What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-08-05 compared with 2021-02-04 · 853 added, 1047 removed, 2516 unchanged (43% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

December 31, 2020 March 31, 2020

June 30, 2021 March 31, 2021

Investments at fair value:

Non-controlled/non-affiliated investments (cos t — $1,906,817 and $2,298,548, respectively)

$ 1,868,904 $ 2,191,327

Non-controlled/affiliated investments (cost — $133,542 and $135,346 , r espectively)

49,280 60,241

Non-controlled/non-affiliated investments (cost — $1,910,491 and $1,871,073, respectively) $ 1,890,871 $ 1,844,627

Non-controlled/affiliated investments (cost — $134,302 and $133,428, respectively) 61,747 50,874

Controlled investments (cost — $708,453 and $711,898, respectively) 540,178 553,650

558,683 533,865

Cash and cash equivalents 41,155 50,180

26 unchanged sentences

(In thousands, except per share data)

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

Three Months Ended June 30,

Investment Income

22 unchanged sentences

Management and performance-based incentive fees waived — —

Management fee offset rebate — —

Expense reimbursements (76) (110)

7 unchanged sentences

Foreign currency transactions (184) 212

Extinguishment of debt — — — (4,375)

Net realized gains (losses) 95 (8,417)

12 unchanged sentences

(In thousands, except share data)

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

Three Months Ended June 30,

Net investment income $ 25,345 $ 28,229

5 unchanged sentences

Distribution of return of capital — —

Net Decrease in Net Assets Resulting from Distributions to Stockholders $ (23,493) $ (29,946) $ (76,353) $ (90,741)

Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders $ (23,441) $ (29,367)

Capital Share Transactions

1 unchanged sentence

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions $ (2,026) $ —

Net increase (decrease) in net assets during the period $ 9,673 $ (37,510) $ (6,904) $ (96,745)

Net decrease in net assets during the period $ 6,675 $ (26,372)

Net assets at beginning of period 1,036,330 1,024,315

8 unchanged sentences

(In thousands)

Nine Months Ended December 31,

Three Months Ended June 30,

Operating Activities

25 unchanged sentences

Net Cash Used in/Provided by Financing Activities $ (2,381) $ (70,310)

Cash, Cash Equivalents and Foreign Currencies

Net increase (decrease) in cash, cash equivalents and foreign currencies during the period $ 9,718 $ 906

Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts

Net increase (decrease) in cash, cash equivalents, foreign currencies and collateral on option contracts during the period $ (7,260) $ 722

Effect of foreign exchange rate changes on cash and cash equivalents (47) (4)

Cash, cash equivalents and foreign currencies at beginning of period 43,676 41,189

Cash, Cash Equivalents and Foreign Currencies at the End of Period $ 54,174 $ 42,226

Cash, cash equivalents, foreign currencies and collateral on option contracts at beginning of period 54,624 43,676

Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts at the End of Period $ 47,317 $ 44,394

Supplemental Disclosure of Cash Flow Information

5 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

3 unchanged sentences

KL Charlie Acquisition Company First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 12/30/26 $ 3,504 $ 3,469 $ 3,469 (9)

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 12/30/26 18,606 18,262 18,420 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/30/26 2,190 (19) (22) (8)(9)

6 unchanged sentences

First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 08/02/25 38,342 37,851 38,020 (9)

First Lien Secured Debt - Revolver 7.50% (P+425) 08/02/25 720 720 713 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/25 1,680 (38) (16) (8)(9)

4 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/28/22 1,694 (77) (25) (8)(9)

First Lien Secured Debt - Letter of Credit 7.50% 01/10/21 - 11/23/22 1,472 — (21) (8)(9)

First Lien Secured Debt - Letters of Credit 7.50% 09/30/21 - 11/23/22 1,429 — (21) (8)(9)

Total Aerospace & Defense $ 32,800 $ 32,338

Accelerate Parent Corp.

(American Tire)

Accelerate Parent Corp.

Common Equity - Common Stock N/A N/A 1,664,046 Shares $ 1,714 $ — (13)(19)

Arlington Industries Group Limited First Lien Secured Debt 5.75% (1M E+525, 0.50% Floor) 03/29/24 € 1,214 1,371 1,478 (9)(17)

First Lien Secured Debt 5.75% (1M GBPL+525, 0.50% Floor) 03/29/24 £ 3,627 4,620 4,916 (9)(17)

Club Car Wash

Club Car Wash Operating, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 06/16/27 $ 13,813 $ 13,572 $ 13,571 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/16/27 2,438 (42) (43) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/16/27 16,250 (282) (284) (8)(9)

13,248 13,244

Crowne Automotive

Vari-Form Group, LLC First Lien Secured Debt L+11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 5,860 901 293 (9)(13)

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 L+11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 2,110 391 105 (9)(13)

First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 2,110 391 105 (9)(14)

K&N Parent, Inc.

2 unchanged sentences

Truck-Lite Co., LLC

TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350 382 (9)(13)

Truck-Lite Co., LLC First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/14/26 28,513 27,981 28,353 (9)

First Lien Secured Debt - Revolver 7.25% (3M L+625, 1.00% Floor) 12/13/24 218 218 217 (9)(23)

First Lien Secured Debt - Revolver 7.25% (3M L+625, 1.00% Floor) 12/13/24 436 436 429 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/13/24 2,729 (49) (8) (8)(9)

First Lien Secured Debt - Letter of Credit 6.25% 11/30/21 - 12/21/21 94 — (2) (8)(9)

First Lien Secured Debt - Letters of Credit 6.25% 12/01/21 - 12/21/21 105 — — (9)(23)

28,500 28,944

Total Automotive $ 66,605 $ 64,865

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350 302 (9)(13)

30,767 30,651

Total Automotive $ 63,298 $ 59,425

Aviation and Consumer Transport

6 unchanged sentences

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 05/09/24 17,447 17,218 17,194 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 05/09/24 2,842 (81) (74) (8)(9)

14,443 14,227

Total Aviation and Consumer Transport $ 328,018 $ 331,535

4 unchanged sentences

Eagle Foods Family Group, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 06/14/24 $ 23,292 23,152 23,292 (9)

First Lien Secured Debt 7.50% (2M L+650, 1.00% Floor) 06/14/24 83 82 83 (9)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 06/14/23 333 333 333 (9)(23)

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 06/14/23 1,167 1,167 1,167 (9)(23)

First Lien Secured Debt - Revolver 7.50% (6M L+650, 1.00% Floor) 06/14/23 583 583 583 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/14/23 1,667 (16) — (9)(21)

11 unchanged sentences

TNT Crust LLC First Lien Secured Debt 7.75% (3M L+675, 1.00% Floor) 11/06/23 21,609 21,287 21,231 (9)

First Lien Secured Debt - Revolver 7.75% (6M L+675, 1.00% Floor) 11/06/23 650 650 639 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/06/23 2,602 (33) (46) (8)(9)

4 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

2 unchanged sentences

LLC First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 05/30/25 25,152 24,810 24,774 (9)

First Lien Secured Debt 7.00% (12M L+600, 1.00% Floor) 05/30/25 2,787 2,762 2,759 (9)

First Lien Secured Debt 8.25% (P+500) 05/30/25 8 8 8 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 4,494 (52) (67) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/30/25 2,809 (41) (28) (8)(9)

24,927 25,049

5 unchanged sentences

Ambrosia Buyer Corp.

Second Lien Secured Debt 9.00% (1M L+800, 1.00% Floor) 08/28/25 21,429 21,018 10,097 (13)(14)

Second Lien Secured Debt 9.00% 08/28/25 21,429 20,059 9,270 (14)

AML Rightsource

Gabriel Partners, LLC First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 09/21/26 15,040 14,739 14,739 (9)

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 09/21/26 10,150 9,931 9,947 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/21/26 665 (14) (13) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 09/21/26 1,197 (19) (34) (8)(9)

24,656 24,673

Claritas, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/21/23 3,721 3,702 3,684 (9)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 12/21/23 52 52 51 (9)(23)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/21/23 77 77 77 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/21/23 902 (5) (9) (8)(9)

13 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

10 unchanged sentences

First Lien Secured Debt 6.50% (12M L+550, 1.00% Floor) 07/31/24 7,867 7,770 7,773 (9)

First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 07/31/24 149 147 147 (9)

First Lien Secured Debt - Revolver 6.50% (12M L+550, 1.00% Floor) 07/31/24 942 942 930 (9)(23)

8 unchanged sentences

31,652 32,678

Newscycle Solutions, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 12/29/22 9,842 9,743 9,645 (9)

(fka Newscycle Solutions, Inc.) First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 12/29/22 12,274 12,150 12,152 (9)

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 12/29/22 280 280 277 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/22 220 (4) (2) (8)(9)

12,426 12,427

PSI Services, LLC

1 unchanged sentence

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 10/20/25 2,054 2,054 1,978 (9)(23)

First Lien Secured Debt - Revolver 6.75% (2M L+575, 1.00% Floor) 10/20/25 179 179 173 (9)(23)

First Lien Secured Debt - Revolver 6.75% (6M L+575, 1.00% Floor) 10/20/25 269 269 259 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/20/25 484 (43) (18) (8)(9)

1 unchanged sentence

34,389 33,330

RA Outdoors, LLC (Active Outdoors)

RA Outdoors, LLC First Lien Secured Debt 5.75% (6M L+475, 1.00% Floor) 09/11/24 6,542 6,473 6,444 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/09/22 1,200 (8) (6) (8)(9)

Second Lien Secured Debt 9.75% (6M L+875, 1.00% Floor) 09/11/25 31,950 31,479 31,151 (9)

37,944 37,589

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Soliant Holdings, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 12/31/26 17,928 17,621 17,614 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 1,936 (31) (21) (8)(9)

Soliant Health, Inc.

Common Equity - Membership Interests N/A N/A 300 Shares 300 528 (9)

17,890 17,913

Transplace Holdings, Inc.

6 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/02/24 1,508 (18) (65) (8)(9)

First Lien Secured Debt - Letter of Credit 5.75% 05/23/21 - 12/31/21 101 — (6) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/02/24 670 (7) (26) (8)(9)

First Lien Secured Debt - Letters of Credit 5.75% 10/15/21 - 06/06/22 101 — (4) (8)(9)

24,521 23,833

12 unchanged sentences

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 09/13/24 1,750 1,750 1,715 (9)(23)

First Lien Secured Debt - Revolver 8.00% (P+475) 09/13/24 135 135 132 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/24 135 (22) (3) (8)(9)

6 unchanged sentences

First Lien Secured Debt - Letter of Credit 6.25% 07/01/21 39 — — (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 03/06/25 368 (36) (9) (8)(9)

Gutter Holdings, LP Common Equity - Common Stock N/A N/A 500 Shares 500 1,346 (9)(13)

Total Construction & Building $ 28,705 $ 29,601

Consumer Goods – Durable

A&V Holdings Midco, LLC First Lien Secured Debt 6.38% (3M L+538, 1.00% Floor) 03/10/27 $ 10,711 $ 10,387 $ 10,718 (10)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/10/25 1,505 (100) (60) (8)(21)

10,287 10,658

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Consumer Goods – Durable

A&V Holdings Midco, LLC First Lien Secured Debt 6.38% (6M L+538, 1.00% Floor) 03/10/27 $ 10,997 $ 10,641 $ 10,271

KDC US Holdings First Lien Secured Debt - Revolver 3.35% (1M L+325) 12/21/23 3,535 3,536 3,483 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/21/23 2,444 — (36) (8)(21)

10,528 10,133

Hayward Industries, Inc.

Second Lien Secured Debt 8.40% (1M L+825) 08/04/25 21,919 21,725 21,770

KDC US Holdings First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 12/21/23 5,912 — (107) (8)(21)

First Lien Secured Debt - Letter of Credit 3.00% 02/05/21 £ 7 — — (23)

First Lien Secured Debt - Letters of Credit 3.25% 11/06/21 - 03/16/22 36 — — (23)

First Lien Secured Debt - Letter of Credit 3.25% 02/05/23 £ 4 — — (23)

KLO Holdings, LLC

(4) First Lien Secured Debt 6.00% (1M L+500 PIK, 1.00% Floor) 09/25/25 1,000 1,000 935 (17)

(4) First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 09/25/25 2,985 2,985 2,832 (17)

First Lien Secured Debt 6.00% (3M L+500 PIK, 1.00% Floor) 09/25/25 1,031 1,031 972 (17)

Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 1,551 (2)(13)

9357-5991 Quebec Inc.

(4) First Lien Secured Debt 11.55% (3M L+775 Cash plus 2.00% PIK) 04/07/22 3,836 — — (13)(14)

(4) First Lien Secured Debt 11.25% (3M L+775 Cash plus 2.00% PIK, 1.50% Floor) 04/07/22 4,059 — — (14)

Liqui-Box Holdings, Inc.

First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 02/26/25 1,661 1,661 1,656 (23)

First Lien Secured Debt - Revolver 6.75% (P+350) 02/26/25 973 973 973 (23)

First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 02/26/25 2,136 2,136 2,136 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/26/25 373 (26) — (21)(23)

First Lien Secured Debt - Letter of Credit 4.50% 06/30/22 € 47 — — (23)

First Lien Secured Debt - Letter of Credit 4.50% 09/27/21 - 12/31/24 32 — — (23)

First Lien Secured Debt - Letters of Credit 4.50% 09/27/21 - 12/31/24 32 — — (23)

NSi Industries

2 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/27/26 717 (13) (6) (8)(21)

First Lien Secured Debt - Letter of Credit 5.50% 08/30/21 8 — — (23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 02/27/26 2,029 (28) (16) (8)(21)

First Lien Secured Debt - Letter of Credit 5.00% 08/30/21 8 — — (23)

Wildcat Parent LP Common Equity - Common Stock N/A N/A 1,070 Shares 107 154 (13)

2 unchanged sentences

Total Consumer Goods – Durable $ 28,806 $ 30,255

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Consumer Goods – Non-durable

Protein For Pets Opco, LLC First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 11/28/25 $ 11,487 $ 11,313 $ 11,372 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 2,219 (39) (22) (8)(9)

11,274 11,350

Protein For Pets Opco, LLC First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 $ 2,219 $ (34) $ — (9)(21)

Beauty Industry Group (BIG)

BIG Buyer, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 11/20/23 30,401 29,969 30,169 (9)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 11/20/23 843 843 821 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/20/23 1,806 (26) (14) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 11/20/23 1,000 (7) (8) (8)(9)

29,936 30,147

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Project Comfort Buyer, Inc.

First Lien Secured Debt 9.25% (P+600) 02/01/25 173 170 165 (9)

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/01/25 25,937 25,483 24,878 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/01/24 3,462 (54) (150) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 02/01/25 2,308 (24) (111) (8)(9)

Preferred Equity - Preferred Equity N/A N/A 461,538 Shares 462 245 (9)(13)

25,891 24,973

Lion Cashmere Midco Limited First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 03/21/25 13,053 12,892 12,533 (9)(17)

First Lien Secured Debt 5.25% (6M E+525) 03/21/25 € 534 578 627 (9)(17)

First Lien Secured Debt - Revolver 4.75% (6M E+475) 03/21/24 € 605 674 712 (9)(17)

First Lien Secured Debt - Unfunded Revolver 1.75% Unfunded 03/21/24 € 581 (15) (27) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.93% Unfunded 03/21/25 € 1,838 (18) (90) (8)(9)

14,111 13,755

Lash OpCo, LLC First Lien Secured Debt 9.25% (P+600) 03/18/26 10,197 9,974 10,185 (9)

First Lien Secured Debt - Revolver 8.00% (6M L+700, 1.00% Floor) 09/18/25 74 74 74 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/18/25 623 (15) (2) (8)(9)

10,033 10,257

Olaplex, Inc.

6 unchanged sentences

Total Consumer Goods – Non-durable $ 90,433 $ 88,016

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Consumer Services

Activ Software Holdings, LLC First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 05/04/27 $ 30,093 $ 29,507 $ 29,491 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/04/27 2,407 (47) (48) (8)(9)

29,460 29,443

Bird US Opco, LLC First Lien Secured Debt 10.00% (1M L+900, 1.00% Floor) 04/27/24 4,960 4,908 4,886 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 04/27/24 14,600 (220) (219) (8)(9)

Clarus Commerce

Marlin DTC-LS Midco 2, LLC First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 07/01/25 9,129 9,022 9,066

First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 07/01/25 9,950 9,766 9,881

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 685 (8) (5) (8)(21)

18,780 18,942

First Heritage

4 unchanged sentences

18,434 18,364

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Go Car Wash Management Corp.

First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 12/31/26 885 869 871 (9)

First Lien Secured Debt 5.75% (1M L+475, 1.00% Floor) 12/31/26 4,574 4,509 4,502 (9)

First Lien Secured Debt - Revolver 7.00% (1M L+600, 1.00% Floor) 12/31/26 125 125 123 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 292 (3) (5) (8)(9)

3 unchanged sentences

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/30/25 1,000 991 992 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/30/25 367 (10) (4) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/25 6,125 (55) (48) (8)(9)

12,209 12,230

Nutrisystem, Inc.

First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 12/08/25 8,800 8,625 8,624

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 12/08/25 48 48 47 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/08/25 152 (4) (3) (8)(21)

Only About Children

1 unchanged sentence

First Lien Secured Debt - Unfunded Delayed Draw 3.04% Unfunded 04/06/24 A$ 232 (5) (5) (8)(17)

Paper Source, Inc.

PaperShop HoldCo Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 05/27/26 10,607 10,503 10,501 (9)

First Lien Secured Debt - Revolver 9.25% (P+600) 05/22/24 1,890 1,890 1,493 (9)(23)

First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 05/27/26 1,175 1,175 1,163 (9)(23)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 02/01/21 556 — — (9)(21)

Preferred Equity - Preferred Equity N/A N/A 497 Shares — — (9)(13)

Common Equity - Class A Common Stock N/A N/A 7,167 Shares — — (9)(13)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/27/26 1,907 (31) (19) (8)(9)

11,647 11,645

Pinstripe Holdings, LLC

Pinstripe Holdings, LLC First Lien Secured Debt 6.27% (3M L+600) 01/17/25 6,878 6,784 6,796

Pinstripe Holdings, LLC First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 01/17/25 6,808 6,727 6,752

The Club Company

Eldrickco Limited First Lien Secured Debt 6.75% (6M GBPL+625 PIK, 0.50% Floor) 11/21/25 £ 10,975 13,781 14,154 (9)(17)

First Lien Secured Debt - Revolver 6.75% (6M GBPL+625 PIK, 0.50% Floor) 05/21/25 £ 356 410 458 (9)(17)

Eldrickco Limited First Lien Secured Debt 6.75% (6M GBPL+625, 0.50% Floor) 11/21/25 £ 11,148 14,059 14,830 (9)(17)

First Lien Secured Debt - Revolver 6.75% (6M GBPL+625, 0.50% Floor) 05/21/25 £ 356 411 476 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 1.93% Unfunded 11/21/25 £ 3,934 (80) (168) (8)(9)

14,390 15,138

Tidewater Consumer Receivables, LLC

Tidewater Consumer Receivables, LLC First Lien Secured Debt 5.90% (1M L+575) 06/30/22 2,522 2,508 2,566 (9)(17)

Auto Finance, Inc.

5 unchanged sentences

Total Consumer Services $ 142,645 $ 143,415

Containers, Packaging & Glass

TricorBraun Holdings, Inc.

First Lien Secured Debt - Unfunded Revolver 0.38% Unfunded 11/30/21 $ 5,625 $ (92) $ (12) (8)(21)

Total Containers, Packaging & Glass $ (92) $ (12)

Diversified Investment Vehicles, Banking, Finance, Real Estate

Compu-Link Corporation First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/11/24 $ 2,273 $ (35) $ (28) (8)(9)

Peer Advisors, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 06/11/24 19,943 19,633 19,702 (9)

19,598 19,674

Exeter Property Group, LLC

Exeter Property Group, LLC First Lien Secured Debt 4.65% (1M L+450) 08/28/24 4,563 4,517 4,512 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/28/24 192 (2) (2) (8)(9)

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Diversified Investment Vehicles, Banking, Finance, Real Estate

Compu-Link Corporation First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/11/24 $ 2,273 $ (30) $ (20) (8)(9)

Peer Advisors, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 06/11/24 17,670 17,435 17,511 (9)

17,405 17,491

Flock Financial, LLC

Flock SPV I, LLC First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 12/31/22 12,000 11,972 11,920 (9)(17)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 08/30/22 1,333 1,328 1,312 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/22 5,333 (4) (36) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/22 2,667 (31) (18) (8)(9)

2 unchanged sentences

Purchasing Power, LLC

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver 6.65% (1M L+650) 01/24/22 9,113 9,112 9,020 (9)(23)

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 01/24/24 425 425 425 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.40% Unfunded 01/24/24 8,687 — — (9)(21)

Spectrum Automotive

CC SAG Holdings Corp.

First Lien Secured Debt 6.50% (3M L+575, 0.75% Floor) 06/29/28 11,434 11,262 11,262 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/29/27 420 (6) — (9)(21)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 06/29/28 3,147 (24) (24) (8)(9)

11,232 11,238

Ten-X, LLC First Lien Secured Debt - Revolver 3.35% (1M L+325) 09/29/22 4,680 4,575 4,489 (23)

Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 62,386 $ 57,185

SSCP Spring Bidco Limited First Lien Secured Debt 6.75% (6M GPBL+625, 0.50% Floor) 07/30/25 £ 30,000 $ 36,118 $ 40,558 (9)(17)

SSCP Spring Bidco Limited First Lien Secured Debt 6.75% (6M GBPL+625, 0.50% Floor) 07/30/25 £ 30,000 $ 36,205 $ 41,254 (9)(17)

Total Education $ 36,205 $ 41,254

6 unchanged sentences

Renew JV LLC (4) Common Equity - Membership Interests N/A N/A 633,948 Shares 634 800 (13)(17)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Solarplicity Group Limited (f/k/a AMP Solar UK)

10 unchanged sentences

Pelican Energy, LLC (4) Common Equity - Membership Interests N/A N/A 1,444 Shares 16,764 2,170 (13)(16)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche A Note 4.00% 07/31/21 45,917 44,059 6,895 (13)(14)

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche C Note 12.00% 07/31/21 24,728 24,728 25,470

First Lien Secured Debt - Tranche A Note 14.00% (8.00% Cash plus 6.00% PIK) 07/31/21 49,193 44,059 11,055 (14)

First Lien Secured Debt - Tranche B Note 14.00% PIK 07/31/21 92,599 44,380 — (14)

First Lien Secured Debt - Tranche C Note 12.00% 07/31/21 24,728 24,728 25,470 (16)

Common Equity - Series A Units N/A N/A 7,600,000 Shares 1,411 — (13)(16)

2 unchanged sentences

Environmental Industries

Dispatch Acquisition Holdings, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 01/29/27 $ 19,004 $ 18,660 $ 18,624 (9)

First Lien Secured Debt - Revolver 6.50% (3M L+550, 1.00% Floor) 01/29/26 2,083 2,083 2,049 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/29/26 956 (62) (16) (8)(9)

First Lien Secured Debt - Letter of Credit 5.50% 02/26/21 - 06/30/21 207 — (4) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/29/27 2,623 (59) (52) (8)(9)

20,622 20,601

Ortega National Parks

2 unchanged sentences

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/31/25 6,202 (48) (211) (8)(9)

11,362 10,751

Total Environmental Industries $ 11,332 $ 10,923

3 unchanged sentences

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/27/25 1,500 (6) — (9)(21)

Altasciences, Inc.

9360-1367 Quebec Inc.

Amerivet Partners Management, Inc.

First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 06/05/24 29,867 29,485 29,832 (9)

First Lien Secured Debt 8.00% (1M CBA +575, 1.00% Floor) 06/09/23 C$ 2,337 1,726 1,803 (9)(17)

Altasciences US Acquistion, Inc.

First Lien Secured Debt 6.25% (2M L+525, 1.00% Floor) 06/05/24 1,423 1,406 1,421 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/05/24 806 (10) (1) (8)(9)

10,395 10,393

American Veterinary Group

AVG Intermediate Holdings LLC First Lien Secured Debt 9.75% (1M L+825, 1.50% Floor) 02/08/24 13,225 13,040 13,206 (9)

First Lien Secured Debt 9.75% (3M L+825, 1.50% Floor) 02/08/24 2,975 2,911 2,971 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/05/24 2,477 (67) (3) (8)(9)

Amerivet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125 230 (9)(13)

30,939 31,479

2 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Amerivet Partners Management, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/05/24 511 504 509 (9)

First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 06/05/24 26,945 26,540 26,847 (9)

First Lien Secured Debt 6.25% (2M L+525, 1.00% Floor) 06/05/24 1,010 998 1,007 (9)

First Lien Secured Debt - Revolver 7.50% (P+425) 06/05/24 524 524 522 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/05/24 282 (11) (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/05/24 5,432 (78) (20) (8)(9)

Amerivet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125 217 (9)(13)

28,602 29,081

Analogic Corporation First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 06/22/24 17,987 17,763 17,717 (9)

1 unchanged sentence

17,745 17,690

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 24,345 24,066

BK Medical Holding Company, Inc.

3 unchanged sentences

Royton Bidco Limited First Lien Secured Debt 6.75% (3M GBPL+625, 0.50% Floor) 05/09/25 £ 17,579 22,426 24,100 (9)(17)

First Lien Secured Debt 6.75% (1M GBPL+625, 0.50% Floor) 05/09/25 £ 2,147 2,699 2,884 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 2.19% Unfunded 05/09/25 £ 2,265 (55) (24) (8)(9)

7 unchanged sentences

LSCS Holdings, Inc Second Lien Secured Debt 8.42% (6M L+825) 03/16/26 19,818 19,545 19,634

Eating Recovery Center

ERC Finance, LLC First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 04/22/24 25,492 25,014 24,982 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 04/22/24 278 278 272 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/22/24 1,013 (31) (20) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 04/22/24 2,778 (13) (14) (8)(9)

First Lien Secured Debt - Letters of Credit 6.00% 07/05/21 - 06/15/22 376 — (6) (8)(9)

25,248 25,214

Emmes Corporation

2 unchanged sentences

The Emmes Company, LLC First Lien Secured Debt 6.00% (1M L+500, 1.00% Floor) 03/03/25 4,038 3,980 3,957 (9)

First Lien Secured Debt 6.00% (6M L+500, 1.00% Floor) 03/03/25 11,969 11,859 11,730 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/03/25 2,449 (22) (49) (8)(9)

16,123 16,233

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

Genesis Healthcare, Inc.

First Lien Secured Debt 6.50% (3M L+600, 0.50% Floor) 03/06/23 25,000 24,836 24,523 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/08/23 85,870 (266) (1,237) (8)(9)

1 unchanged sentence

(266) (1,311)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

First Lien Secured Debt 9.00% (1M L+700, 2.00% Floor) 01/01/25 6,000 6,003 6,060 (9)(17)

8 unchanged sentences

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 05/30/24 289 287 285 (23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/30/24 6,275 (121) (94) (8)(21)

Kindeva Drug Delivery L.P.

First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 05/01/26 1,815 1,778 1,801 (9)

First Lien Secured Debt - Revolver 7.00% (1M L+600, 1.00% Floor) 05/01/25 47 47 46 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/01/25 120 (3) (1) (8)(9)

7 unchanged sentences

Lanai Holdings III, Inc.

Second Lien Secured Debt 11.50% (3M L+1050 PIK, 1.00% Floor) 08/28/23 18,725 18,528 16,557

Second Lien Secured Debt 12.75% ( P+950) 08/28/23 20,049 19,888 19,876

Mannkind Corporation

3 unchanged sentences

13,830 16,093

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 22,438 22,215 22,418 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/22/22 1,558 (11) — (9)(21)

22,204 22,418

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

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 23,644 23,360 23,331 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/22/22 1,558 (15) (16) (8)(9)

23,345 23,315

Medical Guardian

Medical Guardian, LLC First Lien Secured Debt 8.75% (1M L+775, 1.00% Floor) 12/31/24 28,571 28,170 28,409 (9)

First Lien Secured Debt - Revolver 9.50% (1M L+850, 1.00% Floor) 12/31/24 305 305 302 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 5,714 (80) (33) (8)(9)

1 unchanged sentence

27,976 28,343

Midwest Vision

Midwest Vision Partners Management, LLC First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 01/12/27 2,599 2,574 2,573 (9)

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 01/12/27 5,690 5,585 5,633 (9)

First Lien Secured Debt - Revolver 8.50% (P+525) 01/12/27 535 535 530 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/12/27 76 (11) (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 01/12/27 1,070 (34) (11) (8)(9)

Orchard Therapeutics plc First Lien Secured Debt 6.95% (1M L+595, 1.00% Floor) 05/28/26 11,000 10,962 11,000 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 05/28/26 22,333 (77) — (9)(17)

10,885 11,000

Ovation Fertility

3 unchanged sentences

13,591 13,752

Paragon 28, Inc.

First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 05/01/26 2,500 2,488 2,488 (9)

First Lien Secured Debt - Revolver 4.00% (1M L+300, 1.00% Floor) 05/01/26 1,000 1,000 995 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/01/26 1,000 (10) (5) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 05/01/26 7,500 — — (9)(21)

Partner Therapeutics, Inc

Partner Therapeutics, Inc First Lien Secured Debt 7.65% (1M L+665, 1.00% Floor) 01/01/23 10,000 9,943 9,975 (9)

First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 04/01/26 1,000 (2) (3) (8)(9)

Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333 349 (9)(13)

4 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/31/25 2,000 (27) (50) (8)(9)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Radius Health

3 unchanged sentences

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/01/24 4,833 — (58) (8)(9)

28,662 28,594

RHA Health Services

1 unchanged sentence

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/24 395 (6) (1) (8)(9)

First Lien Secured Debt - Letter of Credit 4.50% 12/10/21 68 — (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/02/24 575 (25) (1) (8)(9)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (26) Fair Value (1)(27)

First Lien Secured Debt - Letter of Credit 4.50% 12/10/21 105 — — (9)(23)

Rigel Pharmaceuticals

20 unchanged sentences

22,028 22,159

ChargePoint, Inc.

First Lien Secured Debt 7.80% (1M L+655, 1.25% Floor) 06/01/23 10,500 10,448 10,810 (9)

ChyronHego Corporation

ChyronHego Corporation (5) First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 12/31/22 84,100 81,183 81,577

ChyronHego Corporation (5) First Lien Secured Debt 6.00% (3M L+350 Cash plus 1.50% PIK, 1.00% Floor) 12/31/22 84,311 82,120 81,781

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)

1 unchanged sentence

90,526 90,091

Norvax, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/15/25 31,419 30,800 31,505 (9)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Momentx Corporation First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 06/24/27 13,743 13,469 13,468 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/24/27 1,257 (25) (25) (8)(9)

13,444 13,443

Digital.ai Software Holdings, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/10/27 22,524 21,892 22,186 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/10/27 2,419 (68) (36) (8)(9)

21,824 22,150

Norvax, LLC First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/24 3,182 (51) — (9)(21)

International Cruise & Excursion Gallery, Inc.

5 unchanged sentences

LabVantage Solutions Limited First Lien Secured Debt 8.50% (1M E+750, 1.00% Floor) 09/30/21 € 5,763 6,193 6,834 (17)

Magnitude Software

New Amsterdam Software BidCo LLC First Lien Secured Debt 5.75% (3M E+475, 1.00% Floor) 05/01/26 € 728 805 855 (9)

First Lien Secured Debt 5.75% (3M L+475, 1.00% Floor) 05/01/26 6,778 6,684 6,711 (9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/01/26 — — — (9)(21)

Modern Campus

Destiny Solutions U.S., Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 06/08/26 15,733 15,376 15,372 (26)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/08/26 4,267 (97) (98) (8)(21)

RMCF IV CIV XXXV, L.P.

Common Equity - Common Stock N/A N/A 482 Shares 1,000 1,000 (13)

16,279 16,274

Magnate Holding Corp.

First Lien Secured Debt 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/16/24 18,467 18,324 16,139 (9)(17)

First Lien Secured Debt - Revolver 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/14/23 3,029 3,005 2,648 (9)(17)

First Lien Secured Debt - Letter of Credit 6.25% 04/22/22 42 — (5) (8)(9)

21,329 18,782

New Era Technology, Inc.

First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 10/31/26 15,420 15,129 15,119 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/26 1,049 (21) (21) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 10/31/26 8,531 (91) (85) (8)(9)

15,017 15,013

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Magnitude Software

New Amsterdam Software BidCo LLC First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 05/01/26 6,813 6,709 6,643 (9)

First Lien Secured Debt 6.00% (3M E+500, 1.00% Floor) 05/01/26 € 732 808 873 (9)

Pro-Vigil Holding Company, LLC First Lien Secured Debt 9.50% (1M L+850, 1.00% Floor) 01/13/25 7,980 7,769 7,870 (9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 01/13/25 2,000 (17) (28) (8)(9)

Magnate Holding Corp.

First Lien Secured Debt 7.75% (3M L+625 plus 1.00% PIK, 0.50% Floor) 12/16/24 17,768 17,604 14,094 (9)(17)

First Lien Secured Debt - Revolver 7.75% (6M L+625 plus 1.00% PIK, 0.50% Floor) 12/14/23 2,905 2,905 2,304 (9)(17)

First Lien Secured Debt - Unfunded Revolver 1.75% Unfunded 12/14/23 285 (29) (59) (8)(9)

First Lien Secured Debt - Letter of Credit 6.25% 04/22/21 140 — (29) (8)(9)

20,480 16,310

Omnitracs, LLC

Omnitracs, LLC First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/23/23 3,750 (150) (336) (8)(21)

Schlesinger Group

Schlesinger Global, LLC First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 07/12/25 9,911 9,703 9,564 (9)

Schlesinger Global, LLC First Lien Secured Debt 8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor) 07/12/25 9,906 9,722 9,696 (9)

Simeio Group Holdings, Inc.

5 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/15/24 429 (3) (5) (8)(9)

First Lien Secured Debt 8.50% (3M L+750, 1.00% Floor) 03/02/26 14,131 13,867 13,881 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/02/26 833 (9) (15) (8)(9)

13,858 13,866

Springbrook Holding Company, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/23/26 9,729 9,599 9,615

8 unchanged sentences

Total High Tech Industries $ 348,771 $ 346,883

High Street Insurance

High Street Buyer, Inc.

First Lien Secured Debt 6.75% (6M L+600, 0.75% Floor) 04/14/28 $ 16,476 $ 16,214 $ 16,146 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/16/27 2,203 (43) (44) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 04/14/28 13,821 (165) (138) (8)(9)

16,006 15,964

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

5 unchanged sentences

18,994 18,971

Ivy Finco Limited First Lien Secured Debt 5.83% (6M GBPL+575) 06/09/25 £ 8,836 11,004 11,876 (9)(17)

First Lien Secured Debt 5.83% (6M GBPL+575) 07/21/25 £ 8,664 10,788 11,646 (9)(17)

21,792 23,522

Relation Insurance

3 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/15/24 974 (17) — (9)(21)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 04/15/25 4,481 (90) — (9)(21)

First Lien Secured Debt - Letter of Credit 6.00% 05/02/22 30 — — (9)(23)

2 unchanged sentences

Manufacturing, Capital Equipment

AVAD Canada Ltd.

First Lien Secured Debt - Revolver 5.00% (1M L+400, 1.00% Floor) 10/02/23 $ 367 $ 367 $ 365 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/02/23 967 (11) (4) (8)(9)

AVAD, LLC First Lien Secured Debt 8.75% (1M L+775, 1.00% Floor) 10/02/23 7,883 7,794 6,602 (9)

First Lien Secured Debt - Revolver 5.00% (1M L+400, 1.00% Floor) 10/02/23 8,662 8,662 8,626 (9)(23)

AVAD, LLC First Lien Secured Debt - Revolver N/A 10/02/23 $ 2,060 $ 869 $ — (9)(23)

Surf Opco, LLC First Lien Secured Debt - Revolver 5.00% (1M L+400, 1.00% Floor) 03/16/26 8,886 8,886 8,886 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/16/26 7,781 — — (9)(21)

Preferred Equity - Class P-1 Preferred N/A N/A 33,333 Shares 3,333 6,667 (9)(13)

Preferred Equity - Class P-2 Preferred N/A N/A 85,164 Shares 8,516 3,262 (9)(13)

Common Equity - Class A-1 Common N/A N/A 3,333 Shares — 235 (9)(13)

21,604 19,050

1 unchanged sentence

Kauffman Intermediate, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 05/08/25 16,621 16,407 16,000 (9)

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 05/08/25 388 388 374 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/08/25 699 (33) (26) (8)(9)

2 unchanged sentences

MedPlast Holdings Inc.

Second Lien Secured Debt 7.90% (1M L+775) 07/02/26 8,000 7,945 7,574

Viant Medical Holdings, Inc.

(fka MedPlast Holdings, Inc.) Second Lien Secured Debt 7.85% (1M L+775) 07/02/26 8,000 7,950 7,486

Total Manufacturing, Capital Equipment $ 46,566 $ 42,931

5 unchanged sentences

29,860 29,165

Nitro World Entertainment

NWE OPCO LP First Lien Secured Debt 8.50% (1M L+650, 2.00% Floor) 12/19/22 4,876 4,860 4,749 (9)

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (27) Fair Value

Nitro World Entertainment

NWE OPCO LP First Lien Secured Debt 8.50% (1M L+650, 2.00% Floor) 12/19/22 4,755 4,743 4,755 (9)

Sonar Entertainment

2 unchanged sentences

First Lien Secured Debt - Revolver 8.85% (1M L+760, 1.25% Floor) 11/15/21 2,686 2,636 2,307 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/15/21 19,568 (116) (1,018) (8)(9)

Total Media – Diversified & Production $ 41,777 $ 40,134

3 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/25/24 2,560 (42) (29) (8)(9)

31,717 31,532

Rapid Displays

Rapid Displays Acquisition Corporation First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 07/01/25 11,192 11,027 10,776 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 2,308 (17) (92) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 07/01/25 1,154 (13) (43) (8)(9)

10,997 10,641

Total Retail $ 31,621 $ 31,537

9 unchanged sentences

Transportation – Cargo, Distribution

Beacon Mobility

Beacon Mobility Corp.

First Lien Secured Debt 5.75% (3M L+475, 1.00% Floor) 05/22/24 $ 6,163 $ 6,163 $ 6,039 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/22/24 957 (19) (19) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/22/24 7,881 (278) (158) (8)(9)

Dynamic Product Tankers (Prime), LLC

11 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

5 unchanged sentences

Banner Buyer, LLC First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 10/31/25 $ 15,416 $ 15,234 $ 15,303 (9)

First Lien Secured Debt 6.75% (12M L+575, 1.00% Floor) 10/31/25 12,414 12,238 12,281 (9)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 10/31/25 387 387 383 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/25 1,935 (24) (14) (8)(9)

3 unchanged sentences

Total Investments before Cash Equivalents $ 2,753,246 $ 2,492,796

Government Money Market Fund N/A N/A 32,854 $ 32,854 $ 32,854 (22)

Government Money Market Fund $ 41,155 $ 41,155 $ 41,155 (22)

Total Investments after Cash Equivalents $ 2,794,401 $ 2,533,951 (6)(7)

7 unchanged sentences

Therefore, the Company has determined that these entities are not controlled affiliates.

As of December 31, 2020, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation and 31% equity ownership in Carbonfree Chemicals SA LLC.

As of June 30, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation, and 29% equity ownership interest in Carbonfree Chemicals SA LLC.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 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 December 31, 2020 along with transactions during the nine months ended December 31, 2020 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 December 31, 2020 Net Realized Gains (Losses) Interest/Dividend/Other Income

Fair value as of March 31, 2021 and June 30, 2021 along with transactions during the three months ended June 30, 2021 in these affiliated investments are as follows:

Name of Issuer Fair Value at March 31, 2021 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at June 30, 2021 Net Realized Gains (Losses) Interest/Dividend/Other Income

Ltd., Common Stock $ 1,719 $ — $ — $ (168) $ 1,551 $ — $ —

1 unchanged sentence

Ltd., Term Loan 2,857 — (8) (17) 2,832 — 45

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) —

Carbonfree Chemicals SA LLC, Class B Units — — — — — — —

AIC SPV Holdings II, LLC, Preferred Stock 498 — — 5 503 — 26

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 25,424 905 — 9,833 36,162 — —

Carbonfree Chemicals SA LLC, Class B Units — — — — — — —

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC), Term Loan 4,389 — (17,057) 12,668 — — 12

Golden Bear 2016-R, LLC, Membership Interests 11,289 — — 387 11,676 — 286

11 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 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 December 31, 2020 along with transactions during the nine months ended December 31, 2020 in these controlled investments are as follows:

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Losses Fair Value at December 31, 2020 Net Realized Losses Interest/Dividend/Other Income

Fair value as of March 31, 2021 and June 30, 2021 along with transactions during the three months ended June 30, 2021 in these controlled investments are as follows:

Majority Owned Company

1 unchanged sentence

ChyronHego Corporation, Term Loan 81,676 686 (210) (371) 81,781 — 1,644

ChyronHego Corporation, Unfunded Revolver — — — (180) (180) — —

ChyronHego Corporation, Revolver 2,226 — — — 2,226 — 41

Dynamic Product Tankers, LLC, Class A Units 25,528 — — (5,360) 20,168 — —

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 — 292

Dynamic Product Tankers, LLC, Letters of Credit — — — — — — —

Merx Aviation Finance, LLC, Membership Interests 125,061 — — (1,220) 123,841 — —

7 unchanged sentences

(f/k/a Miller Energy Resources, Inc.), Common Stock — — — — — — —

SHD Oil & Gas, LLC, Series A Units — — — — — — —

SHD Oil & Gas, LLC, Tranche C Note 25,470 — — — 25,470 — 750

SHD Oil & Gas, LLC, Tranche A Note 9,899 — — 1,156 11,055 — —

SHD Oil & Gas, LLC, Tranche B Note — — — — — — —

SHD Oil & Gas, LLC, Tranche C Note 24,720 728 — 22 25,470 — 2,411

SHD Oil & Gas, LLC, Series A Units — — — — — — —

$ 553,650 $ 686 $ (4,132) $ (10,026) $ 540,178 $ — $ 7,476

2 unchanged sentences

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

As of December 31, 2020, the Company had a 85%, 47%, 100%, 98% and 38% equity ownership interest in Dynamic Product Tankers, LLC;

As of June 30, 2021, the Company had a 87%, 85%, 47%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation;

Dynamic Product Tankers, LLC;

Glacier Oil & Gas Corp.

6 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

6 unchanged sentences

(See Note 3 to the financial statements for discussion of the exemptive order from the SEC.)

(10) Other than the investments noted by this footnote, the fair value of the Company’s investments are determined using unobservable inputs that are significant to the overall fair value measurement.

(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 unused line fees of 0.50% are collected for the Unfunded Revolver, respectively from both Altasciences US Acquisition, Inc.

and Altasciences/9360-1367 Quebec Inc.

as each borrower has access to the respective lending facilities.

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

(11) The maturity dates for these investments are expected to be extended past June 30, 2021.

The final terms of the extension are still under negotiation between the Company and the respective portfolio companies.

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

(13) Non-income producing security.

1 unchanged sentence

(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 and AIC Pelican 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.

(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.

2 unchanged sentences

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.

2 unchanged sentences

The Company monitors the status of these assets on an ongoing basis.

As of December 31, 2020, non-qualifying assets represented approximately 16.82% of the total assets of the Company.

(18) As of December 31, 2020, MSEA Tankers, LLC had various classes of limited liability interests outstanding.

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.

As of June 30, 2021, non-qualifying assets represented approximately 15.47% of the total assets of the Company.

(18) As of June 30, 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) The Company holds some warrants for this investment as part of the restructuring of the underlying portfolio company.

The warrants have no cost and no fair value as of December 31, 2020.

(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 (“Prime”).

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 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), and GBP LIBOR loans are typically indexed to 90-day GBP LIBOR rates (3M GBP L), at the borrower’s option.

LIBOR and EURIBOR loans may be subject to interest floors.

As of December 31, 2020, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 1M BBSW, 3M BBSW, 3M GBP L, 3M E L and Prime are 0.14%, 0.19%, 0.24%, 0.26%, (0.55%), (0.55%), (0.04%), (0.04%), 0.03%, (0.57%) and 3.25%, respectively.

As of June 30, 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 0.1%, 0.13%, 0.15%, 0.16%, (0.57%), (0.54%), 0.04%, 0.02%, 0.06%, 0.08% 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.

3 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

(23) As of December 31, 2020, 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.

(23) As of June 30, 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.

2 unchanged sentences

A&V Holdings Midco, LLC $ 1,505 $ — $ — $ 1,505

Activ Software Holdings, LLC 2,407 — — 2,407

Akoya Biosciences, Inc.

1,500 — — 1,500

Altasciences US Acquistion, Inc.* 1,426 — — 1,426

Amerivet Partners Management, Inc.

6 unchanged sentences

Arthur Bidco Limited* 2,032 2,032 — —

AVAD Canada Ltd.

1,334 367 — 967

AVAD, LLC 2,060 2,060 — —

Banner Buyer, LLC 4,387 — — 4,387

Beacon Mobility Corp.

8,838 — — 8,838

BIG Buyer, LLC 2,806 — — 2,806

Bird US Opco, LLC 14,600 — — 14,600

BK Medical Holding Company, Inc.

CC SAG Holdings Corp.

3,567 — — 3,567

Cerus Corporation 5,500 956 — 4,544

1 unchanged sentence

Claritas, LLC 1,031 129 — 902

Club Car Wash Operating, LLC 18,688 — — 18,688

Compu-Link Corporation 2,273 — — 2,273

Continuum Global Solutions, LLC 20,000 2,762 — 17,238

Dispatch Acquisition Holdings, LLC 5,869 2,083 207 3,579

Destiny Solutions U.S., Inc.

4,267 — — 4,267

Digital.ai Software Holdings, Inc.

2,419 — — 2,419

Eagle Foods Family Group, LLC 3,750 2,083 — 1,667

1 unchanged sentence

Eldrickco Limited* 5,926 491 — 5,435

ERC Finance, LLC 4,445 278 376 3,791

Erickson Inc 36,000 32,877 1,429 1,694

Exeter Property Group, LLC 192 — — 192

First Heritage Credit, LLC 12,000 509 — 11,491

3 unchanged sentences

Gabriel Partners, LLC 665 — — 665

Genesis Healthcare, Inc.

24,000 — — 24,000

Genesis Healthcare, Inc.

91,957 — — 91,957

4 unchanged sentences

Heniff Holdco, LLC 3,925 1,439 355 2,131

High Street Buyer, Inc.

16,024 — — 16,024

HSI Halo Acquisition, Inc.

6 unchanged sentences

Kindeva Drug Delivery L.P.

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

KL Charlie Acquisition Company 3,066 — — 3,066

4 unchanged sentences

Lifelong Learner Holdings, LLC 5,374 2,502 — 2,872

Lion Cashmere Midco Limited* 3,700 740 — 2,960

Liqui-Box Holdings, Inc.* 3,569 3,109 87 373

1 unchanged sentence

3,071 3,029 42 —

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

Mannkind Corporation 30,000 — — 30,000

7 unchanged sentences

Merx Aviation Finance, LLC 190,677 190,500 177 —

Midwest Vision Partners Management, LLC 1,681 535 — 1,146

Momentx Corporation 1,257 — — 1,257

(fka Newscycle Solutions, Inc.) 500 280 — 220

Nemo (BC) Bidco Pty Ltd* 174 — — 174

New Amsterdam Software BidCo LLC — — — —

Newscycle Solutions, Inc.

New Era Technology, Inc.

9,580 — — 9,580

Norvax, LLC 3,182 — — 3,182

Nutrisystem, Inc.

NW Entertainment, Inc.

2 unchanged sentences

2,300 — — 2,300

Omnitracs, LLC 3,750 — — 3,750

Orchard Therapeutics plc 22,333 — — 22,333

1 unchanged sentence

Pace Health Companies, LLC 1,075 — 105 970

Paper Source, Inc.

PaperShop HoldCo Inc.

3,082 1,175 — 1,907

PHS Buyer, Inc.

Paragon 28, Inc.

9,500 1,000 — 8,500

PrimeFlight Aviation Services, Inc.

Partner Therapeutics, Inc 1,000 — — 1,000

PHS Buyer, Inc.

2,000 — — 2,000

2 unchanged sentences

Protein For Pets Opco, LLC 2,219 — — 2,219

Pro-Vigil Holding Company, LLC 2,000 — — 2,000

Purchasing Power Funding I, LLC 9,112 425 — 8,687

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.

8 unchanged sentences

Sirsi Corporation 429 — — 429

Soliant Holdings, LLC 1,936 — — 1,936

Sonar Entertainment, Inc.

1 unchanged sentence

Springbrook Holding Company, LLC 5,122 — — 5,122

Surf Opco, LLC 16,667 8,886 — 7,781

Telesoft Holdings, LLC 2,273 — — 2,273

2 unchanged sentences

TGG TS Acquisition Company 1,750 — — 1,750

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Name of Issuer Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

The Emmes Company, LLC 2,449 — — 2,449

1 unchanged sentence

TNT Crust LLC 3,252 650 — 2,602

TricorBraun Holdings, Inc.

5,625 — — 5,625

Truck-Lite Co., LLC 3,052 218 105 2,729

10 unchanged sentences

____________________

* These investments are in a foreign currency and the total commitment has been converted to USD using the December 31, 2020 exchange rate.

* These investments are in a foreign currency and the total commitment has been converted to USD using the June 30, 2021 exchange rate.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

(24) As of December 31, 2020, 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.

(24) As of June 30, 2021, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting.

The units entitle the Company to appoint three out of five managers to the board of managers.

(25) Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

As of December 31, 2020 the aggregate fair value of these securities is $250,768 or 25% of the Company's net assets.

As of June 30, 2021, the aggregate fair value of these securities is $259,808 or 25% of the Company's net assets.

The acquisition dates of the restricted securities are as follows:

Name of Issuer Investment Type Acquisition Date

Issuer Investment Type Acquisition Date

Common Equity - Common Stock 9/30/2020

AIC SPV Holdings II, LLC Preferred Equity - Preferred Stock 6/1/2017

Amerivet Partners Parent LP Common Equity - Class D Partnership Units 3/6/2020

Carbonfree Chemicals Holdings LLC Common Equity - Common Equity / Interest 11/19/2019

4 unchanged sentences

(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.

2 unchanged sentences

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 B Preferred Stock 4/9/2014

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 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

Wildcat Parent LP Common Equity - Common Stock 2/27/2020

Surf Opco, LLC Preferred Equity - Class P-2 Preferred 3/17/2021

Surf Opco, LLC Preferred Equity - Class P-1 Preferred 3/17/2021

Surf Opco, LLC Common Equity - Class A-1 Common 3/17/2021

(26) In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

(26) The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of December 31, 2020:

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

Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

11 unchanged sentences

Consumer Services 142,645 — — — — — — 142,645

Containers, Packaging & Glass (92) — — — — — — (92)

Diversified Investment Vehicles, Banking, Finance, Real Estate 45,574 — — — — — — 45,574

30 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 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 December 31, 2020:

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

11 unchanged sentences

Consumer Services 143,415 — — — — — — 143,415 13.8 %

Containers, Packaging & Glass (12) — — — — — — (12) — %

Diversified Investment Vehicles, Banking, Finance, Real Estate 45,509 — — — — — — 45,509 4.4 %

21 unchanged sentences

% of Net Assets 0.4 % — % — % 1.1 % 0.5 % 3.9 % — % 5.9 %

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 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

10 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2020

June 30, 2021

(In thousands, except share data)

Industry Classification Percentage of Total Investments (at Fair Value) as of December 31, 2020

Industry Classification Percentage of Total Investments (at Fair Value) as of June 30, 2021

Healthcare & Pharmaceuticals 16.4%

High Tech Industries 13.9%

Aviation and Consumer Transport 13.3%

Business Services 11.3%

High Tech Industries 12.3%

Transportation – Cargo, Distribution 5.5%

Consumer Goods – Non-durable 4.3%

Consumer Services 5.8%

Transportation – Cargo, Distribution 5.3%

Beverage, Food & Tobacco 4.0%

Diversified Investment Vehicles, Banking, Finance, Real Estate 2.6%

Consumer Goods – Non-durable 3.5%

Chemicals, Plastics & Rubber 2.7%

Automotive 2.6%

Insurance 2.5%

Chemicals, Plastics & Rubber 2.3%

Advertising, Printing & Publishing 2.4%

Consumer Goods – Durable 1.9%

Diversified Investment Vehicles, Banking, Finance, Real Estate 2.3%

Manufacturing, Capital Equipment 1.7%

Energy – Oil & Gas 1.7%

Media – Diversified & Production 1.7%

Education 1.7%

Manufacturing, Capital Equipment 1.6%

Environmental Industries 1.3%

Construction & Building 1.1%

Media – Diversified & Production 1.6%

Aerospace & Defense 1.3%

Consumer Goods – Durable 1.2%

Construction & Building 1.2%

Telecommunications 0.9%

Wholesale 0.6%

Environmental Industries 0.4%

Energy – Electricity 0.4%

Containers, Packaging & Glass 0.0%

Total Investments 100.0%

8 unchanged sentences

Advertising, Printing & Publishing

Learfield Communications

A-L Parent LLC Second Lien Secured Debt 8.25% (1M L+725, 1.00% Floor) 12/02/24 $ 5,536 $ 5,503 $ 4,882

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/26 4,380 (29) (44) (8)(9)

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock N/A N/A 218,978 Shares 219 239 (9)(13)

18,453 18,640

Simplifi Holdings, Inc.

1 unchanged sentence

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 7.20% (1M L+575, 1.00% Floor) 08/02/25 1,200 1,200 1,148 (9)(23)

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)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 08/02/25 6,091 (57) (187) (8)(9)

39,319 39,271

4 unchanged sentences

First Lien Secured Debt - Letters of Credit 7.50% 04/23/21 - 11/23/22 1,440 — (21) (8)(9)

31,579 30,902

PAE Holding Corporation

PAE Holding Corporation Second Lien Secured Debt 10.50% (1M L+950, 1.00% Floor) 10/20/23 13,637 13,462 12,353

Total Aerospace & Defense $ 30,368 $ 29,930

Accelerate Parent Corp.

(American Tire)

Accelerate Parent Corp.

Common Equity/Interests - Common Stock N/A N/A 1,664,046 Shares 1,714 250 (13)(19)

Arlington Industries Group Limited First Lien Secured Debt 5.75% (1M E+525, 0.50% Floor) 03/29/24 € 3,189 3,572 3,309 (9)(17)

First Lien Secured Debt 5.87% (1M GBPL+525, 0.50% Floor) 03/29/24 £ 7,818 9,972 9,204 (9)(17)

First Lien Secured Debt - Unfunded Revolver 1.25% Unfunded 03/29/24 £ 2,700 (57) (191) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 03/29/24 £ 1,300 (28) (77) (8)(9)

13,459 12,245

Crowne Automotive

Vari-Form Group, LLC First Lien Secured Debt L+11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 5,859 937 762 (9)(13)

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 L+11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 2,110 391 274 (9)(13)

First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 2,110 391 105 (9)(14)

K&N Parent, Inc.

2 unchanged sentences

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 - Revolver 7.32% (6M L+625, 1.00% Floor) 12/13/24 654 654 638 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/13/24 1,432 (53) (17) (8)(9)

First Lien Secured Debt - Letters of Credit 6.25% 11/30/21 - 12/21/21 94 — (1) (8)(9)

29,852 29,923

Total Automotive $ 54,693 $ 52,303

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/13/24 1,005 (67) (24) (8)(9)

First Lien Secured Debt - Letters of Credit 7.25% 11/30/20 - 12/21/20 85 — (2) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/14/26 3,707 (84) (103) (8)(9)

TL Lighting Holdings, LLC Common Equity/Interests - Class A Common Units N/A N/A 350 Shares 350 241 (9)(13)

26,734 26,473

Total Automotive $ 66,724 $ 62,224

Aviation and Consumer Transport

2 unchanged sentences

First Lien Secured Debt - Letter of Credit 2.25% 07/13/21 177 — — (23)

Common Equity/Interests - Membership Interests N/A N/A N/A 15,000 28,447

Common Equity - Membership Interests N/A N/A N/A 120,300 125,061 (25)

310,800 315,561

1 unchanged sentence

First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 05/09/24 17,478 17,229 17,088 (9)

First Lien Secured Debt 7.02% (1M L+550, 1.00% Floor) 05/09/24 1,375 1,362 1,316 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 05/09/24 2,842 (85) (122) (8)(9)

14,461 13,984

Total Aviation and Consumer Transport $ 328,029 $ 332,649

2 unchanged sentences

Bolthouse Farms, Inc.

Common Equity/Interests - Common Stock N/A N/A 1,000,000 Shares $ 1,000 $ 940 (13)

Common Equity - Common Stock N/A N/A 1,000,000 Shares $ 1,001 $ 1,070 (13)

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 - Revolver 7.75% (3M L+675, 1.00% Floor) 06/14/23 333 333 322 (9)(23)

First Lien Secured Debt - Revolver 7.95% (3M L+675, 1.00% Floor) 06/14/23 167 167 161 (9)(23)

First Lien Secured Debt - Revolver 8.36% (6M L+675, 1.00% Floor) 06/14/23 667 667 643 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/14/23 3,000 (19) (30) (8)(9)

3 unchanged sentences

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 - Revolver 8.20% (3M L+675, 1.00% Floor) 09/06/23 1,473 1,443 1,450 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/06/23 1,233 (21) (6) (8)(9)

25,598 26,040

Butterfly Fighter Co-Invest, L.P.

Common Equity/Interests - Membership Interests N/A N/A 1,000,000 Shares 1,000 1,000 (13)

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)

Common Equity - Series A Units N/A N/A 244 Shares 30 276 (9)(13)

21,355 21,531

IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169 351 (9)(13)

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)

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

TNT Crust LLC

TNT Crust LLC First Lien Secured Debt 7.75% (1M L+675, 1.00% Floor) 11/06/23 20,618 20,318 20,102 (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 7.75% (1M L+675, 1.00% Floor) 11/06/23 748 748 729 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/06/23 2,504 (50) (63) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 11/06/23 976 (43) (24) (8)(9)

Common Equity/Interests - Series A Units N/A N/A 244 Shares 30 275 (9)(13)

25,788 25,775

IC Holdings LLC Common Equity/Interests - Series A Units N/A N/A 169 Shares 169 153 (9)(13)

LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 05/30/25 19,562 19,225 19,268 (9)

First Lien Secured Debt - Revolver 8.25% (P+500) 05/31/24 2,360 2,360 2,336 (9)(23)

8 unchanged sentences

Ambrosia Buyer Corp.

Second Lien Secured Debt 9.08% (3M L+800, 1.00% Floor) 08/28/25 21,429 21,066 17,751

Claritas, LLC First Lien Secured Debt 7.45% (3M L+600, 1.00% Floor) 12/21/23 3,845 3,815 3,787 (9)

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)

10,373 10,402

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)

2 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/15/22 14,683 (142) (257) (8)(9)

Preferred Equity - Preferred Stock N/A N/A 775 Shares 78 78 (9)(13)

CT Technologies Intermediate Holdings, Inc

CT Technologies Intermediate Holdings, Inc Second Lien Secured Debt 10.45% (3M L+900, 1.00% Floor) 12/01/22 31,253 30,803 27,815 (9)

Preferred Equity - Preferred Equity N/A N/A 775 Shares 78 78 (9)(13)

Education Personnel

Education Personnel First Lien Secured Debt 5.42% (3M GBPL+475, 0.50% Floor) 08/31/24 £ 4,076 5,190 4,790 (9)(17)

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)

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)

TGG TS Acquisition Company First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/14/23 1,750 — (33) (8)(21)

Ensemble Health

EHL Merger Sub, LLC First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 08/01/24 4,155 (254) (140) (8)(21)

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Electro Rent Corporation

Electro Rent Corporation Second Lien Secured Debt 10.64% (3M L+900, 1.00% Floor) 01/31/25 34,235 33,546 33,208 (9)

TGG TS Acquisition Company First Lien Secured Debt - Revolver 7.40% (3M L+650) 12/14/23 500 500 480 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/14/23 1,250 — (50) (8)(21)

Ensemble Health

EHL Merger Sub, LLC First Lien Secured Debt - Revolver 6.00% (P+275) 08/01/24 1,662 1,662 1,512 (23)

First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 08/01/24 2,493 (330) (224) (8)(21)

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 - Revolver 6.82% (3M L+575, 1.00% Floor) 04/23/24 467 467 440 (9)(23)

First Lien Secured Debt - Revolver 7.53% (3M L+575, 1.00% Floor) 04/23/24 700 700 660 (9)(23)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 04/23/24 933 891 880 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/23/24 933 (32) (19) (8)(9)

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)

25,192 24,715

4 unchanged sentences

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 - Revolver 7.75% (P+450) 07/31/24 753 753 726 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/31/24 314 (21) (4) (8)(9)

14,365 14,366

2 unchanged sentences

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)

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)

31,703 32,693

(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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/29/22 1,282 (15) (13) (8)(9)

Margaux UK Finance Limited First Lien Secured Debt 6.50% (3M GBPL+550, 1.00% Floor) 12/19/24 £ 5,896 7,332 6,930 (9)(17)

First Lien Secured Debt - Revolver 6.50% (1M GBPL+550, 1.00% Floor) 12/19/24 £ 538 632 631 (9)(17)

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)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/20/25 1,946 (45) (57) (8)(9)

9 unchanged sentences

Value (1)(29)

Ministry Brands, LLC

Ministry Brands, LLC Second Lien Secured Debt 10.51% (2M L+925, 1.00% Floor) 06/02/23 10,000 9,925 9,795

Newscycle Solutions, Inc.

First Lien Secured Debt 8.45% (3M L+700, 1.00% Floor) 12/29/22 14,641 14,434 14,202 (9)

First Lien Secured Debt 8.58% (3M L+700, 1.00% Floor) 12/29/22 1,131 1,121 1,097 (9)

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 12/29/22 40 33 39 (9)(23)

First Lien Secured Debt - Revolver 8.45% (1M L+700, 1.00% Floor) 12/29/22 460 460 446 (9)(23)

16,048 15,784

PSI Services, LLC

Lifelong Learner Holdings, LLC First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 10/19/26 32,865 32,234 31,334 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 10/20/25 478 478 457 (9)(23)

First Lien Secured Debt - Revolver 6.87% (3M L+575, 1.00% Floor) 10/20/25 1,373 1,373 1,315 (9)(23)

First Lien Secured Debt - Revolver 7.33% (3M L+575, 1.00% Floor) 10/20/25 239 239 229 (9)(23)

First Lien Secured Debt - Revolver 7.71% (3M L+575, 1.00% Floor) 10/20/25 299 299 286 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/20/25 597 (55) (25) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/19/26 2,388 (18) (111) (8)(9)

34,550 33,485

RA Outdoors, LLC (Active Outdoors)

3 unchanged sentences

37,958 37,771

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 - Revolver 6.50% (1M L+550, 1.00% Floor) 12/31/24 323 323 310 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 1,936 (29) — (9)(21)

Soliant Health, Inc.

Common Equity/Interests - Common Stock N/A N/A 300 Shares 300 300 (9)(13)

16,278 16,648

3 unchanged sentences

US Legal Support

US Legal Support Investment Holdings, LLC Common Equity/Interests - Series A-1 Units N/A N/A 631,972 Shares 632 623 (9)(13)

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 - Revolver 6.82% (6M L+575) 12/02/24 1,522 1,497 1,436 (9)(23)

First Lien Secured Debt - Letters of Credit 5.75% 06/06/20 - 12/21/20 86 — (5) (8)(9)

26,240 25,684

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

Date Par / Shares (12) Cost (28) Fair

Value (1)(29)

Vertafore, Inc.

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/02/24 1,508 (20) (93) (8)(9)

First Lien Secured Debt - Letter of Credit 3.25% 01/17/21 424 — (49) (8)(23)

First Lien Secured Debt - Letters of Credit 5.75% 05/23/21 - 12/31/21 100 — (6) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/02/24 670 (7) (24) (8)(9)

24,553 23,136

2 unchanged sentences

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)

Carbonfree Caustic SPE LLC (4) First Lien Secured Debt 5.00% 12/31/24 $ 13,111 $ 13,111 $ 13,111

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) (4) First Lien Secured Debt 3.00% 12/31/24 17,057 17,057 4,389

Carbonfree Chemicals Holdings LLC (4) Common Equity/Interests - Common Stock N/A N/A 1,446 Shares 30,886 15,105 (13)

Carbonfree Chemicals SA LLC (4) Common Equity/Interests - Class B Units N/A N/A 1,313 Shares 15,403 — (13)

Carbonfree Chemicals Holdings LLC (4) Common Equity - Common Equity / Interest N/A N/A 2,288 Shares $ 45,391 $ 25,424 (13)(16)

Carbonfree Chemicals SA LLC (4) Common Equity - Class B Units N/A N/A 3,152 Shares 32,434 — (3)(13)

77,825 25,424

1 unchanged sentence

Hare Bidco, Inc.

Second Lien Secured Debt 9.75% (1M E+875) 08/01/24 € 13,574 14,506 14,671

Second Lien Secured Debt 9.75% (1M E+875, 1.00% Floor) 08/01/24 € 11,351 12,165 13,307

Westfall Technik, Inc.

1 unchanged sentence

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 7.02% (3M L+575, 1.00% Floor) 09/13/24 671 665 653 (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 - Revolver 8.00% (P+475) 09/13/24 1,885 1,885 1,831 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 09/13/24 12,829 (112) (360) (8)(9)

17,576 17,094

Total Chemicals, Plastics & Rubber $ 108,539 $ 64,370

Construction & Building

Gutter Buyer, Inc.

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 03/06/25 $ 26,915 $ 26,479 $ 25,873 (9)

First Lien Secured Debt - Revolver 8.50% (P+525) 03/06/24 2,727 2,674 2,621 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 03/06/25 2,045 (42) (79) (8)(9)

Gutter Holdings, LP Common Equity/Interests - Common Stock N/A N/A 500 Shares 500 558 (9)(13)

Total Construction & Building $ 29,611 $ 28,973

Consumer Goods – Durable

A&V Holdings Midco, LLC First Lien Secured Debt 5.75% (3M L+475, 1.00% Floor) 03/10/27 $ 11,137 $ 11,027 $ 11,027

First Lien Secured Debt - Revolver 5.50% (1M L+450, 1.00% Floor) 03/10/25 813 813 805 (23)

First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 03/10/25 90 90 89 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/24 269 (23) (7) (8)(9)

17,315 17,050

Total Chemicals, Plastics & Rubber $ 107,305 $ 55,781

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Project Comfort Buyer, Inc.

Construction & Building

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 9.25% (P+600) 02/03/25 867 846 823 (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)

First Lien Secured Debt - Letter of Credit 6.25% 07/01/21 39 — (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 03/06/25 55 (33) (1) (8)(9)

Preferred Equity - Preferred Stock N/A N/A 461,538 Shares 462 231 (9)(13)

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 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)

10,407 10,461

Hayward Industries, Inc.

Second Lien Secured Debt 9.24% (1M L+825) 08/04/25 21,919 21,693 20,639

KDC US Holdings First Lien Secured Debt - Revolver 5.50% (P+225) 12/21/23 5,731 5,732 5,173 (23)

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)

First Lien Secured Debt - Letters of Credit 3.25% 11/06/20 - 03/08/21 65 — (6) (8)(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)

KLO Holdings, LLC

(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)

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)

KLO Acquisition LLC First Lien Secured Debt 11.82% (3M L+775 Cash plus 2.00% PIK) 04/07/22 5,373 4,838 30 (13)(14)

NSi Industries

Wildcat BuyerCo, Inc.

First Lien Secured Debt 7.14% (3M L+550, 1.00% Floor) 02/27/26 6,087 5,946 5,946

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/27/26 717 (16) (16) (8)(21)

First Lien Secured Debt - Letter of Credit 5.50% 08/30/20 8 — — (23)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 02/27/26 3,188 (35) (72) (8)(21)

Wildcat Parent LP Common Equity/Interests - Common Stock N/A N/A 1,000 Shares 100 100 (13)

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 5.50% (3M L+450, 1.00% Floor) 02/26/25 712 712 705 (23)

First Lien Secured Debt - Revolver 5.73% (3M L+450, 1.00% Floor) 02/26/25 1,186 1,186 1,175 (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)

First Lien Secured Debt - Letters of Credit 4.50% 09/27/20 - 10/01/20 32 — — (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)

See notes to financial statements.

6 unchanged sentences

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)

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)

Wildcat Parent LP Common Equity - Common Stock N/A N/A 1,070 Shares 107 141 (13)

Sorenson Holdings, LLC

Sorenson Holdings, LLC Common Equity/Interests - Membership Interests N/A N/A 587 Shares — 418 (10)(13)

Sorenson Holdings, LLC Common Equity - Membership Interests N/A N/A 587 Shares — 484 (10)(13)

Total Consumer Goods – Durable $ 27,353 $ 28,546

1 unchanged sentence

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 - Revolver 6.22% (3M L+500, 1.00% Floor) 05/31/24 444 444 433 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 2,219 (37) (11) (8)(9)

3 unchanged sentences

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 - Revolver 7.50% (1M L+650, 1.00% Floor) 11/20/23 602 602 570 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/20/23 1,083 (29) (22) (8)(9)

19,814 19,933

Lion Cashmere Midco Limited First Lien Secured Debt 6.75% (6M L+575, 1.00% Floor) 03/21/25 13,053 12,863 11,969 (9)(17)

First Lien Secured Debt - Revolver 5.75% (3M E+525) 03/21/24 € 356 392 357 (9)(17)

First Lien Secured Debt - Revolver 5.75% (6M E+525) 03/21/24 € 605 655 608 (9)(17)

First Lien Secured Debt - Revolver 5.86% (6M GBPL+525) 03/21/24 € 225 247 226 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 2.01% Unfunded 03/21/25 € 2,371 (39) (216) (8)(9)

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)

Preferred Equity - Preferred Equity N/A N/A 461,538 Shares 462 212 (9)(13)

26,195 25,188

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)

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 - Revolver 7.50% (1M L+650, 1.00% Floor) 01/08/25 3,800 3,727 3,724 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/08/25 2,300 (35) (19) (8)(9)

12,069 12,191

1 unchanged sentence

Sequential Brands Group, Inc.

Second Lien Secured Debt 9.75% (1M L+875) 02/07/24 12,965 $ 12,882 $ 12,289 (17)

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

Consumer Services

1A Smart Start LLC

1A Smart Start LLC Second Lien Secured Debt 9.32% (3M L+825, 1.00% Floor) 08/22/22 $ 25,100 $ 24,842 $ 24,282

Clarus Commerce

Marlin DTC-LS Midco 2, LLC First Lien Secured Debt 6.57% (6M L+550, 1.00% Floor) 07/01/25 9,245 9,103 8,806

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 685 (10) (33) (8)(21)

See notes to financial statements.

6 unchanged sentences

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)

18,809 18,730

First Heritage

4 unchanged sentences

18,646 18,554

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)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/26 2,742 (17) (62) (8)(9)

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)

12,200 12,176

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)

Only About Children

3 unchanged sentences

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 - Revolver 9.25% (P+600) 05/22/24 1,890 1,890 1,786 (9)(23)

First Lien Secured Debt - Revolver 8.70% (3M L+700, 1.00% Floor) 05/22/24 205 154 194 (9)(23)

First Lien Secured Debt - Revolver 8.74% (3M L+700, 1.00% Floor) 05/22/24 411 411 388 (9)(23)

First Lien Secured Debt - Revolver 8.83% (3M L+700, 1.00% Floor) 05/22/24 205 205 194 (9)(23)

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)

14,457 13,893

Pinstripe Holdings, LLC

Pinstripe Holdings, LLC First Lien Secured Debt 7.08% (6M L+600, 1.00% Floor) 01/17/25 6,930 6,819 6,547

The Club Company

Eldrickco Limited First Lien Secured Debt 6.04% (3M GBPL+550, 0.50% Floor) 11/21/25 £ 750 938 869 (9)(17)

First Lien Secured Debt 6.23% (3M GBPL+550, 0.50% Floor) 11/21/25 £ 9,914 12,376 11,336 (9)(17)

First Lien Secured Debt - Revolver 5.52% (3M GBPL+500, 0.50% Floor) 05/21/25 £ 345 394 394 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/30/21 1,597 (75) — (9)(21) (23)

13,604 12,273

Tidewater Consumer Receivables, LLC

Tidewater Consumer Receivables, LLC First Lien Secured Debt 7.33% (1M L+575) 12/28/23 11,333 11,248 11,090 (9)(17)

First Lien Secured Debt - Revolver 7.33% (1M L+575) 12/28/23 1,537 1,537 1,504 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.00% Unfunded 12/28/23 130 (9) (3) (8)(9)

12,776 12,591

Auto Finance, Inc.

First Lien Secured Debt 6.33% (3M L+475) 04/17/22 20,893 20,824 20,351 (9)

First Lien Secured Debt - Revolver 7.08% (3M L+550) 04/17/22 3,052 3,052 2,973 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/17/22 16,948 (71) (441) (8)(9)

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

Total Consumer Services $ 129,079 $ 123,300

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Containers, Packaging & Glass

TricorBraun Holdings, Inc.

First Lien Secured Debt - Revolver 4.05% (1M L+325) 11/30/21 $ 1,500 $ 1,500 $ 1,478 (23)

First Lien Secured Debt - Revolver 5.50% (P+225) 11/30/21 3,750 3,750 3,695 (23)

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.93% Unfunded 11/21/25 £ 3,934 (85) (253) (8)(9)

14,122 14,547

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)

Total Containers, Packaging & Glass $ 5,081 $ 5,167

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 04/17/24 8,222 (21) — (9)(21)

18,552 18,507

Total Consumer Services $ 120,845 $ 117,999

Diversified Investment Vehicles, Banking, Finance, Real Estate

Compu-Link Corporation First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 06/11/24 $ 45 $ 3 $ 44 (9)(23)

First Lien Secured Debt - Revolver 6.72% (3M L+550, 1.00% Floor) 06/11/24 2,227 2,227 2,152 (9)(23)

Compu-Link Corporation First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/11/24 $ 2,273 $ (33) $ (27) (8)(9)

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)

4 unchanged sentences

Flock Financial, LLC

Flock SPV I, LLC First Lien Secured Debt 8.08% (1M L+650) 08/30/22 13,067 13,018 12,788 (9)(17)

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)

3 unchanged sentences

Purchasing Power, LLC

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver 8.08% (1M L+650) 01/24/22 4,608 4,608 4,529 (9)(23)

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)

Taupo River II, LLC

Taupo River II, LLC First Lien Secured Debt 7.16% (3M L+525, 1.00% Floor) 06/08/20 14,000 13,993 13,966 (9)(17)

Ten-X, LLC First Lien Secured Debt - Revolver 3.36% (1M L+325) 09/29/22 4,680 4,554 4,485 (23)

First Lien Secured Debt - Revolver 4.19% (1M L+325) 09/29/22 1,560 1,350 1,455 (23)

Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 67,444 $ 61,770

SSCP Spring Bidco Limited First Lien Secured Debt 6.94% (6M GPBL+625, 0.50% Floor) 07/30/25 £ 535 $ 641 $ 634 (9)(17)

First Lien Secured Debt 6.99% (6M GBPL+625, 0.50% Floor) 07/30/25 £ 28,370 33,983 33,627 (9)(17)

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

First Lien Secured Debt - Unfunded Delayed Draw 1.88% Unfunded 07/30/25 £ 1,095 (29) (60) (8)(9)

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

AMP Solar Group, Inc.

(4) Common Equity/Interests - Class A Common Unit N/A N/A 243,646 Shares $ 10,000 $ 8,736 (13)(17)

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

2 unchanged sentences

Preferred Equity - Series D Preferred Stock N/A N/A 436,689 Shares 5,568 28 (13)(25)

Renew JV LLC (4) Common Equity/Interests - Membership Interests N/A N/A 893,336 Shares 893 914 (13)(17)

Preferred Equity - Series E Preferred Stock N/A N/A 441,576 Shares 1,902 5,106 (13)(17)

Renew JV LLC (4) Common Equity - Membership Interests N/A N/A 671,194 Shares 671 776 (13)(17)

Solarplicity Group Limited (f/k/a AMP Solar UK)

7 unchanged sentences

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.) (5) Second Lien Secured Debt 10.00% PIK Toggle (8.00% Cash) 03/29/21 $ 37,234 $ 36,926 $ 14,711 (13)(14)

Common Equity/Interests - Common Stock N/A N/A 5,000,000 Shares 30,078 — (13)

67,004 14,711

Pelican Energy, LLC (4) Common Equity/Interests - Membership Interests N/A N/A 1,444 Shares 16,822 2,411 (13)(16)

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche C Note 12.00% 07/31/21 24,000 24,000 24,720

First Lien Secured Debt - Tranche A Note 4.00% (4.00% Cash plus 0.00% PIK) 07/31/21 45,457 44,998 22,495 (13)(14)

(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)

Pelican Energy, LLC (4) Common Equity - Membership Interests N/A N/A 1,444 Shares 16,764 2,170 (13)(16)

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)

Common Equity/Interests - Series A Units N/A N/A 7,600,000 Shares 1,411 — (13)(16)

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)

114,578 35,369

1 unchanged sentence

Environmental Industries

Dispatch Acquisition Holdings, LLC First Lien Secured Debt 7.27% (3M L+550, 1.00% Floor) 01/29/27 $ 16,342 $ 15,983 $ 15,983 (9)

First Lien Secured Debt - Revolver 7.28% (3M L+550, 1.00% Floor) 01/29/26 325 325 317 (9)(23)

First Lien Secured Debt - Revolver 7.27% (3M L+550, 1.00% Floor) 01/29/26 812 812 793 (9)(23)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(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 - Revolver 7.75% (P+450) 01/29/26 325 325 317 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/29/26 1,786 (71) (40) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/29/27 5,411 (66) (122) (8)(9)

17,308 17,248

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 6.52% (3M L+525, 1.00% Floor) 10/31/25 492 487 462 (9)

First Lien Secured Debt - Revolver 6.45% (3M L+525, 1.00% Floor) 10/31/25 1,503 1,465 1,411 (9)(23)

First Lien Secured Debt - Revolver 7.04% (3M L+525, 1.00% Floor) 10/31/25 273 273 257 (9)(23)

First Lien Secured Debt - Revolver 7.16% (3M L+525, 1.00% Floor) 10/31/25 273 273 257 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 10/31/25 6,202 (62) (375) (8)(9)

13,456 12,563

Total Environmental Industries $ 30,764 $ 29,811

Food & Grocery

Bumble Bee Foods S.À R.L.

Bumble Bee Holdings Inc First Lien Secured Debt N/A 01/31/24 $ 443 $ — $ 430

Connors Bros Clover Leaf Seafoods Company First Lien Secured Debt N/A 01/31/24 126 — 122

Tonos US LLC First Lien Secured Debt 8.96% (3M L+725, 1.50% Floor) 01/31/24 15,123 15,319 14,670

Total Food & Grocery $ 15,319 $ 15,222

Healthcare & Pharmaceuticals

Altasciences, Inc.

9360-1367 Quebec Inc.

First Lien Secured Debt 8.49% (3M CADL+625, 1.00% Floor) 06/09/23 $ 2,357 $ 1,734 $ 1,602 (9)(17)

First Lien Secured Debt 7.32% (6M L+625, 1.00% Floor) 06/09/23 $ 2,821 2,787 2,730 (9)(17)

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 06/09/23 19 19 18 (9)(17)

Altasciences US Acquistion, Inc.

First Lien Secured Debt 7.32% (6M L+625, 1.00% Floor) 06/09/23 5,959 5,879 5,765 (9)

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 06/09/23 37 37 36 (9)

First Lien Secured Debt - Revolver 7.30% (3M L+625, 1.00% Floor) 06/09/23 392 392 379 (9)(23)

First Lien Secured Debt - Revolver 7.45% (3M L+625, 1.00% Floor) 06/09/23 456 456 441 (9)(23)

First Lien Secured Debt - Revolver 7.52% (3M L+625, 1.00% Floor) 06/09/23 570 570 552 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/25 1,366 (31) (55) (8)(9)

11,857 11,523

American Veterinary Group

AVG Intermediate Holdings LLC First Lien Secured Debt 9.00% (1M L+800, 1.00% Floor) 02/08/24 11,759 11,642 11,097 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/31/25 6,202 (51) (252) (8)(9)

11,529 11,014

Total Environmental Industries $ 11,347 $ 10,825

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Healthcare & Pharmaceuticals

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)

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)

1 unchanged sentence

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/05/24 4,519 (72) (9) (8)(9)

Amerivet Partners Parent LP Common Equity/Interests - Class D Partnership Units N/A N/A 13 Shares 125 144 (9)(13)

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 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 - Revolver 6.25% (1M L+525, 1.00% Floor) 06/22/23 157 157 153 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/22/23 1,826 (20) (27) (8)(9)

8 unchanged sentences

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 6.48% (6M GBPL+575, 0.50% Floor) 05/09/25 £ 293 370 340 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 2.19% Unfunded 05/09/25 £ 2,265 (59) (45) (8)(9)

5 unchanged sentences

16,563 16,957

Dohmen Life Science Services

LSCS Holdings, Inc Second Lien Secured Debt 9.70% (3M L+825) 03/16/26 19,818 19,473 18,901

Emmes Corporation

Emmes Blocker, Inc.

Common Equity/Interests - Common Stock N/A N/A 306 Shares 306 314 (9)(13)

The Emmes Company, LLC First Lien Secured Debt 6.58% (1M L+500, 1.00% Floor) 03/03/25 12,122 11,973 11,819 (9)

First Lien Secured Debt - Revolver 6.00% (1M L+500, 1.00% Floor) 03/03/25 2,449 2,419 2,388 (9)(23)

14,698 14,521

See notes to financial statements.

6 unchanged sentences

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)

12,164 12,186

Genesis Healthcare, Inc.

First Lien Secured Debt 12.58% (1M L+1100, 1.00% Floor) 03/06/23 8,370 8,370 8,197 (9)

First Lien Secured Debt 7.58% (1M L+600, 0.50% Floor) 03/06/23 25,000 24,780 24,237 (9)

First Lien Secured Debt - Revolver 7.58% (1M L+600, 0.50% Floor) 03/08/23 14,069 14,069 13,605 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/08/23 85,870 (305) (1,511) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 2.00% Unfunded 03/06/23 6,087 — (91) (8)(9)

(305) (1,602)

4 unchanged sentences

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 8.00% (P+475) 08/30/25 2,049 2,049 1,983 (9)(23)

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 08/31/26 2,131 (38) (78) (8)(9)

Common Equity/Interests - Common Stock N/A N/A 500 Shares 500 398 (9)(13)

27,542 26,650

Common Equity - Common Stock N/A N/A 500 Shares 500 517 (9)(13)

IMA Group Management Company, LLC First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 05/30/24 458 454 439

IM Acquirer LLC First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 05/30/24 289 287 277 (23)

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity/Interests - Partnership Interests N/A N/A 133 Shares 133 120 (9)(13)

Kure Pain Holdings, Inc.

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)

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)

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)

21,762 21,608

See notes to financial statements.

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.

5 unchanged sentences

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/01/24 8,667 (29) — (9)(21)

Warrants N/A N/A 444,936 Shares 76 1,492 (9)(13)

17,265 19,380

1 unchanged sentence

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 - Revolver 7.75% (P+450) 11/22/22 779 779 760 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/22/22 1,558 (13) (1) (8)(9)

23,366 23,589

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

Date Par / Shares (12) Cost (28) Fair

Value (1)(29)

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 - Revolver 9.50% (1M L+850, 1.00% Floor) 12/31/24 381 381 373 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 5,714 (86) (39) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/24 5,714 (114) (39) (8)(9)

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 01/12/27 3,670 (35) (37) (8)(9)

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)

2 unchanged sentences

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 - Revolver 6.50% (6M L+550, 1.00% Floor) 06/13/24 2,105 2,070 1,985 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/13/24 2,105 (27) (21) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/13/25 3,768 (37) (38) (8)(9)

2 unchanged sentences

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 Stock N/A N/A 55,556 Shares 333 333 (9)(13)

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)

3 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/31/25 2,000 (29) (50) (8)(9)

12,600 12,498

ProPharma Group Intermediate, LLC First Lien Secured Debt 6.74% (1M L+575, 0.50% Floor) 07/12/23 € 6,357 7,196 6,835

First Lien Secured Debt 6.74% (1M L+575, 0.50% Floor) 07/12/23 £ 4,220 5,490 5,128

First Lien Secured Debt 6.74% (1M L+575, 0.50% Floor) 07/12/23 11,358 11,276 11,132

First Lien Secured Debt - Revolver 7.20% (1M L+575, 0.50% Floor) 07/12/23 1,032 1,025 1,012 (23)

24,987 24,107

PTC Therapeutics, Inc

PTC Therapeutics, Inc First Lien Secured Debt 7.73% (1M L+615, 1.00% Floor) 05/01/21 7,389 7,379 7,463 (9)(17)

Radius Health

Radius Health, Inc.

First Lien Secured Debt 7.75% (1M L+575, 2.00% Floor) 06/01/24 3,000 2,993 2,993 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.00% Unfunded 06/01/24 2,000 (5) (5) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/01/24 13,500 — (33) (8)(9)

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

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)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/01/24 4,833 — — (9)(17)

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 - Revolver 5.50% (1M L+450, 1.00% Floor) 08/02/24 433 424 415 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/24 395 (7) (1) (8)(9)

First Lien Secured Debt - Letter of Credit 4.50% 12/10/21 105 — — (9)(23)

3 unchanged sentences

First Lien Secured Debt 7.15% (1M L+565, 1.50% Floor) 09/01/24 6,000 6,012 6,049 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 09/01/24 3,000 — (41) (8)(9)

RiteDose Holdings I, Inc.

3 unchanged sentences

13,128 13,333

Teladoc, Inc.

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/14/20 1,306 (6) — (17)(21)

First Lien Secured Debt - Letters of Credit 7.25% 05/11/20 - 07/14/20 360 — — (17)(23)

Wright Medical Group, Inc.

First Lien Secured Debt 9.43% (1M L+785, 1.00% Floor) 12/23/21 6,667 6,603 6,733 (9)(17)

First Lien Secured Debt - Revolver 5.83% (1M L+425, 0.75% Floor) 12/23/21 7,666 7,666 7,724 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/23/21 50,667 (224) — (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 12/23/21 11,667 (63) — (9)(17)

13,982 14,457

Total Healthcare & Pharmaceuticals $ 390,629 $ 394,475

5 unchanged sentences

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 - Revolver 6.32% (6M L+525) 04/01/24 698 698 675 (9)(23)

First Lien Secured Debt - Revolver 6.83% (1M L+525) 04/01/24 581 581 563 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/01/24 814 (35) — (9)(21)

2 unchanged sentences

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)

22,061 22,064

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)

Preferred Equity - Preferred Equity N/A N/A 7,800 Shares 6,000 6,151 (13)(25)

90,050 90,053

7 unchanged sentences

Value (1)(29)

ChargePoint, Inc.

First Lien Secured Debt 8.13% (1M L+655, 1.25% Floor) 06/01/23 10,500 10,432 10,321 (9)

ChyronHego Corporation

ChyronHego Corporation First Lien Secured Debt 7.43% (P+468) 3/9/20 3,725 3,725 3,650 (27)

First Lien Secured Debt 7.43% (P+468) 3/9/20 34,579 34,382 29,738 (18)(27)

First Lien Secured Debt 5.54% (1M L+390, 1.00% Floor) 3/9/20 34,753 30,630 31,625 (27)

First Lien Secured Debt - Revolver 5.54% (1M L+390, 1.00% Floor) 3/9/20 5,050 5,050 4,848 (23)(27)

First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 3/9/20 700 (678) (28) (8)(21)

73,109 69,833

Digital Reasoning

Digital Reasoning Systems, Inc.

First Lien Secured Debt 8.25% (1M L+625, 2.00% Floor) 08/01/24 3,750 3,721 3,630 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/01/24 1,250 (11) (40) (8)(9)

Warrants N/A N/A 48,596 Shares — 48 (9)(13)

FiscalNote, Inc.

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 - Revolver 9.00% (1M L+800, 1.00% Floor) 08/21/23 3,867 3,867 3,654 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/10/27 2,419 (71) (36) (8)(9)

Preferred Equity - Series F Preferred Stock N/A N/A 259,565 Shares 1,500 1,500 (9)(13)

21,848 22,206

9 unchanged sentences

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)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/20 € 3,435 (11) (38) (8)(17)

15,878 16,721

Magnitude Software

New Amsterdam Software BidCo LLC First Lien Secured Debt 5.00% (3M E+500, 1.00% Floor) 05/01/26 € 743 819 783 (9)

First Lien Secured Debt 6.77% (3M L+500, 1.00% Floor) 05/01/26 6,865 6,745 6,590 (9)

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)

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)

First Lien Secured Debt - Unfunded Revolver 2.19% Unfunded 12/14/23 221 (27) (31) (8)(9)

First Lien Secured Debt - Letter of Credit 6.25% 04/22/21 140 — (20) (8)(9)

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)

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)

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)

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Magnate Holding Corp.

First Lien Secured Debt 7.32% (6M L+625, 1.00% Floor) 12/16/24 16,587 16,392 10,597 (9)(17)

First Lien Secured Debt - Revolver 7.32% (6M L+625, 1.00% Floor) 12/14/23 1,025 1,025 655 (9)(17)

First Lien Secured Debt - Revolver 7.23% (6M L+625, 1.00% Floor) 12/14/23 999 999 638 (9)(17)

First Lien Secured Debt - Revolver 7.90% (3M L+625, 1.00% Floor) 12/14/23 666 666 426 (9)(17)

First Lien Secured Debt - Unfunded Revolver 1.75% Unfunded 12/14/23 500 (37) (181) (8)(9)

First Lien Secured Debt - Letter of Credit 5.00% 04/22/20 140 — (50) (8)(9)

19,045 12,085

Omnitracs, LLC

Omnitracs, LLC First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/23/23 3,750 (201) (375) (8)(21)

Schlesinger Group

Schlesinger Global, LLC First Lien Secured Debt 7.45% (3M L+600, 1.00% Floor) 07/12/25 8,984 8,764 8,764 (9)

First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 07/12/25 154 151 151 (9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 07/12/25 846 (10) (21) (8)(9)

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 - Revolver 7.20% (3M L+575, 1.00% Floor) 01/30/26 577 577 568 (9)(23)

First Lien Secured Debt - Revolver 8.00% (P+475) 01/30/26 577 577 568 (9)(23)

First Lien Secured Debt - Revolver 6.80% (3M L+575, 1.00% Floor) 01/30/26 577 552 568 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/30/26 1,731 (21) (29) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/30/26 4,615 (28) (83) (8)(9)

10,200 10,163

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 - Revolver 5.75% (1M L+475, 1.00% Floor) 03/15/24 43 43 42 (9)(23)

First Lien Secured Debt - Revolver 7.00% (P+375) 03/15/24 43 43 42 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/15/24 429 (4) (6) (8)(9)

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)

13,874 13,866

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

1 unchanged sentence

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/23/26 3,659 (29) (53) (8)(21)

Telestream Holdings Corporation

Telestream Holdings Corporation First Lien Secured Debt 7.61% (3M L +645, 1.00% Floor) 03/24/22 38,085 37,891 36,942 (18)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

Date Par / Shares (12) Cost (28) Fair

Value (1)(29)

ZPower, LLC First Lien Secured Debt L+600 07/01/22 6,716 6,853 2,066 (9)(13)

Warrants N/A N/A 29,630 Shares 48 — (9)(13)

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)

13,228 13,364

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)

Total High Tech Industries $ 341,651 $ 340,253

Hotel, Gaming, Leisure, Restaurants

GFRC Holdings LLC First Lien Secured Debt L+800 Cash (L+800 PIK Toggle) 02/01/22 $ 2,500 $ 2,500 $ 2,425 (13)(14)

Total Hotel, Gaming, Leisure, Restaurants $ 2,500 $ 2,425

PGM Holdings Corporation

1 unchanged sentence

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 - Revolver 7.00% (6M L+600, 1.00% Floor) 12/02/25 923 901 891 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/02/25 2,105 (25) (74) (8)(9)

12,536 12,341

Ivy Finco Limited First Lien Secured Debt 5.27% (1M GBPL+500) 06/07/25 £ 12,131 $ 15,103 $ 14,154 (9)(17)

First Lien Secured Debt 5.73% (1M GBPL+500) 06/07/25 £ 2,657 3,348 3,100 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 1.50% Unfunded 06/07/25 £ 2,712 (131) (198) (8)(9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/02/25 923 (18) (8) (8)(9)

13,620 13,778

2 unchanged sentences

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 - Revolver 7.42% (6M L+550, 1.00% Floor) 04/15/24 588 588 569 (9)(23)

First Lien Secured Debt - Revolver 6.57% (3M L+550, 1.00% Floor) 04/15/24 471 471 455 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/15/24 79 (19) (3) (8)(9)

First Lien Secured Debt - Letter of Credit 5.50% 04/30/20 38 — (1) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 04/15/25 1,694 (79) (65) (8)(9)

17,734 17,309

Risk Strategies

RSC Acquisition , Inc.

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 6.95% (3M L+550, 1.00% Floor) 11/02/26 1,003 1,010 962 (17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/02/26 494 (9) (20) (8)(17)

First Lien Secured Debt - Letter of Credit 5.50% 04/07/20 5 — — (17)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 11/02/26 2,714 (86) (110) (8)(17)

16,747 16,300

Total Insurance $ 65,337 $ 63,006

Manufacturing, Capital Equipment

AVAD Canada Ltd.

First Lien Secured Debt - Revolver 7.25% (6M L+625, 1.00% Floor) 04/15/24 471 471 472 (9)(23)

8 unchanged sentences

Value (1)(29)

AVAD, LLC First Lien Secured Debt 9.33% (1M L+775, 1.00% Floor) 10/02/23 8,587 8,464 8,231 (9)

First Lien Secured Debt - Revolver 5.58% (1M L+400, 1.00% Floor) 10/02/23 10,086 10,086 9,649 (9)(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)

21,124 21,633

Total Insurance $ 34,744 $ 35,411

Manufacturing, Capital Equipment

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)

Preferred Equity - Class P-1 Preferred N/A N/A 33,333 Shares 3,333 6,667 (9)(16)

Preferred Equity - Class P-2 Preferred N/A N/A 85,164 Shares 8,516 3,328 (9)(16)

Common Equity - Class A-1 Common N/A N/A 3,333 Shares — 215 (9)(16)

16,327 13,799

Kauffman Holdco, LLC Common Equity/Interests - Class A Units N/A N/A 250,000 Shares 250 187 (9)(13)

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)

11 unchanged sentences

NW Entertainment, Inc.

First Lien Secured Debt 8.00% (1M L+700, 1.00% Floor) 08/16/24 $ 23,700 $ 23,285 $ 22,738 (9)

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 08/16/24 2,400 2,400 2,297 (9)(23)

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 08/16/24 3,000 (52) (122) (8)(9)

29,122 28,039

6 unchanged sentences

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/15/21 19,527 (83) — (9)(21)

11,862 11,614

Total Media – Diversified & Production $ 43,968 $ 41,206

Metals & Mining

Magnetation, LLC

Magnetation, LLC First Lien Secured Debt 9.91% (6M L+800 Cash (PIK Toggle)) 12/31/19 $ 1,213 $ 581 $ — (13)(14)

Total Metals & Mining $ 581 $ —

SI Holdings, Inc.

First Lien Secured Debt 7.45% (3M L+600, 1.00% Floor) 07/25/25 $ 31,641 $ 31,067 $ 30,420 (9)

First Lien Secured Debt - Revolver 7.45% (3M L+600, 1.00% Floor) 07/25/24 853 853 820 (9)(23)

First Lien Secured Debt - Revolver 7.20% (3M L+600, 1.00% Floor) 07/25/24 2,560 2,501 2,460 (9)(23)

34,421 33,700

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

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)

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 6.76% (3M L+500, 1.00% Floor) 07/01/25 10,385 10,203 9,991 (9)

First Lien Secured Debt 6.78% (3M L+500, 1.00% Floor) 07/01/25 577 571 555 (9)

First Lien Secured Debt - Revolver 7.25% (P+400) 07/01/25 2,308 2,267 2,214 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 2,308 (16) — (9)(21)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 07/01/25 1,154 (12) — (9)(21)

3 unchanged sentences

IPC Corporation

IPC Corporation First Lien Secured Debt 6.78% (3M L+500, 1.00% Floor) 08/06/21 $ 10,000 $ 9,959 $ 8,996 (9)

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)

First Lien Secured Debt 8.24% (3M L+650, 1.50% Floor) 08/06/21 562 543 526 (9)(17)

11,382 10,661

5 unchanged sentences

Dynamic Product Tankers (Prime), LLC

Dynamic Product Tankers, LLC (5) First Lien Secured Debt 8.94% (3M L+700) 06/30/23 $ 42,000 $ 41,870 $ 42,000 (17)

First Lien Secured Debt - Letters of Credit 2.25% 09/20/20 - 03/31/21 6,050 — — (17)(23)

Common Equity/Interests - Class A Units N/A N/A N/A 49,806 36,457 (13)(17)

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)

71,806 47,528

3 unchanged sentences

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/03/24 1,047 1,047 1,030 (9)(23)

First Lien Secured Debt - Revolver 6.80% (3M L+575, 1.00% Floor) 12/03/24 981 981 944 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/03/24 5 (58) — (9)(21)

First Lien Secured Debt - Letter of Credit 5.75% 02/06/22 355 — (5) (8)(9)

33,749 33,528

MSEA Tankers LLC

MSEA Tankers LLC (5) Common Equity/Interests - Class A Units N/A N/A N/A 61,950 59,735 (17)(25)

MSEA Tankers LLC (5) Common Equity - Class A Units N/A N/A N/A 57,660 57,028 (17)(18)

Total Transportation – Cargo, Distribution $ 163,215 $ 138,084

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)

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Banner Solutions

Banner Buyer, LLC First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 10/31/25 $ 12,549 $ 12,345 $ 11,915 (9)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 10/31/25 387 387 384 (9)(23)

1 unchanged sentence

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 10/31/25 5,097 (37) (41) (8)(9)

Banner Parent Holdings, Inc Common Equity/Interests - Common Stock N/A N/A 5,000 Shares 500 331 (9)(13)

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

5 unchanged sentences

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

Common shares in 1244311 B.C.

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.

1 unchanged sentence

Therefore, the Company has determined that these entities are not controlled affiliates.

As of March 31, 2020, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC.

As of March 31, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation and 31% ownership in Carbonfree Chemicals SA LLC.

See notes to financial statements.

6 unchanged sentences

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

Ltd., Common Stock $ — $ 1,000 $ — $ 719 $ 1,719 $ — $ —

Ltd., Term Loan — 1,016 — (51) 965 — 31

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

1 unchanged sentence

Carbonfree Caustic SPE LLC, Term Loan 13,111 — (13,111) — — — —

Carbonfree Chemicals SA LLC, Class B Units — 15,403 — (15,403) — — —

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

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC), Unamortized Fee — — — — — — —

Golden Bear 2016-R, LLC, Membership Interests 9,748 83 — 1,458 11,289 — 1,206

2 unchanged sentences

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 — —

SquareTwo Financial Corp.

(CA Holdings, Collect America, Ltd.) — — — — — 1,209 —

Solarplicity Group Limited, First Lien Term Loan 1,990 — (5,811) 3,821 — (4,740) —

$ 60,241 $ 40,747 $ (54,008) $ 3,894 $ 50,874 $ (4,285) $ 1,441

10 unchanged sentences

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, Letters of Credit — — — — — — —

Dynamic Product Tankers, LLC, Unsecured Debt — 22,000 — — 22,000 — 738

Dynamic Product Tankers, LLC, Letters of Credit — — — — — — —

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Second Lien Term Loan 33,705 3,222 — (22,216) 14,711 — 3,221

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), First Lien Term Loan 9,000 — (9,000) — — — 416

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Common Stock 3,346 — — (3,346) — — —

Merx Aviation Finance, LLC, Membership Interests 28,447 105,300 — (8,686) 125,061 — —

2 unchanged sentences

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 — — — — — — —

6 unchanged sentences

As of March 31, 2020, the Company had a 85%, 47%, 100%, 98% and 38% equity ownership interest in Dynamic Product Tankers, LLC;

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.

17 unchanged sentences

See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(11) The unused line fees of 0.25% are collected for the Unfunded Revolver, respectively from both Altasciences US Acquisition, Inc.

and Altasciences/9360-1367 Quebec Inc.

as each borrower has access to the respective lending facilities.

(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$”), and Australian Dollar (“A$”) .

2 unchanged sentences

(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 and AIC Pelican Holdings, LLC are consolidated wholly-owned special purpose vehicles which only hold equity investments of the underlying portfolio companies and have no other significant assets or liabilities.

AIC Spotted Hawk Holdings, LLC and AIC SHD Holdings, LLC hold equity investments in SHD Oil & Gas, LLC.

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.

3 unchanged sentences

As of March 31, 2021, non-qualifying assets represented approximately 15.98% of the total assets of the Company.

(18) In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.

(19) The Company holds some warrants for this investment as part of the restructuring of the underlying portfolio company.

The warrants have no cost and no fair value as of March 31, 2020.

(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.

4 unchanged sentences

LIBOR and EURIBOR loans may be subject to interest floors.

As of March 31, 2020, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 3M BBSW, 3M GBP L, 3M E L and Prime are 0.99%, 1.26%, 1.45%, 1.18%, (0.42%), (0.36%), 0.42%, 0.59%, (0.25%) and 3.25%, respectively.

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.

10 unchanged sentences

A&V Holdings Midco, LLC $ 1,505 $ — $ — $ 1,505

Altasciences US Acquistion, Inc.

Akoya Biosciences, Inc.

1,500 — — 1,500

6 unchanged sentences

5,787 471 38 5,278

Arlington Industries Group Limited* 4,960 — — 4,960

Arthur Bidco Limited* 2,029 2,029 — —

AVAD Canada Ltd.

1,334 534 — 800

AVAD, LLC 3,744 3,744 — —

AVG Intermediate Holdings LLC 1,466 — — 1,466

Banner Buyer, LLC 7,032 387 — 6,645

6 unchanged sentences

Continuum Global Solutions, LLC 20,000 5,317 — 14,683

Digital Reasoning Systems, Inc.

1,250 — — 1,250

Dispatch Acquisition Holdings, LLC 8,659 1,462 — 7,197

Dynamic Product Tankers, LLC 6,050 — 6,050 —

Eagle Foods Family Group, LLC 3,750 750 — 3,000

Education Personnel* 1,823 1,823 — —

EHL Merger Sub, LLC 4,155 — — 4,155

3 unchanged sentences

First Heritage Credit, LLC 12,000 747 — 11,253

FiscalNote, Inc.

6,375 3,867 — 2,508

Flock SPV I, LLC 5,467 — — 5,467

1 unchanged sentence

FPG Services, LLC 5,874 — — 5,874

Gabriel Partners, LLC 665 443 — 222

24,000 — — 24,000

1 unchanged sentence

91,957 — — 91,957

Go Car Wash Management Corp.

3,158 — — 3,158

Gutter Buyer, Inc.

3 unchanged sentences

812 135 — 677

IM Acquirer LLC 289 289 — —

Ivy Finco Limited* 3,363 — — 3,363

IMA Group Management Company, LLC 289 289 — —

Jacent Strategic Merchandising 3,500 2,567 — 933

2 unchanged sentences

KDC US Holdings* 6,021 2,696 55 3,270

Kindeva Drug Delivery L.P.

KL Charlie Acquisition Company 6,569 — — 6,569

Kure Pain Holdings, Inc.

2,654 — — 2,654

LabVantage Solutions Limited* 3,769 — — 3,769

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.

4 unchanged sentences

Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

Lion Cashmere Midco Limited* 3,903 1,301 — 2,602

Liqui-Box Holdings, Inc.* 3,563 3,085 77 401

Magnate Holding Corp.

3,330 2,690 140 500

Mannkind Corporation 8,667 — — 8,667

5 unchanged sentences

Medical Guardian, LLC 11,429 — — 11,429

MEP-TS Midco, LLC 1,452 — — 1,452

Merx Aviation Finance, LLC 190,677 190,500 177 —

1 unchanged sentence

New Amsterdam Software BidCo LLC 2,250 — — 2,250

Newscycle Solutions, Inc.

Norvax, LLC 3,182 — — 3,182

Nutrisystem, Inc.

NW Entertainment, Inc.

10 unchanged sentences

2,000 — — 2,000

PrimeFlight Aviation Services, Inc.

2,842 — — 2,842

Project Comfort Buyer, Inc.

3,462 — — 3,462

ProPharma Group Intermediate, LLC* 1,032 1,032 — —

Protein For Pets Opco, LLC 2,219 — — 2,219

4 unchanged sentences

Rapid Displays Acquisition Corporation 3,462 — — 3,462

Rigel Pharmaceuticals, Inc.

3,000 — — 3,000

RiteDose Holdings I, Inc.

1 unchanged sentence

Royton Bidco Limited* 3,125 — — 3,125

RSC Acquisition , Inc.

3,213 — 5 3,208

Schlesinger Global, LLC 846 — — 846

SI Holdings, Inc.

9 unchanged sentences

Springbrook Holding Company, LLC 5,122 — — 5,122

SSCP Spring Bidco Limited* 1,358 — — 1,358

Teladoc, Inc.

1,666 — 360 1,306

Telesoft Holdings, LLC 2,273 — — 2,273

Telnyx LLC 4,750 — — 4,750

Ten-X, LLC 4,680 4,680 — —

2 unchanged sentences

LLC 7,304 2,360 — 4,944

Tidewater Consumer Receivables, LLC 1,667 1,537 — 130

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

TNT Crust LLC 3,252 1,138 — 2,114

TricorBraun Holdings, Inc.

5,625 5,250 — 375

Truck-Lite Co., LLC 3,052 1,526 94 1,432

Turbo Buyer, Inc.

3,028 923 — 2,105

Auto Finance, Inc.

2 unchanged sentences

2,278 — 100 2,178

Vertafore, Inc.

15,000 — 424 14,576

Westfall Technik, Inc.

2 unchanged sentences

2,754 — 8 2,746

Wright Medical Group, Inc.

(fka Newscycle Solutions, Inc.) 1,782 240 — 1,542

Surf Opco, LLC 16,667 1,667 — 15,000

See notes to financial statements.

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

Total Commitments $ 737,986 $ 301,096 $ 2,787 $ 434,103

3 unchanged sentences

The units entitle the Company to appoint three out of five managers to the board of managers.

(25) As of March 31, 2020, 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.

(26) This investment has matured but is still held for any potential future cash proceeds.

No value has been attributed to these future recoveries.

(27) The maturity date for these investments are expected to be extended past March 31, 2020.

The final terms of the extension are still under negotiation between the Company and the respective portfolio company.

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

(25) Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.

As of March 31, 2021, the aggregate fair value of these securities is $259,991 or 25% of the Company's net assets.

The acquisition dates of the restricted securities are as follows:

Issuer Investment Type Acquisition Date

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.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

12 unchanged sentences

Consumer Services 120,845 — — — — — — 120,845

Containers, Packaging & Glass 5,081 — — — — — — 5,081

Diversified Investment Vehicles, Banking, Finance, Real Estate 50,632 — — — — — — 50,632

2 unchanged sentences

Environmental Industries 11,347 — — — — — — 11,347

Food & Grocery 15,319 — — — — — — 15,319

Healthcare & Pharmaceuticals 325,747 63,274 — — 333 1,064 211 390,629

High Tech Industries 251,601 — — — — — — 251,601

Hotel, Gaming, Leisure, Restaurants 2,500 — — — — — — 2,500

Insurance 34,744 — — — — — — 34,744

1 unchanged sentence

Media – Diversified & Production 43,968 — — — — — — 43,968

Metals & Mining 581 — — — — — — 581

Retail 41,803 — — — — — — 41,803

5 unchanged sentences

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

1 unchanged sentence

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Controlled Investments

1 unchanged sentence

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

20 unchanged sentences

Consumer Services 117,999 — — — — — — 117,999 11.4 %

Containers, Packaging & Glass 5,167 — — — — — — 5,167 0.5 %

Diversified Investment Vehicles, Banking, Finance, Real Estate 50,481 — — — — — — 50,481 4.9 %

2 unchanged sentences

Environmental Industries 10,825 — — — — — — 10,825 1.0 %

Food & Grocery 15,222 — — — — — — 15,222 1.5 %

Healthcare & Pharmaceuticals 328,253 62,865 — — 416 1,346 1,595 394,475 38.1 %

High Tech Industries 250,200 — — — — — — 250,200 24.1 %

Hotel, Gaming, Leisure, Restaurants 2,425 — — — — — — 2,425 0.2 %

Insurance 35,411 — — — — — — 35,411 3.4 %

1 unchanged sentence

Media – Diversified & Production 41,206 — — — — — — 41,206 4.0 %

Metals & Mining — — — — — — — — — %

Retail 41,870 — — — — — — 41,870 4.0 %

6 unchanged sentences

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 %

1 unchanged sentence

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 %

5 unchanged sentences

(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

1 unchanged sentence

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 %

10 unchanged sentences

Healthcare & Pharmaceuticals 16.1%

Business Services 12.9%

Aviation and Consumer Transport 12.5%

High Tech Industries 13.9%

Aviation and Consumer Transport 13.6%

Business Services 13.2%

Transportation – Cargo, Distribution 5.6%

2 unchanged sentences

Consumer Goods – Non-durable 3.6%

Consumer Goods – Durable 2.7%

Diversified Investment Vehicles, Banking, Finance, Real Estate 2.5%

Advertising, Printing & Publishing 2.4%

Chemicals, Plastics & Rubber 2.3%

Energy – Oil & Gas 2.3%

Insurance 2.3%

Automotive 2.1%

Manufacturing, Capital Equipment 1.6%

Aerospace & Defense 1.6%

Advertising, Printing & Publishing 1.5%

Energy – Oil & Gas 1.9%

Media – Diversified & Production 1.7%

Education 1.7%

Environmental Industries 1.1%

Manufacturing, Capital Equipment 1.5%

Insurance 1.5%

Aerospace & Defense 1.2%

Construction & Building 1.2%

Consumer Goods – Durable 1.2%

Telecommunications 0.9%

Energy – Electricity 0.7%

Food & Grocery 0.5%

Wholesale 0.6%

Containers, Packaging & Glass 0.2%

Hotel, Gaming, Leisure, Restaurants 0.1%

Metals & Mining 0.0%

Environmental Industries 0.4%

Energy – Electricity 0.4%

Total Investments 100.0%

6 unchanged sentences

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, 2020, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $223,072.

Since then, and through June 30, 2021, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $225,099.

Apollo Investment Management, L.P.

18 unchanged sentences

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods.

Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) during 2020 and any other parameters used in determining these estimates could cause actual results to differ materially.

Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) during 2020 and 2021 and any other parameters used in determining these estimates could cause actual results to differ materially.

APOLLO INVESTMENT CORPORATION

2 unchanged sentences

The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19.

The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of nonessential businesses.

Such actions are creating disruption in global supply chains, and adversely impacting many industries.

The outbreak has had and could continue to have an adverse impact on economic and market conditions and some economists, investment banks and The World Bank have indicated that current indicators point to a global recession that started in February 2020.

The rapid development and fluidity of this situation and vaccine development precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of December 31, 2020.

However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of December 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19.

The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19, as well as new strains, such as the new Delta strain, have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of nonessential businesses.

Such actions created disruption in global supply chains, and adversely impacted many industries.

Even though vaccines have been distributed nationally in the United States and restrictions in the United States and several other countries are being lifted, the outbreak has had and could continue to have a continued and adverse impact on economic and market conditions.

The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of June 30, 2021.

However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Actual results may ultimately differ from those estimates.

5 unchanged sentences

Cash and cash equivalents are carried at cost which approximates fair value.

Cash equivalents held as of December 31, 2020 was $32,854.

Cash equivalents held as of June 30, 2021 was $41,155.

Cash equivalents held as of March 31, 2021 was $50,180.

4 unchanged sentences

Restricted Cash , the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies.

As of December 31, 2020 and March 31, 2020 the Company did not hold any derivative contracts.

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

Investment Transactions

51 unchanged sentences

When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

During the nine months ended December 31, 2020, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

During the three months ended June 30, 2021, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

12 unchanged sentences

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, 2020 and March 31, 2020, the Company did not hold any derivative contracts.

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

Offsetting Assets and Liabilities

1 unchanged sentence

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, 2020 and March 31, 2020, the Company did not hold any derivative contracts.

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

Valuation of Other Financial Assets and Financial Liabilities

35 unchanged sentences

As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.

Expenses include management fees, performance-based incentive fees, 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 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.

32 unchanged sentences

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, 2020 may include return of capital, however, the exact amount cannot be determined at this point.

The tax character of distributions paid to stockholders through June 30, 2021 may include return of capital, however, the exact amount cannot be determined at this point.

The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending March 31, 2022.

13 unchanged sentences

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, 2020, there were no uncertain tax positions and no amounts accrued for interest or penalties.

As of June 30, 2021, there were no uncertain tax positions and no amounts accrued for interest or penalties.

Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

14 unchanged sentences

SEC Disclosure Update and Simplification

In August 2020, the U.S.

Securities and Exchange Commission (“SEC”) issued Final Rule Release No.

33-10825 and No.34-89670, collectively referred to as 'Modernization of Regulation S-X Items 101, 103 and 105’.

These rules amend certain SEC disclosure requirements to improve disclosure for investors and to simplify compliance for registrants, including new requirements for human capital disclosures and a summary of risk factors.

The final rules were effective for all filings on or after November 9, 2020.

The Company has evaluated the impact of the amendments and determined the effect of the adoption of the simplification rules on the financial statements were limited to the modification of certain disclosures.

On May 21, 2020, the SEC revised its measure of “significant subsidiary” set forth in Rule 1-02(w)(2) for investment companies.

The new definition includes an alternative income measure to determine a “significant subsidiary”.

The final rule was effective on January 1, 2021, but voluntary compliance was permitted in advance of the effective date.

The Company has implemented this new rule for the current period.

See Note 5 to the financial statements for more information on the Company’s unconsolidated significant subsidiaries.

In November 2020, the SEC issued Final Rule Release No.

33-10890, which amended certain SEC disclosure requirements to primarily enhance and simplify Management’s Discussion and Analysis and supplementary financial information.

The final rule is effective for all filings on or after February 10, 2021.

The Company is evaluating the potential impact that the amendment will have on the Company’s financial statements.

In December 2020, the SEC adopted Rule 2a-5.

The rule establishes a consistent, principles-based framework for boards of directors to use in creating their own specific processes in order to determine fair values in good faith.

The effective date for compliance with Rule 2a-5 is September 8, 2022.

The Company is evaluating the potential impact that the rule will have on the Company’s financial statements.

Related Party Agreements and Transactions

37 unchanged sentences

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, 2020 and 2019.

There was no accrual for theoretical capital gains incentive fee for the three months ended June 30, 2021 and 2020.

It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods.

Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three and nine months ended December 31, 2020, the Company recognized $8,957 and $27,743 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees.

For the three and nine months ended December 31, 2019, the Company recognized $10,342 and $30,071 respectively, of management fees, and $71 and $1,983, respectively, of incentive fees before impact of waived fees.

For the three and nine months ended December 31, 2020 and 2019, no management fees were waived (as not applicable) and no incentive fees were waived.

As of December 31, 2020 and March 31, 2020, management and performance-based incentive fees payable were $8,957 and $10,289, respectively.

For the three months ended June 30, 2021 and 2020, the Company recognized $8,813 and $9,524 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees.

For the three months ended June 30, 2021 and 2020, no management fees were waived (as not applicable) and no incentive fees were waived.

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

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.

4 unchanged sentences

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 three and nine months ended December 31, 2020 and 2019, there was no fee offset.

For the three months ended June 30, 2021 and 2020, management fee offset was $0 and $0, respectively.

APOLLO INVESTMENT CORPORATION

5 unchanged sentences

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, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $3,590, respectively.

For the three and nine months ended December 31, 2019, the Company recognized administrative services expense under the Administration Agreement of $1,542 and $4,810, respectively.

There was no payable to AIA and its affiliates for expenses paid on our behalf as of December 31, 2020 and March 31, 2020.

For the three months ended June 30, 2021 and 2020, the Company recognized administrative services expense under the Administration Agreement of $1,271 and $1,188, respectively.

There was no payable to AIA and its affiliates for expenses paid on our behalf as of June 30, 2021 and March 31, 2021.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx.

For the three and nine months ended December 31, 2020, the Company recognized administrative service expense reimbursements of $76 and $226, respectively, under the Merx Administration Agreement.

For the three and nine months ended December 31, 2019, the Company recognized administrative service expense reimbursements of $62 and $188, respectively.

For the three months ended June 30, 2021 and 2020, the Company recognized administrative service expense reimbursements of $75 and $75, respectively, under the Merx Administration Agreement.

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, 2020, the Company recognized debt expense reimbursements of $1 and $60, respectively, under the debt expense reimbursement agreements.

For the three and nine months ended December 31, 2019, the Company recognized debt expense reimbursements of $36 and $107, respectively, under the debt expense reimbursement agreements.

For the three months ended June 30, 2021 and 2020, the Company recognized debt expense reimbursements o f $1 a nd $35, respectively, under the debt expense reimbursement agreements.

Co-Investment Activity

6 unchanged sentences

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, 2020, the Company’s co-investment holdings were 63% of the portfolio or $1,559,615, measured at fair value.

As of June 30, 2021, the Company’s co-investment holdings were 65% of the portfolio or $1,610,022, measured at fair value.

On a cost basis, 58% of the portfolio or $1,605,791 were co-investments.

1 unchanged sentence

On a cost basis, 57% of the portfolio or $1,545,567 were co-investments.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Merx Aviation

1 unchanged sentence

Gary Rothschild, President and Chief Executive Officer of Merx, became an employee of Apollo Management Holdings, L.P.

("AMH"), an affiliate of the Company investment adviser.

("AMH"), an affiliate of the Company’s investment adviser.

Rothschild also retained his role as the President and Chief Executive Officer of Merx.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM.

5 unchanged sentences

On April 1, 2020, $105,300 of the Merx first lien secured revolver held by the Company was converted into common equity.

In addition, the interest rate on the revolver was lowered from 12% to 10%.

The balance of the Merx revolver as of December 31, 2020 was $200,000.

In addition, the interest rate on the revolver was lowered from 12% to 10%.The balance of the Merx revolver as of June 30, 2021 was $190,500.

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, 2020 and 2019:

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

Basic Earnings (Loss) Per Share

Net increase (decrease) in net assets resulting from operations $ 33,166 $ 286 $ 69,449 $ 31,183

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

Three Months Ended June 30,

Basic Earnings Per Share

Net increase in net assets resulting from operations $ 32,144 $ 2,995

Weighted average shares outstanding 65,200,856 65,259,176

Basic earnings (loss) per share

$ 0.51 $ 0.00 $ 1.06 $ 0.46

Basic earnings per share $ 0.49 $ 0.05

APOLLO INVESTMENT CORPORATION

2 unchanged sentences

Fair Value Measurement and Disclosures

The following table shows the composition of our investment as of December 31, 2020, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

The following table shows the composition of our investment as of June 30, 2021, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy

11 unchanged sentences

Total Investments after Cash Equivalents $ 2,794,401 $ 2,533,951 $ 41,155 $ 11,173 $ 2,481,623

The following table shows the composition of our investment as of March 31, 2020, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

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

Fair Value Hierarchy

7 unchanged sentences

Warrants 211 1,595 — — 1,595

Total Investments before Cash Equivalents $ 3,089,613 $ 2,785,433 $ — $ 418 $ 2,785,015

Total Investments and Cash Equivalents $ 2,716,399 $ 2,449,151 $ — $ 484 $ 2,448,667

Money Market Fund $ 50,180 $ 50,180 $ 50,180 $ — $ —

4 unchanged sentences

(In thousands, except share and per share data)

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

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Fair value as of September 30, 2020 $ 1,998,765 $ 294,549 $ 22,000 $ 9,265 $ 8,023 $ 253,241 $ 265 $ 2,586,108

Net realized gains (losses) (7,615) (1,883) — — (1,505) 4,176 — (6,827)

Net change in unrealized gains (losses) 20,101 (3,164) — 759 (2,091) 3,907 931 20,443

Net amortization on investments 2,538 286 — — — — — 2,824

Purchases, including capitalized PIK (3) 230,093 484 — 47 7,904 219 76 238,823

Sales (3) (315,467) (34,756) — — (78) (14,696) — (364,997)

Transfers out of Level 3 (1) — — — — — — — —

Transfers into Level 3 (1) — — — — — — — —

Fair value as of December 31, 2020 $ 1,928,415 $ 255,516 $ 22,000 $ 10,071 $ 12,253 $ 246,847 $ 1,272 $ 2,476,374

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020 $ 5,578 $ (6,214) $ — $ 759 $ (2,841) $ 2,477 $ 978 $ 737

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

The following table shows changes in the fair value of our Level 3 investments during the three months ended 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

7 unchanged sentences

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)

____________________

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

(1) Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser.

Transfers are assumed to have occurred at the end of the period.

There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

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

There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.

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

(3) Includes reorganizations and restructuring of investments.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The following table shows changes in the fair value of our Level 3 investments during the three months ended December 31, 2019:

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, 2019 $ 2,055,574 $ 344,271 $ — $ 46,370 $ 24,498 $ 175,826 $ 86 $ 2,646,625

Net realized gains (losses) (3,299) — — 7,023 — (6,080) — (2,356)

Net change in unrealized gains (losses) 12,599 (9,252) — (7,879) (6,945) (11,634) 62 (23,049)

Net amortization on investments 2,082 237 — 69 — — — 2,388

Purchases, including capitalized PIK (3) 600,309 893 — 57 — 47,069 — 648,328

Sales (3) (344,776) (48,710) — (33,820) — (5,655) — (432,961)

Transfers out of Level 3 (1) (2,972) — — — — — — (2,972)

Transfers into Level 3 (1) — 33,121 — — — — — 33,121

Fair value as of December 31, 2019 $ 2,319,517 $ 320,560 $ — $ 11,820 $ 17,553 $ 199,526 $ 148 $ 2,869,124

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2019 $ 5,052 $ (8,201) $ — $ (441) $ (6,944) $ (6,954) $ 62 $ (17,426)

The following table shows changes in the fair value of our Level 3 investments during the nine months ended December 31, 2019:

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2020:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

7 unchanged sentences

Transfers into Level 3 (1) — — — — — — — —

Fair value as of December 31, 2019 $ 2,319,517 $ 320,560 $ — $ 11,820 $ 17,553 $ 199,526 $ 148 $ 2,869,124

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2019 $ (23,672) $ (14,085) $ — $ (1,199) $ (10,629) $ (9,468) $ (2) $ (59,055)

____________________

(1) Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into 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 periods.

Fair value as of June 30, 2020 $ 2,093,720 $ 309,111 $ — $ 9,815 $ 8,720 $ 249,031 $ 217 $ 2,670,614

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2020 $ (13,438) $ (3,098) $ — $ 68 $ 741 $ (12,927) $ 81 $ (28,573)

Transfers are assumed to have occurred at the end of the period.

There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.

4 unchanged sentences

(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, 2020 and March 31, 2020.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2021 and March 31, 2021.

In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements.

The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2020 were as follows:

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

Quantitative Information about Level 3 Fair Value Measurements

Asset Category Fair Value Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)

First Lien Secured Debt

$ 200,000 Discounted Cash Flow Discount Rate 10.5% 10.5% 10.5%

First Lien Secured Debt $ 190,500 Discounted Cash Flow Discount Rate 7.0% 12.0% 12.0%

Residual Value Residual Value N/A N/A N/A

4 unchanged sentences

398 Recovery Analysis Recoverable Amount N/A N/A N/A

1,611,038 Yield Analysis Discount Rate 4.1% 31.5% 8.6%

6,214 Recovery Analysis Sale Proceeds N/A N/A N/A

1,594,838 Yield Analysis Discount Rate 4.0% 33.8% 8.5%

Recovery Analysis Recoverable Amount N/A N/A N/A

Second Lien Secured Debt 9,270 Market Comparable Approach Comparable Multiple 11.5x 11.5x 11.5x

8,179 Recovery Analysis Commodity Price 45.50 60.00 57.47

4,139 Recovery Analysis Recoverable Amount $65.00 $68.00 $65.63

Recent Transaction Recent Transaction N/A N/A N/A

10,386 Recovery Analysis Sale Proceeds N/A N/A N/A

152,143 Yield Analysis Discount Rate 9.3% 14.6% 11.5%

9 unchanged sentences

Residual Value Residual Value N/A N/A N/A

25,145 Recovery Analysis Implied Illiquidity Discount 21.5% 21.5% 21.5%

Market Comparable Approach Transaction Price N/A N/A N/A

7,818 Market Comparable Approach Recent Transaction 0.4x 14.5x 9.3x

10,496 Market Comparable Approach Comparable Multiple 6.8x 17.0x 10.7x

235 Market Comparable Approach Comparable Multiple 8.6x 8.6x 8.6x

Option Pricing Model Expected Volatility 40.0% 40.0% 40.0%

37,162 Recent Transaction Recent Transaction N/A N/A N/A

2,170 Recovery Analysis Commodity Price $62.50 $65.50 $63.28

— Recovery Analysis Recoverable Amount N/A N/A N/A

— Recovery Analysis Recoverable Amount 0.0% 0.0% 0.0%

Warrants 1,851 Option Pricing Model Expected Volatility 65.0% 90.0% 88.5%

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_________________

(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.

APOLLO INVESTMENT CORPORATION

1 unchanged sentence

(In thousands, except share and per share data)

(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, 2021 were as follows:

2 unchanged sentences

First Lien Secured Debt $ 190,500 Discounted Cash Flow Discount Rate 7.5% 12.0% 12.0%

Residual Value Residual Value N/A N/A N/A

31,438 Recovery Analysis Recoverable Amount N/A N/A N/A

2 unchanged sentences

35,369 Recovery Analysis Commodity Price 54.00 60.16 59.86

2,066 Recovery Analysis Liquidation N/A N/A N/A

398 Recovery Analysis Recoverable Amount N/A N/A N/A

8,376 Recovery Analysis Sale Proceeds N/A N/A N/A

1,596,728 Yield Analysis Discount Rate 4.1% 32.3% 8.5%

Second Lien Secured Debt 14,711 Recovery Analysis Commodity Price 34.00 60.00 56.25

Second Lien Secured Debt 12,795 Market Comparable Approach Comparable Multiple 6.3x 6.3x 6.3x

8,111 Recovery Analysis Commodity Price 57.00 62.33 61.13

10,536 Recovery Analysis Sale Proceeds N/A N/A N/A

206,167 Yield Analysis Discount Rate 9.3% 14.9% 11.5%

Unsecured Debt 22,000 Discounted Cash Flow Discount Rate 16.0% 16.0% 16.0%

Residual Value Residual Value N/A N/A N/A

Structured Products and Other 11,289 Discounted Cash Flow Discount Rate 9.0% 9.0% 9.0%

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Common Equity/Interests 2,053 Discounted Cash Flow Discount Rate 9.0% 32.3% 19.3%

207,617 Discounted Cash Flow Discount Rate 7.5% 16.0% 10.2%

Residual Value Residual Value N/A N/A N/A

7,977 Market Comparable Technique Comparable Multiple 0.7x 16.5x 9.9x

215 Option Pricing Model Expected Volatility 35.0% 35.0% 35.0%

374 Recent Transaction Recent Transaction N/A N/A N/A

2,170 Recovery Analysis Commodity Price 54.00 62.33 60.08

25,424 Recovery Analysis Implied Illiquidity Discount 18.5% 18.5% 18.5%

Recovery Analysis Transaction Price N/A N/A N/A

Warrants 1,595 Option Pricing Model Expected Volatility 65.0% 90.0% 88.4%

— Recovery Analysis Liquidation N/A N/A N/A

Total Level 3 Investments $ 2,448,667

1 unchanged sentence

(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.

For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the es timated production level from the underlying reserves.

APOLLO INVESTMENT CORPORATION

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Investment Transactions

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

For the three and nine months ended December 31, 2019, purchases of investments on a trade date basis were $530,041 and $1,442,037 respectively.

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

For the three and nine months ended December 31, 2019, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $359,129 and $849,071, respectively.

For the three months ended June 30, 2021 and 2020, purchases of investments on a trade date basis were $295,213 and $137,889, respectively.

For the three months ended June 30, 2021 and 2020, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $266,107 and $232,859, respectively.

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, 2020, PIK income earned was $1,627 and $4,753, respectively.

During the three and nine months ended December 31, 2019, PIK income earned was $2,633 and $9,792, respectively.

The following table shows the change in capitalized PIK balance for the three and nine months ended December 31, 2020 and 2019:

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

During the three months ended June 30, 2021 and 2020, PIK income earned was $1,536 and $1,514, respectively.

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

Three Months Ended June 30,

PIK balance at beginning of period $ 41,947 $ 37,481

3 unchanged sentences

PIK balance at end of period $ 43,733 $ 39,016

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Dividend Income on CLOs

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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, 2020, dividend income from structured products was $323 and $1,000, respectively.

During the three and nine months ended December 31, 2019, dividend income from structured products was $322 and $954, respectively.

During the three months ended June 30, 2021 and 2020, dividend income from structured products was $312 and $345, respectively.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investments on Non-Accrual Status

As of December 31, 2020, 5.6% of total investments at amortized cost, or 1.1% of total investments at fair value, were on non-accrual status.

As of June 30, 2021, 5.6% of total investments at amortized cost, or 1.1% of total investments at fair value, were on non-accrual status.

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

Unconsolidated Significant Subsidiary

The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of December 31, 2020.

Unconsolidated Significant Subsidiaries

The following unconsolidated subsidiaries are considered significant subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) as of June 30, 2021.

Accordingly, summarized, unaudited, comparative financial information is presented below for the unconsolidated significant subsidiary.

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Merx may outsource its aircraft servicing requirements to third parties that have the global staff and expertise necessary to complete such tasks.

The following table shows unaudited summarized financial information for Merx Aviation:

Nine Months Ended December 31,

The following table shows unaudited summarized financial information for Merx:

Three Months Ended June 30,

Net revenue $ 43,710 $ 49,244

Net operating income 5,844 15,570

Earnings (losses) before taxes (59,084) (14,680)

Earnings (loss) before taxes (4,943) (3,082)

Net profit (loss) (3,570) (2,559)

*Certain amounts in the prior period have been reclassified to conform with the current period classifications.

Management does not consider the revision to have a material impact on the financial statements.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Net profit (loss) after taxes attributable to non-controlling interests

Net profit (loss) after taxes attributable to Merx Aviation

(2,590) (2,420)

Debt and Foreign Currency Transactions and Translations

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As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

The Company’s outstanding debt obligations as of December 31, 2020 were as follows:

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 June 30, 2021 were as follows:

Date Issued/Amended Total Aggregate Principal Amount Committed Principal Amount Outstanding Fair Value Final Maturity Date

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Total Debt Obligations $ 2,160,000 $ 1,492,371 $ 1,526,313

Deferred Financing Costs and Debt Discount $ (4,053)

Deferred Financing Cost and Debt Discount $ (3,573)

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,488,798

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

(1) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2020.

The valuation is based on broker quoted prices.

(2) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2020.

(1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2021.

The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of June 30, 2021.

The valuation is based on broker quoted prices.

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

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Total Debt Obligations $ 2,160,000 $ 1,469,186 $ 1,497,528

Deferred Financing Costs and Debt Discount $ (4,785)

Deferred Financing Cost and Debt Discount $ (3,815)

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,465,371

____________________

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

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

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

(1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2021.

The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, 2021.

The valuation is based on broker quoted prices.

APOLLO INVESTMENT CORPORATION

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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, 2020, the stated interest rate on the facility was LIBOR plus 2.00%.

As of June 30, 2021, the stated interest rate on the facility was LIBOR plus 2.00%.

The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and participation fees and fronting fees of up to 2.25% per annum on the letters of credit issued.

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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, 2020 and March 31, 2020, the Company had $177 and $6,227, respectively, in standby letters of credit issued through the Senior Secured Facility.

As of June 30, 2021 and March 31, 2021, the Company had $177 and $177, respectively, in standby letters of credit issued through the Senior Secured Facility.

The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility.

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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 $643,457 and $354,371 as of December 31, 2020 and March 31, 2020, respectively.

The available remaining capacity under the Senior Secured Facility was $667,452 and $690,637 as of June 30, 2021 and March 31, 2021, respectively.

Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

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The 2025 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

On June 17, 2013, the Company issued $135,000 aggregate principal amount of senior unsecured notes and on June 24, 2013, an additional $15,000 in aggregate principal amount of such notes was issued pursuant to the underwriters’ over-allotment option exercise.

In total, $150,000 of aggregate principal was issued for net proceeds of $145,275 (the “2043 Notes”).

The 2043 Notes will mature on July 15, 2043.

Interest on the 2043 Notes is paid quarterly on January 15, April 15, July 15 and October 15, at an annual rate of 6.875%, commencing on October 15, 2013.

The Company may redeem the 2043 Notes in whole or in part at any time or from time to time on or after July 15, 2018.

The 2043 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior, unsecured indebtedness.

The 2043 Notes are listed on the New York Stock Exchange under the ticker symbol “AIY.”

On August 12, 2019, the Company redeemed the entire $150,000 aggregate principal amount outstanding of the 2043 Notes in accordance with the terms of the indenture governing the 2043 Notes, before its stated maturity date, which resulted in a realized loss on the extinguishment of debt of $4,375.

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, 2020 and 2019:

Three Months Ended December 31, Nine Months Ended December 31,

2020 2019 2020 2019

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

Three Months Ended June 30,

Average debt outstanding $ 1,459,775 $ 1,792,960

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(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, 2020 were $598 and $1,404 respectively.

Commitment fees for the three and nine months ended December 31, 2019 were $446 and $1,886, respectively.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Commitment fees for the three months ended June 30, 2021 and 2020 were $660 and $339, respectively.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of December 31, 2020:

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of June 30, 2021:

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

Canadian Dollar C$ 2,300 $ 1,894 $ 1,805 $ 89 1/29/2021

Euro € 15,400 16,845 18,263 (1,418) 7/30/2021

British Pound £ 76,000 94,351 104,990 (10,639) 7/30/2021

British Pound £ 99,000 122,905 135,328 (12,423) 1/29/2021

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

Australian Dollar A$ 6,000 4,406 4,630 (224) 1/29/2021

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

2 unchanged sentences

Gain/(Loss) Reset Date

Canadian Dollar C$ 2,300 $ 1,894 $ 1,616 $ 278 4/30/2020

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

British Pound £ 9,000 11,631 11,159 472 4/24/2020

British Pound £ 1,500 1,943 1,860 83 4/27/2020

British Pound £ 87,000 107,751 107,876 (125) 4/30/2020

British Pound £ 3,000 3,523 3,720 (197) 4/20/2020

Australian Dollar A$ 6,300 4,617 4,799 (182) 4/30/2021

Australian Dollar A$ 6,000 4,406 3,672 734 4/30/2020

$ 117,602 $ 129,723 $ (12,121)

As of December 31, 2020 and March 31, 2020, the Company was in compliance with all debt covenants for all outstanding debt obligations.

As of June 30, 2021 and March 31, 2021, the Company was in compliance with all debt covenants for all outstanding debt obligations.

APOLLO INVESTMENT CORPORATION

2 unchanged sentences

Stockholders’ Equity

There were no equity offerings of common stock during the three and nine months ended December 31, 2020 and March 31, 2020.

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

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

2 unchanged sentences

December 14, 2015

50,000 50,000 —

September 14, 2016 50,000 50,000 —

1 unchanged sentence

February 6, 2019 50,000 25,098 24,902

Total as of December 31, 2020 $ 250,000 $ 223,071 $ 26,929

Total as of June 30, 2021 $ 250,000 $ 225,098 $ 24,902

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.

2 unchanged sentences

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.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

21 unchanged sentences

March 12, 2020 March 19, 2020 20,000

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

During the nine months ended December 31, 2019, the Company repurchased 2,331,245 shares at a weighted average price per share of $15.95, inclusive of commissions, for a total cost of $37,187.

This represents a discount of approximately 14.95% of the average net asset value per share for the nine months ended December 31, 2019.

Since the inception of the Repurchase Plans through December 31, 2020, the Company repurchased 13,654,578 shares at a weighted average price per share of $16.34, inclusive of commissions, for a total cost of $223,072.

March 30, 2021 May 21, 2021 10,000

June 16, 2021 August 6, 2021 10,000

During the three months ended June 30, 2021, the Company 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.

During the three months ended June 30, 2020, the Company did not repurchase shares.

Since the inception of the Repurchase Plans through June 30, 2021, the Company repurchased 13,800,150 shares at a weighted average price per share of $16.31, inclusive of commissions, for a total cost of $225,098.

Including fractional shares, the company has repurchased 13,800,180 shares at a weighted average price per share of $16.31, inclusive of commissions for a total cost of $225,099.

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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.

On March 19, 2020, the Company announced a suspension of its stock repurchase program, including amounts allocated to Rule 10b5-1 repurchase plans.

The Company retained the right to reinstate the stock repurchase program.

APOLLO INVESTMENT CORPORATION

3 unchanged sentences

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, 2020 and March 31, 2020, the Company had the following unfunded commitments to its portfolio companies:

December 31, 2020 March 31, 2020

As of June 30, 2021 and March 31, 2021, the Company had the following unfunded commitments to its portfolio companies:

June 30, 2021 March 31, 2021

Unfunded revolver obligations and bridge loan commitments (1) $ 290,106 $ 261,854

Standby letters of credit issued and outstanding (2)

Unfunded delayed draw loan commitments (3) 186,123 230,778

Unfunded delayed draw loan commitments (performance thresholds not met) (3)

264,446 172,249

Total Unfunded Commitments (4) $ 557,602 $ 436,890

1 unchanged sentence

(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, 2020 and March 31, 2020, 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, 2020 and March 31, 2020, the bridge loan commitments included in the balances were $50,269 and $15,050, respectively.

The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 2021 and March 31, 2021, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding.

As of June 30, 2021 and March 31, 2021, the bridge loan commitments included in the balances were $29,637 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.

2 unchanged sentences

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 $100,000 and $194,700 as of December 31, 2020 and March 31, 2020, respectively.

(4) The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $109,500 and $109,500 a s of June 30, 2021 and March 31, 2021 , respectively.

Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

As further discussed in Note 2, the full extent of the impact of COVID-19 on the global economy generally, and the Company’s business in particular is uncertain.

As of December 31, 2020, no contingencies have been recorded on the Company’s Statements of Assets and Liabilities as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows.

As of June 30, 2021, no contingencies have been recorded on the Company’s Statement of Assets and Liabilities as a result of COVID-19, however as the global pandemic continues and if economic implications worsen, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows.

Refer to Note 2 for further discussion of COVID-19.

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Financial Highlights

The following is a schedule of financial highlights for the nine months ended December 31, 2020 and 2019.

Nine Months Ended December 31, 2020 Nine Months Ended December 31, 2019

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

Three Months Ended June 30, 2021 Three Months Ended June 30, 2020

(Unaudited) (Unaudited)

26 unchanged sentences

(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, 2020 may include return of capital, the exact amount cannot be determined at this point.

Although the tax character of distributions paid to stockholders through June 30, 2021 may include return of capital, the exact amount cannot be determined at this point.

Per share amounts are based on actual rate per share.

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(4) The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements).

For the nine months ended December 31, 2020, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.16% and 10.73%, respectively, without the voluntary fee waivers.

For the nine months ended December 31, 2019 the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 4.69% and 10.40%, respectively, without the voluntary fee waivers.

(5) Annualized for the nine months ended December 31, 2020 and December 31, 2019.

For the three months ended June 30, 2021, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 4.87% and 9.75%, respectively, without the voluntary fee waivers.

For the Three months ended June 30, 2020, the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 5.22% and 11.33%, respectively, without the voluntary fee waivers.

(5) Annualized for the three months ended June 30, 2021 and 2020.

(6) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness.

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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.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of December 31, 2020.

Actual results may ultimately differ from those estimates.

To the extent the Company's portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company's future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of the Company's portfolio companies.

See Note 2 for information regarding the potential impact of the COVID-19 pandemic.

On February 4, 2021, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on April 5, 2021 to stockholders of record as of March 19, 2021.

On February 4, 2021, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on April 5, 2021 to stockholders of record as of March 19, 2021.

During the period from July 1, 2021 through August 4, 2021, the Company repurchased 44,418 shares at a weighted average price per share of $13.46, inclusive of commissions, for a total cost of $598, leaving a maximum of $24,304 available for future purchases under the Repurchase Plans.

On July 9, 2021, the Company priced an underwritten public offering of $125 million in aggregate principal amount of 4.500% Notes due 2026 (the “2026 Notes”).

The 2026 Notes are the Company’s general unsecured obligations and will mature on July 16, 2026 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make-whole” premium, if applicable.

The 2026 Notes bear interest at a rate of 4.500% per year payable semi-annually on January 16 and July 16 of each year, with the first interest payment due on January 16, 2022.

The offering of the 2026 Notes closed on July 16, 2021.

On August 5, 2021, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on October 8, 2021 to stockholders of record as of September 21, 2021.

On August 5, 2021, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on October 8, 2021 to shareholders of record as of September 21, 2021.

Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board expects to declare a quarterly supplemental distribution in an amount to be determined each quarter.

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Results of Review of Interim Financial Statements

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of December 31, 2020, and the related statements of operations and of changes in net assets for the three-month and nine-month periods ended December 31, 2020 and 2019, and the statements of cash flows for the nine-month periods ended December 31, 2020 and 2019, including the related notes (collectively referred to as the “interim financial statements”).

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of June 30, 2021, and the related statements of operations, of changes in net assets and of cash flows for the three-month periods ended June 30, 2021 and 2020, including the related notes (collectively referred to as the “interim financial statements”).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

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New York, New York

February 4, 2021

August 5, 2021

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements