What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-11-04 compared with 2021-08-05 · 698 added, 729 removed, 2640 unchanged (35% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

June 30, 2021 March 31, 2021

September 30, 2021 March 31, 2021

Investments at fair value:

30 unchanged sentences

(In thousands, except per share data)

Three Months Ended June 30,

Three Months Ended September 30, Six Months Ended September 30,

2021 2020 2021 2020

Investment Income

22 unchanged sentences

Management and performance-based incentive fees waived — — — —

Management fee offset rebate — —

Performance-based incentive fee offset (147) — (147) —

Expense reimbursements (76) (100) (152) (210)

21 unchanged sentences

(In thousands, except share data)

Three Months Ended June 30,

Three Months Ended September 30, Six Months Ended September 30,

2021 2020 2021 2020

Net investment income $ 21,231 $ 27,906 $ 46,574 $ 56,134

5 unchanged sentences

Distribution of return of capital — — — —

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

Net Decrease in Net Assets Resulting from Distributions to Stockholders $ (23,408) $ (23,494) $ (46,850) $ (52,860)

Capital Share Transactions

1 unchanged sentence

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions $ (5,905) $ — $ (7,931) $ —

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

Net increase (decrease) in net assets during the period $ (3,872) $ 9,795 $ 2,803 $ (16,577)

Net assets at beginning of period 1,043,005 997,943 1,036,330 1,024,315

8 unchanged sentences

(In thousands)

Three Months Ended June 30,

Six Months Ended September 30,

Operating Activities

25 unchanged sentences

Net Cash Used in/Provided by Financing Activities $ 81,962 $ (262,184)

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

Cash, Cash Equivalents and Foreign Currencies

Net increase (decrease) in cash, cash equivalents and foreign currencies during the period $ (27,003) $ (12,306)

Effect of foreign exchange rate changes on cash and cash equivalents (103) (36)

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

Cash, cash equivalents and foreign currencies at beginning of period 54,624 43,676

Cash, Cash Equivalents and Foreign Currencies at the End of Period $ 27,518 $ 31,334

Supplemental Disclosure of Cash Flow Information

5 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

2 unchanged sentences

FingerPaint Marketing

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/26 876 (20) (9) (8)(9)

KL Charlie Acquisition Company First Lien Secured Debt L+525, 1.00% Floor 12/30/26 $ 18,560 $ 18,220 $ 18,374 (9)(28)

First Lien Secured Debt L+525, 1.00% Floor 12/30/26 4,371 3,441 3,451 (9)(21)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 12/30/26 2,190 (19) (22) (8)(9)(21)

KL Charlie Co-Invest, L.P.

3 unchanged sentences

Simplifi Holdings, Inc.

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

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)

First Lien Secured Debt P+425, 1.00% Floor 08/02/25 38,245 37,770 38,245 (9)(34)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 08/02/25 2,400 (36) — (9)(23)

37,734 38,245

1 unchanged sentence

Aerospace & Defense

Erickson Inc First Lien Secured Debt - Revolver 9.00% (3M L+750, 1.50% Floor) 04/28/22 $ 32,877 $ 32,877 $ 32,384 (9)(23)

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

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

Erickson Inc First Lien Secured Debt - Revolver L+750, 1.50% Floor 04/28/22 $ 32,250 $ 26,505 $ 26,142 (9)(20)(21)

First Lien Secured Debt - Revolver 13.50% 04/28/22 3,750 3,750 3,701 (9)(23)

Total Aerospace & Defense $ 30,255 $ 29,843

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)

Club Car Wash Operating, LLC First Lien Secured Debt L+650, 1.00% Floor 06/16/27 $ 13,778 $ 13,545 $ 13,531 (9)(29)

First Lien Secured Debt L+650, 1.00% Floor 06/16/27 16,250 3,953 3,934 (9)(21)(23)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 06/16/27 2,438 (41) (44) (8)(9)(21)

17,457 17,421

5 unchanged sentences

K&N Parent, Inc.

Second Lien Secured Debt 9.75% (3M L+875, 1.00% Floor) 10/21/24 23,765 23,565 22,279

Second Lien Secured Debt L+875, 1.00% Floor 10/21/24 23,765 23,573 22,220 (28)

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

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

Truck-Lite Co., LLC First Lien Secured Debt L+625, 1.00% Floor 12/14/26 28,440 27,930 28,367 (9)(28)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/13/24 3,052 (40) (2) (8)(9)(20)

28,240 28,747

Total Automotive $ 70,562 $ 68,786

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

Aviation and Consumer Transport

1 unchanged sentence

Merx Aviation Finance, LLC (5) First Lien Secured Debt - Revolver 10.00% 10/31/23 $ 275,177 $ 275,000 $ 275,000 (20)(23)

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

Common Equity - Membership Interests N/A N/A N/A 35,800 39,820 (25)

310,800 314,820

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

PrimeFlight Aviation Services, Inc.

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 L+625, 1.00% Floor 05/09/24 17,416 17,202 17,267 (9)(26)

Total Aviation and Consumer Transport $ 328,002 $ 332,087

Beverage, Food & Tobacco

Berner Food & Beverage, LLC First Lien Secured Debt L+650, 1.00% Floor 07/30/27 $ 31,119 $ 30,431 $ 30,807 (9)(29)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 07/30/26 2,881 513 547 (9)(21)(23)

30,944 31,354

Bolthouse Farms

1 unchanged sentence

Common Equity - Common Stock N/A N/A 1,000,000 Shares 1,001 1,170 (13)

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)

25,301 25,458

Florida Food Products, Inc.

First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/08/25 22,647 22,307 22,534 (9)

First Lien Secured Debt 8.25% (3M L+725, 1.00% Floor) 09/08/25 2,970 2,798 2,970 (9)

Florida Food Products, LLC First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 09/06/23 342 343 341 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/06/23 1,370 (19) (7) (8)(9)

First Lien Secured Debt L+650, 1.00% Floor 09/08/25 22,589 22,268 22,589 (9)(26)

First Lien Secured Debt L+725, 1.00% Floor 09/08/25 2,963 2,799 2,963 (9)(26)

Florida Food Products, LLC First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/06/23 1,712 326 342 (9)(23)(26)

25,393 25,894

FCP-Hive Holdings, LLC Preferred Equity - Preferred Stock N/A N/A 589 Shares 448 448 (9)(13)(25)

Common Equity - Common Stock N/A N/A 589 Shares 3 3 (9)(13)(25)

Hive Intermediate, LLC First Lien Secured Debt L+600, 1.00% Floor 09/22/27 17,209 16,879 17,037 (9)(26)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 09/22/27 2,326 420 442 (9)(21)(23)

17,750 17,930

Butterfly Fighter Co-Invest, L.P.

Common Equity - Membership Interests N/A N/A 1,000,000 Shares 1,005 1,035

Ultimate Baked Goods Midco LLC First Lien Secured Debt L+625, 1.00% Floor 08/13/27 26,757 26,102 26,088 (9)(29)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 08/13/27 3,243 448 446 (9)(20)(21)

26,550 26,534

TNT Crust LLC

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)

TNT Crust LLC First Lien Secured Debt L+675, 1.00% Floor 11/06/23 21,606 21,322 21,174 (9)(28)

First Lien Secured Debt - Revolver L+675, 1.00% Floor 11/06/23 3,252 1,925 1,886 (9)(21)(23)

Common Equity - Series A Units N/A N/A 244 Shares 30 168 (9)(13)

23,277 23,228

IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169 324 (9)(13)

LLC First Lien Secured Debt L+600, 1.00% Floor 05/31/25 25,138 24,809 24,509 (9)(26)

First Lien Secured Debt - Revolver P+500, 1.00% Floor 05/31/24 4,494 401 337 (9)(20)(21)

25,379 25,170

Total Beverage, Food & Tobacco $ 151,299 $ 152,315

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169 342 (9)(13)

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

24,927 25,049

Total Beverage, Food & Tobacco $ 99,597 $ 100,826

Business Services

Access Information

Access CIG, LLC Second Lien Secured Debt 7.84% (1M L+775) 02/27/26 $ 15,900 $ 15,811 $ 15,724

Access CIG, LLC Second Lien Secured Debt L+775, 0.00% Floor 02/27/26 $ 15,900 $ 15,817 $ 15,739 (26)

Ambrosia Buyer Corp.

2 unchanged sentences

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)

Gabriel Partners, LLC First Lien Secured Debt L+625, 1.00% Floor 09/21/26 31,610 30,999 30,940 (9)(29)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 09/21/26 665 (15) (14) (8)(9)(21)

30,984 30,926

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)

Continuum Global Solutions, LLC First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 02/15/22 2,762 2,762 2,714 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/15/22 17,238 (102) (302) (8)(9)

Claritas, LLC First Lien Secured Debt L+575, 1.00% Floor 12/21/23 3,696 3,679 3,659 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/21/23 1,031 73 67 (9)(21)(23)

Continuum Global Solutions, LLC First Lien Secured Debt - Revolver L+550, 1.00% Floor 02/15/22 20,000 2,998 2,677 (9)(21)(23)

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

Education Personnel

Arthur Bidco Limited First Lien Secured Debt 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 4,035 5,168 5,488 (9)(17)

First Lien Secured Debt - Revolver 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 1,471 1,884 2,000 (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 33,704 33,893 (9)

TGG TS Acquisition Company First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/14/23 1,750 — (35) (8)(21)

Electro Rent Corporation Second Lien Secured Debt L+900, 1.00% Floor 01/31/25 34,235 33,731 34,064 (9)(28)

TGG TS Acquisition Company First Lien Secured Debt - Revolver L+650, 0.00% Floor 12/14/23 1,750 — (35) (8)(21)(23)

Ensemble Health

EHL Merger Sub, LLC First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 08/01/24 4,155 (235) (139) (8)(21)

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

Jacent Strategic Merchandising First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 04/23/24 22,256 22,068 21,889 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 04/23/24 2,567 2,567 2,524 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/23/24 933 (30) (15) (8)(9)

EHL Merger Sub, LLC First Lien Secured Debt - Revolver L+325, 0.00% Floor 08/01/24 4,155 (217) (130) (8)(21)(23)

Jacent Strategic Merchandising First Lien Secured Debt L+575, 1.00% Floor 04/23/24 22,199 22,024 21,804 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 04/23/24 3,500 2,539 2,504 (9)(23)(28)

Common Equity - Common Stock N/A N/A 5,000 Shares 500 158 (9)(13)

3 unchanged sentences

Jones & Frank

JF Acquisition, LLC First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 07/31/24 5,272 5,206 5,209 (9)

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)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/31/24 628 (19) (7) (8)(9)

JF Acquisition, LLC First Lien Secured Debt L+550, 1.00% Floor 07/31/24 13,268 13,116 13,106 (9)(28)(30)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 07/31/24 1,569 924 922 (9)(21)(23)

14,040 14,028

Trident Bidco Limited First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 11/08/25 34,125 33,379 33,842 (9)(17)

Trident Bidco Limited First Lien Secured Debt L+550, 1.00% Floor 11/08/25 34,125 33,420 33,854 (9)(17)(29)

Margaux Acquisition Inc.

First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 12/19/24 22,995 22,728 22,857 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 1,601 (19) (10) (8)(9)

Margaux UK Finance Limited First Lien Secured Debt 6.50% (3M GBPL+550, 1.00% Floor) 12/19/24 £ 7,164 8,951 9,836 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 £ 541 (8) (5) (8)(9)

31,652 32,678

(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

Lifelong Learner Holdings, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 10/19/26 32,453 31,948 31,042 (9)

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 10/19/26 2,388 (18) (104) (8)(9)

First Lien Secured Debt L+550, 1.00% Floor 12/19/24 22,936 22,687 22,922 (9)(28)

First Lien Secured Debt - Revolver P+450, 1.00% Floor 12/19/24 1,601 212 228 (9)(21)(23)

Margaux UK Finance Limited First Lien Secured Debt GBPL+550, 1.00% Floor 12/19/24 £ 7,146 8,938 9,579 (9)(17)(31)

First Lien Secured Debt - Revolver GBPL+550, 1.00% Floor 12/19/24 £ 541 (7) (4) (8)(9)(17)

31,830 32,725

2 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

(fka Newscycle Solutions, Inc.) First Lien Secured Debt L+700, 1.00% Floor 12/29/22 12,244 12,140 12,184 (9)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 12/29/22 500 277 278 (9)(21)(23)

12,417 12,462

Graffiti Buyer, Inc.

First Lien Secured Debt L+575, 1.00% Floor 08/10/27 5,836 5,721 5,720 (9)(28)

First Lien Secured Debt L+575, 1.00% Floor 08/10/27 2,613 (25) (26) (8)(9)(21)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 08/10/27 1,307 (26) (26) (8)(9)(21)

Graffiti Parent, LP Common Equity - Common Stock N/A N/A 2,439 Shares 244 244 (9)(13)(25)

PSI Services, LLC

Lifelong Learner Holdings, LLC First Lien Secured Debt L+575, 1.00% Floor 10/19/26 32,371 31,893 31,286 (9)(28)

First Lien Secured Debt L+575, 1.00% Floor 10/19/26 2,388 (17) (80) (8)(9)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 10/20/25 2,985 2,942 2,899 (9)(21)(23)

34,818 34,105

Soliant Health, Inc.

2 unchanged sentences

Transplace Holdings, Inc.

Second Lien Secured Debt 9.75% (3M L+875, 1.00% Floor) 10/06/25 8,599 8,483 8,556

Second Lien Secured Debt L+875, 1.00% Floor 10/06/25 8,599 8,487 8,599 (28)

US Legal Support

1 unchanged sentence

USLS Acquisition, Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/02/24 24,189 23,907 23,182 (9)

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

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

First Lien Secured Debt L+575, 1.00% Floor 12/02/24 24,126 23,864 23,484 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/02/24 1,608 (17) (43) (8)(9)(20)

24,479 24,193

5 unchanged sentences

78,729 45,234

Niacet Corporation

Hare Bidco, Inc.

Second Lien Secured Debt 9.75% (1M E+875, 1.00% Floor) 08/01/24 € 11,351 12,174 13,427

Westfall Technik, Inc.

First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 09/13/24 $ 15,737 15,561 15,422 (9)

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)

First Lien Secured Debt L+575, 1.00% Floor 09/13/24 15,697 15,533 15,333 (9)(26)

First Lien Secured Debt L+625, 1.00% Floor 09/13/24 5,667 5,568 5,554 (9)(26)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 09/13/24 1,885 1,731 1,706 (9)(23)(26)

First Lien Secured Debt - Revolver P+475, 1.00% Floor 09/13/24 134 133 131 (9)(23)(34)

22,965 22,724

Total Chemicals, Plastics & Rubber $ 101,694 $ 67,958

Construction & Building

Gutter Buyer, Inc.

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 03/06/25 $ 28,612 $ 28,242 $ 28,283 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/06/24 2,688 (37) (28) (8)(9)

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

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)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

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)

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)

Construction & Building

Gutter Buyer, Inc.

First Lien Secured Debt L+575, 1.00% Floor 03/06/25 $ 28,539 $ 28,191 $ 27,971 (9)(26)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 03/06/24 2,727 (33) (54) (8)(9)(20)

Gutter Holdings, LP Common Equity - Common Stock N/A N/A 500 Shares 500 1,105 (9)

Total Construction & Building $ 28,658 $ 29,022

Consumer Goods – Durable

A&V Holdings Midco, LLC First Lien Secured Debt - Revolver L+450, 1.00% Floor 03/10/25 $ 1,505 $ (92) $ (59) (8)(21)(23)

KDC US Holdings First Lien Secured Debt - Revolver L+325, 0.00% Floor 12/21/23 6,020 4,892 4,812 (20)(21)

KLO Holdings, LLC

(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)

(4) First Lien Secured Debt L+500, 1.00% Floor 09/30/25 2,978 2,978 2,805 (17)(28)

First Lien Secured Debt L+500 PIK, 1.00% Floor 09/30/25 1,046 1,046 979 (17)(28)

Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 1,096 (2)(13)(17)

9357-5991 Quebec Inc.

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

GSC Technologies Inc.

(4) First Lien Secured Debt L+1000 PIK, 1.00% Floor 09/30/25 216 216 202 (17)(28)

Liqui-Box Holdings, Inc.

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

First Lien Secured Debt - Revolver L+450, 1.00% Floor 02/26/25 3,014 2,827 2,842 (20)(21)

First Lien Secured Debt - Revolver P+350, 1.00% Floor 02/26/25 546 542 545 (21)

NSi Industries

Wildcat BuyerCo, Inc.

First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 02/27/26 7,156 6,818 7,099

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

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)

First Lien Secured Debt L+500, 1.00% Floor 02/27/26 5,996 5,890 5,965 (28)

First Lien Secured Debt L+500, 1.00% Floor 02/27/26 3,171 896 1,126 (21)(23)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 02/27/26 725 (12) (3) (8)(21)(23)

Wildcat Parent LP Common Equity - Common Stock N/A N/A 1,070 Shares 107 161 (13)

3 unchanged sentences

Consumer Goods – Non-durable

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

Protein For Pets Opco, LLC First Lien Secured Debt - Revolver L+500, 1.00% Floor 05/31/24 $ 2,219 $ (31) $ — (9)(21)(23)

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 - 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)

Big Buyer, LLC First Lien Secured Debt L+650, 1.00% Floor 11/20/23 30,373 29,985 30,285 (9)(26)

First Lien Secured Debt L+650, 1.00% Floor 11/20/23 1,000 (6) (3) (8)(9)(21)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 11/20/23 1,806 (23) (5) (8)(9)(21)

29,956 30,277

Project Comfort Buyer, Inc.

First Lien Secured Debt L+700, 1.00% Floor 02/01/25 25,590 25,167 24,564 (9)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 02/01/24 3,462 1,106 1,008 (9)(21)(23)

Preferred Equity - Preferred Equity N/A N/A 461,538 Shares 462 258 (9)(13)

26,735 25,830

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

Project Comfort Buyer, Inc.

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)

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

25,891 24,973

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)

Lash OpCo, LLC First Lien Secured Debt L+700, 1.00% Floor 03/18/26 20,000 19,557 19,558 (9)(26)

First Lien Secured Debt P+600, 1.00% Floor 03/18/26 10,171 9,956 9,946 (9)(34)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 09/18/25 1,503 190 207 (9)(21)(23)

29,703 29,711

Olaplex, Inc.

First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 01/08/26 12,221 12,036 12,253 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/08/25 2,300 (32) — (9)(21)

First Lien Secured Debt L+625, 1.00% Floor 01/08/26 12,142 11,967 12,256 (9)(26)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 01/08/25 2,300 (30) — (9)(21)(23)

11,937 12,256

1 unchanged sentence

Sequential Brands Group, Inc.

Second Lien Secured Debt 9.75% (1M L+875, 1.00% Floor) 02/07/24 12,658 12,603 10,386 (17)

First Lien Secured Debt L+500, 1.00% Floor 01/28/22 6,964 6,535 6,537 (17)(21)

Second Lien Secured Debt 8.75% 02/07/24 12,658 12,606 11,545 (13)(14)

19,141 18,082

Total Consumer Goods – Non-durable $ 117,441 $ 116,156

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)

Activ Software Holdings, LLC First Lien Secured Debt L+625, 1.00% Floor 05/04/27 $ 30,018 $ 29,450 $ 29,403 (9)(29)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 05/04/27 2,407 (45) (49) (8)(9)(21)

29,405 29,354

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)

Bird US Opco, LLC First Lien Secured Debt L+900, 1.00% Floor 04/27/24 15,055 4,464 4,474 (9)(23)(26)

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)

Marlin DTC-LS Midco 2, LLC First Lien Secured Debt L+650, 1.00% Floor 07/01/25 22,262 21,923 22,080 (26)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 07/01/25 685 (8) (5) (8)(21)(23)

21,915 22,075

First Heritage

First Heritage Credit, LLC First Lien Secured Debt 4.84% (1M L+475) 04/02/22 18,000 17,958 17,912 (9)

First Lien Secured Debt - Revolver 5.59% (1M L+550) 04/02/22 509 509 507 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/02/22 3,241 (9) (15) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 04/02/22 8,250 (24) (40) (8)(9)

First Heritage Credit, LLC First Lien Secured Debt L+475, 0.00% Floor 04/02/22 26,250 17,971 17,948 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 0.00% Floor 04/02/22 3,750 1,942 1,946 (9)(21)(23)

19,913 19,894

Go Car Wash Management Corp.

First Lien Secured Debt L+550, 1.00% Floor 12/31/26 8,023 7,870 7,902 (9)(26)

First Lien Secured Debt L+550, 1.00% Floor 12/31/26 3,462 154 102 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 12/31/26 417 288 285 (9)(21)(23)

Lending Point

LendingPoint LLC First Lien Secured Debt L+1050, 1.00% Floor 12/30/25 17,500 11,218 11,225 (9)(21)(23)

First Lien Secured Debt L+575, 1.00% Floor 12/30/25 4,167 3,153 3,157 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/30/25 8,333 5,059 5,066 (9)(21)(23)

19,430 19,448

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

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)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/26 2,577 (22) (40) (8)(9)

Lending Point

LendingPoint LLC First Lien Secured Debt 11.50% (3M L+1050, 1.00% Floor) 12/30/25 11,375 11,273 11,286 (9)

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 Delayed Draw 1.00% Unfunded 12/30/25 6,125 (55) (48) (8)(9)

12,209 12,230

Only About Children

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt 7.75% (3M BBSW+675, 1.00% Floor) 04/06/24 A$ 6,768 4,942 4,929 (17)

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

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt BBSW+625, 0.00% Floor 04/06/24 A$ 6,008 4,395 4,212 (17)(33)

First Lien Secured Debt BBSW+625, 0.00% Floor 04/06/24 A$ 992 545 527 (17)(21) (23)(33)

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 8.00% (3M L+700, 1.00% Floor) 05/27/26 1,175 1,175 1,163 (9)(23)

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

First Lien Secured Debt L+700, 1.00% Floor 05/27/26 10,607 10,505 10,501 (9)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 05/27/26 2,671 1,355 1,354 (9)(21)(23)

First Lien Secured Debt - Revolver P+600, 1.00% Floor 05/27/26 411 407 407 (9)(21)(23)

12,267 12,262

Pinstripe Holdings, LLC

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

Pinstripe Holdings, LLC First Lien Secured Debt L+550, 1.00% Floor 01/17/25 6,791 6,714 6,780 (28)

The Club Company

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)

Eldrickco Limited First Lien Secured Debt GBPL+625, 0.50% Floor 11/21/25 £ 9,393 11,936 12,202 (9)(17)(32)

First Lien Secured Debt GBPL+625, 0.50% Floor 11/21/25 £ 5,690 2,064 2,133 (9)(17)(23)

First Lien Secured Debt - Revolver GBPL+625, 0.50% Floor 05/21/25 £ 356 411 462 (9)(17)(23)

14,411 14,797

Auto Finance, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 04/17/24 11,778 11,817 11,759 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 04/17/24 4,122 4,122 4,115 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/17/24 9,212 (28) (15) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 04/17/24 8,222 (16) — (9)(21)

15,895 15,859

First Lien Secured Debt L+525, 0.00% Floor 04/17/24 20,000 4,623 4,558 (9)(21)(23)

First Lien Secured Debt - Revolver L+600, 0.00% Floor 04/17/24 13,333 4,515 4,507 (9)(21)(23)

Total Consumer Services $ 150,909 $ 151,177

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

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)

Compu-Link Corporation First Lien Secured Debt - Revolver L+550, 1.00% Floor 06/11/24 $ 2,273 $ (28) $ (16) (8)(9)(21)

Peer Advisors, LLC First Lien Secured Debt L+550, 1.00% Floor 06/11/24 17,670 17,451 17,543 (9)(26)

17,423 17,527

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 - 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)

Flock SPV I, LLC First Lien Secured Debt L+650, 1.00% Floor 12/31/22 14,667 11,991 12,000 (9)(17)(21)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 12/31/22 5,333 (36) — (9)(17)(21)

11,955 12,000

1 unchanged sentence

Purchasing Power, LLC

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)

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver L+650, 0.00% Floor 01/24/24 9,113 — — (9)(21)(23)

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)

First Lien Secured Debt L+575, 0.75% Floor 06/29/28 11,405 11,236 11,234 (9)(28)

First Lien Secured Debt L+575, 0.75% Floor 06/29/28 3,147 (22) (47) (8)(9)(21)

First Lien Secured Debt - Revolver L+575, 0.75% Floor 06/29/27 420 (6) (6) (8)(9)(21)

11,208 11,181

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

Ten-X, LLC First Lien Secured Debt - Revolver L+325, 0.00% Floor 09/29/22 4,680 4,596 4,526 (23)(26)

Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 62,019 $ 56,029

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)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

SSCP Spring Bidco Limited First Lien Secured Debt GBPL+625, 0.00% Floor 07/30/25 £ 30,000 $ 36,255 $ 40,223 (9)(17)(32)

Total Education $ 36,255 $ 40,223

6 unchanged sentences

Renew JV LLC (4) Common Equity - Membership Interests N/A N/A 548,175 Shares 548 629 (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)

11 unchanged sentences

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche C Note 12.00% 06/30/22 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)

Common Equity - Series C Units N/A N/A 50,952,525 Shares 44,065 6,740 (13)(16) (25)

Common Equity - Series A Units N/A N/A 7,600,000 Shares 1,411 — (13)(16) (25)

3 unchanged sentences

Ortega National Parks

Ortega National Parks, LLC First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 10/31/25 $ 11,574 $ 11,410 $ 11,180 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/25 1,366 (30) (46) (8)(9)

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

Ortega National Parks, LLC First Lien Secured Debt L+525, 1.00% Floor 10/31/25 $ 8,994 $ 8,875 $ 8,725 (9)(29)

First Lien Secured Debt L+525, 1.00% Floor 10/31/25 6,596 340 197 (9)(23)(29)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 10/31/25 1,366 (29) (41) (8)(9)(21)

Total Environmental Industries $ 9,186 $ 8,881

Healthcare & Pharmaceuticals

Akoya Biosciences, Inc.

First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 10/27/25 $ 9,750 $ 9,772 $ 9,750 (9)

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

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 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)

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/22/23 1,826 (18) (27) (8)(9)

Healthcare & Pharmaceuticals

First Lien Secured Debt L+575, 1.50% Floor 07/02/26 $ 5,000 $ 4,976 $ 4,975 (9)(26)

Akoya Biosciences, Inc.

First Lien Secured Debt L+635, 1.50% Floor 10/27/25 9,750 9,771 9,750 (9)(26)

First Lien Secured Debt L+635, 1.50% Floor 10/27/25 1,500 (7) — (9)(23)

Amerivet Partners Management, Inc.

First Lien Secured Debt L+475, 1.00% Floor 06/05/24 25,580 25,284 25,037 (9)(29)

First Lien Secured Debt L+475, 1.00% Floor 06/05/24 8,116 7,957 7,944 (9)(26)(27)

First Lien Secured Debt - Revolver L+475, 1.00% Floor 06/05/24 806 (9) (17) (8)(9)(21)

AmeriVet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125 234 (9)(13)

33,357 33,198

Analogic Corporation First Lien Secured Debt L+525, 1.00% Floor 06/22/24 17,941 17,735 17,672 (9)(26)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 06/22/23 1,826 (16) (27) (8)(9)(21)

17,719 17,645

BK Medical Holding Company, Inc.

First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 06/22/24 7,213 7,164 7,179 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/22/24 783 (5) (1) (8)(9)

First Lien Secured Debt L+525, 1.00% Floor 06/22/24 7,195 7,150 7,195 (9)(26)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 06/22/24 783 (4) — (9)(21)(23)

CARE Fertility

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

Royton Bidco Limited First Lien Secured Debt GBPL+625, 0.50% Floor 05/09/25 £ 15,354 19,651 20,529 (9)(17)(31)

First Lien Secured Debt GBPL+625, 0.50% Floor 05/09/25 £ 4,412 2,655 2,847 (9)(17)(21)

22,306 23,376

Cerus Corporation First Lien Secured Debt 7.25% (1M L+545, 1.80% Floor) 03/01/24 16,500 16,455 16,830 (9)(17)

First Lien Secured Debt - Revolver 5.55% (1M L+375, 1.80% Floor) 03/01/24 956 956 965 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/01/24 44 (1) — (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 03/01/24 4,500 (12) — (9)(17)

Cerus Corporation First Lien Secured Debt L+545, 1.80% Floor 03/01/24 16,500 16,457 16,830 (9)(17)(26)

First Lien Secured Debt L+545, 1.80% Floor 03/01/24 4,500 (11) — (9)(17)(23)

First Lien Secured Debt - Revolver L+375, 1.80% Floor 03/01/24 1,000 181 183 (9)(17)(21)

16,627 17,013

Dohmen Life Science Services

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

LSCS Holdings, Inc Second Lien Secured Debt L+825, 0.00% Floor 03/16/26 19,818 19,556 19,654 (29)

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)

ERC Finance, LLC First Lien Secured Debt L+600, 1.00% Floor 04/22/24 25,871 25,433 25,418 (9)(28)

First Lien Secured Debt L+600, 1.00% Floor 04/22/24 2,333 (7) (41) (8)(9)(21)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/22/24 1,667 249 249 (9)(20)(21)

25,675 25,626

2 unchanged sentences

Common Equity - Common Stock N/A N/A 306 Shares 306 742 (9)(13)

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

Genesis Healthcare, Inc.

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

First Lien Secured Debt - Unfunded Delayed Draw 2.00% Unfunded 03/06/23 6,087 — (74) (8)(9)

The Emmes Company, LLC First Lien Secured Debt L+500, 1.00% Floor 03/03/25 15,967 15,809 15,647 (9)(29)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 03/03/25 2,449 (21) (49) (8)(9)(21)

16,094 16,340

2 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

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

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 01/01/25 24,000 (146) — (9)(17)

EmpiRx Health LLC First Lien Secured Debt L+550, 1.00% Floor 08/05/27 9,091 8,912 9,000 (9)(28)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/05/27 909 (18) (9) (8)(9)(21)

Genesis Healthcare, Inc.

First Lien Secured Debt L+1100, 1.00% Floor 03/06/23 6,087 — (49) (8)(9)(21)

First Lien Secured Debt - Revolver L+600, 0.50% Floor 03/06/23 85,870 (212) (756) (8)(9)(21)

First Lien Secured Debt L+700, 2.00% Floor 01/01/25 6,000 6,002 6,060 (9)(17)(26)

First Lien Secured Debt L+700, 2.00% Floor 01/01/25 24,000 (139) — (9)(17)(23)

Health & Safety Institute

HSI HALO Acquisition, Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 08/31/26 8,958 8,868 8,839 (9)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 08/30/25 135 135 134 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/30/25 677 (6) (7) (8)(9)

First Lien Secured Debt L+575, 1.00% Floor 08/31/26 8,935 8,849 8,803 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 09/01/25 813 130 127 (9)(21)(23)

Common Equity - Common Stock N/A N/A 500 Shares 500 533 (9)(13)

IMA Group Management Company, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 05/30/24 6,461 6,405 6,365

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)

IMA Group Management Company, LLC First Lien Secured Debt L+550, 1.00% Floor 05/30/24 6,445 6,392 6,382 (28)

First Lien Secured Debt L+550, 1.00% Floor 05/30/24 6,275 474 523 (21)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 05/30/24 289 259 257 (21)(23)

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)

First Lien Secured Debt L+600, 1.00% Floor 05/01/26 9,458 9,281 9,324 (9)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 05/01/25 167 70 70 (9)(21)(23)

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133 211 (9)(13)

Kure Pain Holdings, Inc.

First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 08/27/24 21,825 21,618 21,504 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/27/24 2,654 (25) (41) (8)(9)

First Lien Secured Debt L+550, 1.00% Floor 08/27/24 21,769 21,575 21,504 (9)(26)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/27/24 2,654 (28) (34) (8)(9)(21)

21,680 21,681

Lanai Holdings III, Inc.

(Patterson Medical)

Lanai Holdings III, Inc.

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

Mannkind Corporation

Mannkind Corporation First Lien Secured Debt 7.25% (1M L+675, 0.50% Floor) 08/01/24 13,866 13,781 14,356 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/01/24 30,000 (27) — (9)(21)

Mannkind Corporation First Lien Secured Debt L+675, 1.00% Floor 08/01/25 13,867 13,782 14,091 (9)(26)

First Lien Secured Debt L+675, 1.00% Floor 08/01/25 30,000 (25) — (9)(23)

Warrants N/A N/A 444,936 Shares 76 1,653 (9)(13)

1 unchanged sentence

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)

Maxor National Pharmacy Services, LLC First Lien Secured Debt L+550, 1.00% Floor 11/22/23 22,438 22,235 22,438 (9)(28)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 11/22/22 1,558 (9) — (9)(21)(23)

22,226 22,438

2 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

1 unchanged sentence

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

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/24 5,714 (114) (33) (8)(9)

Medical Guardian, LLC First Lien Secured Debt L+750, 1.00% Floor 12/31/24 28,400 28,023 28,349 (9)(26)

First Lien Secured Debt L+800, 1.00% Floor 12/31/24 5,714 (107) (10) (8)(9)(21)

First Lien Secured Debt - Revolver L+825, 1.00% Floor 12/31/24 5,714 (74) (10) (8)(9)(21)

27,842 28,329

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)

Midwest Vision Partners Management, LLC First Lien Secured Debt L+625, 1.00% Floor 01/12/27 5,676 5,575 5,619 (9)(28)

First Lien Secured Debt L+625, 1.00% Floor 01/12/27 3,663 3,423 3,452 (9)(23)(28)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 01/12/27 612 (11) (6) (8)(9)(21)

Orchard Therapeutics PLC First Lien Secured Debt L+595, 1.00% Floor 05/28/26 11,000 10,961 11,005 (9)(17)(26)

First Lien Secured Debt L+595, 1.00% Floor 05/28/26 22,333 (71) — (9)(17)(23)

10,890 11,005

Ovation Fertility

FPG Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 06/13/25 13,866 13,655 13,791 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/13/24 2,105 (25) (11) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 06/13/25 5,275 (39) (28) (8)(9)

FPG Services, LLC First Lien Secured Debt L+550, 1.00% Floor 06/13/25 13,831 13,631 13,796 (9)(28)

First Lien Secured Debt L+550, 1.00% Floor 06/13/25 5,274 530 555 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 06/13/24 2,105 (23) (5) (8)(9)(21)

14,138 14,346

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)

First Lien Secured Debt L+600, 1.00% Floor 05/01/26 10,000 2,490 2,450 (9)(23)(26)

First Lien Secured Debt - Revolver L+300, 1.00% Floor 05/01/26 2,000 1,598 1,597 (9)(21)(23)

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)

Partner Therapeutics, Inc First Lien Secured Debt L+665, 1.00% Floor 01/01/23 10,000 9,956 9,875 (9)(26)

First Lien Secured Debt - Revolver L+375, 1.00% Floor 04/01/26 1,000 177 177 (9)(21)(23)

Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333 348 (9)(13)

2 unchanged sentences

PHS Buyer, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 01/31/25 10,203 10,065 9,948 (9)

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

First Lien Secured Debt L+525, 1.00% Floor 01/31/25 10,203 10,073 9,948 (9)(28)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 01/31/25 2,000 (30) (50) (8)(9)(21)

Radius Health

Radius Health, Inc.

First Lien Secured Debt L+575, 2.00% Floor 06/01/24 29,000 28,682 28,739 (9)(17)(26)

First Lien Secured Debt L+575, 2.00% Floor 06/01/24 4,833 — (44) (8)(9)(17)

First Lien Secured Debt - Revolver L+350, 2.00% Floor 06/01/24 1,000 (2) (1) (8)(9)(17)

28,680 28,694

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

Radius Health

Radius Health, Inc.

First Lien Secured Debt 7.75% (1M L+575, 2.00% Floor) 06/01/24 29,000 28,664 28,652 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/01/24 1,000 (2) — (9)(17)

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

Pace Health Companies, LLC First Lien Secured Debt 5.50% (3M L+450, 1.00% Floor) 08/02/24 3,905 3,870 3,897 (9)

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

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

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

Pace Health Companies, LLC First Lien Secured Debt L+450, 1.00% Floor 08/02/24 489 484 489 (9)(28)

First Lien Secured Debt L+450, 1.00% Floor 08/02/24 3,982 3,357 3,401 (9)(23)(28)

First Lien Secured Debt - Revolver L+450, 1.00% Floor 08/02/24 500 3 (1) (8)(9)(20)

Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc.

First Lien Secured Debt 7.15% (1M L+565, 1.50% Floor) 09/01/24 6,000 6,017 6,048 (9)

First Lien Secured Debt L+565, 1.50% Floor 09/01/24 6,000 6,017 6,058 (9)(26)

RiteDose Holdings I, Inc.

First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/13/23 13,293 13,133 13,293 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/23 2,000 (24) — (9)(21)

First Lien Secured Debt L+650, 1.00% Floor 09/13/23 12,627 12,491 12,627 (9)(28)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/13/23 2,000 (21) — (9)(21)(23)

12,470 12,627

Unchained Labs

Unchained Labs, LLC First Lien Secured Debt L+550, 1.00% Floor 08/09/27 1,931 1,893 1,911 (9)(26)

First Lien Secured Debt L+550, 1.00% Floor 08/09/27 4,839 (46) (48) (8)(9)(21) (23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/09/27 726 (14) (7) (8)(9)(21)

Total Healthcare & Pharmaceuticals $ 410,892 $ 415,217

High Tech Industries

Acronis AG First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 12/18/24 $ 21,000 $ 20,927 $ 21,000 (9)(17)

ACRONIS AG First Lien Secured Debt L+585, 1.50% Floor 12/18/24 $ 21,000 $ 20,928 $ 21,000 (9)(17)(26)

American Megatrends

AMI US Holdings Inc.

First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 04/01/25 21,596 21,325 21,596 (9)

First Lien Secured Debt - Revolver 5.59% (1M L+550) 04/01/24 581 581 581 (9)(23)

First Lien Secured Debt - Revolver 5.63% (2M L+550) 04/01/24 581 581 581 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/01/24 1,744 (32) — (9)(21)

First Lien Secured Debt L+550, 1.00% Floor 04/01/25 21,541 21,285 21,541 (9)(26)

First Lien Secured Debt - Revolver L+550, 0.00% Floor 04/01/24 2,907 1,134 1,163 (9)(21)(23)

22,419 22,704

Calero Holdings, Inc.

Telesoft Holdings, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/16/25 22,443 22,066 22,185

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/16/25 2,273 (38) (26) (8)(21)

Telesoft Holdings, LLC First Lien Secured Debt L+575, 1.00% Floor 12/16/25 22,386 22,022 22,203 (28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/16/25 2,273 (36) (19) (8)(21)(23)

21,986 22,184

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 84,311 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)

ChyronHego Corporation (5) First Lien Secured Debt L+350 Cash plus 1.50% PIK, 1.00% Floor 12/31/22 84,634 82,790 82,941 (28)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 12/31/22 6,000 5,956 5,836 (21)(23)

Preferred Equity - Preferred Equity N/A N/A 7,800 Shares 6,000 6,464 (13)(25)

94,746 95,241

Momentx Corporation First Lien Secured Debt L+550, 1.00% Floor 06/24/27 13,709 13,442 13,454 (9)(28)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 06/24/27 1,257 (24) (23) (8)(9)(21)

13,418 13,431

Digital.ai Software Holdings, Inc.

First Lien Secured Debt L+700, 1.00% Floor 02/10/27 22,468 21,862 22,151 (9)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 02/10/27 2,419 338 369 (9)(21)(23)

22,200 22,520

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

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)

Norvax, LLC First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/13/24 3,182 351 398 (9)(21)(23)

International Cruise & Excursion Gallery, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/06/25 14,550 14,385 13,613

LabVantage Solutions

LabVantage Solutions Inc.

First Lien Secured Debt 8.50% (1M L+750, 1.00% Floor) 09/30/21 3,165 3,161 3,165

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)

First Lien Secured Debt L+525, 1.00% Floor 06/06/25 14,513 14,357 13,611 (28)

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)

New Amsterdam Software BidCo LLC First Lien Secured Debt L+475, 1.00% Floor 05/01/26 6,761 6,671 6,693 (9)(28)

First Lien Secured Debt E+475, 1.00% Floor 05/01/26 € 727 804 833 (9)(35)

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)

First Lien Secured Debt L+575, 1.00% Floor 06/08/26 15,733 15,391 15,308 (26)(28)

First Lien Secured Debt L+575, 1.00% Floor 06/08/26 4,267 (92) (115) (8)(21)(23)

RMCF IV CIV XXXV, L.P.

2 unchanged sentences

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)

First Lien Secured Debt L+625, 0.50% Floor 12/16/24 18,833 18,701 17,057 (9)(17)(28)

First Lien Secured Debt - Revolver L+625, 0.50% Floor 12/14/23 3,089 3,068 2,798 (9)(17)(23)

21,769 19,855

1 unchanged sentence

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)

First Lien Secured Debt L+625, 1.00% Floor 10/31/26 14,561 14,288 14,270 (9)(28)

First Lien Secured Debt L+625, 1.00% Floor 10/31/26 9,340 5,045 4,993 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 10/30/26 1,049 (20) (21) (8)(9)(21)

19,313 19,242

Pro-Vigil Holding Company, LLC First Lien Secured Debt L+850, 1.00% Floor 01/11/25 7,960 7,761 7,850 (9)(26)

First Lien Secured Debt L+850, 1.00% Floor 01/11/25 1,999 916 904 (9)(21)(23)

Schlesinger Group

Schlesinger Global, LLC First Lien Secured Debt L+600 Cash plus 1.00% PIK, 1.00% Floor 07/12/25 9,862 9,690 9,725 (9)(28)

Simeio Group Holdings, Inc.

First Lien Secured Debt L+550, 1.00% Floor 02/02/26 8,524 8,431 8,379 (9)(26)

First Lien Secured Debt L+525, 1.00% Floor 02/02/26 4,615 (25) (84) (8)(9)(21) (23)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 02/02/26 1,731 (19) (30) (8)(9)(21)

Sirsi Corporation

Sirsi Corporation First Lien Secured Debt L+475, 1.00% Floor 03/15/24 5,971 5,925 5,896 (9)(28)

First Lien Secured Debt - Revolver L+475, 1.00% Floor 03/15/24 429 (3) (5) (8)(9)(21)

First Lien Secured Debt L+750, 1.00% Floor 03/01/26 14,096 13,848 13,890 (9)(28)

First Lien Secured Debt - Revolver L+750, 1.00% Floor 03/01/26 833 (8) (12) (8)(9)(21)

13,840 13,878

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

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)

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 9,906 9,722 9,696 (9)

Simeio Group Holdings, Inc.

First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 01/30/26 8,546 8,448 8,410 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/30/26 1,731 (20) (28) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/30/26 4,615 (26) (79) (8)(9)

Sirsi Corporation

Sirsi Corporation First Lien Secured Debt 5.75% (3M L+475, 1.00% Floor) 03/15/24 6,142 6,092 6,065 (9)

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)

Springbrook Holding Company, LLC First Lien Secured Debt L+550, 1.00% Floor 12/23/26 9,274 9,151 9,174 (28)

First Lien Secured Debt L+550, 1.00% Floor 12/23/26 4,090 1,562 1,558 (21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/23/26 1,463 (19) (16) (8)(21)(23)

10,694 10,716

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/23/26 1,463 (20) (17) (8)(21)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/23/26 3,659 (28) (43) (8)(21)

MEP-TS Midco, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 12/31/26 34 33 34 (9)

First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 12/31/26 13,447 13,200 13,312 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 1,452 (27) (15) (8)(9)

MEP-TS Midco, LLC First Lien Secured Debt L+600, 1.00% Floor 12/31/26 13,447 13,203 13,312 (9)(28)(29)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 12/31/26 1,452 (25) (15) (8)(9)(21)

13,178 13,297

Telnyx LLC First Lien Secured Debt 7.75% (1M L+625, 1.50% Floor) 10/21/25 5,250 5,226 5,382 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/21/25 4,750 (41) — (9)(21)

Telnyx LLC First Lien Secured Debt L+625, 1.50% Floor 10/21/25 5,250 5,226 5,277 (9)(26)

First Lien Secured Debt L+625, 1.50% Floor 10/21/25 3,333 (27) — (9)(23)

Upstack Holdco Inc.

First Lien Secured Debt L+600, 1.00% Floor 08/20/27 12,000 11,674 11,670 (9)(29)

First Lien Secured Debt L+600, 1.00% Floor 08/20/27 15,000 (199) (206) (8)(9)(21)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 08/20/27 3,000 (81) (83) (8)(9)(20)

11,394 11,381

Total High Tech Industries $ 362,242 $ 361,398

Hotel, Gaming, Leisure, Restaurants

YTC Enterprises, LLC First Lien Secured Debt L+625, 1.00% Floor 08/16/26 $ 9,992 $ 9,871 $ 9,867 (9)(26)

Total Hotel, Gaming, Leisure, Restaurants $ 9,871 $ 9,867

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)

First Lien Secured Debt L+600, 0.75% Floor 04/14/28 $ 16,484 $ 16,174 $ 16,154 (9)(29)

First Lien Secured Debt L+600, 0.75% Floor 04/14/28 13,771 10,073 9,998 (9)(23)(26)

First Lien Secured Debt - Revolver L+600, 0.75% Floor 04/16/27 2,203 (41) (44) (8)(9)(21)

26,206 26,108

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

PGM Holdings Corporation

Turbo Buyer, Inc.

First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 12/02/25 19,377 19,011 18,989 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/02/25 923 (17) (18) (8)(9)

First Lien Secured Debt L+575, 1.00% Floor 12/02/25 19,327 18,988 19,005 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/02/25 923 (16) (15) (8)(9)(21)

18,972 18,990

1 unchanged sentence

AQ Sunshine, Inc.

First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 04/15/25 26,019 25,583 26,060 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 04/15/24 365 365 365 (9)(23)

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)

First Lien Secured Debt L+600, 1.00% Floor 04/15/25 27,434 26,982 27,417 (9)(28)

First Lien Secured Debt L+600, 1.00% Floor 04/15/25 2,996 (56) (20) (8)(9)(21)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/15/24 1,369 350 365 (9)(20)(21)

27,276 27,762

Total Insurance $ 72,454 $ 72,860

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

Manufacturing, Capital Equipment

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)

AVAD, LLC First Lien Secured Debt - Revolver L+400, 1.00% Floor 10/02/23 $ 2,060 $ 902 $ — (9)(23)(26)

Surf Opco, LLC First Lien Secured Debt - Revolver L+400, 1.00% Floor 03/17/26 16,667 10,646 10,646 (9)(20)(21)

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

3 unchanged sentences

Kauffman Holdco, LLC Common Equity - Common Stock N/A N/A 250,000 Shares 250 55 (9)(13)

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)

First Lien Secured Debt - Letter of Credit 6.50% 07/25/21 155 — (6) (8)(9)

Kauffman Intermediate, LLC First Lien Secured Debt L+650, 1.00% Floor 05/08/25 16,414 16,215 15,932 (9)(28)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 05/08/25 1,243 75 88 (9)(20)(21)

16,540 16,075

1 unchanged sentence

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

(fka MedPlast Holdings, Inc.) Second Lien Secured Debt L+775, 0.00% Floor 07/02/26 8,000 7,952 7,546 (26)

Total Manufacturing, Capital Equipment $ 47,889 $ 44,339

2 unchanged sentences

NW Entertainment, Inc.

First Lien Secured Debt 10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor) 08/16/24 $ 27,145 $ 26,821 $ 26,199 (9)(19)

First Lien Secured Debt - Revolver 10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor) 08/16/24 3,077 3,039 2,966 (9)(23)

First Lien Secured Debt L+700 Cash plus 2.00% PIK, 1.00% Floor 08/16/24 $ 27,774 $ 27,471 $ 27,255 (9)(28)(29)

First Lien Secured Debt - Revolver L+700 Cash plus 2.00% PIK, 1.00% Floor 08/16/24 3,078 3,043 3,039 (9)(23)

30,514 30,294

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

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)

NWE OPCO LP First Lien Secured Debt L+650, 2.00% Floor 12/19/22 4,695 4,685 4,695 (9)(26)

Sonar Entertainment

Sonar Entertainment, Inc.

First Lien Secured Debt 8.85% (1M L+760, 1.25% Floor) 11/15/21 4,548 4,538 3,907 (9)

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 L+760, 1.25% Floor 11/15/21 3,611 3,607 2,954 (9)(26)

First Lien Secured Debt - Revolver L+760, 1.25% Floor 11/15/21 2,142 2,099 1,752 (9)(23)(26)

Total Media – Diversified & Production $ 40,905 $ 39,695

SI Holdings, Inc.

First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 07/25/25 $ 31,244 $ 30,810 $ 30,722 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 07/25/24 853 853 844 (9)(23)

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

First Lien Secured Debt L+600, 1.00% Floor 07/25/25 $ 31,165 $ 30,750 $ 30,619 (9)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 07/25/24 3,413 815 812 (9)(21)(23)

Total Retail $ 31,565 $ 31,431

1 unchanged sentence

IPC Corporation

IPC Corporation First Lien Secured Debt 5.19% (3M L+500) 08/06/21 $ 10,000 $ 9,997 $ 9,450 (9)

IPC Information Systems UK Holdings Limited First Lien Secured Debt 8.00% (3M L+650, 1.50% Floor) 08/06/21 1,405 1,402 1,368 (9)(17)

IPC Corporation First Lien Secured Debt P+400, 0.00% Floor 08/15/21 $ 10,000 $ 9,995 $ 10,000 (9)(11)(19)

IPC Information Systems UK Holdings Limited First Lien Secured Debt L+650, 1.50% Floor 10/07/21 1,405 1,405 1,405 (9)(17)(28)

11,400 11,405

1 unchanged sentence

Securus Technologies Holdings, Inc.

Second Lien Secured Debt 9.25% (3M L+825, 1.00% Floor) 11/01/25 12,878 12,808 11,268

Second Lien Secured Debt L+825, 1.00% Floor 11/01/25 12,878 12,808 11,590 (28)

Total Telecommunications $ 24,208 $ 22,995

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (36) Fair Value (1)(37)

Transportation – Cargo, Distribution

1 unchanged sentence

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)

First Lien Secured Debt L+550, 1.00% Floor 05/22/24 $ 14,023 $ 10,222 $ 10,229 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 05/22/24 957 (17) (17) (8)(9)(21)

10,205 10,212

Dynamic Product Tankers (Prime), LLC

Dynamic Product Tankers, LLC (5) Unsecured Debt 5.16% (6M L+500) 07/31/24 22,000 22,000 22,000 (17)

Dynamic Product Tankers, LLC (5) Unsecured Debt L+500, 0.00% Floor 07/31/24 22,000 22,000 22,000 (17)(29)

Common Equity - Class A Units N/A N/A N/A 49,806 16,125 (13)(17)

1 unchanged sentence

Heniff and Superior

Heniff Holdco, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/03/26 30,686 30,184 29,655 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/03/24 1,439 1,439 1,408 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/03/24 2,131 (54) (46) (8)(9)

First Lien Secured Debt - Letter of Credit 5.75% 02/06/22 355 — (8) (8)(9)

Heniff Holdco, LLC First Lien Secured Debt L+575, 1.00% Floor 12/03/26 30,609 30,105 29,556 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/03/24 3,925 1,389 1,354 (9)(20)(21)

31,494 30,910

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

MSEA Tankers LLC

2 unchanged sentences

Banner Solutions

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

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 10/31/25 2,452 (35) (17) (8)(9)

Banner Parent Holdings, Inc Common Equity - Common Stock N/A N/A 6,125 Shares 613 636 (9)(13)

Banner Buyer, LLC First Lien Secured Debt L+575, 1.00% Floor 10/31/25 $ 12,360 $ 12,211 $ 12,262 (9)(26)

First Lien Secured Debt L+575, 1.00% Floor 10/31/25 5,468 2,953 2,973 (9)(21)(23) (26)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 10/31/25 1,935 104 114 (9)(21)(23)

Banner Parent Holdings, Inc.

Common Equity - Common Stock N/A N/A 6,125 Shares 613 604 (9)(13)

Total Wholesale $ 15,881 $ 15,953

10 unchanged sentences

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

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.

As of September 30, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation, and 27% equity ownership interest in Carbonfree Chemicals SA LLC.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 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, 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

Fair value as of March 31, 2021 and September 30, 2021 along with transactions during the six months ended September 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 September 30, 2021 Net Realized Gains (Losses) Interest/Dividend/Other Income

Ltd., Common Stock $ 1,719 $ — $ — $ (623) $ 1,096 $ — $ —

Ltd., Term Loan 3,822 30 (15) (53) 3,784 — 122

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

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

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

Carbonfree Chemicals Holdings LLC, Common Equity / Interest 25,424 905 — 9,833 36,162 — —

9357-5991 Quebec Inc., Term Loan — — (215) — — 215 —

AIC SPV Holdings II, LLC, Preferred Equity 498 — — (59) 439 — 54

Carbonfree Chemicals Holdings LLC, Common Stock 25,424 904 — 18,906 45,234 — —

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

Golden Bear 2016-R, LLC, Membership Interests 11,289 25 — (519) 10,795 — 595

Pelican Energy, LLC, Membership Interests 2,170 — — — 2,170 — —

GSC Technologies Inc., Term Loan — 216 — (14) 202 — 5

KLO Acquisition LLC, Term Loan — — (327) 1 — 326 —

Pelican Energy, LLC, Common Stock 2,170 — — — 2,170 — —

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock 42 — — (42) — — —

9 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 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, 2021 and June 30, 2021 along with transactions during the three months ended June 30, 2021 in these controlled investments are as follows:

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

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

Majority Owned Company

ChyronHego Corporation, Preferred Equity $ 6,151 $ 1 $ — $ 312 $ 6,464 $ — $ —

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

ChyronHego Corporation, Revolver 2,226 3,550 — 60 5,836 — 98

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

Dynamic Product Tankers, LLC, Unsecured Debt 22,000 — — — 22,000 — 292

ChyronHego Corporation, Term Loan 81,676 642 504 119 82,941 — 3,284

Dynamic Product Tankers, LLC, Common Stock 25,528 — — (9,403) 16,125 — —

Dynamic Product Tankers, LLC, Unsecured Term Loan 22,000 — — — 22,000 — 569

Glacier Oil & Gas Corp.

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

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Term Loan 8,111 — (998) 18,736 4,922 (20,927) —

Merx Aviation Finance, LLC, Letter of Credit — — — — — — —

Merx Aviation Finance, LLC, Membership Interests 125,061 — (84,500) (741) 39,820 — —

Merx Aviation Finance, LLC, Revolver 190,500 84,500 — — 275,000 — 11,681

Merx Aviation Finance, LLC, Letters of Credit — — — — — — —

MSEA Tankers LLC, Class A Units 57,028 — (3,922) (2,502) 50,604 2,059

Controlled Company

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Second Lien Term Loan 8,111 — — (3,972) 4,139 — —

Glacier Oil & Gas Corp.

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

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

SHD Oil & Gas, LLC, Series C Units — 44,065 — (37,325) 6,740 — —

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

SHD Oil & Gas, LLC, Tranche A Note 9,899 — (44,065) 34,159 — 7

SHD Oil & Gas, LLC, Tranche B Note — — — 44,380 — (44,380) —

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

SHD Oil & Gas, LLC, Tranche C Note 25,470 — — — 25,470 — 1,509

$ 553,650 $ 132,758 $ (132,981) $ 47,795 $ 535,922 $ (65,300) $ 19,200

1 unchanged sentence

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

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

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

Dynamic Product Tankers, LLC;

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

As of September 30, 2021, the Company had a 85%, 96%, 100%, 98% and 38% equity ownership interest in Dynamic Product Tankers, LLC;

Glacier Oil & Gas Corp.

6 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 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 is 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 are determined using unobservable inputs that are significant to the overall fair value measurement.

See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(11) The maturity 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$”), Australian Dollar (“A$”).

(11) The maturity date for this investment was August 15, 2021.

The investment’s principal and accrued interest was paid down subsequent September 30, 2021.

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

(13) Non-income producing security.

11 unchanged sentences

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

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.

As of September 30, 2021, non-qualifying assets represented approximately 14.11% of the total assets of the Company.

(18) As of September 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) Denoted security is currently accruing additional penalty interest above the stated rate.

(20) Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread.

The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”), the federal funds rate or the prime rate.

The spread may change based on the type of rate used.

The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period.

LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively), EURIBOR loans are typically indexed to 90-day EURIBOR rates (3M E), Bank Bill Swap rates are typically index to 90-day Bank Bill Swap rates (3M BBSW), 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 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.

(20) As of September 30, 2021, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan

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

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

2 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

(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.

(23) As of September 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.

6 unchanged sentences

Amerivet Partners Management, Inc.

3,283 — — 3,283

AMI US Holdings Inc.

3 unchanged sentences

4,365 365 30 3,970

Arthur Bidco Limited* 2,032 2,032 — —

AVAD, LLC 2,060 2,060 — —

2 unchanged sentences

4,502 — — 4,502

Berner Food & Beverage, LLC 2,881 576 — 2,305

Big Buyer, LLC 2,806 — — 2,806

13 unchanged sentences

2,419 403 — 2,016

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

EHL Merger Sub, LLC 4,155 — — 4,155

Eldrickco Limited* 5,766 465 — 5,301

EmpiRx Health LLC 909 — — 909

ERC Finance, LLC 4,000 278 376 3,346

10 unchanged sentences

3,725 292 — 3,433

Graffiti Buyer, Inc.

3,920 — — 3,920

Gutter Buyer, Inc.

3 unchanged sentences

5,701 — — 5,701

Hive Intermediate, LLC 2,326 465 — 1,861

HSI HALO Acquisition, Inc.

6 unchanged sentences

Kindeva Drug Delivery L.P.

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 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

Kure Pain Holdings, Inc.

4 unchanged sentences

Liqui-Box Holdings, Inc.

3,560 3,394 78 88

Magnate Holding Corp.

13 unchanged sentences

Nemo (BC) Bidco Pty Ltd* 168 — — 168

New Amsterdam Software BidCo LLC — — — —

New Era Technology, Inc.

25 unchanged sentences

Royton Bidco Limited* 3,051 — — 3,051

Sequential Brands Group, Inc.

SI Holdings, Inc.

13 unchanged sentences

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

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

LLC 4,494 449 79 3,966

TNT Crust LLC 3,252 1,951 — 1,301

Truck-Lite Co., LLC 3,052 — 105 2,947

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 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

LLC 4,494 — — 4,494

TNT Crust LLC 3,252 650 — 2,602

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

Turbo Buyer, Inc.

1 unchanged sentence

28,733 4,535 — 24,198

Ultimate Baked Goods Midco LLC 3,243 527 318 2,398

Unchained Labs, LLC 5,565 — — 5,565

Upstack Holdco Inc.

18,000 — 110 17,890

USLS Acquisition, Inc.

6 unchanged sentences

____________________

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

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

** For all letters of credit issued and outstanding on September 30, 2021, $799 will expire in 2021 and $3,128 will expire in 2022.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

(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.

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

As of September 30, 2021, the aggregate fair value of these securities is $186,726 or 18% of the Company's net assets.

The acquisition dates of the restricted securities are as follows:

6 unchanged sentences

Dynamic Product Tankers, LLC Common Equity - Class A Units 4/3/2015

FCP-Hive Holdings, LLC Common Equity - Common Stock 9/22/2021

FCP-Hive Holdings, LLC Preferred Equity - Preferred Stock 9/22/2021

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.) Common Equity - Common Stock 3/29/2016

Graffiti Parent, LP Common Equity - Common Stock 8/10/2021

KL Charlie Co-Invest, L.P.

7 unchanged sentences

Renew JV LLC Common Equity - Membership Interests 3/20/2017

RMCF IV CIV XXXV, L.P.

Common Equity/Partnership Interests 6/8/2021

SHD Oil & Gas, LLC Common Equity - Series A Units 11/18/2016

SHD Oil & Gas, LLC Common Equity - Series C Units 9/30/2021

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

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

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.

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

(26) The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2021 was 0.08%

(27) The interest rate on these loans is subject to 2 months LIBOR, which as of September 30, 2021 was 0.11%

(28) The interest rate on these loans is subject to 3 months LIBOR, which as of September 30, 2021 was 0.13%

(29) The interest rate on these loans is subject to 6 months LIBOR, which as of September 30, 2021 was 0.16%

(30) The interest rate on these loans is subject to 12 months LIBOR, which as of September 30, 2021 was 0.24%

(31) The interest rate on these loans is subject to 3 months GBP LIBOR, which as of September 30, 2021 was 0.08%

(32) The interest rate on these loans is subject to 6 months GBP LIBOR, which as of September 30, 2021 was 0.17%

(33) The interest rate on these loans is subject to 3 months BBSW, which as of September 30, 2021 was (0.03)%

(34) The interest rate on these loans is subject to Prime, which as of September 30, 2021 was 3.25%

(35) The interest rate on these loans is subject to 3 months EURIBOR, which as of September 30, 2021 was (0.55)%

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

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

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

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

17 unchanged sentences

High Tech Industries 266,496 — — — — 1,000 — 267,496

Hotel, Gaming, Leisure, Restaurants 9,871 — — — — — — 9,871

Insurance 72,454 — — — — — — 72,454

24 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

September 30, 2021

(In thousands, except share data)

(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:

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

17 unchanged sentences

High Tech Industries 264,848 — — — — 1,309 — 266,157 25.6 %

Hotel, Gaming, Leisure, Restaurants 9,867 — — — — — — 9,867 0.9 %

Insurance 72,860 — — — — — — 72,860 7.0 %

15 unchanged sentences

% of Net Assets 0.4 % — % — % 1.0 % 0.5 % 4.7 % — % 6.6 %

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)

June 30, 2021

September 30, 2021

(In thousands, except share data)

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

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

Healthcare & Pharmaceuticals 15.9%

2 unchanged sentences

Business Services 11.0%

Beverage, Food & Tobacco 5.8%

Consumer Services 5.8%

Transportation – Cargo, Distribution 5.0%

Beverage, Food & Tobacco 4.0%

Consumer Goods – Non-durable 4.5%

Chemicals, Plastics & Rubber 2.7%

Automotive 2.6%

Insurance 2.8%

Automotive 2.7%

Chemicals, Plastics & Rubber 2.6%

Advertising, Printing & Publishing 2.3%

1 unchanged sentence

Manufacturing, Capital Equipment 1.7%

Energy – Oil & Gas 1.7%

Education 1.6%

Media – Diversified & Production 1.5%

Energy – Oil & Gas 1.5%

Aerospace & Defense 1.1%

Consumer Goods – Durable 1.2%

Construction & Building 1.1%

Telecommunications 0.9%

Consumer Goods – Durable 0.8%

Wholesale 0.6%

Hotel, Gaming, Leisure, Restaurants 0.4%

Environmental Industries 0.3%

85 unchanged sentences

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)

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)

First Lien Secured Debt 7.00% (2M L+600, 1.00% Floor) 05/30/25 19,562 19,290 19,366 (9)

26 unchanged sentences

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)

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)

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)

27 unchanged sentences

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)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 10/19/26 2,388 (19) (82) (8)(9)

32,980 32,290

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

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

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 10/19/26 2,388 (19) (82) (8)(9)

32,980 32,290

RA Outdoors, LLC (Active Outdoors)

363 unchanged sentences

10,402 10,494

PHS Buyer, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 01/31/25 10,203 10,055 9,947 (9)

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

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

PHS Buyer, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 01/31/25 10,203 10,055 9,947 (9)

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

Radius Health

30 unchanged sentences

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

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

ChyronHego Corporation

ChyronHego Corporation (5) First Lien Secured Debt 6.00% (3M L+350 Cash plus 1.50% PIK, 1.00% Floor) 12/31/22 84,202 81,644 81,676

First Lien Secured Debt - Revolver 6.00% (3M L+500, 1.00% Floor) 12/31/22 2,406 2,406 2,334 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/22 3,594 — (108) (8)(21)

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

90,050 90,053

Digital.ai Software Holdings, Inc.

27 unchanged sentences

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)

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)

Simeio Group Holdings, Inc.

22 unchanged sentences

13,620 13,778

Relation Insurance

AQ Sunshine, Inc.

First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 04/15/25 2,617 2,580 2,619 (9)

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 04/15/25 18,524 18,273 18,542 (9)

First Lien Secured Debt - Revolver 7.25% (6M L+625, 1.00% Floor) 04/15/24 471 471 472 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/15/24 668 (14) — (9)(21)

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Relation Insurance

AQ Sunshine, Inc.

First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 04/15/25 2,617 2,580 2,619 (9)

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 04/15/25 18,524 18,273 18,542 (9)

First Lien Secured Debt - Revolver 7.25% (6M L+625, 1.00% Floor) 04/15/24 471 471 472 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/15/24 668 (14) — (9)(21)

First Lien Secured Debt - Letter of Credit 6.25% 04/30/21 38 — — (9)(23)

29 unchanged sentences

29,122 28,039

Nitro World Entertainment

NWE OPCO LP First Lien Secured Debt 8.50% (1M L+650, 2.00% Floor) 12/19/22 4,815 4,801 4,790 (9)

Sonar Entertainment

Sonar Entertainment, Inc.

First Lien Secured Debt 8.85% (1M L+760, 1.25% Floor) 11/15/21 6,849 6,824 5,651 (9)(19)

First Lien Secured Debt - Revolver 8.85% (1M L+760, 1.25% Floor) 11/15/21 3,304 3,304 2,726 (9)(19)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/15/21 19,527 (83) — (9)(21)

Total Media – Diversified & Production $ 43,968 $ 41,206

See notes to financial statements.

6 unchanged sentences

Value (1)(29)

Nitro World Entertainment

NWE OPCO LP First Lien Secured Debt 8.50% (1M L+650, 2.00% Floor) 12/19/22 4,815 4,801 4,790 (9)

Sonar Entertainment

Sonar Entertainment, Inc.

First Lien Secured Debt 8.85% (1M L+760, 1.25% Floor) 11/15/21 6,849 6,824 5,651 (9)(19)

First Lien Secured Debt - Revolver 8.85% (1M L+760, 1.25% Floor) 11/15/21 3,304 3,304 2,726 (9)(19)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/15/21 19,527 (83) — (9)(21)

Total Media – Diversified & Production $ 43,968 $ 41,206

SI Holdings, Inc.

27 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)

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)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/03/24 5 (58) — (9)(21)

7 unchanged sentences

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.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 10/31/25 387 387 384 (9)(23)

278 unchanged sentences

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

70 unchanged sentences

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

101 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 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.

Since then, and through September 30, 2021, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $231,004.

Apollo Investment Management, L.P.

22 unchanged sentences

(In thousands, except share and per share data)

The World Health Organization has designated COVID-19 as a pandemic, and numerous countries, including the United States, have declared national emergencies with respect to COVID-19.

The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19, as well as new strains, such as the new Delta strain, have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of nonessential businesses.

Such actions created disruption in global supply chains, and adversely impacted many industries.

Even though vaccines have been distributed nationally in the United States and restrictions in the United States and several other countries are being lifted, the outbreak has had and could continue to have a continued and adverse impact on economic and market conditions.

The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions.

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of June 30, 2021.

However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Actual results may ultimately differ from those estimates.

Cash and Cash Equivalents

4 unchanged sentences

Cash and cash equivalents are carried at cost which approximates fair value.

Cash equivalents held as of June 30, 2021 was $41,155.

Cash equivalents held as of September 30, 2021 was $23,556.

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

As of September 30, 2021 and March 31, 2021 the Company did not hold any derivative contracts.

Investment Transactions

3 unchanged sentences

Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Statements of Assets and Liabilities.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Fair Value Measurements

14 unchanged sentences

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may differ materially from the values that would be received upon an actual disposition of such investments.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investment Valuation Process

9 unchanged sentences

Such determination of fair values may involve subjective judgments and estimates.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

5 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value.

6 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 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.

During the six months ended September 30, 2021, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

6 unchanged sentences

These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation.

1 unchanged sentence

In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

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

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

As of September 30, 2021 and March 31, 2021, the Company did not hold any derivative contracts.

Valuation of Other Financial Assets and Financial Liabilities

3 unchanged sentences

The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Realized Gains or Losses

21 unchanged sentences

Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies.

9 unchanged sentences

To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The Company records origination and other expenses related to its debt obligations as deferred financing costs.

20 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Federal and State Income Taxes

3 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 June 30, 2021 may include return of capital, however, the exact amount cannot be determined at this point.

The tax character of distributions paid to stockholders through September 30, 2021 may include return of capital, however, the exact amount cannot be determined at this point.

The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending March 31, 2022.

3 unchanged sentences

To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates.

8 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 June 30, 2021, there were no uncertain tax positions and no amounts accrued for interest or penalties.

As of September 30, 2021, there were no uncertain tax positions and no amounts accrued for interest or penalties.

Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

3 unchanged sentences

The Company’s Board of Directors approved a one-for-three reverse stock split of the Company’s common stock on October 30, 2018, which was effective as of close of business as of November 30, 2018 (the “Reverse Stock Split”).

All common share and common per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split as disclosed in Note 7 .

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

All common share and common per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split.

Recent Accounting Pronouncements

2 unchanged sentences

Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.

ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022.

ASU 2020-04 is effective for all entities through December 31, 2022.

The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s financial statements.

7 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Base Management Fee

3 unchanged sentences

The value of the Company’s gross assets shall be calculated in accordance with the Company's valuation policies.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Performance-based Incentive Fee

12 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

For this purpose, “Cumulative Pre-Incentive Fee Net Return ” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters.

3 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Incentive Fee Based on Cumulative Net Realized Gains

4 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 months ended June 30, 2021 and 2020.

There was no accrual for theoretical capital gains incentive fee for the three and six months ended September 30, 2021 and 2020.

It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods.

Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.

For the three 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.

For the three and six months ended September 30, 2021, the Company recognized $9,158 and $17,972 respectively, of management fees, and $5,271 and $5,271, respectively, of incentive fees before impact of waived fees.

For the three and six months ended September 30, 2020, the Company recognized $9,262 and $18,786 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees.

For the three and six months ended September 30, 2021 and 2020, no management fees were waived (as not applicable) and no incentive fees were waived.

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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 the three months ended June 30, 2021 and 2020, management fee offset was $0 and $0, respectively.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

For the three and six months ended September 30, 2021, the performance-based incentive fee offset was $147 & $147.

For three and six months ended September 30, 2020, there was no performance-based incentive fee offset.

Administration Agreement with AIA

2 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 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.

For the three and six months ended September 30, 2021, the Company recognized administrative services expense under the Administration Agreement of $1,715 and $2,985, respectively.

For the three and six months ended September 30, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $2,389, respectively.

There was no payable to AIA and its affiliates for expenses paid on our behalf as of September 30, 2021 and March 31, 2021.

Administrative Service Expense Reimbursement

Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities.

For the three months ended June 30, 2021 and 2020, the Company recognized administrative service expense reimbursements of $75 and $75, respectively, under the Merx Administration Agreement.

For the three and six months ended September 30, 2021, the Company recognized administrative service expense reimbursements of $75 and $150, respectively, under the Merx Administration Agreement.

For the three and six months ended September 30, 2020, the Company recognized administrative service expense reimbursements of $76 and $150, respectively.

Debt Expense Reimbursements

The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf.

For the three 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.

For the three and six months ended September 30, 2021, the Company recognized debt expense reimbursements of $1 and $2, respectively, under the debt expense reimbursement agreements.

For the three and six months ended September 30, 2020, the Company recognized debt expense reimbursements of $24 and $60, respectively, under the debt expense reimbursement agreements.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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 June 30, 2021, the Company’s co-investment holdings were 65% of the portfolio or $1,610,022, measured at fair value.

As of September 30, 2021, the Company’s co-investment holdings were 68% of the portfolio or $1,766,039, measured at fair value.

On a cost basis, 63% of the portfolio or $1,762,540 were co-investments.

6 unchanged sentences

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 June 30, 2021 was $190,500.

In addition, the interest rate on the revolver was lowered from 12% to 10%.

On July 1, 2021, $84,500 of the Merx common equity held by the Company was converted into the Merx first lien secured revolver.

The balance of the Merx revolver as of September 30, 2021 was $275,000.

Earnings Per Share

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

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

Three Months Ended September 30, Six Months Ended September 30,

2021 2020 2021 2020

Basic Earnings (Loss) Per Share

Net increase (decrease) in net assets resulting from operations $ 25,441 $ 33,289 $ 57,584 $ 36,283

Weighted average shares outstanding 65,031,131 65,259,176 65,115,530 65,259,176

Basic earnings per share $ 0.49 $ 0.05

Basic earnings (loss) per share

$ 0.39 $ 0.51 $ 0.88 $ 0.56

APOLLO INVESTMENT CORPORATION

2 unchanged sentences

Fair Value Measurement and Disclosures

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:

The following table shows the composition of our investment as of September 30, 2021, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy

21 unchanged sentences

Warrants 211 1,595 — — 1,595

Total Investments and Cash Equivalents $ 2,716,399 $ 2,449,151 $ — $ 484 $ 2,448,667

Total Investments before Cash Equivalents $ 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 June 30, 2021:

The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2021:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Fair value as of June 30, 2021 $ 2,000,093 $ 175,938 $ 22,000 $ 11,675 $ 22,279 $ 247,787 $ 1,851 $ 2,481,623

Net realized gains (losses) (42,724) (19,805) — — — — — (62,529)

Net change in unrealized gains (losses) 76,199 23,643 — (906) 175 (34,602) (94) 64,415

Net amortization on investments 2,592 334 — — — — — 2,926

Purchases, including capitalized PIK (3) 374,815 — — 25 449 44,312 — 419,601

Sales (3) (174,594) (34,959) — — — (84,586) — (294,139)

Transfers out of Level 3 (1) — — — — — — — —

Transfers into Level 3 (1) — — — — — — — —

Fair value as of September 30, 2021 $ 2,236,381 $ 145,151 $ 22,000 $ 10,794 $ 22,903 $ 172,911 $ 1,757 $ 2,611,897

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2021 $ 2,025 $ 5,155 $ — $ (898) $ 175 $ (1,336) $ (94) $ 5,027

The following table shows changes in the fair value of our Level 3 investments during the six months ended September 30, 2021:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Fair value as of March 31, 2021 $ 1,907,807 $ 237,609 $ 22,000 $ 11,289 $ 22,537 $ 245,830 $ 1,595 $ 2,448,667

6 unchanged sentences

Transfers into Level 3 (1) — — — — — — — —

Fair value as of June 30, 2021 $ 2,000,093 $ 175,938 $ 22,000 $ 11,675 $ 22,279 $ 247,787 $ 1,851 $ 2,481,623

Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2021 $ 5,151 $ (5,834) $ — $ 386 $ (257) $ 3,917 $ 256 $ 3,619

Fair value as of September 30, 2021 $ 2,236,381 $ 145,151 $ 22,000 $ 10,794 $ 22,903 $ 172,911 $ 1,757 $ 2,611,897

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2021 $ 5,046 $ 1,352 $ — $ (512) $ (82) $ 3,699 $ 162 $ 9,665

____________________

(1) Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser.

Transfers are assumed to have occurred at the end of the period.

There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.

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

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 $(4,933).

(3) Includes reorganizations and restructuring of investments.

The following table shows changes in the fair value of our Level 3 investments during the three months ended June 30, 2020:

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 September 30, 2020:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Fair value as of June 30, 2020 $ 2,093,720 $ 309,111 $ — $ 9,815 $ 8,720 $ 249,031 $ 217 $ 2,670,614

Net realized gains (losses) (3,334) 224 — — (14) 62 — (3,062)

Net change in unrealized gains (losses) 41,943 2,120 — (576) (541) (27,176) 48 15,818

Net amortization on investments 2,677 231 — — — — — 2,908

Purchases, including capitalized PIK (3) 93,679 477 22,000 26 — 32,603 — 148,785

Sales (3) (229,920) (17,614) — — (142) (1,279) — (248,955)

Transfers out of Level 3 (1) — — — — — — — —

Transfers into Level 3 (1) — — — — — — — —

Fair value as of September 30, 2020 $ 1,998,765 $ 294,549 $ 22,000 $ 9,265 $ 8,023 $ 253,241 $ 265 $ 2,586,108

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020 $ 12,800 $ 1,766 $ — $ (576) $ (542) $ (27,177) $ 47 $ (13,682)

The following table shows changes in the fair value of our Level 3 investments during the six months ended September 30, 2020:

First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total

Fair value as of March 31, 2020 $ 2,265,800 $ 343,420 $ — $ 9,748 $ 7,968 $ 157,943 $ 136 $ 2,785,015

6 unchanged sentences

Transfers into Level 3 (1) — — — — — — — —

Fair value as of June 30, 2020 $ 2,093,720 $ 309,111 $ — $ 9,815 $ 8,720 $ 249,031 $ 217 $ 2,670,614

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.

Fair value as of September 30, 2020 $ 1,998,765 $ 294,549 $ 22,000 $ 9,265 $ 8,023 $ 253,241 $ 265 $ 2,586,108

Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020 $ 6,898 $ (1,289) $ — $ (508) $ 199 $ (40,103) $ 128 $ (34,675)

____________________

(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.

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 June 30, 2021 and March 31, 2021.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 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 June 30, 2021 were as follows:

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 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 $ 190,500 Discounted Cash Flow Discount Rate 7.0% 12.0% 12.0%

First Lien Secured Debt

$ 275,000 Discounted Cash Flow Discount Rate 12.0% 12.0% 12.0%

Residual Value Residual Value N/A N/A N/A

19,855 Recovery Analysis Recoverable Amount N/A N/A N/A

Market Comparable Approach Comparable Multiple 1.5x 1.5x 1.5x

Market Comparable Technique Comparable Multiple 1.5x 1.5x 1.5x

129,511 Recent Transaction Recent Transaction N/A N/A N/A

3 unchanged sentences

1,781,441 Yield Analysis Discount Rate 3.7% 39.3% 8.3%

Second Lien Secured Debt 9,270 Market Comparable Approach Comparable Multiple 11.5x 11.5x 11.5x

Second Lien Secured Debt

9,272 Market Comparable Technique Comparable Multiple 12.9x 12.9x 12.9x

4,922 Recovery Analysis Recoverable Amount $66.50 $72.00 $69.25

5 unchanged sentences

Structured Products and Other 10,794 Discounted Cash Flow Discount Rate 8.5% 8.5% 8.5%

Preferred Equity 502 Discounted Cash Flow Discount Rate 8.8% 8.8% 8.8%

16,696 Market Comparable Approach Comparable Multiple 2.3x 20.2x 8.6x

Preferred Equity

440 Discounted Cash Flow Discount Rate 8.8% 8.8% 8.8%

16,943 Market Comparable Technique Comparable Multiple 1.9x 9.8x 9.4x

4,994 Option Pricing Model Expected Volatility 75.0% 75.0% 75.0%

448 Recent Transaction Recent Transaction N/A N/A N/A

78 Residual Value Residual Value N/A N/A N/A

— Yield Analysis Discount Rate 39.3% 39.3% 39.3%

Common Equity/Interests 800 Discounted Cash Flow Discount Rate 8.8% 33.8% 8.8%

Common Equity/Interests

629 Discounted Cash Flow Discount Rate 8.8% 39.3% 8.8%

106,549 Discounted Cash Flow Discount Rate 1.5% 15.8% 5.7%

Residual Value Residual Value N/A N/A N/A

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%

11,132 Market Comparable Technique Comparable Multiple 6.8x 15.5x 10.5x

45,481 Recent Transaction Recent Transaction N/A N/A N/A

8,910 Recovery Analysis Commodity Price $63.50 $68.70 $66.17

— Recovery Analysis Recoverable Amount 0.0% 0.0% 0.0%

Warrants 1,851 Option Pricing Model Expected Volatility 65.0% 90.0% 88.5%

— Recovery Analysis Recoverable Amount N/A N/A N/A

210 Market Comparable Technique Comparable Multiple 9.8x 9.8x 9.8x

Option Pricing Model Expected Volatility 35.0% 35.0% 35.0%

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Quantitative Information about Level 3 Fair Value Measurements

Asset Category Fair Value Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)

1,757 Option Pricing Model Expected Volatility 60.0% 90.0% 88.2%

Total Level 3 Investments $ 2,611,897

41 unchanged sentences

(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 es timated production level from the underlying reserves.

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

17 unchanged sentences

Investment Transactions

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.

For the three and six months ended September 30, 2021, purchases of investments on a trade date basis were $290,095 and $585,308, respectively.

For the three and six months ended September 30, 2020, purchases of investments on a trade date basis were $105,865 and $243,754, respectively.

For the three and six months ended September 30, 2021, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $176,280 and $442,387, respectively.

For the three and six months ended September 30, 2020, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $208,969 and $441,828, 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 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,

During the three and six months ended September 30, 2021, PIK income earned was $933 and $2,468, respectively.

During the three and six months ended September 30, 2020, PIK income earned was $925 and $2,801, respectively.

The following table shows the change in capitalized PIK balance for the three and six months ended September 30, 2021 and 2020:

Three Months Ended September 30, Six Months Ended September 30,

2021 2020 2021 2020

PIK balance at beginning of period $ 43,733 $ 39,016 $ 41,947 $ 37,481

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PIK balance at end of period $ 37,637 $ 40,439 $ 37,637 $ 40,439

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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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)

During the three and six months ended September 30, 2021, dividend income from structured products was $338 and $649, respectively.

During the three and six months ended September 30, 2020, dividend income from structured products was $331 and $676, respectively.

Investments 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 September 30, 2021, 2.0% 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 Subsidiaries

The following unconsolidated subsidiaries are considered significant subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) as of June 30, 2021.

Unconsolidated Significant Subsidiary

The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of September 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:

Three Months Ended June 30,

The following table shows unaudited summarized financial information for Merx Aviation:

Six Months Ended September 30,

Net revenue $ 109,141 $ 111,758

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Net profit (loss) after taxes attributable to Merx Aviation 9,465 (35,365)

(2,590) (2,420)

Debt and Foreign Currency Transactions and Translations

On April 4, 2018, the Company’s Board of Directors, including a “required majority” (as defined in Section 57(o) of the Investment Company Act of 1940, as amended) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940.

As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

APOLLO INVESTMENT CORPORATION

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(In thousands, except share and per share data)

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

Debt and Foreign Currency Transactions and Translations

The Company’s outstanding debt obligations as of September 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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2025 Notes 3/3/2015 350,000 350,000 365,724 (2) 3/3/2025

2026 Notes 7/16/2021 125,000 125,000 127,051 (2) 7/16/2026

Total Debt Obligations $ 2,285,000 $ 1,603,067 $ 1,629,062

Deferred Financing Cost and Debt Discount $ (3,573)

Deferred Financing Costs and Debt Discount $ (5,275)

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,597,792

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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 3 under ASC 820 as of June 30, 2021.

(1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 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.

(2) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of September 30, 2021.

The valuation is based on broker quoted prices.

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Total Debt Obligations $ 2,160,000 $ 1,469,186 $ 1,497,528

Deferred Financing Cost and Debt Discount $ (3,815)

Deferred Financing Costs and Debt Discount $ (3,815)

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,465,371

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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 June 30, 2021, the stated interest rate on the facility was LIBOR plus 2.00%.

As of September 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 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.

As of September 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 $667,452 and $690,637 as of June 30, 2021 and March 31, 2021, respectively.

The available remaining capacity under the Senior Secured Facility was $681,756 and $690,637 as of September 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.

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,

On July 16, 2021, the Company issued $125,000 aggregate principal amount of general unsecured notes for net proceeds of $122,965 (the “2026 Notes”).

The 2026 Notes will mature on July 16, 2026.

Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022.

The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended September 30, 2021 and 2020:

Three Months Ended September 30, Six Months Ended September 30,

2021 2020 2021 2020

Average debt outstanding $ 1,539,062 $ 1,664,934 $ 1,499,635 $ 1,728,597

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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 months ended June 30, 2021 and 2020 were $660 and $339, respectively.

Commitment fees for the three and six months ended September 30, 2021 were $689 and $1,349 respectively.

Commitment fees for the three and six months ended September 30, 2020 were $467 and $806, respectively.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of June 30, 2021:

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of September 30, 2021:

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

Euro € 15,400 16,845 18,263 (1,418) 7/30/2021

British Pound £ 68,000 84,420 91,623 (7,203) 10/29/2021

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$ 88,963 $ 96,104 $ (7,141)

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

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$ 117,602 $ 129,723 $ (12,121)

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

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

As of September 30, 2021 and March 31, 2021, the Company was in compliance with all debt covenants for all outstanding debt obligations.

Stockholders’ Equity

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

There were no equity offerings of common stock during the three and six months ended September 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”):

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December 14, 2015 50,000 50,000 —

50,000 50,000 —

September 14, 2016 50,000 50,000 —

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February 6, 2019 50,000 31,003 18,997

Total as of June 30, 2021 $ 250,000 $ 225,098 $ 24,902

Total as of September 30, 2021 $ 250,000 $ 231,003 $ 18,997

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.

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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.

June 16, 2021 November 5, 2021 10,000

During the six months ended September 30, 2021, the Company repurchased 596,525 shares at a weighted average price per share of $13.30, inclusive of commissions, for a total cost of $7,931.

This represents a discount of approximately 16.85% of the average net asset value per share for the six months ended September 30, 2021.

During the six months ended September 30, 2020, the Company did not repurchase shares.

Since the inception of the Repurchase Plans through September 30, 2021, the Company repurchased 14,251,103 shares at a weighted average price per share of $16.21, inclusive of commissions, for a total cost of $231,003.

Including fractional shares, the company has repurchased 14,251,133 shares at a weighted average price per share of $16.21, inclusive of commissions for a total cost of $231,004.

On October 30, 2018, the Company’s Board of Directors approved a one-for-three reverse stock split of the Company’s common stock which was effective as of the close of business on November 30, 2018.

The Company's common stock began trading on a split-adjusted basis on December 3, 2018.

The fractional shares that resulted from the Reverse Stock Split were approximately 29 shares and they were canceled by paying cash in lieu of the fair value.

On July 22, 2019, the Board of Directors approved Articles of Amendment which amended the Company’s charter to reduce the amount of authorized capital stock from 400,000,000 shares, par value $0.001 per share, to 130,000,000 shares, par value $0.001 per share.

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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 June 30, 2021 and March 31, 2021, the Company had the following unfunded commitments to its portfolio companies:

June 30, 2021 March 31, 2021

As of September 30, 2021 and March 31, 2021, the Company had the following unfunded commitments to its portfolio companies:

September 30, 2021 March 31, 2021

Unfunded revolver obligations and bridge loan commitments (1) $ 297,989 $ 261,854

Standby letters of credit issued and outstanding (2)

Unfunded delayed draw loan commitments (performance thresholds not met) (3)

264,446 172,249

Unfunded delayed draw loan commitments (3) 258,531 172,249

Total Unfunded Commitments (4) $ 560,447 $ 436,890

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(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 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.

The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 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 September 30, 2021 and March 31, 2021, the bridge loan commitments included in the balances were $33,100 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.

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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 $109,500 and $109,500 a s of June 30, 2021 and March 31, 2021 , respectively.

(4) The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $25,000 and $109,500 as of September 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 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.

APOLLO INVESTMENT CORPORATION

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Financial Highlights

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

The following is a schedule of financial highlights for the six months ended September 30, 2021 and 2020.

Six Months Ended September 30, 2021 Six Months Ended September 30, 2020

(Unaudited) (Unaudited)

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(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 June 30, 2021 may include return of capital, the exact amount cannot be determined at this point.

Although the tax character of distributions paid to stockholders through September 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 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.

For the six months ended September 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 5.86% and 10.97%, respectively, without the voluntary fee waivers.

For the six months ended September 30, 2020 the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 5.21% and 10.99%, respectively, without the voluntary fee waivers.

(5) Annualized for the six months ended September 30, 2021 and September 30, 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.

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.

During the period from October 1, 2021 through November 3, 2021, the Company repurchased 308,005 shares at a weighted average price per share of $13.30, inclusive of commissions, for a total cost of $4,095, leaving a maximum of $14,902 available for future purchases under the Repurchase Plans.

On November 4, 2021, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on January 6, 2022 to stockholders of record as of December 20, 2021.

On November 4, 2021, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on January 6, 2022 to stockholders of record as of December 20, 2021.

Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board may declare a quarterly supplemental distribution in an amount to be determined each quarter.

There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.

2 unchanged sentences

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 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”).

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of September 30, 2021, and the related statements of operations and of changes in net assets for the three-month and six-month periods ended September 30, 2021 and 2020, and the statements of cash flows for the six-month periods ended September 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

August 5, 2021

November 4, 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