	(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	06/24/27	1,257	(22)	(35)	(8)(9)(21) (23)
					13,373	13,230
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/10/27	22,355	21,810	22,080	(9)(28)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	02/10/27	2,419	748	777	(9)(21)(23) (28)
					22,558	22,857
GoHealth
Norvax, LLC	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	09/13/24	3,182	2,428	2,461	(9)(21)(23) (26)(28)
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc.	First Lien Secured Debt	L+535, 1.00% Floor	06/06/25	14,438	14,305	13,642	(26)
Modern Campus
Destiny Solutions U.S., Inc.	First Lien Secured Debt	L+600, 1.00% Floor	06/08/26	25,573	25,024	25,126	(26)
RMCF IV CIV XXXV, L.P.	Common Equity - Common Stock	N/A	N/A	482 Shares	1,000	1,430	(13)(24)
					26,024	26,556
MYCOM
Magnate Holding Corp.	First Lien Secured Debt	L+625, 0.50% Floor	12/16/24	19,164	19,050	18,817	(9)(17)(28)
	First Lien Secured Debt - Revolver	L+625, 0.50% Floor	12/14/23	3,150	3,133	3,105	(9)(17)(23) (28)
					22,183	21,922
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	10/31/26	23,794	21,315	21,221	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	10/30/26	1,049	594	591	(9)(21)(23) (28)

Pro Vigil
Pro-Vigil Holding Company, LLC	First Lien Secured Debt	L+850, 1.00% Floor	01/11/25	9,910	9,724	9,808	(9)(28)
	First Lien Secured Debt	SOFR+850, 1.00% Floor	01/11/25	5,329	1,493	1,542	(9)(21)(23) (27)
					11,217	11,350
Schlesinger Group
Schlesinger Global, LLC	First Lien Secured Debt	L+600 Cash plus 1.00% PIK, 1.00% Floor	07/12/25	9,882	9,730	9,747	(9)(28)
	First Lien Secured Debt	L+775, 1.00% Floor	07/12/25	963	950	964	(9)(28)
					10,680	10,711

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt	L+550, 1.00% Floor	02/02/26	8,178		8,099		8,076		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	02/02/26	1,731		(17)		(21)		(8)(9)(21) (23)
						8,082		8,055
Sirsi Corporation
Sirsi Corporation	First Lien Secured Debt	L+450, 1.00% Floor	03/15/24	5,456		5,423		5,440		(9)(26)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/15/24	429		(3)		(1)		(8)(9)(21) (23)
						5,420		5,439
Springbrook
Springbrook Holding Company, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/23/26	15,933		15,724		15,786		(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/23/26	1,463		(17)		(13)		(8)(21)(23)
						15,707		15,773
Tax Slayer
MEP-TS Midco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/31/26	13,379		13,139		13,245		(9)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/31/26	1,452		(1)		(15)		(8)(9)(21) (23)
						13,138		13,230
Telnyx
Telnyx LLC	First Lien Secured Debt	L+625, 1.50% Floor	10/21/25	5,250		5,230		5,277		(9)(26)
UpStack
Upstack Holdco Inc.	First Lien Secured Debt	L+550, 1.00% Floor	08/20/27	31,914		27,581		27,995		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/20/27	3,000		(74)		(30)		(8)(9)(20) (21)(23)
						27,507		27,965
		Total High Tech Industries				$	384,798	$	395,561
Hotel, Gaming, Leisure, Restaurants
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt	6.95%	11/18/26	$	9,904	$	9,812	$	9,811	(9)
	First Lien Secured Debt	L+595, 1.00% Floor	11/18/26	1,167		1		(11)		(8)(9)(23)
						9,813		9,800
Taco Cabana
YTC Enterprises, LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/16/26	9,942		9,835		9,843		(9)(26)
		Total Hotel, Gaming, Leisure, Restaurants				$	19,648	$	19,643
Insurance
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt	L+600, 0.75% Floor	04/14/28	$	30,113	$	29,607	$	29,586	(9)(26)
	First Lien Secured Debt - Revolver	L+600, 0.75% Floor	04/16/27	2,203		(37)		(39)		(8)(9)(21) (23)
						29,570		29,547
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	12/02/25	19,230		18,930		18,889		(9)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/02/25	923		(14)		(16)		(8)(9)(21) (23)
						18,916		18,873
Relation Insurance
AQ Sunshine, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	04/15/25	34,858		31,093		31,447		(9)(21)(23) (26)(28)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	04/15/24	1,785		263		280		(9)(20)(21) (23)(29)
						31,356		31,727
		Total Insurance				$	79,842	$	80,147

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Manufacturing, Capital Equipment
AVAD, LLC
Surf Opco, LLC	First Lien Secured Debt - Revolver	L+400, 1.00% Floor	03/17/26	$	16,667	$	11,564	$	11,419	(9)(20)(21) (23)(26)
	Preferred Equity - Class P-1 Preferred	N/A	N/A	33,333 Shares		3,333		6,342		(9)(13)(16)
	Preferred Equity - Class P-2 Preferred	N/A	N/A	85,164 Shares		8,516		1,970		(9)(13)(16)
	Common Equity - Class A-1 Common	N/A	N/A	3,333 Shares		—		85		(9)(13)(16)
						23,413		19,816
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A	250,000 Shares		250		98		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/08/25	16,281		16,114		15,843		(9)(30)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	05/08/25	1,243		277		277		(9)(21)(23) (28)
						16,641		16,218
MedPlast Holdings Inc.
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.)	Second Lien Secured Debt	L+775, 0.00% Floor	07/02/26	8,000		7,959		7,607		(26)
		Total Manufacturing, Capital Equipment				$	48,013	$	43,641
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc.	First Lien Secured Debt	L+750 Cash plus 2.00% PIK, 1.00% Floor	08/16/24	$	29,195	$	28,940	$	29,186	(9)(28)
	First Lien Secured Debt - Revolver	L+750, 1.00% Floor	08/16/24	3,078		3,050		3,061		(9)(23)(28)
						31,990		32,247
Nitro World Entertainment
NWE OPCO LP	First Lien Secured Debt	L+650, 2.00% Floor	12/19/22	4,579		4,573		4,572		(9)(26)
Sonar Entertainment
Sonar Entertainment, Inc.	First Lien Secured Debt	L+760, 1.25% Floor	11/15/21	2,475		2,474		2,019		(9)(11)(26)
	First Lien Secured Debt - Revolver	L+760, 1.25% Floor	11/15/21	1,604		1,561		1,308		(9)(11)(23) (26)
						4,035		3,327
		Total Media – Diversified & Production				$	40,598	$	40,146
Retail
IPS
SI Holdings, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	07/25/25	$	31,005	$	30,645	$	30,780	(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/25/24	3,413		395		404		(9)(21)(23) (26)
		Total Retail				$	31,040	$	31,184
Telecommunications
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.	Second Lien Secured Debt	L+825, 1.00% Floor	11/01/25	$	7,128	$	7,119	$	6,843	(28)
		Total Telecommunications				$	7,119	$	6,843
Transportation – Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp.	First Lien Secured Debt	L+550, 1.00% Floor	05/22/24	$	28,266	$	13,227	$	13,429	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+450	05/22/24	4,145		597		635		(9)(20)(21) (23)(25)
	First Lien Secured Debt - Revolver	L+400, 0.00% Floor	05/22/24	50,000		—		—		(9)(22)(23)
						13,824		14,064

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)


Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (33)		Fair Value (1)(34)
Dynamic Product Tankers (Prime), LLC
Dynamic Product Tankers, LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		44,432		3,110		(13)(17)(19)(24)
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/03/26	30,453		30,019		29,582		(9)(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/03/24	3,925		1,331		1,295		(9)(20)(21) (23)(26)
						31,350		30,877
MSEA Tankers LLC
MSEA Tankers LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		50,258		34,274		(17)(18)(24)
		Total Transportation – Cargo, Distribution				$	139,864	$	82,325
Wholesale
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/31/25	$	17,751	$	15,111	$	15,171	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/31/25	1,935		623		631		(9)(21)(23) (26)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A	6,125 Shares		613		539		(9)(13)
						16,347		16,341
Thomas Scientific
BSP-TS, LP	Common Equity - Common Stock	N/A	N/A	185 Shares		185		190		(9)(13)(24)
Thomas Scientific, LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/27	31,785		26,056		26,283		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/14/27	2,963		(56)		(30)		(8)(9)(21) (23)
						26,185		26,443
		Total Wholesale				$	42,532	$	42,784
Total Investments						$	2,745,829	$	2,523,173	(6)(7)

____________________

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

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

(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of March 31, 2022, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation, and 26% equity ownership interest in Carbonfree Chemicals SA LLC.

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(4)Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2021 and March 31, 2022 along with transactions during the year ended March 31, 2022 in these affiliated investments are as follows:


Name of Issuer	Fair Value at March 31, 2021		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at March 31, 2022		Net Realized Gains (Losses)		Interest/Dividend/Other Income
1244311 B.C. Ltd., Common Stock	$	1,719	$	—	$	—	$	(743)	$	976	$	—	$	—
1244311 B.C. Ltd., Term Loan	3,822		63		(15)		(70)		3,800		—		245
9357-5991 Quebec Inc., Term Loan	—		—		(215)		—		—		215		—
AIC SPV Holdings II, LLC, Preferred Equity	498		—		—		(143)		355		—		109
Carbonfree Chemicals Holdings LLC, Common Stock	25,424		904		—		15,789		42,117		—		—
Carbonfree Chemicals SA LLC, Class B Units	—		—		—		—		—		—		—
Golden Bear 2016-R, LLC, Membership Interests	11,289		186		—		(1,437)		10,038		—		1,181
GSC Technologies Inc., Term Loan	—		221		(15)		(14)		192		—		16
KLO Acquisition LLC, Term Loan	—		—		(327)		1		—		326		—
Pelican Energy, LLC, Common Stock	2,170		—		(3,701)		2,161		630		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock	42		—		—		(42)		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	28		—		—		(28)		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	5,106		—		—		(118)		4,988		—		—
Renew JV LLC, Membership Interests	776		—		(205)		42		613		—		—










	$	50,874	$	1,374	$	(4,478)	$	15,398	$	63,709	$	541	$	1,551

____________________

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(5)Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of March 31, 2021 and March 31, 2022 along with transactions during the year ended March 31, 2022 in these controlled investments are as follows:


Name of Issuer	Fair Value at March 31, 2021		Gross Additions ●		Gross Reductions ■		Net Change in Unrealized Gains (Losses)		Fair Value at March 31, 2022		Net Realized Gains (Losses)		Interest/Dividend/Other Income
Majority Owned Company
ChyronHego Corporation, Preferred Equity	$	6,151	$	—	$	—	$	9,402	$	15,553	$	—	$	—
ChyronHego Corporation, Revolver	2,226		4,750		—		100		7,076		—		316
ChyronHego Corporation, Term Loan	81,676		5,230		(205)		268		86,969		—		6,692
Dynamic Product Tankers, LLC, Common Stock	25,528		—		(5,374)		(17,044)		3,110		—		—
Dynamic Product Tankers, LLC, Unsecured Term Loan	22,000		—		(22,000)		—		—		—		959
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock	—		—		—		—		—		—		—
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan	8,111		—		(8,542)		27,561		6,204		(20,926)		—
Merx Aviation Finance, LLC, Letter of Credit	—		—		—		—		—		—		—
Merx Aviation Finance, LLC, Membership Interests	125,061		—		(84,500)		(17,052)		23,509		—		—
Merx Aviation Finance, LLC, Revolver	190,500		89,500		(5,000)		—		275,000		—		25,419
MSEA Tankers LLC, Class A Units	57,028		—		(7,403)		(15,351)		34,274				2,059
Controlled Company							—
SHD Oil & Gas, LLC, Series C Units	—		44,065		—		(39,413)		4,652		—		—
SHD Oil & Gas, LLC, Series A Units	—		—		—		—		—		—		—

SHD Oil & Gas, LLC, Tranche A Note	9,899		—		(44,065)		34,159		—		7
SHD Oil & Gas, LLC, Tranche B Note	—		—		—		44,380		—		(44,380)		—
SHD Oil & Gas, LLC, Tranche C Note	25,470		—		—		—		25,470		—		3,009




	$	553,650	$	143,545	$	(177,089)	$	27,010	$	481,817	$	(65,299)	$	38,454

____________________

As of March 31, 2022, the Company had a 87%, 85%, 96%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation; Dynamic Product Tankers, LLC; Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

See notes to financial statements.

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(6)Aggregate gross unrealized gain and loss for federal income tax purposes is $58,579 and $303,980, respectively. Net unrealized loss is $245,401 based on a tax cost of $2,798,608.

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

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

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

(13)Non-income producing security.

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

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

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

(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of ~~December~~March 31, ~~2021,~~2022, non-qualifying assets represented approximately ~~12.98%~~11.00% of the total assets of the Company.

(18)As of ~~December~~March 31, ~~2021,~~2022, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.

(19)~~Common shares in 1244311 B.C. Ltd.~~As of March 31, 2022, 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 ~~CAD denominated equity investments~~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.

(20)As of ~~December~~March 31, ~~2021,~~2022, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan.

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

(22)~~This security is included~~A letter of credit associated with this investment has been issued through the Company’s Senior Secured Facility. In the event of draw of funds the related funding would be pro-rated for all existing lenders in the ~~Cash and Cash Equivalents on the Statements of Assets and Liabilities.~~investment.

See notes to financial statements.

2247

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS ~~(Unaudited)~~

~~December~~March 31, ~~2021~~2022

(In thousands, except share data)

(23)As of ~~December~~March 31, ~~2021,~~2022, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.


Name of Issuer	Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment		Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
A&V Holdings Midco, LLC	A&V Holdings Midco, LLC	$	1,505	$	—	$	—	$	1,505	A&V Holdings Midco, LLC	$	1,505	$	—	$	—	$	1,505
Activ Software Holdings, LLC	Activ Software Holdings, LLC	2,407		—		—		2,407		Activ Software Holdings, LLC	2,407		—		—		2,407
Alpinex Opco, LLC	Alpinex Opco, LLC	5,585		—		—		5,585		Alpinex Opco, LLC	5,585		—		—		5,585
Amerivet Partners Management, Inc.		806		—		—		806
AMI US Holdings Inc.	AMI US Holdings Inc.	2,907		1,163		—		1,744		AMI US Holdings Inc.	2,907		1,163		—		1,744
Analogic Corporation	Analogic Corporation	1,826		1,043		—		783		Analogic Corporation	1,826		1,304		—		522
AQ Sunshine, Inc.	AQ Sunshine, Inc.	1,538		365		30		1,143		AQ Sunshine, Inc.	5,039		286		23		4,730
AVAD, LLC		2,060		2,060		—		—
Banner Buyer, LLC	Banner Buyer, LLC	4,387		—		—		4,387		Banner Buyer, LLC	4,387		645		—		3,742
Beacon Mobility Corp.	Beacon Mobility Corp.	1,421		—		—		1,421		Beacon Mobility Corp.	68,713		674		28,335		39,704
Berner Food & Beverage, LLC	Berner Food & Beverage, LLC	2,881		1,210		—		1,671		Berner Food & Beverage, LLC	2,881		1,325		—		1,556
Bird US Opco, LLC	Bird US Opco, LLC	33,747		—		—		33,747		Bird US Opco, LLC	25,680		—		—		25,680
Cerus Corporation	Cerus Corporation	6,000		320		—		5,680		Cerus Corporation	1,500		672		—		828
ChyronHego Corporation	ChyronHego Corporation	8,000		7,156		—		844		ChyronHego Corporation	8,000		7,156		—		844
Claritas, LLC		1,031		77		—		954
Club Car Wash Operating, LLC	Club Car Wash Operating, LLC	11,538		2,438		—		9,100		Club Car Wash Operating, LLC	8,971		—		—		8,971
Compu-Link Corporation	Compu-Link Corporation	2,273		—		—		2,273		Compu-Link Corporation	2,273		—		—		2,273
Continuum Global Solutions, LLC		20,000		11,813		—		8,187
Destiny Solutions U.S., Inc.		3,810		—		—		3,810
Digital.ai Software Holdings, Inc.	Digital.ai Software Holdings, Inc.	2,419		806		—		1,613		Digital.ai Software Holdings, Inc.	2,419		806		—		1,613
EHL Merger Sub, LLC	EHL Merger Sub, LLC	4,155		—		—		4,155		EHL Merger Sub, LLC	4,155		—		—		4,155
Eldrickco Limited*	Eldrickco Limited*	6,272		481		—		5,791		Eldrickco Limited*	6,088		467		—		5,621
EmpiRx Health LLC	EmpiRx Health LLC	909		—		—		909		EmpiRx Health LLC	909		—		—		909
Erickson Inc	Erickson Inc	36,000		24,518		1,522		9,960		Erickson Inc	36,000		27,388		960		7,652
First Heritage Credit, LLC	First Heritage Credit, LLC	10,500		2,459		—		8,041		First Heritage Credit, LLC	9,000		1,160		—		7,840
Flock SPV I, LLC	Flock SPV I, LLC	8,000		—		—		8,000		Flock SPV I, LLC	8,000		1,867		—		6,133
Forge Biologics, Inc.	Forge Biologics, Inc.	23,333		—		—		23,333		Forge Biologics, Inc.	23,334		—		—		23,334
FPG Services, LLC	FPG Services, LLC	6,811		—		—		6,811		FPG Services, LLC	6,810		—		—		6,810
Gabriel Partners, LLC	Gabriel Partners, LLC	665		—		—		665		Gabriel Partners, LLC	665		133		—		532
GB001, Inc.	GB001, Inc.	24,000		—		—		24,000		GB001, Inc.	24,000		—		—		24,000
Genesis Healthcare, Inc.		91,957		—		—		91,957
Go Car Wash Management Corp.	Go Car Wash Management Corp.	3,619		—		—		3,619		Go Car Wash Management Corp.	2,439		—		—		2,439
Graffiti Buyer, Inc.	Graffiti Buyer, Inc.	3,920		240		—		3,680		Graffiti Buyer, Inc.	3,920		414		—		3,506
Guernsey Holdings SDI LA LLC	Guernsey Holdings SDI LA LLC	1,667		—		—		1,667		Guernsey Holdings SDI LA LLC	1,167		—		—		1,167
Gutter Buyer, Inc.	Gutter Buyer, Inc.	2,727		409		94		2,224		Gutter Buyer, Inc.	2,727		2,045		94		588
Heniff Holdco, LLC	Heniff Holdco, LLC	3,925		1,308		355		2,262		Heniff Holdco, LLC	3,925		1,374		281		2,270
High Street Buyer, Inc.	High Street Buyer, Inc.	2,203		—		—		2,203		High Street Buyer, Inc.	2,203		—		—		2,203
Hive Intermediate, LLC	Hive Intermediate, LLC	2,326		466		—		1,860		Hive Intermediate, LLC	2,326		—		—		2,326
HRO (Hero Digital) Holdings, LLC	HRO (Hero Digital) Holdings, LLC	10,213		—		31		10,182		HRO (Hero Digital) Holdings, LLC	10,213		—		31		10,182
HSI HALO Acquisition, Inc.	HSI HALO Acquisition, Inc.	3,492		136		—		3,356		HSI HALO Acquisition, Inc.	3,492		136		—		3,356
IMA Group Management Company, LLC	IMA Group Management Company, LLC	5,978		260		—		5,718		IMA Group Management Company, LLC	4,277		260		—		4,017
Jacent Strategic Merchandising	Jacent Strategic Merchandising	3,500		3,494		—		6		Jacent Strategic Merchandising	3,500		3,494		—		6
JF Acquisition, LLC	JF Acquisition, LLC	1,569		1,443		—		126		JF Acquisition, LLC	1,569		—		—		1,569
Kauffman Intermediate, LLC	Kauffman Intermediate, LLC	1,243		311		—		932		Kauffman Intermediate, LLC	1,243		311		—		932
KDC US Holdings	KDC US Holdings	6,020		4,909		40		1,071		KDC US Holdings	6,020		692		40		5,288
Keystone Acquisition Corp.										Keystone Acquisition Corp.	2,935		—		—		2,935
Kindeva Drug Delivery L.P.	Kindeva Drug Delivery L.P.	167		80		—		87		Kindeva Drug Delivery L.P.	167		150		—		17
KL Charlie Acquisition Company		10,190		—		—		10,190
Kure Pain Holdings, Inc.		2,654		—		—		2,654
Lash OpCo, LLC		5,362		—		—		5,362

See notes to financial statements.

2348

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS ~~(Unaudited)~~

~~December~~March 31, ~~2021~~2022

(In thousands, except share data)


Name of Issuer	Name of Issuer	Total Commitment	Drawn Commitment	Letters of Credit **	Undrawn Commitment	Name of Issuer	Total Commitment	Drawn Commitment	Letters of Credit **	Undrawn Commitment
KL Charlie Acquisition Company						KL Charlie Acquisition Company	9,962	—	—	9,962
Kure Pain Holdings, Inc.						Kure Pain Holdings, Inc.	2,654	—	—	2,654
Lash OpCo, LLC						Lash OpCo, LLC	3,136	—	—	3,136
LendingPoint LLC	LendingPoint LLC	13,244	6,667	—	6,577	LendingPoint LLC	13,244	8,333	—	4,911
Lifelong Learner Holdings, LLC	Lifelong Learner Holdings, LLC	2,985	2,982	—	3	Lifelong Learner Holdings, LLC	2,985	2,982	—	3
Liqui-Box Holdings, Inc.	Liqui-Box Holdings, Inc.	3,560	2,018	78	1,464	Liqui-Box Holdings, Inc.	3,560	2,036	79	1,445
LS Clinical Services Holdings, Inc.	LS Clinical Services Holdings, Inc.	1,875	—	—	1,875	LS Clinical Services Holdings, Inc.	1,875	281	—	1,594
Magnate Holding Corp.	Magnate Holding Corp.	3,150	3,150	—	—	Magnate Holding Corp.	3,150	3,150	—	—
Mannkind Corporation	Mannkind Corporation	30,000	—	—	30,000	Mannkind Corporation	30,000	—	—	30,000
Marlin DTC-LS Midco 2, LLC	Marlin DTC-LS Midco 2, LLC	685	—	—	685	Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	Maxor National Pharmacy Services, LLC	1,558	—	—	1,558	Maxor National Pharmacy Services, LLC	1,558	—	—	1,558
Medical Guardian, LLC	Medical Guardian, LLC	8,571	—	—	8,571	Medical Guardian, LLC	8,572	—	—	8,572
MEP-TS Midco, LLC	MEP-TS Midco, LLC	1,452	—	—	1,452	MEP-TS Midco, LLC	1,452	—	—	1,452
Merx Aviation Finance, LLC	Merx Aviation Finance, LLC	275,177	275,000	177	—	Merx Aviation Finance, LLC	275,177	275,000	177	—
Midwest Vision Partners Management, LLC	Midwest Vision Partners Management, LLC	3,029	306	—	2,723	Midwest Vision Partners Management, LLC	3,029	612	—	2,417
Momentx Corporation	Momentx Corporation	1,257	—	—	1,257	Momentx Corporation	1,257	—	—	1,257
Naviga Inc. (fka Newscycle Solutions, Inc.)	Naviga Inc. (fka Newscycle Solutions, Inc.)	500	280	—	220	Naviga Inc. (fka Newscycle Solutions, Inc.)	500	280	—	220
Nemo (BC) Bidco Pty Ltd*	Nemo (BC) Bidco Pty Ltd*	169	—	—	169	Nemo (BC) Bidco Pty Ltd*	174	—	—	174
New Era Technology, Inc.	New Era Technology, Inc.	4,143	350	—	3,793	New Era Technology, Inc.	3,147	612	—	2,535
Norvax, LLC	Norvax, LLC	3,182	2,466	—	716	Norvax, LLC	3,182	2,466	—	716
NW Entertainment, Inc.	NW Entertainment, Inc.	3,678	3,078	—	600	NW Entertainment, Inc.	3,078	3,078	—	—
Olaplex, Inc.		2,300	—	—	2,300
Orchard Therapeutics PLC	Orchard Therapeutics PLC	22,333	—	—	22,333	Orchard Therapeutics PLC	22,333	—	—	22,333
Ortega National Parks, LLC	Ortega National Parks, LLC	8,251	—	—	8,251	Ortega National Parks, LLC	8,251	—	—	8,251
Pace Health Companies, LLC	Pace Health Companies, LLC	1,075	—	105	970	Pace Health Companies, LLC	500	—	105	395
Paladone Group Bidco Limited	Paladone Group Bidco Limited	3,295	282	—	3,013	Paladone Group Bidco Limited	3,295	—	—	3,295
Paladone Group Bidco Limited*	Paladone Group Bidco Limited*	478	—	—	478	Paladone Group Bidco Limited*	464	—	—	464
Papershop Holdco Inc.	Papershop Holdco Inc.	3,082	2,757	—	325	Papershop Holdco Inc.	3,082	1,524	—	1,558
Paragon 28, Inc.	Paragon 28, Inc.	9,500	—	—	9,500	Paragon 28, Inc.	4,500	—	—	4,500
Partner Therapeutics, Inc	Partner Therapeutics, Inc	1,000	825	—	175	Partner Therapeutics, Inc	1,000	—	—	1,000
PHS Buyer, Inc.	PHS Buyer, Inc.	2,000	—	—	2,000	PHS Buyer, Inc.	2,000	400	—	1,600
Precision Refrigeration & Air Conditioning LLC						Precision Refrigeration & Air Conditioning LLC	1,705	—	—	1,705
Premier Imaging, LLC						Premier Imaging, LLC	4,680	—	—	4,680
Project Comfort Buyer, Inc.	Project Comfort Buyer, Inc.	3,462	1,154	—	2,308	Project Comfort Buyer, Inc.	3,462	—	—	3,462
Protein For Pets Opco, LLC	Protein For Pets Opco, LLC	2,219	—	—	2,219	Protein For Pets Opco, LLC	2,219	—	—	2,219
Pro-Vigil Holding Company, LLC						Pro-Vigil Holding Company, LLC	3,733	—	—	3,733
Purchasing Power Funding I, LLC	Purchasing Power Funding I, LLC	9,113	1,642	—	7,471	Purchasing Power Funding I, LLC	9,113	1,142	—	7,971
Radius Health, Inc.	Radius Health, Inc.	5,833	—	—	5,833	Radius Health, Inc.	5,833	—	—	5,833
RiteDose Holdings I, Inc.		2,000	—	—	2,000
Royton Bidco Limited*		3,065	—	—	3,065
Sequential Brands Group, Inc.		402	—	—	402
Roscoe Medical, Inc						Roscoe Medical, Inc	1,393	819	—	574
Shelby 2021 Holdings Corp.	Shelby 2021 Holdings Corp.	2,532	—	—	2,532	Shelby 2021 Holdings Corp.	2,436	—	—	2,436
SI Holdings, Inc.	SI Holdings, Inc.	3,413	427	—	2,986	SI Holdings, Inc.	3,413	427	—	2,986
Simeio Group Holdings, Inc.	Simeio Group Holdings, Inc.	6,346	—	—	6,346	Simeio Group Holdings, Inc.	1,731	—	—	1,731
Sirsi Corporation	Sirsi Corporation	429	—	—	429	Sirsi Corporation	429	—	—	429
Sonar Entertainment, Inc.	Sonar Entertainment, Inc.	1,890	1,890	—	—	Sonar Entertainment, Inc.	1,604	1,604	—	—
Springbrook Holding Company, LLC	Springbrook Holding Company, LLC	3,951	—	—	3,951	Springbrook Holding Company, LLC	1,463	—	—	1,463
Surf Opco, LLC	Surf Opco, LLC	16,667	11,786	333	4,548	Surf Opco, LLC	16,667	11,564	334	4,769
Telesoft Holdings, LLC	Telesoft Holdings, LLC	2,273	—	—	2,273	Telesoft Holdings, LLC	2,273	—	—	2,273
Telnyx LLC		3,333	—	—	3,333
Ten-X, LLC	Ten-X, LLC	4,680	4,680	—	—	Ten-X, LLC	4,680	—	—	4,680
TGG TS Acquisition Company	TGG TS Acquisition Company	1,750	250	—	1,500	TGG TS Acquisition Company	1,750	750	—	1,000
The Emmes Company, LLC	The Emmes Company, LLC	2,449	2,449	—	—	The Emmes Company, LLC	2,449	2,449	—	—
THLP CO. LLC		4,494	2,921	79	1,494
Thomas Scientific, LLC		8,148	—	—	8,148
TNT Crust LLC		3,252	3,092	—	160
Truck-Lite Co., LLC		4,175	—	81	4,094
Turbo Buyer, Inc.		923	—	—	923
U.S. Auto Finance, Inc.		28,733	11,007	—	17,726

See notes to financial statements.

2449

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS ~~(Unaudited)~~

~~December~~March 31, ~~2021~~2022

(In thousands, except share data)


Name of Issuer	Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment		Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
THLP CO. LLC										THLP CO. LLC	4,494		1,202		79		3,213
Thomas Scientific, LLC										Thomas Scientific, LLC	8,148		—		—		8,148
TNT Crust LLC										TNT Crust LLC	3,252		3,101		—		151
Truck-Lite Co., LLC										Truck-Lite Co., LLC	4,175		262		81		3,832
Turbo Buyer, Inc.										Turbo Buyer, Inc.	923		—		—		923
U.S. Auto Finance, Inc.										U.S. Auto Finance, Inc.	24,013		2,417		—		21,596
Ultimate Baked Goods Midco LLC	Ultimate Baked Goods Midco LLC	3,243		1,702		365		1,176		Ultimate Baked Goods Midco LLC	3,243		2,027		365		851
Unchained Labs, LLC	Unchained Labs, LLC	5,565		—		—		5,565		Unchained Labs, LLC	5,565		—		—		5,565
Upstack Holdco Inc.	Upstack Holdco Inc.	6,600		—		110		6,490		Upstack Holdco Inc.	6,600		—		110		6,490
USLS Acquisition, Inc.	USLS Acquisition, Inc.	1,608		322		100		1,186		USLS Acquisition, Inc.	1,608		750		94		764
WelldyneRX, LLC										WelldyneRX, LLC	1,923		—		—		1,923
Westfall Technik, Inc.	Westfall Technik, Inc.	2,019		2,019		—		—		Westfall Technik, Inc.	2,019		2,019		—		—
Wildcat BuyerCo, Inc.	Wildcat BuyerCo, Inc.	3,244		—		—		3,244		Wildcat BuyerCo, Inc.	1,854		—		—		1,854

Total Commitments	Total Commitments	$	958,858	$	414,467	$	3,500	$	540,891	Total Commitments	$	871,829	$	385,209	$	31,188	$	455,432

____________________

* These investments are in a foreign currency and the total commitment has been converted to USD using the ~~December~~March 31, ~~2021~~2022 exchange rate.

** For all letters of credit issued and outstanding on ~~December~~March 31, ~~2021, $3,482~~2022, $1,910 will expire in 2022, $3$29,263 will expire in 2023 and $15 will expire in 2024.

See notes to financial statements.

2550

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS ~~(Unaudited)~~

~~December~~March 31, ~~2021~~2022

(In thousands, except share data)

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

~~(25)~~(24)Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of ~~December~~March 31, ~~2021,~~2022, the aggregate fair value of these securities is ~~$177,530~~$135,545 or ~~17%~~13.50% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer

Investment Type

Acquisition Date

1244311 B.C. Ltd.

Common Equity - Common Stock

9/30/2020

AIC SPV Holdings II, LLC

Preferred Equity - Preferred Stock

6/1/2017

BSP-TS, LP

Common Equity - Common Stock

12/14/2021

Carbonfree Chemicals Holdings LLC

Common Equity - Common Equity / Interest

11/19/2019

Carbonfree Chemicals SA LLC

Common Equity - Class B Units

11/~~19/~~1/2019

ChyronHego Corporation

Preferred Equity - Preferred Equity

12/29/2020

Dynamic Product Tankers, LLC

Common Equity - Class A Units

4/3/8/2015

FCP-Hive Holdings, LLC

Common Equity - Common Stock

9/22/2021

FCP-Hive Holdings, LLC

Preferred Equity - Preferred Equity

9/22/2021

Gainline Galaxy Holdings LLC

Common Equity - Common Stock

11/12/2021

Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)

Common Equity - Common Stock

3/29/2016

Graffiti Parent, LP

Common Equity - Common Stock

8/10/2021

HRO Holdings I LP

Common Equity - Common Stock

11/18/2021

Merx Aviation Finance, LLC

Common Equity - Membership Interests

~~5/22/2013~~7/1/2021

MSEA Tankers LLC

Common Equity - Class A Units

12/12/2014

Owl Parent Holdings, LLC

Common Equity - Common Stock

2/4/2022

Paladone Group Holdings Limited

Common Equity - Common Stock

11/12/2021

Pelican Energy, LLC

Common Equity - Membership Interests

~~2/16/2016~~3/28/2012

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~~9/5/2019

RMCF IV CIV XXXV, L.P.

Common Equity - Common Stock

6/8/2021

SHD Oil & Gas, LLC

Common Equity - Series C Units

~~9/30/2021~~12/27/2012

SHD Oil & Gas, LLC

Common Equity - Series A Units

11/18/2016

~~Surf Opco,~~SMC IR Holdings, LLC

Common Equity - ~~Class A-1~~ Common Stock

3/~~17/2021~~8/2022

~~Surf Opco, LLC~~

~~Preferred Equity - Class P-1 Preferred~~

~~3/17/2021~~

~~Surf Opco, LLC~~

~~Preferred Equity - Class P-2 Preferred~~

~~3/17/2021~~

(25)The interest rate on these loans is subject to Prime, which as of March 31, 2022 was 3.50%

(26)The interest rate on these loans is subject to 1 month LIBOR, which as of ~~December~~March 31, ~~2021~~2022 was ~~0.10%~~0.45%

(27)The interest rate on these loans is subject to ~~2 months LIBOR,~~SOFR, which as of ~~December~~March 31, ~~2021~~2022 was ~~0.15%~~0.29%

(28)The interest rate on these loans is subject to 3 months LIBOR, which as of ~~December~~March 31, ~~2021~~2022 was ~~0.21%~~0.96%

(29)The interest rate on these loans is subject to 6 months LIBOR, which as of ~~December~~March 31, ~~2021~~2022 was ~~0.34%~~1.47%

(30)The interest rate on these loans is subject to 12 months LIBOR, which as of ~~December~~March 31, ~~2021~~2022 was ~~0.58%~~2.10%

(31)The interest rate on these loans is subject to SONIA, which as of ~~December~~March 31, ~~2021~~2022 was ~~0.19%~~0.69%

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

~~(33)~~The interest rate on these loans is subject to 6 months BBSW, which as of ~~December~~March 31, ~~2021~~2022 was ~~0.21%~~

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

0.71%

See notes to financial statements.

2651

Table of Contents

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS ~~(Unaudited)~~

~~December~~March 31, ~~2021~~2022

(In thousands, except share data)

~~(35)~~(33)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of ~~December 31, 2021:~~

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS (Unaudited)~~

~~December 31, 2021~~

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

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS (Unaudited)~~

~~December 31, 2021~~

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


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



~~Total Investments~~			~~100.0%~~

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

March 31, ~~2021~~

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

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

2022:

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~

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

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

~~____________________~~

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

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

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


Industry	First Lien - Secured Debt		Second Lien - Secured Debt		Unsecured Debt		Structured Products and Other		Preferred Equity		Common Equity/Interests		Warrants		Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	41,379	$	—	$	—	$	—	$	—	$	432	$	—	$	41,811
Aerospace & Defense	27,378		—		—		—		—		—		—		27,378
Automotive	54,077		23,605		—		—		—		350		—		78,032
Aviation and Consumer Transport	17,179		—		—		—		—		—		—		17,179
Beverage, Food & Tobacco	127,010		—		—		—		448		2,208				129,666
Business Services	213,118		68,216		—		—		89		1,890		—		283,313
Chemicals, Plastics & Rubber	23,041		—		—		—		—		—		—		23,041
Construction & Building	30,116		—		—		—		—		500		—		30,616
Consumer Goods – Durable	15,712		—		—		—		—		107		—		15,819
Consumer Goods – Non-Durable	72,959		1,716		—		—		462		2,134		—		77,271
Consumer Services	173,065		—		—		—		—		—		—		173,065

Diversified Investment Vehicles, Banking, Finance, Real Estate	44,427		—		—		—		—		—		—		44,427
Education	36,322		—		—		—		—		—		—		36,322
Energy – Electricity	7,231		—		—		—		5,623		4		—		12,858
Environmental Industries	8,129		—		—		—		—		—		—		8,129

Healthcare & Pharmaceuticals	402,558		—		—		—		333		1,015		135		404,041
High Tech Industries	283,974		—		—		—		—		1,000		—		284,974
Hotel, Gaming, Leisure, Restaurants	19,648		—		—		—		—		—		—		19,648
Insurance	79,842		—		—		—		—		—		—		79,842
Manufacturing, Capital Equipment	27,954		7,959		—		—		11,850		250		—		48,013
Media – Diversified & Production	40,598		—		—		—		—		—		—		40,598

Retail	31,040		—		—		—		—		—		—		31,040
Telecommunications	—		7,119		—		—		—		—		—		7,119
Transportation – Cargo, Distribution	45,174		—		—		—		—		—		—		45,174
Wholesale	41,735		—		—		—		—		797		—		42,532
Total Non-Controlled / Non-Affiliated Investments	$	1,863,666	$	108,615	$	—	$	—	$	18,805	$	10,687	$	135	$	2,001,908
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	78,729	$	—	$	78,729
Consumer Goods – Durable	4,263		—		—		—		—		1,000		—		5,263
Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,998		—		—		—		16,998
Energy – Electricity	—		—		—		—		16,347		467		—		16,814
Energy – Oil & Gas	—		—		—		—		—		13,062		—		13,062

Total Non-Controlled / Affiliated Investments	$	4,263	$	—	$	—	$	16,998	$	16,347	$	93,258	$	—	$	130,866
Controlled Investments
Aviation and Consumer Transport	$	275,000	$	—	$	—	$	—	$	—	$	35,800	$	—	$	310,800
Energy – Oil & Gas	24,728		7,458		—		—		—		75,555		—		107,741
High Tech Industries	93,824		—		—		—		6,000		—		—		99,824
Transportation – Cargo, Distribution	—		—		—		—		—		94,690		—		94,690
Total Controlled Investments	$	393,552	$	7,458	$	—	$	—	$	6,000	$	206,045	$	—	$	613,055
Total	$	2,261,481	$	116,073	$	—	$	16,998	$	41,152	$	309,990	$	135	$	2,745,829

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

~~____________________~~

~~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

~~____________________~~

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, 2021 exchange rate.

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

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

~~Issuer~~

~~Investment Type~~

~~Acquisition Date~~

~~1244311 B.C. Ltd.~~

~~Common Equity - Common Stock~~

~~9/30/2020~~

~~AIC SPV Holdings II, LLC~~

~~Preferred Equity - Preferred Stock~~

~~6/1/2017~~

~~Carbonfree Chemicals Holdings LLC~~

~~Common Equity - Common Equity / Interest~~

~~11/19/2019~~

~~Carbonfree Chemicals SA LLC~~

~~Common Equity - Class B Units~~

~~11/19/2019~~

~~ChyronHego Corporation~~

~~Preferred Equity - Preferred Equity~~

~~12/29/2020~~

~~Dynamic Product Tankers, LLC~~

~~Common Equity - Class A Units~~

~~4/3/2015~~

~~Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)~~

~~Common Equity - Common Stock~~

~~3/29/2016~~

~~JSM Equity Investors, L.P.~~

~~Preferred Equity - Class P Partnership Units~~

~~6/30/2020~~

~~KL Charlie Co-Invest, L.P.~~

~~Common Equity - Common Stock~~

~~12/29/2020~~

~~Merx Aviation Finance, LLC~~

~~Common Equity - Membership Interests~~

~~5/22/2013~~

~~MSEA Tankers LLC~~

~~Common Equity - Class A Units~~

~~12/12/2014~~

~~Paper Source, Inc.~~

~~Preferred Equity - Preferred Equity~~

~~9/11/2020~~

~~Paper Source, Inc.~~

~~Common Equity - Class A Common Stock~~

~~10/30/2020~~

~~Pelican Energy, LLC~~

~~Common Equity - Membership Interests~~

~~2/16/2016~~

~~Renew Financial LLC (f/k/a Renewable Funding, LLC)~~

~~Preferred Equity - Series E Preferred Stock~~

~~12/23/2020~~

~~Renew Financial LLC (f/k/a Renewable Funding, LLC)~~

~~Preferred Equity - Series D Preferred Stock~~

~~10/1/2015~~

~~Renew Financial LLC (f/k/a Renewable Funding, LLC)~~

~~Preferred Equity - Series B Preferred Stock~~

~~4/9/2014~~

~~Renew JV LLC~~

~~Common Equity - Membership Interests~~

~~3/20/2017~~

~~SHD Oil & Gas, LLC~~

~~Common Equity - Series A Units~~

~~11/18/2016~~

~~Surf Opco, LLC~~

~~Preferred Equity - Class P-1 Preferred~~

~~3/17/2021~~

~~Surf Opco, LLC~~

~~Preferred Equity - Class P-2 Preferred~~

~~3/17/2021~~

~~Surf Opco, LLC~~

~~Common Equity - Class A-1 Common~~

~~3/17/2021~~

~~See notes to financial statements.~~

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

~~SCHEDULE OF INVESTMENTS~~

~~March 31, 2021~~2022

(In thousands, except share data)

~~(26)~~(34)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, ~~2021:~~2022:
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing $ 57,553 $ — $ — $ — $ — $ 219 $ — $ 57,772
Aerospace & Defense 30,368 — — — — — — 30,368
Automotive 30,794 23,549 — — — 350 — 54,693
Aviation and Consumer Transport 17,229 — — — — — — 17,229
Beverage, Food & Tobacco 95,289 — — — — 2,205 97,494
Business Services 221,162 109,995 — — 89 1,432 — 332,678
Chemicals, Plastics & Rubber 17,315 12,165 — — — — — 29,480
Construction & Building 28,603 — — — — 500 — 29,103
Consumer Goods – Durable 22,237 — — — — 107 — 22,344
Consumer Goods – Non-Durable 78,873 12,777 — — 462 — — 92,112
Consumer Services 120,845 — — — — — — 120,845
Diversified Investment Vehicles, Banking, Finance, Real Estate 50,632 — — — — — — 50,632
Education 36,161 — — — — — — 36,161
Energy – Electricity 7,637 — — — 5,623 4 — 13,264
Environmental Industries 11,347 — — — — — — 11,347
Healthcare & Pharmaceuticals 325,747 63,274 — — 333 1,064 211 390,629
High Tech Industries 251,601 — — — — — — 251,601
Insurance 34,744 — — — — — — 34,744
Manufacturing, Capital Equipment 21,345 7,947 — — 11,849 250 — 41,391
Media – Diversified & Production 43,968 — — — — — — 43,968
Retail 41,803 — — — — — — 41,803
Telecommunications 11,382 12,804 — — — — — 24,186
Transportation – Cargo, Distribution 33,749 — — — — — — 33,749
Wholesale 12,964 — — — — 516 — 13,480
Total Non-Controlled / Non-Affiliated Investments $ 1,603,348 $ 242,511 $ — $ — $ 18,356 $ 6,647 $ 211 $ 1,871,073
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber $ — $ — $ — $ — $ — $ 77,825 $ — $ 77,825
Consumer Goods – Durable 4,009 — — — — 1,000 — 5,009
Diversified Investment Vehicles, Banking, Finance, Real Estate — — — 16,812 — — — 16,812
Energy – Electricity — — — — 16,347 671 — 17,018
Energy – Oil & Gas — — — — — 16,764 — 16,764
Manufacturing, Capital Equipment — — — — — — — —
Total Non-Controlled / Affiliated Investments $ 4,009 $ — $ — $ 16,812 $ 16,347 $ 96,260 $ — $ 133,428
Controlled Investments
Aviation and Consumer Transport $ 190,500 $ — $ — $ — $ — $ 120,300 $ — $ 310,800
Energy – Oil & Gas 113,167 36,926 — — — 31,489 — 181,582
High Tech Industries 84,050 — — — 6,000 — — 90,050
Transportation – Cargo, Distribution — — 22,000 — — 107,466 — 129,466
Total Controlled Investments $ 387,717 $ 36,926 $ 22,000 $ — $ 6,000 $ 259,255 $ — $ 711,898
Total $ 1,995,074 $ 279,437 $ 22,000 $ 16,812 $ 40,703 $ 362,162 $ 211 $ 2,716,399


Industry	First Lien - Secured Debt			Second Lien - Secured Debt			Unsecured Debt			Structured Products and Other			Preferred Equity			Common Equity/Interests			Warrants			Total			% of Net Assets
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	41,717		$	—		$	—		$	—		$	—		$	565		$	—		$	42,282		4.2	%
Aerospace & Defense	27,027			—			—			—			—			—			—			27,027			2.7	%
Automotive	53,304			19,725			—			—			—			420			—			73,449			7.3	%
Aviation and Consumer Transport	17,271			—			—			—			—			—			—			17,271			1.7	%
Beverage, Food & Tobacco	126,777			—			—			—			484			3,081			—			130,342			13.0	%
Business Services	212,157			55,508			—			—			89			2,483			—			270,237			26.9	%
Chemicals, Plastics & Rubber	22,786			—			—			—			—			—			—			22,786			2.3	%
Construction & Building	30,182			—			—			—			—			1,226			—			31,408			3.1	%
Consumer Goods – Durable	15,858			—			—			—			—			505			—			16,363			1.6	%
Consumer Goods – Non-durable	72,874			1,957			—			—			37			2,018			—			76,886			7.7	%
Consumer Services	174,245			—			—			—			—			—			—			174,245			17.3	%

Diversified Investment Vehicles, Banking, Finance, Real Estate	44,603			—			—			—			—			—			—			44,603			4.4	%
Education	39,059			—			—			—			—			—			—			39,059			3.9	%
Energy – Electricity	1,874			—			—			—			—			—			—			1,874			0.2	%
Environmental Industries	8,226			—			—			—			—			—			—			8,226			0.8	%

Healthcare & Pharmaceuticals	402,851			—			—			—			343			3,004			99			406,297			40.4	%
High Tech Industries	284,533			—			—			—			—			1,430			—			285,963			28.4	%
Hotel, Gaming, Leisure, Restaurants	19,643			—			—			—			—			—			—			19,643			2.0	%
Insurance	80,147			—			—			—			—			—			—			80,147			8.0	%
Manufacturing, Capital Equipment	27,539			7,607			—			—			8,313			182			—			43,641			4.3	%
Media – Diversified & Production	40,146			—			—			—			—			—			—			40,146			4.0	%

Retail	31,184			—			—			—			—			—			—			31,184			3.1	%
Telecommunications	—			6,843			—			—			—			—			—			6,843			0.7	%
Transportation – Cargo, Distribution	44,941			—			—			—			—			—			—			44,941			4.5	%
Wholesale	42,055			—			—			—			—			729			—			42,784			4.3	%
Total Non-Controlled / Non-Affiliated Investments	$	1,860,999		$	91,640		$	—		$	—		$	9,266		$	15,643		$	99		$	1,977,647		196.8	%
% of Net Assets	185.2		%	9.1		%	—		%	—		%	0.9		%	1.6		%	—		%	196.8		%
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	42,117		$	—		$	42,117		4.1	%
Consumer Goods – Durable	3,992			—			—			—			—			976			—			4,968			0.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			10,038			—			—			—			10,038			1.0	%
Energy – Electricity	—			—			—			—			5,343			613			—			5,956			0.6	%
Energy – Oil & Gas	—			—			—			—			—			630			—			630			0.1	%

Total Non-Controlled / Affiliated Investments	$	3,992		$	—		$	—		$	10,038		$	5,343		$	44,336		$	—		$	63,709		6.3	%
% of Net Assets	0.4		%	—		%	—		%	1.0		%	0.5		%	4.4		%	—		%	6.3		%
Controlled Investments
Aviation and Consumer Transport	$	275,000		$	—		$	—		$	—		$	—		$	23,509		$	—		$	298,509		29.7	%
Energy – Oil & Gas	25,470			6,204			—			—			—			4,652			—			36,326			3.6	%
High Tech Industries	94,045			—			—			—			15,553			—			—			109,598			10.9	%
Transportation – Cargo, Distribution	—			—			—			—			—			37,384			—			37,384			3.7	%
Total Controlled Investments	$	394,515		$	6,204		$	—		$	—		$	15,553		$	65,545		$	—		$	481,817		47.9	%
% of Net Assets	39.3		%	0.6		%	—		%	—		%	1.5		%	6.5		%	—		%	47.9		%
Total	$	2,259,506		$	97,844		$	—		$	10,038		$	30,162		$	125,524		$	99		$	2,523,173		251.0	%
% of Net Assets	224.9		%	9.7		%	—		%	1.0		%	2.9		%	12.5		%	0.0		%	251.0		%

See notes to financial statements.

5553

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APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, ~~2021~~

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

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

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

~~See notes to financial statements.~~

~~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~~2022

(In thousands, except share data)


Industry Classification			Percentage of Total Investments (at Fair Value) as of March 31, ~~2021~~2022
Healthcare & Pharmaceuticals			16.1%
High Tech Industries			~~13.9%~~15.7%
Aviation and Consumer Transport			~~13.6%~~12.5%
Business Services			~~13.2%~~10.7%
Consumer Services			6.9%
Beverage, Food & Tobacco			5.2%
Transportation – Cargo, Distribution			~~5.6%~~3.3%
~~Consumer Services~~Insurance			~~4.8%~~
~~Beverage, Food & Tobacco~~			~~4.0%~~3.2%
Consumer Goods – Non-durable			~~3.6%~~3.0%
Automotive			2.9%
Chemicals, Plastics & Rubber			2.6%
Diversified Investment Vehicles, Banking, Finance, Real Estate			~~2.5%~~2.2%
Manufacturing, Capital Equipment			1.7%
Wholesale			1.7%
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%~~1.6%
Education			~~1.7%~~
~~Manufacturing, Capital Equipment~~			1.5%
~~Insurance~~Energy – Oil & Gas			1.5%
~~Aerospace & Defense~~			~~1.2%~~
Construction & Building			1.2%
Retail			1.2%
Aerospace & Defense			1.1%
Consumer Goods – Durable			~~1.2%~~0.8%
~~Telecommunications~~Hotel, Gaming, Leisure, Restaurants			~~0.9%~~
~~Wholesale~~			~~0.6%~~0.8%
Environmental Industries			~~0.4%~~0.3%
Energy – Electricity			~~0.4%~~0.3%
Telecommunications			0.3%



Total Investments			100.0%

See notes to financial statements.

5854

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 ~~December 31, 2021,~~June 30, 2022, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for ~~$243,402.~~$245,810.

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~~presentation 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.~~2022.

Use of Estimates

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

5955

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Cash and Cash Equivalents

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

Cash and cash equivalents are carried at cost which approximates fair value. Cash equivalents held as of ~~December 31, 2021~~June 30, 2022 was ~~$22,367.~~$34,512. Cash equivalents held as of March 31, ~~2021~~2022 was ~~$50,180.~~$30,033.

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,~~ ASC 230, S~~Statement~~tatement of Cash ~~Flows: Restricted Cash~~Flows, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies. As of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021~~2022 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~~have 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.

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

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

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

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the ~~nine~~three months ended ~~December 31, 2021,~~June 30, 2022, 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.

Table of Contents

APOLLO INVESTMENT CORPORATION

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 ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, the Company did not hold any derivative contracts.

Offsetting Assets and Liabilities

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

As of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, the Company did not hold any derivative contracts.

Valuation of Other Financial Assets and Financial Liabilities

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

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~~APOLLO INVESTMENT CORPORATION~~

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

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

Realized Gains or Losses

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

Investment Income Recognition

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

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

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

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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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~~APOLLO INVESTMENT CORPORATION~~

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

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

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability, except that incurred under the Senior Secured Facility (as defined in Note 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 ~~December 31, 2021~~June 30, 2022 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.~~2023. 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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~~APOLLO INVESTMENT CORPORATION~~

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

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

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

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. As of ~~December 31, 2021,~~June 30, 2022, 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.~~split as disclosed in Note 7.

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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~~ASU No. 2020-04, “Reference Rate Reform (Topic 848)~~: Facilitation of the Effects of Reference Rate Reform on Financial Reporting.~~,” ~~The guidance~~which provides optional expedients and exceptions for applying GAAP to ~~contract modifications,~~contracts, hedging relationships, and other transactions ~~subject to meeting~~affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference ~~LIBOR~~London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of ~~the~~ reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 isand ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the ~~potential~~ impact ~~that~~of the adoption of ~~this guidance will have~~ASU 2020-04 and 2021-01 on ~~the Company’s~~its consolidated financial statements.

SEC Disclosure Update and Simplification

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

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement with AIM

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

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~~APOLLO INVESTMENT CORPORATION~~

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

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

Base Management Fee

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

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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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~~APOLLO INVESTMENT CORPORATION~~

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

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

For this purpose, “Cumulative Pre-Incentive Fee Net ~~Return~~”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 nine~~ months ended ~~December 31, 2021~~June 30, 2022 and ~~2020.~~2021. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, the Company recognized ~~$9,232~~$8,949 and ~~$27,203~~$8,813, respectively, of management fees, and $5,367 and $10,638, respectively, of incentive fees before impact of waived fees. For the three and nine months ended December 31, 2020, the Company recognized $8,957 and $27,743 respectively, of management fees, and $0$1,396 and $0, respectively, of incentive fees before impact of waived fees. For the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, ~~and 2020,~~ no management fees ~~were waived (as not applicable)~~ and no incentive fees were waived.

As of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, management and performance-based incentive fees payable were ~~$14,568~~$10,270 and ~~$8,666,~~$9,912, respectively.

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~~APOLLO INVESTMENT CORPORATION~~

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

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

Fee Offset

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

For the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, ~~the performance-based incentive~~management fee offset was ~~$31 & $178. For three~~$75 and ~~nine months ended December 31, 2020, there was no performance-based incentive fee offset.~~$0, respectively.

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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 nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, the Company recognized administrative services expense under the Administration Agreement of ~~$1,441~~$1,286 and ~~$4,426, respectively. For the three and nine months ended December 31, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $3,590,~~$1,271, respectively. There was no payable to AIA and its affiliates for expenses paid on our behalf as of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021.~~2022.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities. For the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, the Company recognized administrative service expense reimbursements of ~~$76~~$75 and ~~$226,~~$75, respectively, under the Merx Administration Agreement. ~~For the three and nine months ended December 31, 2020, the Company recognized administrative service expense reimbursements of $76 and $226, respectively.~~

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies, which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, the Company recognized debt expense reimbursements of $1$153 and ~~$3,~~$1, respectively, under the debt expense reimbursement agreements. ~~For the three and nine months ended December 31, 2020, the Company recognized debt expense reimbursements of $1 and $60, respectively, under the debt expense reimbursement agreements.~~

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~~APOLLO INVESTMENT CORPORATION~~

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

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

Co-Investment Activity

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

As of ~~December 31, 2021,~~June 30, 2022, the Company’s co-investment holdings were ~~69%~~72% of the portfolio or ~~$1,796,324,~~$1,828,815, measured at fair value. On a cost basis, ~~64%~~66% of the portfolio or ~~$1,791,943~~$1,837,316 were co-investments. As of March 31, ~~2021,~~2022, the Company’s co-investment holdings were ~~63%~~71% of the portfolio or ~~$1,542,275,~~$1,783,052, measured at fair value. On a cost basis, ~~57%~~65% of the portfolio or ~~$1,545,567~~$1,780,779 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.

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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%.

On July 1, 2021, $84,500 of the Merx common equity held by the Company was converted into the Merx first lien secured revolver. The balance of the Merx revolver as of ~~December 31, 2021~~June 30, 2022 was $275,000.

Note 4. Earnings Per Share

The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three ~~and nine~~ months ended ~~December 31, 2021~~June 30, 2022 and ~~2020:~~2021:


		Three Months Ended December 31,				Nine Months Ended December 31,				Three Months Ended June 30,
		2021		2020		2021		2020				2022		2021
Basic Earnings (Loss) Per Share
Basic Earnings Per Share											Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	20,541	$	33,166	$	78,125	$	69,449		Net increase (decrease) in net assets resulting from operations	$	5,659	$	32,144
Weighted average shares outstanding	Weighted average shares outstanding	64,159,546		65,259,176		64,795,710		65,259,176			Weighted average shares outstanding	63,558,246		65,200,856
Basic earnings (loss) per share	Basic earnings (loss) per share	$	0.32	$	0.51	$	1.21	$	1.06		Basic earnings (loss) per share	$	0.09	$	0.49

6966

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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 portfolio as of ~~December 31, 2021,~~June 30, 2022, 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	$	2,270,087	$	2,267,313	$	—	$	—	$	2,267,313	First Lien Secured Debt	$	2,325,867	$	2,311,774	$	—	$	14,669	$	2,297,105
Second Lien Secured Debt	Second Lien Secured Debt	125,930		105,014		—		—		105,014		Second Lien Secured Debt	109,534		93,910		—		—		93,910
Unsecured Debt		22,000		22,000		—		—		22,000

Structured Products and Other	Structured Products and Other	16,987		10,821		—		—		10,821		Structured Products and Other	16,998		8,957		—		—		8,957
Preferred Equity	Preferred Equity	41,152		28,957		—		—		28,957		Preferred Equity	41,182		30,953		—		—		30,953
Common Equity/Interests	Common Equity/Interests	316,059		160,366		1,461		390		158,515		Common Equity/Interests	300,823		103,812		1,274		352		102,186
Warrants	Warrants	135		372		—		—		372		Warrants	135		98		—		—		98
Total Investments before Cash Equivalents		$	2,792,350	$	2,594,843	$	1,461	$	390	$	2,592,992
Total Investments												Total Investments	$	2,794,539	$	2,549,504	$	1,274	$	15,021	$	2,533,209

Money Market Fund		$	22,367	$	22,367	$	22,367	$	—	$	—
Total Cash Equivalents		$	22,367	$	22,367	$	22,367	$	—	$	—
Total Investments after Cash Equivalents		$	2,814,717	$	2,617,210	$	23,828	$	390	$	2,592,992

The following table shows the composition of our investments portfolio as of March 31, ~~2021,~~2022, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy
Cost Fair Value Level 1 Level 2 Level 3
First Lien Secured Debt $ 1,995,074 $ 1,907,807 $ — $ — $ 1,907,807
Second Lien Secured Debt 279,437 237,609 — — 237,609
Unsecured Debt 22,000 22,000 — — 22,000
Structured Products and Other 16,812 11,289 — — 11,289
Preferred Equity 40,703 22,537 — — 22,537
Common Equity/Interests 362,162 246,314 — 484 245,830
Warrants 211 1,595 — — 1,595
Total Investments before Cash Equivalents $ 2,716,399 $ 2,449,151 $ — $ 484 $ 2,448,667
Money Market Fund $ 50,180 $ 50,180 $ 50,180 $ — $ —
Total Cash Equivalents $ 50,180 $ 50,180 $ 50,180 $ — $ —
Total Investments after Cash Equivalents $ 2,766,579 $ 2,499,331 $ 50,180 $ 484 $ 2,448,667

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

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

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


					Fair Value Hierarchy
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,261,481	$	2,259,506	$	—	$	—	$	2,259,506
Second Lien Secured Debt	116,073		97,844		—		—		97,844

Structured Products and Other	16,998		10,038		—		—		10,038
Preferred Equity	41,152		30,162		—		—		30,162
Common Equity/Interests	309,990		125,524		1,230		—		124,294
Warrants	135		99		—		—		99
Total Investments	$	2,745,829	$	2,523,173	$	1,230	$	—	$	2,521,943

The following table shows changes in the fair value of our Level 3 investments during the three months ended ~~December 31, 2021:~~June 30, 2022:

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

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

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

~~____________________~~


	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, 2022	$	2,259,506	$	97,844	$	—	$	10,038	$	30,162	$	124,294	$	99	$	2,521,943
Net realized gains (losses)	(162)		(27)		—		—		—		503		—		314
Net change in unrealized gains (losses)	(11,814)		2,606		—		(1,081)		761		(12,588)		(1)		(22,117)
Net amortization on investments	4,006		57		—		—		—		—		—		4,063
Purchases, including capitalized PIK (3)	214,807		141		—		—		30		25,125		—		240,103
Sales (3)	(170,611)		(4,994)		—		—		—		(34,796)		—		(210,401)
Transfers out of Level 3 (1)	(344)		(1,717)		—		—		—		(352)		—		(2,413)
Transfers into Level 3 (1)	1,717		—		—		—		—		—		—		1,717
Fair value as of June 30, 2022	$	2,297,105	$	93,910	$	—	$	8,957	$	30,953	$	102,186	$	98	$	2,533,209

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2022	$	(11,507)	$	1,949	$	—	$	(1,081)	$	761	$	(12,474)	$	(1)	$	(22,353)

(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the ~~periods~~period shown.

~~(2)Includes unfunded commitments measured at fair value of $(1,986).~~

~~(3)Includes reorganizations and restructuring of investments.~~

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

(2)Includes unfunded commitments measured at fair value of $(4,800).

(3)Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the three months ended ~~December 31, 2020:~~June 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 September 30, 2020 $ 1,998,765 $ 294,549 $ 22,000 $ 9,265 $ 8,023 $ 253,241 $ 265 $ 2,586,108
Net realized gains (losses) (7,615) (1,883) — — (1,505) 4,176 — (6,827)
Net change in unrealized gains (losses) 20,101 (3,164) — 759 (2,091) 3,907 931 20,443
Net amortization on investments 2,538 286 — — — — — 2,824
Purchases, including capitalized PIK (3) 230,093 484 — 47 7,904 219 76 238,823
Sales (3) (315,467) (34,756) — — (78) (14,696) — (364,997)
Transfers out of Level 3 (1) — — — — — — — —
Transfers into Level 3 (1) — — — — — — — —
Fair value as of December 31, 2020 $ 1,928,415 $ 255,516 $ 22,000 $ 10,071 $ 12,253 $ 246,847 $ 1,272 $ 2,476,374
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020 $ 5,578 $ (6,214) $ — $ 759 $ (2,841) $ 2,477 $ 978 $ 737

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

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

~~____________________~~


	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)	279		—		—		—		—		—		—		279
Net change in unrealized gains (losses)	8,277		(5,750)		—		386		(258)		3,916		256		6,827
Net amortization on investments	2,284		125		—		—		—		—		—		2,409
Purchases, including capitalized PIK (3)	294,515		485		—		—		—		2,000		—		297,000
Sales (3)	(202,350)		(56,531)		—		—		—		(3,959)		—		(262,840)
Transfers out of Level 3 (1)	(10,719)		—		—		—		—		—		—		(10,719)
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

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

(2)Includes unfunded commitments measured at fair value of ~~$(8,089)~~$(5,576).

(3)Includes reorganizations and restructuring of investments.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021.~~2022. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of ~~December 31, 2021~~June 30, 2022 were as follows:

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

275,000

Discounted Cash Flow

Discount Rate

12.0%

First Lien Secured Debt

275,000

Discounted Cash Flow

Discount Rate

10.5%

12.0%

Residual Value

N/A

Residual Value

N/A

108,030

Recent Transaction

N/A

82,006

Recent Transaction

N/A

25,470

Recovery Analysis

Commodity Price

$66.50

$74.75

$67.18

359

Recovery Analysis

Recoverable Amount

N/A

398

Recovery Analysis

Recoverable Amount

N/A

1,910,910

Yield Analysis

Discount Rate

6.3%

53.3%

10.2%

4,259

Recovery Analysis

Sale Proceeds

N/A

28,830

Recovery Analysis

Sale Proceeds

N/A

1,854,156

Yield Analysis

Discount Rate

4.6%

52.0%

8.4%

Second Lien Secured Debt

5,657

Market Comparable Technique

Comparable Multiple

12.3x

Second Lien Secured Debt

6,109

Market Comparable Approach

Comparable Multiple

11.0x

6,357

Recovery Analysis

Recoverable Amount

N/A

4,198

Recovery Analysis

Recoverable Amount

N/A

83,603

Yield Analysis

Discount Rate

11.8%

21.8%

14.9%

93,000

Yield Analysis

Discount Rate

6.5%

14.1%

11.6%

Unsecured Debt

22,000

Recovery Analysis

Recoverable Amount

N/A

Structured Products and Other

10,821

Discounted Cash Flow

Discount Rate

8.5%

Structured Products and Other

8,957

Yield Analysis

Discount Rate

11.0%

Preferred Equity

417

Discounted Cash Flow

Discount Rate

9.0%

Preferred Equity

26,151

Market Comparable Approach

Comparable Multiple

2.3x

22.5x

13.8x

23,478

Market Comparable Technique

Comparable Multiple

1.9x

13.8x

9.8x

4,984

Option Pricing Model

Expected Volatility

76.0%

4,425

Option Pricing Model

Expected Volatility

70.0%

Residual Value

N/A

Recovery Analysis

Recoverable Amount

N/A

—

Yield Analysis

Discount Rate

52.0%

Residual Value

N/A

288

Yield Analysis

Discount Rate

11.0%

53.3%

11.0%

Common Equity/Interests

635

Discounted Cash Flow

Discount Rate

9.0%

52.0%

9.0%

Common Equity/Interests

—

Discounted Cash Flow

Discount Rate

53.3%

0.0%

89,494

Discounted Cash Flow

Discount Rate

10.2%

13.3%

11.8%

9,395

Discounted Cash Flow

Discount Rate

10.5%

Residual Value

N/A

Residual Value

N/A

13,480

Market Comparable Technique

Comparable Multiple

7.0x

15.5x

10.6x

13,738

Market Comparable Approach

Comparable Multiple

6.0x

27.8x

11.8x

45,481

Recent Transaction

N/A

40,657

Recent Transaction

N/A

2,839

Recovery Analysis

Commodity Price

$66.50

$74.75

$67.18

714

Recovery Analysis

Recoverable Amount

N/A

—

Recovery Analysis

Recoverable Amount

N/A

574

Yield Analysis

Discount Rate

11.0%

5,776

Recovery Analysis

Sale Proceeds

N/A

Market Comparable Approach

Comparable Multiple

22.5x

180

Market Comparable Technique

Comparable Multiple

9.6x

Option Pricing Model

Expected Volatility

30.0%

Option Pricing Model

Expected Volatility

35.0%

37,053

Sale Proceeds

N/A

630

Sale Proceeds

N/A

Warrants

372

Option Pricing Model

Expected Volatility

60.0%

Warrants

Option Pricing Model

Expected Volatility

60.0%

Total Level 3 Investments

2,592,992

Total Level 3 Investments

2,533,209

~~___________________~~_________________

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2022 were as follows:

Table of Contents

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

~~The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2021 were as follows:~~

Quantitative Information about Level 3 Fair Value Measurements

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

Asset Category

Fair Value

Valuation Techniques/Methodologies

Unobservable Input

Range

Weighted Average (1)

First Lien Secured Debt

190,500

Discounted Cash Flow

Discount Rate

7.5%

12.0%

First Lien Secured Debt

275,000

Discounted Cash Flow

Discount Rate

12.0%

Residual Value

N/A

Residual Value

N/A

31,438

Recovery Analysis

Recoverable Amount

N/A

62,975

Recent Transaction

N/A

Market Comparable Technique

Comparable Multiple

0.7x

1.4x

1.1x

558

Recovery Analysis

Recoverable Amount

N/A

44,998

Recent Transaction

N/A

28,798

Recovery Analysis

Sale Proceeds

N/A

35,369

Recovery Analysis

Commodity Price

54.00

60.16

59.86

1,892,175

Yield Analysis

Discount Rate

5.1%

52.3%

8.9%

398

Recovery Analysis

Recoverable Amount

N/A

8,376

Recovery Analysis

Sale Proceeds

N/A

1,596,728

Yield Analysis

Discount Rate

4.1%

32.3%

8.5%

Second Lien Secured Debt

12,795

Market Comparable Technique

Comparable Multiple

6.3x

Second Lien Secured Debt

5,657

Market Comparable Technique

Comparable Multiple

12.3x

8,111

Recovery Analysis

Commodity Price

57.00

62.33

61.13

6,444

Recovery Analysis

Recoverable Amount

N/A

10,536

Recovery Analysis

Sale Proceeds

N/A

85,743

Yield Analysis

Discount Rate

6.9%

19.1%

13.0%

206,167

Yield Analysis

Discount Rate

9.3%

14.9%

11.5%

Unsecured Debt

22,000

Discounted Cash Flow

Discount Rate

16.0%

Residual Value

N/A

Structured Products and Other

11,289

Discounted Cash Flow

Discount Rate

9.0%

Structured Products and Other

10,038

Discounted Cash Flow

Discount Rate

9.8%

Preferred Equity

498

Discounted Cash Flow

Discount Rate

9.0%

Preferred Equity

355

Discounted Cash Flow

Discount Rate

10.0%

16,863

Market Comparable Technique

Comparable Multiple

0.7x

13.2x

8.7x

24,741

Market Comparable Technique

Comparable Multiple

0.1x

22.8x

14.4x

5,176

Option Pricing Model

Expected Volatility

101.0%

4,988

Option Pricing Model

Expected Volatility

80.0%

—

Yield Analysis

Discount Rate

32.3%

0.0%

Residual Value

N/A

—

Yield Analysis

Discount Rate

52.3%

Common Equity/Interests

2,053

Discounted Cash Flow

Discount Rate

9.0%

32.3%

19.3%

Common Equity/Interests

613

Discounted Cash Flow

Discount Rate

10.0%

52.3%

10.0%

207,617

Discounted Cash Flow

Discount Rate

7.5%

16.0%

10.2%

57,782

Discounted Cash Flow

Discount Rate

10.1%

11.0%

10.6%

Residual Value

N/A

Residual Value

N/A

7,977

Market Comparable Technique

Comparable Multiple

0.7x

16.5x

9.9x

14,766

Market Comparable Technique

Comparable Multiple

0.1x

20.9x

10.9x

215

Option Pricing Model

Expected Volatility

35.0%

42,331

Recent Transaction

N/A

—

Recovery Analysis

Recoverable Amount

N/A

374

Recent Transaction

N/A

7,762

Recovery Analysis

Sale Proceeds

N/A

2,170

Recovery Analysis

Commodity Price

54.00

62.33

60.08

Market Comparable Technique

Comparable Multiple

22.8x

25,424

Recovery Analysis

Implied Illiquidity Discount

18.5%

Option Pricing Model

Expected Volatility

30.0%

Recovery Analysis

Transaction Price

N/A

325

N/A - Public

N/A

630

Sale Proceeds

N/A

Warrants

1,595

Option Pricing Model

Expected Volatility

65.0%

90.0%

88.4%

Warrants

Option Pricing Model

Expected Volatility

60.0%

Total Level 3 Investments

2,448,667

Total Level 3 Investments

2,521,943

____________________

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the ~~estimated~~estimated production level from the underlying reserves.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

Investment Transactions

For the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, purchases of investments on a trade date basis were ~~$335,478~~$227,422 and ~~$920,786,~~$295,213, respectively. For the three ~~and nine~~ months ended ~~December 31, 2020, purchases of investments on a trade date basis were $157,176~~June 30, 2022 and ~~$400,930, respectively.~~

~~For the three and nine months ended December 31,~~ 2021, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were ~~$358,165~~$184,003 and $800,553, respectively. For the three and nine months ended December 31, 2020, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $287,284 and $729,112,$266,107, respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, PIK income earned was ~~$982~~$956 and ~~$3,451, respectively. During the three and nine months ended December 31, 2020, PIK income earned was $1,627 and $4,753,~~$1,536, respectively.

The following table shows the change in capitalized PIK balance for the three ~~and nine~~ months ended ~~December 31, 2021~~June 30, 2022 and ~~2020:~~2021:


		Three Months Ended December 31,				Nine Months Ended December 31,				Three Months Ended June 30,
		2021		2020		2021		2020				2022		2021
PIK balance at beginning of period	PIK balance at beginning of period	$	37,637	$	40,440	$	41,947	$	37,481		PIK balance at beginning of period	$	39,228	$	41,947
PIK income capitalized	PIK income capitalized	988		1,867		3,715		4,901			PIK income capitalized	731		1,786
Adjustments due to investments exited or written off	Adjustments due to investments exited or written off	—		—		(7,037)		—			Adjustments due to investments exited or written off	(124)		—
PIK income received in cash	PIK income received in cash	—		—		—		(75)			PIK income received in cash	—		—
PIK balance at end of period	PIK balance at end of period	$	38,625	$	42,307	$	38,625	$	42,307		PIK balance at end of period	$	39,835	$	43,733

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~~APOLLO INVESTMENT CORPORATION~~

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

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

Dividend Income on CLOs

The Company holds structured products and other investments. The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. During the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, dividend income from structured products was ~~$310~~$336 and ~~$959,~~$312, respectively. ~~During the three~~

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and ~~nine months ended December 31, 2020, dividend income from structured products was $323 and $1,000, respectively.~~per share data)

Investments on Non-Accrual Status

As of ~~December 31, 2021, 1.4%~~June 30, 2022, 1.0% of total investments at amortized cost, or ~~0.5%~~0.3% of total investments at fair value, were on non-accrual status. As of March 31, ~~2021, 5.7%~~2022, 1.3% of total investments at amortized cost, or ~~1.4%~~0.6% of total investments at fair value, were on non-accrual status.

Unconsolidated Significant ~~Subsidiary~~Subsidiaries

The following unconsolidated ~~subsidiary is~~subsidiaries are considered a significant ~~subsidiary~~subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) as of ~~December 31, 2021.~~June 30, 2022. Accordingly, summarized, unaudited, comparative financial information is presented below for the unconsolidated significant subsidiary.

Merx Aviation Finance, LLC

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


		Nine Months Ended December 31,					Three Months Ended June 30,
		2021		2020			2022		2021
Net revenue	Net revenue	$	172,541	$	166,578	Net revenue	$	36,446	$	43,710
Net operating income	Net operating income	58,443		2,657		Net operating income	7,122		5,844
Earnings (loss) before taxes	Earnings (loss) before taxes	(8,042)		(59,084)		Earnings (loss) before taxes	(13,434)		(4,943)
Net profit (loss)	Net profit (loss)	(6,487)		(57,993)		Net profit (loss)	(13,456)		(3,570)
Net profit (loss) after taxes attributable to non-controlling interests	Net profit (loss) after taxes attributable to non-controlling interests	(3,730)		(991)		Net profit (loss) after taxes attributable to non-controlling interests	(699)		(980)
Net profit (loss) after taxes attributable to Merx Aviation	Net profit (loss) after taxes attributable to Merx Aviation	(2,757)		(57,002)		Net profit (loss) after taxes attributable to Merx Aviation	(12,756)		(2,590)

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

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

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

Note 6. Debt and Foreign Currency Transactions and Translations

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

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The Company’s outstanding debt obligations as of ~~December 31, 2021~~June 30, 2022 were as follows:


		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	**	$	1,117,484	*	$	1,117,484	(1)	12/22/2025	Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,127,173	*	$	1,116,810	(1)	12/22/2025

2025 Notes	2025 Notes	3/3/2015	350,000			350,000			361,596		(2)	3/3/2025	2025 Notes	3/3/2015	350,000			350,000			336,807		(2)	3/3/2025
2026 Notes	2026 Notes	7/16/2021	125,000			125,000			124,274		(2)	7/16/2026	2026 Notes	7/16/2021	125,000			125,000			108,760		(2)	7/16/2026

Total Debt Obligations	Total Debt Obligations		$	2,285,000		$	1,592,484		$	1,603,354			Total Debt Obligations		$	2,285,000		$	1,602,173		$	1,562,377
Deferred Financing Costs and Debt Discount						$	(5,108)
Deferred Financing Cost and Debt Discount													Deferred Financing Cost and Debt Discount					$	(4,610)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount	Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,587,376						Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,597,563

____________________

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

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

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of ~~December 31, 2021.~~June 30, 2022. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of ~~December 31, 2021.~~June 30, 2022. The valuation is based on broker quoted prices.

The Company’s outstanding debt obligations as of March 31, ~~2021~~2022 were as follows:


		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	**	$	1,119,186	*	$	1,139,765	(1)	12/22/2025	Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,080,468	*	$	1,080,468	(1)	12/22/2025
2025 Notes													2025 Notes	3/3/2015	350,000			350,000			350,399		(2)	3/3/2025
2026 Notes													2026 Notes	7/16/2021	125,000			125,000			117,687		(2)	7/16/2026

2025 Notes		3/3/2015	350,000			350,000			357,763		(2)	3/3/2025
Total Debt Obligations	Total Debt Obligations		$	2,160,000		$	1,469,186		$	1,497,528			Total Debt Obligations		$	2,285,000		$	1,555,468		$	1,548,554
Deferred Financing Costs and Debt Discount						$	(3,815)
Deferred Financing Cost and Debt Discount													Deferred Financing Cost and Debt Discount					$	(4,860)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount	Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,465,371						Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,550,608

____________________

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

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

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, ~~2021.~~2022. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, ~~2021.~~2022. The valuation is based on broker quoted prices.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Senior Secured Facility

On December 22, 2020, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of November 19, 2018. Lender commitments in the amended and restated agreement will remain $1,810,000 through November 19, 2022 and will decrease to $1,705,000 thereafter. The amended and restated agreement extended the final maturity date through December 22, 2025, and includes an accordion provision which allows the Company to increase the total commitments under the existing revolving facility up to an aggregate principal amount of $2,715,000 from new or existing lenders on the same terms and conditions as the existing commitments. The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents. Commencing December 22, 2024, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of December 22, 2024. In addition, the stated interest rate on the facility remains as a formula-based calculation based on a minimum borrowing base, resulting in a stated interest rate, depending on the type of borrowing, of (a) either LIBOR plus 1.75% per annum or LIBOR plus 2.00% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 1% per annum. As of ~~December 31, 2021,~~June 30, 2022, the stated interest rate on the facility was LIBOR plus 2.00% or the Sterling Overnight Index Average (“SONIA”) plus 2.00%. The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and participation fees and fronting fees of up to 2.25% per annum on the letters of credit issued.

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

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, the Company had ~~$177~~$27,037 and ~~$177,~~$26,877, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was ~~$692,339~~$655,790 and ~~$690,637~~$702,655 as of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

~~Table of Contents~~

~~APOLLO INVESTMENT CORPORATION~~

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

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

Senior Unsecured Notes

2025 Notes

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

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

2026 Notes

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

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three ~~and nine~~ months ended ~~December 31, 2021~~June 30, 2022 and ~~2020:~~2021:


		Three Months Ended December 31,				Nine Months Ended December 31,				Three Months Ended June 30,
		2021		2020		2021		2020				2022		2021
Average debt outstanding	Average debt outstanding	$	1,580,491	$	1,533,238	$	1,526,685	$	1,663,241		Average debt outstanding	$	1,620,503	$	1,459,775
Maximum amount of debt outstanding	Maximum amount of debt outstanding	1,599,384		1,602,090		1,608,285		1,818,920			Maximum amount of debt outstanding	1,669,385		1,491,655

Weighted average annualized interest cost (1)	Weighted average annualized interest cost (1)	3.19%		3.05%		3.16%		3.04%			Weighted average annualized interest cost (1)	3.66%		3.08%
Annualized amortized debt issuance cost	Annualized amortized debt issuance cost	0.36%		0.37%		0.38%		0.34%			Annualized amortized debt issuance cost	0.36%		0.40%
Total annualized interest cost	Total annualized interest cost	3.55%		3.42%		3.54%		3.38%			Total annualized interest cost	4.02%		3.48%

____________________

(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021 were ~~$670~~$599 and ~~$2,019 respectively. Commitment fees for the three and nine months ended December 31, 2020 were $598 and $1,404,~~$660, respectively.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of ~~December~~June 30, 2022:


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


British Pound	£	41,000	$	51,037	$	49,930	$	1,107	7/29/2022


Australian Dollar	A$	6,200	4,543		4,280		263		7/29/2022

			$	55,580	$	54,210	$	1,370

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, ~~2021:~~2022:


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

British Pound	British Pound	£	68,000	84,420		92,018		(7,598)		1/31/2022	British Pound	£	41,000	$	51,037	$	53,866	$	(2,829)	4/29/2022

Australian Dollar	Australian Dollar	A$	6,200	4,543		4,503		40		1/31/2022	Australian Dollar	A$	6,200	4,543		4,639		(96)		4/29/2022
														$	55,580	$	58,505	$	(2,925)
				$	88,963	$	96,521	$	(7,558)

As of June 30, 2022 and March 31, 2022, the Company was in compliance with all debt covenants for all outstanding debt obligations.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

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

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

Note 7. Stockholders’ Equity

There were no equity offerings of common stock during the three ~~and nine~~ months ended ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021.~~2022.

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


Date of Agreement/Amendment	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	August 5, 2015	$	50,000	$	50,000	$	—	August 5, 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		43,402		6,598		February 6, 2019	50,000		45,809		4,191
Total as of December 31, 2021		$	250,000	$	243,402	$	6,598
February 3, 2022								February 3, 2022	25,000		—		25,000
Total as of June 30, 2022								Total as of June 30, 2022	$	275,000	$	245,809	$	29,191

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

Effective Date

Termination Date

Amount Allocated to 10b5-1 Repurchase Plans

September 15, 2015

November 5, 2015

5,000

January 1, 2016

February 5, 2016

10,000

April 1, 2016

May 19, 2016

5,000

July 1, 2016

August 5, 2016

15,000

September 30, 2016

November 8, 2016

20,000

January 4, 2017

February 6, 2017

10,000

March 31, 2017

May 19, 2017

10,000

June 30, 2017

August 7, 2017

10,000

October 2, 2017

November 6, 2017

10,000

January 3, 2018

February 8, 2018

10,000

June 18, 2018

August 9, 2018

10,000

September 17, 2018

October 31, 2018

10,000

December 12, 2018

February 7, 2019

10,000

February 25, 2019

May 17, 2019

25,000

March 18, 2019

May 17, 2019

10,000

June 4, 2019

August 7, 2019

25,000

June 17, 2019

August 7, 2019

20,000

September 16, 2019

November 6, 2019

20,000

December 6, 2019

February 5, 2020

25,000

December 16, 2019

February 5, 2020

15,000

March 12, 2020

March 19, 2020

20,000

March 30, 2021

May 21, 2021

10,000

June 16, 2021

November 5, 2021

10,000

December 16, 2021

~~February 4, 2022~~August 3, 2022*

5,000

____________________

* The amount allocated to the plan had been fully utilized on May 3, 2022.

During the ~~nine~~three months ended ~~December 31, 2021,~~June 30, 2022, the Company repurchased ~~1,551,331~~128,522 shares at a weighted average price per share of ~~$13.10,~~$12.74, inclusive of commissions, for a total cost of ~~$20,330.~~$1,638. This represents a discount of approximately ~~18.15%~~18.61% of the average net asset value per share for the ~~nine~~three months ended ~~December 31, 2021.~~June 30, 2022.

During the ~~nine~~three months ended ~~December 31, 2020,~~June 30, 2021, the Company ~~did not repurchase shares.~~repurchased 145,572 shares at a weighted average price per share of $13.92, inclusive of commissions, for a total cost of $2,026. This represents a discount of approximately 12.72% of the average net asset value per share for the three months ended June 30, 2021.

Since the inception of the Repurchase Plans through ~~December 31, 2021,~~June 30, 2022, the Company repurchased ~~15,205,909~~15,395,036 shares at a weighted average price per share of ~~$16.01,~~$15.97, inclusive of commissions, for a total cost of ~~$243,402.~~$245,809. Including fractional shares, the ~~company~~Company has repurchased ~~15,205,939~~15,395,066 shares at a weighted average price per share of ~~$16.01,~~$15.97, inclusive of commissions for a total cost of ~~$243,402.~~$245,810.

On October 30, 2018, the Company’s Board of Directors approved a one-for-three reverse stock split of the Company’s common stock which was effective as of the close of business on November 30, 2018. The Company's common stock began trading on a split-adjusted basis on December 3, 2018. The fractional shares that resulted from the Reverse Stock Split were approximately 29 shares and they were canceled by paying cash in lieu of the fair value.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

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~~APOLLO INVESTMENT CORPORATION~~

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

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

Note 8. Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, the Company had the following unfunded commitments to its portfolio companies:


		December 31, 2021		March 31, 2021			June 30, 2022		March 31, 2022
Unfunded revolver obligations and bridge loan commitments (1)	Unfunded revolver obligations and bridge loan commitments (1)	$	236,095	$	261,854	Unfunded revolver obligations and bridge loan commitments (1)	$	179,927	$	182,645
Standby letters of credit issued and outstanding (2)	Standby letters of credit issued and outstanding (2)	3,500		2,787		Standby letters of credit issued and outstanding (2)	31,916		31,188
Unfunded delayed draw loan commitments (3)		304,796		172,249
Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)						Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3)	287,926		272,787

Total Unfunded Commitments (4)	Total Unfunded Commitments (4)	$	544,391	$	436,890	Total Unfunded Commitments (4)	$	499,769	$	486,620

~~__________________~~____________________

(1)The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, the bridge loan commitments included in the balances were $0 and $0, respectively.

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

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

(4)The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $25,000 and ~~$109,500 as~~$25,000 as of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021,~~2022, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 9. Financial Highlights

The following is a schedule of financial highlights for the ~~nine~~three months ended ~~December 31, 2021~~June 30, 2022 and ~~2020.~~2021.


		Nine Months Ended December 31, 2021			Nine Months Ended December 31, 2020				Three Months Ended June 30, 2022			Three Months Ended June 30, 2021
		(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	$	15.79		$	15.88
Net investment income (1)	Net investment income (1)	1.07			1.29			Net investment income (1)	0.37			0.39
Net realized and change in unrealized gains (losses) (1)	Net realized and change in unrealized gains (losses) (1)	0.14			(0.23)			Net realized and change in unrealized gains (losses) (1)	(0.28)			0.10
Net increase in net assets resulting from operations	Net increase in net assets resulting from operations	1.21			1.06			Net increase in net assets resulting from operations	0.09			0.49
Distribution of net investment income (2)	Distribution of net investment income (2)	(1.08)			(1.17)			Distribution of net investment income (2)	(0.36)			(0.36)
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	0.07			—			Accretion due to share repurchases	0.00			0.00
Net asset value at end of period	Net asset value at end of period	$	16.08		$	15.59		Net asset value at end of period	$	15.52		$	16.02

Per share market value at end of period	Per share market value at end of period	$	12.79		$	10.63		Per share market value at end of period	$	10.77		$	13.65
Total return (3)	Total return (3)	0.95		%	77.63		%	Total return (3)	(15.92)		%	2.11		%
Shares outstanding at end of period	Shares outstanding at end of period	63,707,845			65,259,176			Shares outstanding at end of period	63,518,718			65,113,604
Weighted average shares outstanding	Weighted average shares outstanding	64,795,710			65,259,176			Weighted average shares outstanding	63,558,246			65,200,856

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)	$	1,024.3		$	1,017.4		Net assets at end of period (in millions)	$	986.0		$	1,043.0
Annualized ratio of operating expenses to average net assets (4)(5)	Annualized ratio of operating expenses to average net assets (4)(5)	6.23		%	5.13		%	Annualized ratio of operating expenses to average net assets (4)(5)	5.52		%	4.84		%
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)	5.22		%	5.56		%	Annualized ratio of interest and other debt expenses to average net assets (5)	6.54		%	4.88		%
Annualized ratio of total expenses to average net assets (4)(5)	Annualized ratio of total expenses to average net assets (4)(5)	11.45		%	10.69		%	Annualized ratio of total expenses to average net assets (4)(5)	12.05		%	9.73		%
Annualized ratio of net investment income to average net assets (5)	Annualized ratio of net investment income to average net assets (5)	8.85		%	11.07		%	Annualized ratio of net investment income to average net assets (5)	9.47		%	9.78		%
Average debt outstanding (in millions)	Average debt outstanding (in millions)	$	1,526.7		$	1,663.2		Average debt outstanding (in millions)	$	1,620.5		$	1,459.8
Average debt per share	Average debt per share	$	23.56		$	25.49		Average debt per share	$	25.50		$	22.39
Annualized portfolio turnover rate (5)	Annualized portfolio turnover rate (5)	41.88		%	20.23		%	Annualized portfolio turnover rate (5)	29.10		%	43.20		%
Asset coverage per unit (6)	Asset coverage per unit (6)	$	1,643		$	1,671		Asset coverage per unit (6)	$	1,605		$	1,699

____________________

*Totals may not foot due to rounding.

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

(2)The tax character of distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through ~~December 31, 2021~~June 30, 2022 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.

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

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

(4)The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements). For the ~~nine~~three months ended ~~December 31, 2021,~~June 30, 2022, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be ~~6.28%~~5.58% and ~~11.50%~~12.17%, respectively, without the voluntary fee waivers. For the ~~nine~~Three months ended ~~December 31, 2020~~June 30, 2021, the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be ~~5.16%~~4.87% and ~~10.73%~~9.75%, respectively, without the voluntary fee waivers.

(5)Annualized for the ~~nine~~three months ended ~~December 31, 2021~~June 30, 2022 and ~~December 31, 2020.~~2021.

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

Note 10. Subsequent Events

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

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

~~On February 3, 2022, the Company’s~~ Board of Directors approved ~~a new stock repurchase plan (the “Repurchase Plan”)~~an offering directly to ~~acquire up to $25.0 million~~an investor of 1,932,641 shares of the Company’s common ~~stock.~~stock, par value $0.001 per share at a purchase price of $15.5228 per share, which is the net asset value per share of the Company’s common stock as of June 30, 2022.

On August 1, 2022, the Board of Directors approved changing the Company’s name from Apollo Investment Corporation to MidCap Financial Investment Corporation, effective August 12, 2022. The ~~new Repurchase Plan is in addition~~Company’s common stock will begin to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on or about August 12, 2022.

On August 1, 2022, pursuant to Section 15(c) of the Investment Company Act of 1940, as amended, the Board of Directors also approved the Fourth Amended and Restated Investment Advisory Agreement between the Company and Apollo Investment Management, L.P (the “New Advisory Agreement”). Under the New Advisory Agreement, the base management fee was reduced to 1.75% of the Company’s net assets from 1.50% on the Company’s gross assets (and 1.00% on gross assets exceeding a 200% of net assets), effective as of January 1, 2023. The incentive fee on income was also reduced to 17.5% from 20%, effective as of January 1, 2023. The performance threshold remains 7% and there was no change to the ~~Company's existing share repurchase authorization, of which approximately $5,829 of repurchase capacity remains. Accordingly,~~total return requirement, other than accounting for the change in the incentive fee for the period following January 1, 2023, or catch-up provision. The incentive fee on capital gains was also reduced to 17.5% from 20%.

On August 1, 2022, the Company made the following senior management and Board of Director changes:

•Howard T. Widra, who served as Chief Executive Officer since 2018 and as President from 2016 to 2018, has been named Executive Chairman of the Board of Directors. Mr. Widra will continue to serve as Apollo’s Head of Direct Origination.

•Tanner Powell, who served as President of the Company and Chief Investment Officer for AIM since 2018, has been promoted to Chief Executive Officer of the Company.

•Ted McNulty, who is a Managing Director in Apollo’s Direct Origination business, has been promoted to President of the Company and Chief Investment Officer for AIM.

•Kristin Hester, who has served as the General Counsel of the Company since 2020, has been promoted to Chief Legal Officer and Secretary of the Company.

•Joseph Glatt who served as the Company’s Chief Legal Officer and Secretary since 2011, was promoted to a new role as Partner in Apollo’s U.S. Financial Institutions Group.

•John Hannan, who has served as Chairman of the Board of Directors since 2006, will now ~~has approximately $30,829 available for stock repurchases under its repurchase program.~~serve as Vice Chairman of the Board of Directors.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

On ~~February 3,~~August 1, 2022, the Company’s Board of Directors (the “Board”) declared a distribution of ~~$0.31~~$0.32 per share, payable on ~~April 7,~~October 11, 2022 to stockholders of record as of ~~March 21,~~September 20, 2022. On February 3, 2022, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on April 7, 2022 to stockholders of record as of March 21, 2022. Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board may declare a quarterly supplemental distribution in an amount to be determined each quarter. There can be no assurances that the Board will continue to declare a base distribution of ~~$0.31~~$0.32 per ~~share or a supplemental distribution.~~share.

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Report of Independent Registered Public Accounting Firm

To the stockholders and Board of Directors of Apollo Investment Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of June 30, 2022, the related statements of operations, changes in net assets, cash flows, and financial highlights for the three-month period ended June 30, 2022, and the related notes (collectively referred to as the "interim financial information"). Based on our review, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, New York

August 2, 2022

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Apollo Investment Corporation

Results of Review of Interim Financial Statements

We have reviewed the accompanying ~~statement~~statements of operations, of changes in net assets and ~~liabilities, including the schedule~~ of ~~investments,~~cash flows of Apollo Investment Corporation (the “Company”) ~~as of December 31, 2021, and the related statements of operations and of changes in net assets~~ for the three-month ~~and nine-month periods~~period ended ~~December 31,~~June 30, 2021, ~~and 2020, and the statements of cash flows for the nine-month periods ended December 31, 2021 and 2020,~~ including the related notes (collectively referred to as the “interim financial statements”). Based on our ~~reviews,~~review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

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

Basis for Review Results

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

/s/ PricewaterhouseCoopers LLP

New York, New York

~~February 3, 2022~~August 5, 2021

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

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

•our future operating results;

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

•the impact of investments that we expect to make;

•our contractual arrangements and relationships with third parties;

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

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

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

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

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

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

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

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Overview

Apollo Investment Corporation (the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through ~~December 31, 2021,~~June 30, 2022, we have raised approximately $2.21 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for ~~$243.4~~$245.8 million.

~~Table of Contents~~

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

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

COVID-19 Developments

~~There is an ongoing global outbreak of COVID-19, which has spread to over 200 countries and territories, including every state in the United States.~~ The ~~global~~ impact of the ~~outbreak~~COVID-19 pandemic has ~~been~~ rapidly evolving, and as cases of COVID-19, including new variants, have continued to be identified in additional countries, many countries have reacted, and continue to react, by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential businesses. Such actions have createdevolved around the globe, causing disruption in the U.S. and global ~~supply chains,~~economies. Although the global economy continued reopening in early 2022 and adversely impacted many industries. Supply chain disruptions could significantly impact the businesses of our portfolio companies and lead to increased costs, inventory shortages, shipping delays and an inability to meet customer demands. The outbreakrobust economic activity has ~~had~~supported a continued ~~adverse impact on economic and market conditions and has triggered a period of global economic slowdown.~~recovery, certain geographies, most notably China, have experienced setbacks.

~~Although vaccines have been widely distributed in the U.S., certain U.S. states are planning on reopening and we believe the economy is beginning to rebound in certain respects, the~~

The uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19 ~~the efficacy of existing vaccines against new variants and acceptance of vaccines~~that have emerged and other factors have and may continue to contribute to significant volatility in the global markets. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. COVID-19 and the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our performance, financial condition, results of operations and ability to pay distributions.

~~LIBOR Developments~~

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

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

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

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

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

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

Investments

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

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make and, more recently, market disruptions due to COVID-19. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of ~~December 31, 2021,~~June 30, 2022, non-qualifying assets represented approximately ~~13.0%~~9.3% of the total assets of the Company.

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Revenue

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

Expenses

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

•investment advisory and management fees;

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

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

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

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

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

•offerings of our common stock and other securities;

•registration and listing fees;

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

•transfer agent and custodial fees;

•taxes;

•independent directors’ fees and expenses;

•marketing and distribution-related expenses;

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

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

•organizational costs; and

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

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

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Portfolio and Investment Activity

Our portfolio and investment activity during the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021 ~~and 2020~~ was as follows:


		Three Months Ended December 31,				Nine Months Ended December 31,					Three Months Ended June 30,
(in millions)*	(in millions)*	2021		2020		2021		2020		(in millions)*		2022		2021
Investments made in portfolio companies	Investments made in portfolio companies	$	335.5	$	157.2	$	920.8	$	400.9	Investments made in portfolio companies		$	227.4	$	295.2
Investments sold	Investments sold	(7.4)		(17.8)		(18.1)		(101.1)		Investments sold		—		—
Net activity before repaid investments	Net activity before repaid investments	328.1		139.4		902.7		299.9		Net activity before repaid investments		227.4		295.2
Investments repaid	Investments repaid	(350.8)		(269.5)		(782.5)		(628.0)		Investments repaid		(184.0)		(266.1)
Net investment activity	Net investment activity	$	(22.7)	$	(130.1)	$	120.2	$	(328.2)	Net investment activity		$	43.4	$	29.1

Portfolio companies at beginning of period	Portfolio companies at beginning of period	144		147		135		152		Portfolio companies at beginning of period		139		135
Number of new portfolio companies	Number of new portfolio companies	7		7		27		10		Number of new portfolio companies		7		11
Number of exited portfolio companies	Number of exited portfolio companies	(12)		(11)		(23)		(19)		Number of exited portfolio companies		(6)		(6)
Portfolio companies at end of period	Portfolio companies at end of period	139		143		139		143		Portfolio companies at end of period		140		140

Number of investments made in existing portfolio companies	Number of investments made in existing portfolio companies	62		35		79		62		Number of investments made in existing portfolio companies		53		37

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*Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of ~~December 31, 2021~~June 30, 2022 and March 31, ~~2021~~2022 were as follows:


		December 31, 2021		March 31, 2021			June 30, 2022		March 31, 2022
Portfolio composition, at fair value:	Portfolio composition, at fair value:					Portfolio composition, at fair value:
First lien secured debt	First lien secured debt	87	%	78	%	First lien secured debt	91	%	90	%
Second lien secured debt	Second lien secured debt	4	%	10	%	Second lien secured debt	4	%	4	%
Total secured debt	Total secured debt	91	%	88	%	Total secured debt	95	%	94	%
Unsecured debt		1	%	1	%

Structured products and other	Structured products and other	0	%	0	%	Structured products and other	0	%	0	%
Preferred equity	Preferred equity	1	%	1	%	Preferred equity	1	%	1	%
Common equity/interests and warrants	Common equity/interests and warrants	6	%	10	%	Common equity/interests and warrants	4	%	5	%
Weighted average yields, at amortized cost (1):	Weighted average yields, at amortized cost (1):					Weighted average yields, at amortized cost (1):
First lien secured debt (2)	First lien secured debt (2)	7.9	%	7.8	%	First lien secured debt (2)	8.4	%	8.0	%
Second lien secured debt (2)	Second lien secured debt (2)	9.6	%	9.9	%	Second lien secured debt (2)	11.7	%	9.6	%
Secured debt portfolio (2)	Secured debt portfolio (2)	8.0	%	8.0	%	Secured debt portfolio (2)	8.6	%	8.1	%
Unsecured debt portfolio (2)		5.3	%	5.3	%

Total debt portfolio (2)	Total debt portfolio (2)	7.9	%	8.0	%	Total debt portfolio (2)	8.6	%	8.1	%
Total portfolio (3)	Total portfolio (3)	6.9	%	6.5	%	Total portfolio (3)	7.5	%	7.1	%
Interest rate type, at fair value (4):	Interest rate type, at fair value (4):					Interest rate type, at fair value (4):
Fixed rate amount	Fixed rate amount	$0.0	billion	—		Fixed rate amount	$0.0	billion	$0.0	billion
Floating rate amount	Floating rate amount	$2.0	billion	$1.9	billion	Floating rate amount	$2.1	billion	$2.0	billion
Fixed rate, as percentage of total	Fixed rate, as percentage of total	1	%	—		Fixed rate, as percentage of total	1	%	1	%
Floating rate, as percentage of total	Floating rate, as percentage of total	99	%	100	%	Floating rate, as percentage of total	99	%	99	%
Interest rate type, at amortized cost (4):	Interest rate type, at amortized cost (4):					Interest rate type, at amortized cost (4):
Fixed rate amount	Fixed rate amount	$0.0	billion	—		Fixed rate amount	$0.0	billion	$0.0	billion
Floating rate amount	Floating rate amount	$2.0	billion	$1.9	billion	Floating rate amount	$2.1	billion	$2.0	billion
Fixed rate, as percentage of total	Fixed rate, as percentage of total	1	%	—		Fixed rate, as percentage of total	1	%	1	%
Floating rate, as percentage of total	Floating rate, as percentage of total	99	%	100	%	Floating rate, as percentage of total	99	%	99	%

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

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

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

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

Since the initial public offering of Apollo Investment in April 2004 and through ~~December 31, 2021,~~June 30, 2022, invested capital totaled ~~$22.8~~$23.2 billion in ~~579~~592 portfolio companies. Over the same period, Apollo Investment completed transactions with more than 100 different financial sponsors.

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Recent Developments

On ~~February 3,~~August 1, 2022, the ~~Company’s~~ Board of Directors approved ~~a new stock repurchase plan (the “Repurchase Plan”)~~an offering directly to ~~acquire up to $25 million~~an investor of 1,932,641 shares of the Company’s common ~~stock.~~stock, par value $0.001 per share at a purchase price of $15.5228 per share, which is the net asset value per share of the Company’s common stock as of June 30, 2022.

On August 1, 2022, pursuant to Section 15(c) of the Investment Company Act of 1940, as amended, the Board of Directors also approved the Fourth Amended and Restated Investment Advisory Agreement between the Company and Apollo Investment Management, L.P (the “New Advisory Agreement”). Under the New Advisory Agreement, the base management fee was reduced to 1.75% of the Company’s net assets from 1.50% on the Company’s gross assets (and 1.00% on gross assets exceeding a 200% of net assets), effective as of January 1, 2023. The incentive fee on income was also reduced to 17.5% from 20%, effective as of January 1, 2023. The performance threshold remains 7% and there was no change to the ~~Company's existing share repurchase authorization, of which approximately $5.8 million of repurchase capacity remains. Accordingly,~~total return requirement, other than accounting for the change in the incentive fee for the period following January 1, 2023, or catch-up provision. The incentive fee on capital gains was also reduced to 17.5% from 20%.

On August 1, 2022, the Company ~~now has approximately $30.8 million available for stock repurchases under its repurchase program.~~made the following senior management and Board of Director changes:

•Tanner Powell, who served as President of the Company and Chief Investment Officer for AIM since 2018, has been promoted to Chief Executive Officer of the Company.

•Ted McNulty, who is a Managing Director in Apollo’s Direct Origination business, has been promoted to President of the Company and Chief Investment Officer for AIM.

•Kristin Hester, who has served as the General Counsel of the Company since 2020, has been promoted to Chief Legal Officer and Secretary of the Company.

•Joseph Glatt who served as the Company’s Chief Legal Officer and Secretary since 2011, was promoted to a new role as Partner in Apollo’s U.S. Financial Institutions Group.

•John Hannan, who has served as Chairman of the Board of Directors since 2006, will now serve as Vice Chairman of the Board of Directors.

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Critical Accounting Policies

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

Fair Value Measurements

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

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

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

Level 3: Unobservable inputs for the asset or liability.

As of ~~December 31, 2021, $2.59~~June 30, 2022, $2.53 billion or ~~99.93%~~99.4% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

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

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

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Investment Valuation Process

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

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

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

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Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides a valuation. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered in the valuation process of independent valuation firms. During the ~~nine~~three months ended ~~December 31, 2021,~~June 30, 2022, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Investment Income Recognition

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

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

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

Expenses

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

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

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

Results of Operations

Operating results for the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021 ~~and 2020~~ were as follows:


		Three Months Ended December 31,				Nine Months Ended December 31,				Three Months Ended June 30,
(in millions)*	(in millions)*	2021		2020		2021		2020			(in millions)*	2022		2021
Investment Income	Investment Income										Investment Income
Interest income (excluding Payment-in-kind (“PIK”) interest income)	Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	51.9	$	50.4	$	147.6	$	155.9		Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	51.6	$	47.5
Dividend income	Dividend income	0.5		1.1		3.6		3.4			Dividend income	0.3		0.4
PIK interest income	PIK interest income	1.0		1.6		3.5		4.8			PIK interest income	1.0		1.5
Other income	Other income	1.6		1.2		3.8		1.8			Other income	0.5		1.2
Total investment income	Total investment income	$	55.0	$	54.4	$	158.4	$	165.9		Total investment income	$	53.4	$	50.6
Expenses	Expenses										Expenses
Management and performance-based incentive fees		$	14.6	$	9.0	$	37.7	$	27.7
Management and performance-based incentive fees, net of amounts waived											Management and performance-based incentive fees, net of amounts waived	$	10.3	$	8.8
Interest and other debt expenses, net of reimbursements	Interest and other debt expenses, net of reimbursements	14.1		13.2		40.7		42.4			Interest and other debt expenses, net of reimbursements	16.2		12.7
Administrative services expense, net of reimbursements	Administrative services expense, net of reimbursements	1.4		1.1		4.2		3.4			Administrative services expense, net of reimbursements	1.2		1.2
Other general and administrative expenses	Other general and administrative expenses	2.4		2.8		6.7		8.0			Other general and administrative expenses	2.2		2.5
Net Expenses	Net Expenses	$	32.5	$	26.1	$	89.3	$	81.5		Net Expenses	$	29.9	$	25.2
Net Investment Income	Net Investment Income	$	22.5	$	28.2	$	69.1	$	84.4		Net Investment Income	$	23.5	$	25.3
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)	$	(0.6)	$	(6.7)	$	(65.3)	$	(18.1)		Net realized gains (losses)	$	0.3	$	0.1
Net change in unrealized gains (losses)	Net change in unrealized gains (losses)	(1.3)		11.6		74.4		3.2			Net change in unrealized gains (losses)	(18.1)		6.7
Net Realized and Change in Unrealized Gains (Losses)	Net Realized and Change in Unrealized Gains (Losses)	$	(2.0)	$	4.9	$	9.1	$	(14.9)		Net Realized and Change in Unrealized Gains (Losses)	(17.8)		6.8
Net Increase in Net Assets Resulting from Operations	Net Increase in Net Assets Resulting from Operations	$	20.5	$	33.2	$	78.1	$	69.5		Net Increase in Net Assets Resulting from Operations	$	5.7	$	32.1

Net Investment Income on Per Average Share Basis (1)	Net Investment Income on Per Average Share Basis (1)	$	0.35	$	0.43	$	1.07	$	1.29		Net Investment Income on Per Average Share Basis (1)	$	0.37	$	0.39
Earnings per share — basic (1)	Earnings per share — basic (1)	$	0.32	$	0.51	$	1.21	$	1.06		Earnings per share — basic (1)	$	0.09	$	0.49

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*Totals may not foot due to rounding.

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

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Total Investment Income

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

The increase in total investment income for the three months ended ~~December 31, 2021~~June 30, 2022 compared to the three months ended ~~December 31, 2020~~June 30, 2021 was primarily driven by the increase in total interest income (including PIK) of ~~$0.9~~$3.6 million. The increase in total interest income (including PIK) was ~~primarily~~ due to a higher ~~income bearing~~income-bearing investment ~~portfolio. Furthermore there~~portfolio and a increase in the average yield for the total debt portfolio, from 7.9% for the three months ended June 30, 2021 to 8.3% for the three months ended June 30, 2022. This was ~~an increase~~partially offset by a decrease in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled ~~$2.4 million for the three months ended December 31, 2020 and~~ $4.0 million for the three months ended ~~December 31, 2021. This was partially offset by~~June 30, 2021 and $1.9 million for the ~~$0.6 million decrease in dividend income. Furthermore, there~~three months ended June 30, 2022. There was also an ~~increase~~decrease in other income of ~~$0.4~~$0.7 million due to ~~higher bridge fees.~~

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

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

Net Expenses

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

The increase in net expenses for the three months ended ~~December 31, 2021~~June 30, 2022 compared to the three months ended ~~December 31, 2020~~June 30, 2021 was primarily ~~due to~~driven by the increase in ~~management~~interest and ~~performance-based incentive fees.~~other debt expenses of $3.6 million. The increase in interest and other debt expenses was attributed to a increased in average debt outstanding and net leverage, from $1.46 billion and 1.39x, respectively during the three months ended June 30, 2021, to $1.62 billion and 1.58x, respectively during the three months ended June 30, 2022. Further there was an increase in total annualized cost of debt from 3.48% for the three months ended June 30, 2021 to 4.02% for the three months ended June 30, 2022. The increase of ~~$5.6~~$1.5 million in management and performance-based incentive fees ~~was~~(net of amounts waived) due to an increase in performance based incentive fees and an increase in the investment portfolio. Furthermore, there was an increase in interest and other debt expenses, which was attributed to increase in the average debt outstanding and net leverage from $1.53 billion and 1.43x, respectively during the three months ended December 31, 2020, to $1.58 billion and 1.52x, respectively during the three months ended December 31, 2021. Additionally there was increase in the total annualized cost of debt, from 3.42% for the three months ended December 31, 2020 to 3.55% for the three months ended December 31, 2021.

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

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

fee.

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Net Realized Gains (Losses)

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

During the three months ended ~~December 31, 2021,~~June 30, 2022, we recognized gross realized gains of ~~$0.6~~$0.5 million and gross realized losses of ~~$1.3~~$0.2 million, resulting in net realized ~~losses~~gains of ~~$0.6~~$0.3 million. ~~Significant realized gains (losses) for the three months ended December 31, 2021 are summarized below:~~


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

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


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

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

~~During the nine months ended December 31,~~June 30, 2021, we recognized gross realized gains of ~~$4.0~~$0.3 million and gross realized losses of ~~$69.4~~$0.2 million, resulting in net realized ~~losses of $65.3 million. Significant realized gains (losses) for the nine months ended December 31, 2021 are summarized below:~~


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

~~During the nine months ended December 31, 2020, we recognized gross realized~~ gains of ~~$5.3 million and gross realized losses of $23.5 million, resulting in net realized losses of $18.1~~$0.1 million. ~~Significant realized gains (losses) for the nine months ended December 31, 2020 are summarized below:~~


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

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Net Change in Unrealized Gains (Losses)

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

During the three months ended ~~December 31, 2021,~~June 30, 2022, we recognized gross unrealized gains of ~~$26.9~~$10.8 million and gross unrealized losses of ~~$28.2~~$28.9 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of ~~$1.3~~$18.1 million. Significant changes in unrealized gains (losses) for the three months ended ~~December 31, 2021 are summarized below:~~

~~(in millions)~~

~~Net Change in Unrealized Gain (Loss)~~

~~ChyronHego Corporation~~

~~6.3~~

~~Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)~~

~~5.2~~

~~Merx Aviation Finance, LLC~~

~~3.4~~

~~Pelican~~

~~2.2~~

~~Sequential Brands Group, Inc.~~

~~1.1~~

~~Dynamic Product Tankers (Prime), LLC~~

~~(10.3)~~

~~Spotted Hawk~~

~~(3.9)~~

~~Ambrosia Buyer Corp.~~

~~(3.1)~~

~~MSEA Tankers LLC~~

~~(1.6)~~

During the three months ended December 31, 2020, we recognized gross unrealized gains of $49.6 million and gross unrealized losses of $38.0 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $11.6 million. Significant changes in unrealized gains (losses) for the three months ended December 31, 2020June 30, 2022 are summarized below:


(in millions)	Net Change in Unrealized Gain (Loss)
~~ChyronHego Corporation~~	$	~~5.7~~
~~KLO Holdings, LLC~~	~~5.2~~
~~Garden Fresh~~	~~2.5~~
~~NFA Group~~	~~2.5~~
~~MSEA Tankers LLC~~	~~2.0~~
~~Learfield Communications~~	~~1.9~~
~~CARE Fertility~~	~~1.8~~
~~MYCOM~~	~~1.8~~
~~PIB Group~~	~~1.5~~
~~AMP Solar Group, Inc.~~	~~1.4~~
Spotted Hawk	~~(9.5)~~$
~~Ambrosia Buyer Corp.~~	~~(6.5)~~
~~Renew Financial LLC (f/k/a Renewable Funding, LLC)~~	~~(2.4)~~3.3
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	~~(2.2)~~2.8
~~Dynamic Product Tankers (Prime),~~ChyronHego Corporation	1.1
Merx Aviation Finance, LLC	~~(1.8)~~(14.1)
~~Sonar Entertainment~~NFA Group	~~(1.1)~~

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

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


~~(in millions)~~	~~Net Change in Unrealized Gain (Loss)~~
~~Spotted Hawk~~	$	~~37.3~~
~~Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)~~	~~24.0~~ (2.9)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	~~18.7~~ (1.5)
~~ChyronHego Corporation~~Golden Bear	~~6.8~~ (1.1)
~~Paper Source~~	~~3.0~~
~~Merx Aviation Finance, LLC~~	~~2.7~~
~~Sequential Brands Group, Inc.~~	~~2.2~~
~~Pelican~~	~~2.2~~
~~US Legal Support~~	~~1.5~~
~~Genesis Healthcare, Inc.~~	~~1.5~~
~~Dynamic Product Tankers (Prime), LLC~~	~~(19.8)~~
~~Ambrosia Buyer Corp.~~	~~(5.7)~~
~~MSEA Tankers LLC~~	~~(4.1)~~
~~Niacet Corporation~~The Club Company	(1.1)

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During the ~~nine~~three months ended ~~December 31, 2020,~~June 30, 2021, we recognized gross unrealized gains of ~~$91.3~~$25.2 million and gross unrealized losses of ~~$88.1~~$18.5 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized ~~losses~~gains of ~~$3.2~~$6.7 million. Significant changes in unrealized gains (losses) for the ~~nine~~three months ended ~~December 31, 2020~~June 30, 2021 are summarized below:


(in millions)	Net Change in Unrealized Gain (Loss)
~~KLO Holdings, LLC~~	$	~~11.6~~
~~ZPower, LLC~~	~~4.8~~
~~NFA Group~~	~~4.8~~
~~ChyronHego Corporation~~	~~3.2~~
~~CARE Fertility~~	~~3.1~~
~~CT Technologies Intermediate Holdings, Inc~~	~~3.0~~
~~PIB Group~~	~~3.0~~
~~MYCOM~~	~~2.8~~
~~MSEA Tankers LLC~~	~~2.3~~
~~McLarens~~	~~2.2~~
~~Spotted Hawk~~	~~(14.6)~~
~~Dynamic Product Tankers (Prime), LLC~~	~~(11.3)~~
~~Merx Aviation Finance, LLC~~	~~(9.1)~~
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	~~(8.9)~~$	9.8
~~Ambrosia Buyer Corp.~~Paper Source	~~(7.6)~~3.0
Spotted Hawk	1.2
Dynamic Product Tankers (Prime), LLC	(5.4)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	~~(6.5)~~(4.0)
~~Paper Source~~Ambrosia Buyer Corp.	~~(2.3)~~(3.0)
~~Renew Financial~~Merx Aviation Finance, LLC ~~(f/k/a Renewable Funding, LLC)~~	~~(1.8)~~
~~Sonar Entertainment~~	(1.2)
~~Solarplicity Group Limited (f/k/a AMP Solar UK)~~	~~(1.1)~~

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Liquidity and Capital Resources

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

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 2025 Notes and 2026 Notes, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This "Liquidity and Capital Resources" section should be read in conjunction with "COVID-19 Developments" ~~section~~ above.

Cash Equivalents

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

Debt

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

The following table shows the contractual maturities of our debt obligations as of ~~December 31, 2021:~~June 30, 2022:


		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)	$	1,117.5	$	—	$	—	$	1,117.5	$	—	Senior Secured Facility (1)	$	1,127.2	$	—	$	—	$	1,127.2	$	—

2025 Notes	2025 Notes	350.0		—		—		350.0		—		2025 Notes	350		—		350		—		—
2026 Notes	2026 Notes	125.0		—		—		125.0		—		2026 Notes	125		—		—		125.0		—

Total Debt Obligations	Total Debt Obligations	$	1,592.5	$	—	$	—	$	1,592.5	$	—	Total Debt Obligations	$	1,602.2	$	—	$	350.0	$	1,252.2	$	—

____________________

(1)As of ~~December 31, 2021,~~June 30, 2022, aggregate lender commitments under the Senior Secured Facility totaled $1.81 billion and ~~$692.3~~$655.8 million of unused capacity. As of ~~December 31, 2021,~~June 30, 2022, there were ~~$0.2~~$27.0 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the financial statements.

Stockholders’ Equity

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

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Distributions

Distributions paid to stockholders during the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021 totaled ~~$23.4~~$22.9 million ($0.36 per share) and ~~$70.3 million ($1.08 per share), respectively. Distributions paid to stockholders during the three and nine months ended December 31, 2020 totaled~~ $23.5 million ($0.36 ~~per share) and $82.2 million ($1.26~~ per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through ~~December 31, 2021~~June 30, 2022 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended March 31, ~~2022.~~2023. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board of Directors.

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

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

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

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

PIK Income

For the three ~~and nine~~ months ended ~~December 31,~~June 30, 2022 and 2021, PIK income totaled ~~$1.0~~$0.96 million and ~~$3.5~~$1.5 million on total investment income of ~~$55.0~~$53.4 million and ~~$158.4 million respectively. For the three and nine months ended December 31, 2020, PIK income totaled $1.6 million and $4.8 million on total investment income of $54.4 million and $165.9~~$50.6 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5to the financial statements for more information on the Company’s PIK income.

Related Party Transactions

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

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

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

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Investment valuation risk

Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our board of directors based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three ~~and nine~~ months ended ~~December 31, 2021,~~June 30, 2022 for more information relating to our investment ~~valuation.~~valuation

Interest Rate Risk

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

As of ~~December 31, 2021,~~June 30, 2022 , all of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency ~~rate)~~rate such as SOFR) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility bears interest at LIBOR rates with no interest rate floors, while ~~the~~our 2025 Notes and 2026 Notes bears interest at a fixed rate. As of December 31, 2021, all non-U.S. dollar LIBOR publications have been phased out. The phase out of a majority of the U.S. dollar publications is delayed until June 30, 2023. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. SOFR appears to be the preferred alternative replacement rate for U.S. dollar LIBOR, but there is no guarantee SOFR will become the dominant alternative. Please see Part 1 of our annual report on Form 10-k for the year ended March 31, ~~2021,~~2022, “Item 1A. Risk Factors—Risks Relating to the Current Environment—Uncertainty relating to the LIBOR calculation process may adversely affect the value of our portfolio of the LIBOR-indexed, floating-rate debt securities in our portfolio or the cost of our ~~borrowings”~~

borrowings.”

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

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The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of ~~December 31, 2021,~~June 30, 2022, assuming no changes in our investment and borrowing structure:


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	$	2.9	million	$	0.045	Up 200 basis points	$	15.9	million	$	0.250
Up 100 basis points	Up 100 basis points	(4.4)		million	(0.068)		Up 100 basis points	7.9		million	0.125
Up 50 basis points	Up 50 basis points	(3.7)		million	(0.058)		Up 50 basis points	3.9		million	0.062
Down 25 basis points		1.2		million	0.019
Down 50 basis points							Down 50 basis points	(3.7)		million	(0.058)
Down 100 basis points							Down 100 basis points	(6.0)		million	(0.095)

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

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of ~~December 31, 2021~~June 30, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the ~~third~~first fiscal quarter of ~~2022~~2023 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors

In addition to the risk factor below and other information set forth in this report, ~~and as provided below,~~ you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, ~~2021,~~2022, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

~~Inflation~~The Company’s investment adviser sources originated loans from MidCap FinCo Designated Activity Company (“MidCap Financial”). MidCap Financial’s success in originating loans depends to a significant extent on the services provided by its personnel and the personnel of its manager. If MidCap Financial and its manager are unsuccessful in originating loans, the Company’s ability to reach its investment objectives may be adversely ~~affect~~affected.

MidCap Financial is discretionarily managed by Apollo Capital Management, L.P., an affiliate of our ~~business~~Investment Advisor. As a result, MidCap Financial is currently under common control with us. Additionally, MidCap Financial originates a significant amount of senior secured first lien loans in which we participate pursuant to our co-investment order. Our Investment Adviser reviews, evaluates and ~~operations~~negotiates, as applicable, each such potential investment to ensure it is appropriate for us. While Apollo’s investment management relationship with MidCap Financial currently allows us to access MidCap Financial’ s origination volume, Apollo and MidCap Financial are distinct and separate legal entities with different businesses and interests. Thus, if MidCap Financial were to terminate its investment management agreement with Apollo, we may no longer have the same access to MidCap Financial’s origination volume.

MidCap Financial is not an investment adviser, subadviser or fiduciary to us or to our Investment Adviser. MidCap Financial is not obligated to take into account our interests (or those of ~~our portfolio companies~~.

~~Economic activity has continued~~other potential participants in its originations) when originating loans across its platform. Various factors, including its ability to ~~accelerate across sectors~~retain and ~~regions. Nevertheless, due to global supply chain issues, a rise in energy prices~~attract personnel with origination experience, relationships and ~~strong consumer demand as economies~~expertise, will affect MidCap Financial’s business. There can be no guarantee that MidCap Financial will continue to ~~reopen, inflation is showing signs~~originate loans at its historic levels of ~~acceleration in the U.S. and globally. Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Certain~~quality or volume.

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Table of ~~our portfolio companies may be impacted by inflation and persistent inflationary pressures could negatively affect our portfolio companies profit margins.~~

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

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

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

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities


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	August 5, 2015	$	50.0	million	$	50.0	million	$	—		August 5, 2015	$	50.0	million	$	50.0	million	$	—
December 14, 2015	December 14, 2015	50.0		million	50.0		million	—			December 14, 2015	50.0		million	50.0		million	—
September 14, 2016	September 14, 2016	50.0		million	50.0		million	—			September 14, 2016	50.0		million	50.0		million	—
October 30, 2018	October 30, 2018	50.0		million	50.0		million	—			October 30, 2018	50.0		million	50.0		million	—
February 6, 2019	February 6, 2019	50.0		million	43.4		million	6.6		million	February 6, 2019	50.0		million	45.8		million	4.2		million
Total as of December 31, 2021		$	250.0	million	$	243.4	million	$	6.6	million
February 3, 2022											February 3, 2022	$	25.0	million	$	—	million	$	25.0	million
Total as of June 30, 2022											Total as of June 30, 2022	$	275.0	million	$	245.8	million	$	29.2	million

~~106~~

101

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

Effective Date

Termination Date

Amount Allocated to 10b5-1 Repurchase Plans

September 15, 2015

November 5, 2015

5.0

million

January 1, 2016

February 5, 2016

10.0

million

April 1, 2016

May 19, 2016

5.0

million

July 1, 2016

August 5, 2016

15.0

million

September 30, 2016

November 8, 2016

20.0

million

January 4, 2017

February 6, 2017

10.0

million

March 31, 2017

May 19, 2017

10.0

million

June 30, 2017

August 7, 2017

10.0

million

October 2, 2017

November 6, 2017

10.0

million

January 3, 2018

February 8, 2018

10.0

million

June 18, 2018

August 9, 2018

10.0

million

September 17, 2018

October 31, 2018

10.0

million

December 12, 2018

February 7, 2019

10.0

million

February 25, 2019

May 17, 2019

25.0

million

March 18, 2019

May 17, 2019

10.0

million

June 4, 2019

August 7, 2019

25.0

million

June 17, 2019

August 7, 2019

20.0

million

September 16, 2019

November 6, 2019

20.0

million

December 6, 2019

February 5, 2020

25.0

million

December 16, 2019

February 5, 2020

15.0

million

March 12, 2020

March 19, 2020

20.0

million

March 30, 2021

May 21, 2021

10.0

million

June 16, 2021

November 5, 2021

10.0

million

December 16, 2021

~~February 4, 2022~~August 3, 2022*

5.0

million

____________________

* The amount allocated to the plan had been fully utilized on May 3, 2022.

~~107~~102

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The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through ~~December 31, 2021:~~June 30, 2022:


Month	Total Number of Shares Purchased	Average Price Paid Per Share*		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans
August 2015	510,000	$	19.71	510,000	$	40.0	million
September 2015	603,466	18.46		603,466	28.8		million
November 2015	1,116,666	18.10		1,116,666	8.6		million
December 2015	627,443	17.58		627,443	47.6		million
January 2016	670,708	14.91		670,708	37.6		million
June 2016	362,933	16.73		362,933	31.5		million
July 2016	16,491	16.53		16,491	31.2		million
August 2016	596,294	17.67		596,294	20.7		million
September 2016	411,523	18.13		411,523	63.2		million
October 2016	527,417	17.82		527,417	53.8		million
November 2016	239,289	17.45		239,289	49.6		million
August 2017	33,333	17.96		33,333	49.0		million
September 2017	186,767	17.98		186,767	45.7		million
October 2017	144,867	17.96		144,867	43.1		million
November 2017	64,500	17.79		64,500	41.9		million
December 2017	50,100	17.89		50,100	41.0		million
January 2018	577,386	17.32		577,386	31.0		million
February 2018	70,567	16.23		70,567	29.9		million
May 2018	263,667	17.12		263,667	25.4		million
June 2018	198,601	16.94		198,601	22.0		million
July 2018	8,867	16.75		8,867	21.9		million
August 2018	502,767	17.11		502,767	13.3		million
September 2018	444,467	16.54		444,467	5.9		million
October 2018	160,800	16.46		160,800	53.3		million
November 2018	595,672	15.81		595,672	43.9		million
December 2018	741,389	13.49		741,359	33.9		million
February 2019	19,392	15.16		19,392	83.6		million
March 2019	291,426	15.40		291,426	79.1		million
April 2019	44,534	15.23		44,534	78.4		million
May 2019	298,026	15.93		298,026	73.6		million
June 2019	607,073	15.97		607,073	63.9		million
July 2019	89,610	16.10		89,610	62.5		million
August 2019	758,020	16.15		758,020	50.3		million
September 2019	32,371	16.26		32,371	49.7		million
October 2019	495,464	15.65		495,464	42.0		million
November 2019	6,147	15.91		6,147	41.9		million
March 2020	1,286,565	11.62		1,286,565	26.9		million
May 2021	145,572	13.92		145,572	24.9		million
July 2021	44,418	13.46		44,418	24.3		million
August 2021	45,675	13.32		45,675	23.7		million
September 2021	360,860	13.02		360,860	19.0		million
October 2021	308,005	13.30		308,005	14.9		million
November 2021	419,372	13.05		419,372	9.4		million
December 2021	227,429	12.44		227,429	6.6		million
January 2022	60,605	12.70		60,605	30.8		million
April 2022	88,478	12.82		88,478	29.7		million
May 2022	40,044	$	12.57	40,044	29.2		million
Total	15,395,066	$	15.97	15,395,036

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

____________________

* The average price per share is inclusive of commissions.

~~108~~103

Table of Contents

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

~~109~~104

Table of Contents

Item 6. Exhibits

(a) Exhibits


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

_________________________

*Filed herewith.

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

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

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

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

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

~~110~~105

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on ~~February 3,~~August 2, 2022.


			APOLLO INVESTMENT CORPORATION

			By:			/s/ ~~HOWARD WIDRA~~TANNER POWELL
			~~Howard Widra~~Tanner Powell
			Chief Executive Officer

			By:			/s/ GREGORY W. HUNT
			Gregory W. Hunt
			Chief Financial Officer and Treasurer

			By:			/s/ AMIT JOSHI
			Amit Joshi
			Chief Accounting Officer and Assistant Treasurer

~~111~~106


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


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


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