What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-02-03 compared with 2021-11-04 · 313 added, 365 removed, 2973 unchanged (19% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

September 30, 2021 March 31, 2021

December 31, 2021 March 31, 2021

Investments at fair value:

11 unchanged sentences

Debt $ 1,587,376 $ 1,465,371

Payable for investments purchased 2,005 —

Distributions payable 22,999 23,493

16 unchanged sentences

(In thousands, except per share data)

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

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

2021 2020 2021 2020

47 unchanged sentences

(In thousands, except share data)

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

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

2021 2020 2021 2020

21 unchanged sentences

(In thousands)

Six Months Ended September 30,

Nine Months Ended December 31,

Operating Activities

37 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

3 unchanged sentences

KL Charlie Acquisition Company First Lien Secured Debt L+625, 1.00% Floor 12/30/26 $ 30,875 $ 22,411 $ 22,566 (9)(21)(23)

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+625, 1.00% Floor 12/30/26 2,190 (18) (22) (8)(9)(21)

2 unchanged sentences

22,612 22,888

Simplifi Holdings, Inc.

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

HRO (Hero Digital) Holdings, LLC First Lien Secured Debt L+600, 1.00% Floor 11/18/28 27,234 19,111 19,303 (9)(21)(23)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 11/18/26 2,553 (50) (26) (8)(9)(20)

HRO Holdings I LP Common Equity - Common Stock N/A N/A 213 Shares 213 213 (9)(13)(25)

19,274 19,490

6 unchanged sentences

Club Car Wash Operating, LLC First Lien Secured Debt L+650, 1.00% Floor 06/16/27 $ 29,982 $ 20,400 $ 20,493 (9)(21)(23)

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 2,398 2,406 (9)(23)(29)

18 unchanged sentences

310,800 318,241

PrimeFlight Aviation Services, Inc.

First Lien Secured Debt L+625, 1.00% Floor 05/09/24 17,384 17,186 17,281 (9)(26)

Total Aviation and Consumer Transport $ 327,986 $ 335,522

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

PrimeFlight Aviation Services, Inc.

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

1 unchanged sentence

First Lien Secured Debt - Revolver L+650, 1.00% Floor 07/30/26 2,247 529 565 (9)(21)(23)

First Lien Secured Debt - Revolver P+550 07/30/26 634 621 631 (9)(23)(34)

31,525 32,082

2 unchanged sentences

Common Equity - Common Stock N/A N/A 1,000,000 Shares 1,001 990 (13)

Florida Food Products, Inc.

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)

FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 589 Shares 448 475 (9)(13)(25)

Common Equity - Common Stock N/A N/A 589 Shares 3 50 (9)(13)(25)

9 unchanged sentences

TNT Crust LLC First Lien Secured Debt L+675, 1.00% Floor 11/06/23 21,655 21,406 21,113 (9)(28)

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

First Lien Secured Debt - Revolver L+675 Cash plus 1.00% PIK, 1.00% Floor 11/06/23 3,252 3,069 3,011 (9)(21)(23)

Common Equity - Series A Units N/A N/A 244 Shares 30 136 (9)(13)

2 unchanged sentences

LLC First Lien Secured Debt L+600, 1.00% Floor 05/31/25 25,124 24,811 24,369 (9)(26)

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

First Lien Secured Debt - Revolver P+500 05/31/24 4,494 2,878 2,787 (9)(20)(21)

27,858 27,429

Total Beverage, Food & Tobacco $ 131,363 $ 131,442

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)

Business Services

1 unchanged sentence

Access CIG, LLC Second Lien Secured Debt L+775, 0.00% Floor 02/27/26 $ 15,900 $ 15,820 $ 15,764 (26)

Alpinex Opco, LLC First Lien Secured Debt L+600, 1.00% Floor 12/27/27 16,383 11,633 11,632 (9)(21)(23)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 12/27/27 1,117 (22) (22) (8)(9)(21)

11,611 11,610

Ambrosia Buyer Corp.

1 unchanged sentence

Second Lien Secured Debt 9.00% 08/28/25 21,429 19,069 5,657 (14)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

AML Rightsource

6 unchanged sentences

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

11,806 11,541

Electro Rent Corporation

14 unchanged sentences

Trident Bidco Limited First Lien Secured Debt L+550, 1.00% Floor 11/08/25 33,688 33,033 33,677 (9)(17)(29)

Margaux Acquisition Inc.

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

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)

(fka Newscycle Solutions, Inc.) First Lien Secured Debt L+700, 1.00% Floor 12/29/22 12,213 12,130 12,183 (9)(28)

3 unchanged sentences

First Lien Secured Debt L+575, 1.00% Floor 08/10/27 8,435 5,686 5,653 (9)(21)(23)

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 1,307 215 213 (9)(21)(23)

Graffiti Parent, LP Common Equity - Common Stock N/A N/A 2,439 Shares 244 241 (9)(13)(25)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

PSI Services, LLC

Lifelong Learner Holdings, LLC First Lien Secured Debt L+575, 1.00% Floor 10/19/26 34,062 33,587 32,430 (9)(28)(29)

First Lien Secured Debt 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 2,945 2,861 (9)(21)(23)

2 unchanged sentences

Common Equity - Membership Interests N/A N/A 300 Shares 300 863 (9)

Transplace Holdings, Inc.

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

US Legal Support

3 unchanged sentences

First Lien Secured Debt - Revolver L+550, 1.00% Floor 12/02/24 1,501 200 186 (9)(20)(21)

First Lien Secured Debt - Revolver P+475, 1.00% Floor 12/02/24 107 106 105 (9)(23)(34)

24,765 24,893

10 unchanged sentences

First Lien Secured Debt - Revolver L+575, 1.00% Floor 09/13/24 2,019 2,001 1,973 (9)(23)(28)

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

23,066 22,831

Total Chemicals, Plastics & Rubber $ 101,795 $ 67,821

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)

Construction & Building

1 unchanged sentence

First Lien Secured Debt L+575, 1.00% Floor 03/06/25 $ 28,466 $ 28,140 $ 28,147 (9)(26)

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

First Lien Secured Debt - Revolver P+475 03/06/24 2,727 380 371 (9)(20)(21)

Gutter Holdings, LP Common Equity - Common Stock N/A N/A 500 Shares 500 1,049 (9)

8 unchanged sentences

GSC Technologies Inc.

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

(4) First Lien Secured Debt L+500 Cash plus 5.00% PIK, 1.00% Floor 09/30/25 211 211 196 (17)(28)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

Liqui-Box Holdings, Inc.

4 unchanged sentences

First Lien Secured Debt L+575, 1.00% Floor 02/27/26 15,771 12,789 12,890 (21)(23)(28)

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

First Lien Secured Debt - Revolver L+575, 1.00% Floor 02/27/26 725 (11) (17) (8)(21)(23)

Wildcat Parent LP Common Equity - Common Stock N/A N/A 1,070 Shares 107 160 (13)

12,885 13,033

Sorenson Holdings, LLC

3 unchanged sentences

Protein For Pets Opco, LLC First Lien Secured Debt - Revolver L+500, 1.00% Floor 05/31/24 $ 2,219 $ (28) $ — (9)(21)(23)

Beauty Industry Group (BIG)

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.

3 unchanged sentences

26,425 25,378

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)

Lash OpCo, LLC First Lien Secured Debt L+700, 1.00% Floor 03/18/26 34,950 30,481 30,414 (9)(21)(23)

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

First Lien Secured Debt P+600 03/18/26 10,146 9,942 9,918 (9)(34)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 09/18/25 1,612 (50) (36) (8)(9)(21)

4 unchanged sentences

11,870 12,184

Paladone Group Bidco Limited First Lien Secured Debt L+575, 1.00% Floor 11/12/27 8,003 5,981 6,038 (9)(17)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 11/12/27 £ 353 (9) (5) (8)(9)(17)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 11/12/27 1,412 255 268 (9)(17)(21)

Paladone Group Holdings Limited Common Equity - Common Stock N/A N/A 94,151 Shares 94 94 (9)(13)(17)

Sequential Brands Group, Inc.

Gainline Galaxy Holdings LLC Common Equity - Common Stock N/A N/A 10,854 Shares 2,041 2,033 (13)(16)(17)

Sequential Avia Holdings LLC Second Lien Secured Debt L+500, 1.00% Floor 11/12/26 1,717 1,715 1,717 (17)(26)

Sequential Brands Group, Inc.

1 unchanged sentence

Second Lien Secured Debt 8.75% 02/07/24 1,293 236 241 (14)(17)

19,141 18,082

Total Consumer Goods – Non-durable $ 88,999 $ 88,290

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

Consumer Services

13 unchanged sentences

First Lien Secured Debt L+575, 1.00% Floor 12/31/26 11,465 8,114 8,089 (9)(21)(23)

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+575, 1.00% Floor 12/31/26 417 (3) (6) (8)(9)(21)

4 unchanged sentences

23,156 23,238

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)

Only About Children

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt BBSW+675, 1.00% Floor 04/06/24 A$ 7,000 4,945 4,763 (17)(21)(23)

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

Papershop Holdco Inc.

1 unchanged sentence

First Lien Secured Debt - Revolver L+700, 1.00% Floor 05/27/26 1,705 1,365 1,364 (9)(21)(23)

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

First Lien Secured Debt - Revolver P+600 05/27/26 1,377 1,364 1,363 (9)(23)(34)

13,238 13,228

Pinstripe Holdings, LLC

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 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)

Eldrickco Limited First Lien Secured Debt SON+625, 0.50% Floor 11/26/25 £ 15,083 14,021 14,436 (9)(17)(21)

First Lien Secured Debt - Revolver SON+625, 0.50% Floor 11/26/25 £ 356 411 465 (9)(17)(23)

First Lien Secured Debt - Revolver SON+625, 0.50% Floor 05/26/25 £ 345 — (9) (8)(9)(17)

14,432 14,892

2 unchanged sentences

First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/17/24 13,333 10,995 10,976 (9)(21)(23)

15,618 15,532

Total Consumer Services $ 168,306 $ 169,347

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

Diversified Investment Vehicles, Banking, Finance, Real Estate

10 unchanged sentences

Spectrum Automotive

CC SAG Holdings Corp.

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

Shelby 2021 Holdings Corp.

First Lien Secured Debt L+575, 0.75% Floor 06/29/28 14,521 12,219 12,263 (9)(21)(23)

1 unchanged sentence

12,213 12,259

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

Ten-X, LLC First Lien Secured Debt - Revolver P+225 09/29/22 4,680 4,617 4,572 (23)(34)

Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 64,869 $ 58,755

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+600, 0.50% Floor 07/30/25 £ 30,000 $ 36,295 $ 40,407 (9)(17)(32)

12 unchanged sentences

Total Energy – Electricity $ 29,718 $ 7,827

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

Energy – Oil & Gas

6 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

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 1,412 — (13)(16)(25)

Common Equity - Series C Units N/A N/A 50,952,525 Shares 44,065 2,839 (13)(16)(25)

70,205 28,309

3 unchanged sentences

Ortega National Parks, LLC First Lien Secured Debt L+525, 1.00% Floor 10/31/25 $ 15,590 $ 9,229 $ 9,223 (9)(21)(23)

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 2,049 (27) (22) (8)(9)(21)

Total Environmental Industries $ 9,202 $ 9,201

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)

Healthcare & Pharmaceuticals

2 unchanged sentences

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 33,617 33,202 33,265 (9)(27)

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 (8) (9) (8)(9)(21)

4 unchanged sentences

18,737 18,643

BK Medical Holding Company, Inc.

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 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 L+545, 1.80% Floor 03/01/24 16,500 16,457 16,830 (9)(17)(26)

Royton Bidco Limited First Lien Secured Debt SON+525, 0.50% Floor 05/09/25 £ 19,766 22,335 23,473 (9)(17)(21)

Cato Research

LS Clinical Services Holdings, Inc.

First Lien Secured Debt L+675, 1.00% Floor 12/16/27 13,125 12,800 12,797 (9)(28)

1 unchanged sentence

12,754 12,750

Dohmen Life Science Services

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 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)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

Cerus Corporation First Lien Secured Debt L+545, 1.80% Floor 03/01/24 21,000 16,449 16,830 (9)(17)(23)

First Lien Secured Debt - Revolver L+375, 1.80% Floor 03/01/24 1,500 318 324 (9)(17)(21)

6 unchanged sentences

18,517 18,941

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)

EmpiRx Health LLC First Lien Secured Debt L+550, 1.00% Floor 08/05/27 9,091 8,919 9,000 (9)(27)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/05/27 909 (17) (9) (8)(9)(21)

Forge Biologics

Forge Biologics, Inc.

First Lien Secured Debt L+675, 0.50% Floor 12/03/26 26,667 3,202 3,201 (9)(23)(26)

Genesis Healthcare, Inc.

3 unchanged sentences

First Lien Secured Debt L+700, 2.00% Floor 01/01/25 30,000 5,873 6,060 (9)(17)(23)

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

Health & Safety Institute

3 unchanged sentences

Common Equity - Common Stock N/A N/A 500 Shares 500 612 (9)(13)

14,155 14,093

IMA Group Management Company, LLC First Lien Secured Debt L+550, 1.00% Floor 05/30/24 12,704 6,866 6,887 (21)(23)(29)

First Lien Secured Debt 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)(27)

7 unchanged sentences

21,639 21,569

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

Mannkind Corporation

1 unchanged sentence

First Lien Secured Debt L+625, 1.00% Floor 08/01/25 30,000 (24) — (9)(23)

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

Common Equity - Common Stock N/A N/A 334,226 Shares 76 1,461 (9)(10)(13)

13,836 15,555

3 unchanged sentences

23,190 22,943

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)

Medical Guardian

Medical Guardian, LLC First Lien Secured Debt L+650, 1.00% Floor 10/26/26 36,191 30,931 30,911 (9)(21)(23)

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+650, 1.00% Floor 10/26/26 3,810 (55) (54) (8)(9)(21)

2 unchanged sentences

Midwest Vision Partners Management, LLC First Lien Secured Debt L+650, 1.00% Floor 01/12/27 24,315 21,466 21,656 (9)(21)(23)

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+650, 1.00% Floor 01/12/27 612 295 300 (9)(21)(23)

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)

21,761 21,956

Orchard Therapeutics PLC First Lien Secured Debt L+595, 1.00% Floor 05/28/26 33,333 10,897 10,994 (9)(17)(23)

Ovation Fertility

FPG Services, LLC First Lien Secured Debt L+550, 1.00% Floor 06/13/25 19,068 14,141 14,312 (9)(21)(23)

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 (21) (6) (8)(9)(21)

7 unchanged sentences

Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333 871 (9)(13)

Warrants N/A N/A 33,333 Shares 135 103 (9)(13)

Warrants N/A 33,333 Shares 135 372 (9)(13)

11,255 12,018

2 unchanged sentences

First Lien Secured Debt - Revolver L+600, 1.00% Floor 01/31/27 2,000 (30) (40) (8)(9)(21)

24,716 24,634

Radius Health

1 unchanged sentence

First Lien Secured Debt L+575, 2.00% Floor 06/01/24 33,833 28,700 28,425 (9)(17)(23)

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 (1) (13) (8)(9)(17)

3 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

2 unchanged sentences

Pace Health Companies, LLC First Lien Secured Debt L+450, 1.00% Floor 08/02/24 4,463 3,837 3,880 (9)(23)(28)

First Lien Secured Debt 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 11 (1) (8)(9)(20)

4 unchanged sentences

RiteDose Holdings I, Inc.

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

First Lien Secured Debt P+550, 1.00% Floor 09/13/23 12,093 11,977 12,087 (9)(26)(34)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/13/23 2,000 (18) — (9)(21)(23)

2 unchanged sentences

Unchained Labs, LLC First Lien Secured Debt L+550, 1.00% Floor 08/09/27 6,765 1,847 1,859 (9)(21)(23)

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)

13 unchanged sentences

ChyronHego Corporation (5) First Lien Secured Debt L+350 Cash plus 1.50% PIK, 1.00% Floor 12/31/22 84,958 83,476 84,109 (28)

First Lien Secured Debt L+800 PIK, 1.00% Floor 12/31/22 2,514 2,422 2,413 (28)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 12/31/22 8,000 7,156 7,076 (21)(23)(29)

11 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

4 unchanged sentences

First Lien Secured Debt L+525, 1.00% Floor 06/06/25 14,475 14,329 13,540 (26)

Magnitude Software

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

6 unchanged sentences

Magnate Holding Corp.

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)

First Lien Secured Debt L+625 Cash plus 1.00% PIK, 0.50% Floor 12/16/24 19,206 19,080 17,737 (9)(17)(28)

First Lien Secured Debt - Revolver L+625 Cash plus 1.00% PIK, 0.50% Floor 12/14/23 3,150 3,131 2,980 (9)(17)(23)

22,211 20,717

2 unchanged sentences

First Lien Secured Debt L+625, 1.00% Floor 10/31/26 23,850 20,358 20,278 (9)(21)(23)

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 1,049 330 329 (9)(21)(23)

1 unchanged sentence

Pro-Vigil Holding Company, LLC First Lien Secured Debt L+850, 1.00% Floor 01/11/25 9,935 9,733 9,798 (9)(26)

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 9,887 9,723 9,741 (9)(28)

First Lien Secured Debt L+775, 1.00% Floor 07/12/25 963 949 971 (9)(28)

10,672 10,712

Simeio Group Holdings, Inc.

5 unchanged sentences

First Lien Secured Debt - Revolver L+450, 1.00% Floor 03/15/24 429 (3) (1) (8)(9)(21)

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

Springbrook Holding Company, LLC First Lien Secured Debt L+550, 1.00% Floor 12/23/26 13,336 10,693 10,727 (21)(23)(29)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/23/26 1,463 (18) (13) (8)(21)(23)

10,675 10,714

MEP-TS Midco, LLC First Lien Secured Debt L+600, 1.00% Floor 12/31/26 13,413 13,159 13,279 (9)(29)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 12/31/26 1,452 (2) (15) (8)(9)(21)

13,157 13,264

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

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

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 L+625, 1.50% Floor 10/21/25 8,583 5,202 5,278 (9)(23)(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 31,958 27,593 27,478 (9)(21)(23)

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 (78) (83) (8)(9)(20)

2 unchanged sentences

Hotel, Gaming, Leisure, Restaurants

Guernsey Holdings SDI LA LLC First Lien Secured Debt 6.95% 11/18/26 $ 14,333 $ 14,194 $ 14,190 (9)

First Lien Secured Debt L+595, 1.00% Floor 11/18/26 1,667 — — (9)(23)

14,194 14,190

YTC Enterprises, LLC First Lien Secured Debt L+625, 1.00% Floor 08/16/26 9,967 9,851 9,842 (9)(26)

3 unchanged sentences

First Lien Secured Debt L+600, 0.75% Floor 04/14/28 $ 30,189 $ 29,660 $ 29,585 (9)(28)(29)

First Lien Secured Debt 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 (39) (44) (8)(9)(21)

8 unchanged sentences

First Lien Secured Debt L+600, 1.00% Floor 04/15/25 30,353 29,684 30,172 (9)(21)(23)

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 1,369 353 365 (9)(20)(21)

1 unchanged sentence

Total Insurance $ 78,605 $ 78,953

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

9 unchanged sentences

16,658 16,201

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

MedPlast Holdings Inc.

5 unchanged sentences

NW Entertainment, Inc.

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)

First Lien Secured Debt L+750, 1.00% Floor 08/16/24 $ 28,491 $ 27,611 $ 27,711 (9)(21)(23)

First Lien Secured Debt - Revolver L+750, 1.00% Floor 08/16/24 3,078 3,046 3,055 (9)(23)(28)

30,657 30,766

11 unchanged sentences

Telecommunications

IPC Corporation

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

Securus Technologies Holdings, Inc.

2 unchanged sentences

Total Telecommunications $ 12,809 $ 12,363

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

15 unchanged sentences

Total Transportation – Cargo, Distribution $ 167,405 $ 118,277

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (35) Fair Value (1)(36)

Banner Solutions

Banner Buyer, LLC First Lien Secured Debt L+575, 1.00% Floor 10/31/25 $ 17,789 $ 15,136 $ 15,224 (9)(21)(23)

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 (24) (12) (8)(9)(21)

1 unchanged sentence

Common Equity - Common Stock N/A N/A 6,125 Shares 613 560 (9)(13)

15,725 15,772

Thomas Scientific

BSP-TS, LP Common Equity - Common Stock N/A N/A 185 Shares 185 185 (9)(13)(25)

Thomas Scientific, LLC First Lien Secured Debt L+625, 1.00% Floor 12/14/27 31,852 26,088 26,081 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/14/27 2,963 (59) (59) (8)(9)(21)

26,214 26,207

Total Wholesale $ 41,939 $ 41,979

5 unchanged sentences

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

Common shares in 1244311 B.C.

are CAD denominated equity investments.

(3) Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity.

1 unchanged sentence

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

As of 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.

As of December 31, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation, and 27% equity ownership interest in Carbonfree Chemicals SA LLC.

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

(4) Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company.

Fair value as of March 31, 2021 and 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

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

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

Ltd., Common Stock $ 1,719 $ — $ — $ (833) $ 886 $ — $ —

19 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

(5) Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment.

Fair value as of March 31, 2021 and 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

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

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

Majority Owned Company

22 unchanged sentences

■ 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;

As of December 31, 2021, the Company had a 87%, 85%, 96%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation;

Dynamic Product Tankers, LLC;

Glacier Oil & Gas Corp.

6 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

8 unchanged sentences

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

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

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

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

The investment is expected to be paid down in a series of payments subsequent to the stated maturity date.

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

2 unchanged sentences

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

(16) AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC and AP Surf Investments, LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities.

(16) AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AP Surf Investments, LLC and AIC SB Holdings LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities.

AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC.

3 unchanged sentences

AP Surf Investments, LLC holds equity investments in Surf Opco, LLC.

AIC SB Holdings LLC holds equity investments in Gainline Galaxy Holdngs LLC.

(17) Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act.

2 unchanged sentences

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

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.

As of December 31, 2021, non-qualifying assets represented approximately 12.98% of the total assets of the Company.

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

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

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

(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

(19) Common shares in 1244311 B.C.

are CAD denominated equity investments

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

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

3 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

(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.

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

Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied.

3 unchanged sentences

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

Akoya Biosciences, Inc.

1,500 — — 1,500

Alpinex Opco, LLC 5,585 — — 5,585

Amerivet Partners Management, Inc.

9 unchanged sentences

Berner Food & Beverage, LLC 2,881 1,210 — 1,671

Big Buyer, LLC 2,806 — — 2,806

Bird US Opco, LLC 33,747 — — 33,747

BK Medical Holding Company, Inc.

CC SAG Holdings Corp.

3,566 — — 3,566

Cerus Corporation 6,000 320 — 5,680

11 unchanged sentences

EmpiRx Health LLC 909 — — 909

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

Erickson Inc 36,000 24,518 1,522 9,960

1 unchanged sentence

Flock SPV I, LLC 8,000 — — 8,000

Florida Food Products, LLC 1,712 342 — 1,370

Forge Biologics, Inc.

23,333 — — 23,333

FPG Services, LLC 6,811 — — 6,811

7 unchanged sentences

3,920 240 — 3,680

Guernsey Holdings SDI LA LLC 1,667 — — 1,667

Gutter Buyer, Inc.

4 unchanged sentences

Hive Intermediate, LLC 2,326 466 — 1,860

HRO (Hero Digital) Holdings, LLC 10,213 — 31 10,182

HSI HALO Acquisition, Inc.

7 unchanged sentences

KL Charlie Acquisition Company 10,190 — — 10,190

Kure Pain Holdings, Inc.

2,654 — — 2,654

Lash OpCo, LLC 5,362 — — 5,362

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

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

Kure Pain Holdings, Inc.

2,654 — — 2,654

Lash OpCo, LLC 1,503 241 — 1,262

LendingPoint LLC 13,244 6,667 — 6,577

2 unchanged sentences

3,560 2,018 78 1,464

LS Clinical Services Holdings, Inc.

1,875 — — 1,875

Magnate Holding Corp.

1 unchanged sentence

Mannkind Corporation 30,000 — — 30,000

Margaux Acquisition Inc.

1,601 229 — 1,372

Margaux UK Finance Limited* 729 — — 729

Marlin DTC-LS Midco 2, LLC 685 — — 685

17 unchanged sentences

Pace Health Companies, LLC 1,075 — 105 970

Paladone Group Bidco Limited 3,295 282 — 3,013

Paladone Group Bidco Limited* 478 — — 478

Papershop Holdco Inc.

8 unchanged sentences

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

Pro-Vigil Holding Company, LLC 1,067 — — 1,067

Purchasing Power Funding I, LLC 9,113 1,642 — 7,471

5 unchanged sentences

Sequential Brands Group, Inc.

Shelby 2021 Holdings Corp.

2,532 — — 2,532

SI Holdings, Inc.

2 unchanged sentences

6,346 — — 6,346

Simplifi Holdings, Inc.

2,400 — — 2,400

Sirsi Corporation 429 — — 429

9 unchanged sentences

LLC 4,494 2,921 79 1,494

Thomas Scientific, LLC 8,148 — — 8,148

TNT Crust LLC 3,252 3,092 — 160

Truck-Lite Co., LLC 4,175 — 81 4,094

Turbo Buyer, Inc.

Auto Finance, Inc.

28,733 11,007 — 17,726

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

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

Turbo Buyer, Inc.

Auto Finance, Inc.

28,733 4,535 — 24,198

Ultimate Baked Goods Midco LLC 3,243 1,702 365 1,176

10 unchanged sentences

____________________

* 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.

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

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

(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.

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

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

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

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

As of December 31, 2021, the aggregate fair value of these securities is $177,530 or 17% of the Company's net assets.

The acquisition dates of the restricted securities are as follows:

2 unchanged sentences

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

BSP-TS, LP Common Equity - Common Stock 12/14/2021

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

3 unchanged sentences

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

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

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

Gainline Galaxy Holdings LLC Common Equity - Common Stock 11/12/2021

Glacier Oil & Gas Corp.

1 unchanged sentence

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

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock 12/29/2020

HRO Holdings I LP Common Equity - Common Stock 11/18/2021

Merx Aviation Finance, LLC Common Equity - Membership Interests 5/22/2013

MSEA Tankers LLC Common Equity - Class A Units 12/12/2014

Paladone Group Holdings Limited Common Equity - Common Stock 11/12/2021

Pelican Energy, LLC Common Equity - Membership Interests 2/16/2016

4 unchanged sentences

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

Common Equity - Common Stock 6/8/2021

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

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

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

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

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

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)%

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

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

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

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

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

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

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

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

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

(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:

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

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

44 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

(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:

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

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

47 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

December 31, 2021

(In thousands, except share data)

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

Industry Classification Percentage of Total Investments (at Fair Value) as of December 31, 2021

Healthcare & Pharmaceuticals 16.1%

2 unchanged sentences

Business Services 10.3%

Beverage, Food & Tobacco 5.8%

Consumer Services 6.5%

Beverage, Food & Tobacco 5.1%

Transportation – Cargo, Distribution 4.6%

3 unchanged sentences

Chemicals, Plastics & Rubber 2.6%

Advertising, Printing & Publishing 2.3%

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

Manufacturing, Capital Equipment 1.8%

Advertising, Printing & Publishing 1.6%

Wholesale 1.6%

Education 1.6%

1 unchanged sentence

Energy – Oil & Gas 1.3%

Aerospace & Defense 1.1%

Construction & Building 1.1%

Telecommunications 0.9%

Consumer Goods – Durable 1.0%

Wholesale 0.6%

Aerospace & Defense 0.9%

Hotel, Gaming, Leisure, Restaurants 0.9%

Telecommunications 0.5%

Environmental Industries 0.4%

1223 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 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.

Since then, and through December 31, 2021, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $243,402.

Apollo Investment Management, L.P.

18 unchanged sentences

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods.

Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) during 2020 and 2021 and any other parameters used in determining these estimates could cause actual results to differ materially.

Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) that began in 2020 and still persists and any other parameters used in determining these estimates could cause actual results to differ materially.

APOLLO INVESTMENT CORPORATION

7 unchanged sentences

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

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

Cash equivalents held as of December 31, 2021 was $22,367.

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

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

Investment Transactions

51 unchanged sentences

When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

During the 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.

During the nine months ended December 31, 2021, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

9 unchanged sentences

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

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

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

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

Valuation of Other Financial Assets and Financial Liabilities

70 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 September 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 December 31, 2021 may include return of capital, however, the exact amount cannot be determined at this point.

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

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

As of December 31, 2021, there were no uncertain tax positions and no amounts accrued for interest or penalties.

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

14 unchanged sentences

The effective date for compliance with Rule 2a-5 is September 8, 2022.

The Company is evaluating the potential impact that the rule will have on the Company’s financial statements.

The Company continues to evaluate the potential impact that the rule will have on the Company’s financial statements.

Related Party Agreements and Transactions

37 unchanged sentences

The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date.

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

There was no accrual for theoretical capital gains incentive fee for the three and nine months ended December 31, 2021 and 2020.

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

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

For the three and 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.

For the three and nine months ended December 31, 2021, the Company recognized $9,232 and $27,203 respectively, of management fees, and $5,367 and $10,638, respectively, of incentive fees before impact of waived fees.

For the three and nine months ended December 31, 2020, the Company recognized $8,957 and $27,743 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees.

For the three and nine months ended December 31, 2021 and 2020, no management fees were waived (as not applicable) and no incentive fees were waived.

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

APOLLO INVESTMENT CORPORATION

7 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 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.

For the three and nine months ended December 31, 2021, the performance-based incentive fee offset was $31 & $178.

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

Administration Agreement with AIA

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 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.

For the three and nine months ended December 31, 2021, the Company recognized administrative services expense under the Administration Agreement of $1,441 and $4,426, respectively.

For the three and nine months ended December 31, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $3,590, respectively.

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

Administrative Service Expense Reimbursement

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

For the three and 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.

For the three and nine months ended December 31, 2021, the Company recognized administrative service expense reimbursements of $76 and $226, respectively, under the Merx Administration Agreement.

For the three and nine months ended December 31, 2020, the Company recognized administrative service expense reimbursements of $76 and $226, respectively.

Debt Expense Reimbursements

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

For the three and 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.

For the three and nine months ended December 31, 2021, the Company recognized debt expense reimbursements of $1 and $3, respectively, under the debt expense reimbursement agreements.

For the three and nine months ended December 31, 2020, the Company recognized debt expense reimbursements of $1 and $60, respectively, under the debt expense reimbursement agreements.

APOLLO INVESTMENT CORPORATION

4 unchanged sentences

Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so.

On March 29, 2016, we received an exemptive order from the SEC (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates, subject to the conditions included therein.

On March 29, 2016, we received an exemptive order from the SEC, which was amended on December 29,2021 (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates and Apollo proprietary accounts, subject to the conditions included therein.

Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria.

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

As of December 31, 2021, the Company’s co-investment holdings were 69% of the portfolio or $1,796,324, measured at fair value.

On a cost basis, 64% of the portfolio or $1,791,943 were co-investments.

15 unchanged sentences

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.

The balance of the Merx revolver as of December 31, 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 and six months ended September 30, 2021 and 2020:

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

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

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

2021 2020 2021 2020

8 unchanged sentences

Fair Value Measurement and Disclosures

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:

The following table shows the composition of our investment as of December 31, 2021, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy

28 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 September 30, 2021:

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

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

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

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

Net realized gains (losses) 504 (1,086) — — — — — (582)

5 unchanged sentences

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:

Fair value as of December 31, 2021 $ 2,267,313 $ 105,014 $ 22,000 $ 10,821 $ 28,957 $ 158,515 $ 372 $ 2,592,992

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2021 $ 3,129 $ (38) $ — $ (124) $ 6,054 $ (10,448) $ 268 $ (1,159)

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

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

7 unchanged sentences

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

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

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

Fair value as of December 31, 2021 $ 2,267,313 $ 105,014 $ 22,000 $ 10,821 $ 28,957 $ 158,515 $ 372 $ 2,592,992

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2021 $ 6,334 $ (519) $ — $ (636) $ 5,972 $ (6,749) $ 269 $ 4,671

____________________

7 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 September 30, 2020:

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

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

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

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

Net realized gains (losses) (7,615) (1,883) — — (1,505) 4,176 — (6,827)

5 unchanged sentences

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:

Fair value as of December 31, 2020 $ 1,928,415 $ 255,516 $ 22,000 $ 10,071 $ 12,253 $ 246,847 $ 1,272 $ 2,476,374

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020 $ 5,578 $ (6,214) $ — $ 759 $ (2,841) $ 2,477 $ 978 $ 737

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

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

7 unchanged sentences

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 $ 6,898 $ (1,289) $ — $ (508) $ 199 $ (40,103) $ 128 $ (34,675)

Fair value as of December 31, 2020 $ 1,928,415 $ 255,516 $ 22,000 $ 10,071 $ 12,253 $ 246,847 $ 1,272 $ 2,476,374

Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2020 $ 13,413 $ (8,062) $ — $ 250 $ (1,892) $ (37,460) $ 1,108 $ (32,643)

____________________

(1) Transfers out 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.

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

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

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

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

3 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 September 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 December 31, 2021 and March 31, 2021.

In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements.

The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2021 were as follows:

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

Quantitative Information about Level 3 Fair Value Measurements

3 unchanged sentences

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

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

Market Comparable Technique Comparable Multiple 1.5x 1.5x 1.5x

108,030 Recent Transaction Recent Transaction N/A N/A N/A

5 unchanged sentences

5,657 Market Comparable Technique Comparable Multiple 12.3x 12.3x 12.3x

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

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

11,545 Recovery Analysis Sale Proceeds N/A N/A N/A

6,357 Recovery Analysis Recoverable Amount N/A N/A N/A

93,000 Yield Analysis Discount Rate 6.5% 14.1% 11.6%

Unsecured Debt 22,000 Discounted Cash Flow Discount Rate 15.8% 15.8% 15.8%

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

Unsecured Debt 22,000 Recovery Analysis Recoverable Amount N/A N/A N/A

Structured Products and Other 10,821 Discounted Cash Flow Discount Rate 8.5% 8.5% 8.5%

3 unchanged sentences

4,984 Option Pricing Model Expected Volatility 76.0% 76.0% 76.0%

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

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

8 unchanged sentences

— Recovery Analysis Recoverable Amount N/A N/A N/A

5,776 Recovery Analysis Sale Proceeds N/A N/A N/A

180 Market Comparable Technique Comparable Multiple 9.6x 9.6x 9.6x

Option Pricing Model Expected Volatility 35.0% 35.0% 35.0%

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)

630 Sale Proceeds Sale Proceeds N/A N/A N/A

372 Option Pricing Model Expected Volatility 60.0% 60.0% 60.0%

18 unchanged sentences

1,596,728 Yield Analysis Discount Rate 4.1% 32.3% 8.5%

Second Lien Secured Debt 12,795 Market Comparable Approach Comparable Multiple 6.3x 6.3x 6.3x

Second Lien Secured Debt 12,795 Market Comparable Technique Comparable Multiple 6.3x 6.3x 6.3x

8,111 Recovery Analysis Commodity Price 57.00 62.33 61.13

41 unchanged sentences

Investment Transactions

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.

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

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

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

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

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income.

PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date.

During the three and 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,

During the three and nine months ended December 31, 2021, PIK income earned was $982 and $3,451, respectively.

During the three and nine months ended December 31, 2020, PIK income earned was $1,627 and $4,753, respectively.

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

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

2021 2020 2021 2020

11 unchanged sentences

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

During the three and 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.

During the three and nine months ended December 31, 2021, dividend income from structured products was $310 and $959, respectively.

During the three and nine months ended December 31, 2020, dividend income from structured products was $323 and $1,000, respectively.

Investments on Non-Accrual Status

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

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

Unconsolidated Significant Subsidiary

The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of September 30, 2021.

The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of December 31, 2021.

Accordingly, summarized, unaudited, comparative financial information is presented below for the unconsolidated significant subsidiary.

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The following table shows unaudited summarized financial information for Merx Aviation:

Six Months Ended September 30,

Nine Months Ended December 31,

Net revenue $ 172,541 $ 166,578

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As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

The Company’s outstanding debt obligations as of September 30, 2021 were as follows:

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

Date Issued/Amended Total Aggregate Principal Amount Committed Principal Amount Outstanding Fair Value Final Maturity Date

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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 September 30, 2021.

(1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2021.

The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

(2) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of September 30, 2021.

(2) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of December 31, 2021.

The valuation is based on broker quoted prices.

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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 September 30, 2021, the stated interest rate on the facility was LIBOR plus 2.00%.

As of December 31, 2021, the stated interest rate on the facility was LIBOR plus 2.00%.

The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and participation fees and fronting fees of up to 2.25% per annum on the letters of credit issued.

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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 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.

As of December 31, 2021 and March 31, 2021, the Company had $177 and $177, respectively, in standby letters of credit issued through the Senior Secured Facility.

The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility.

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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 $681,756 and $690,637 as of September 30, 2021 and March 31, 2021, respectively.

The available remaining capacity under the Senior Secured Facility was $692,339 and $690,637 as of December 31, 2021 and March 31, 2021, respectively.

Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

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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,

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

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

2021 2020 2021 2020

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(1) Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility.

Commitment fees for the three and 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.

Commitment fees for the three and nine months ended December 31, 2021 were $670 and $2,019 respectively.

Commitment fees for the three and nine months ended December 31, 2020 were $598 and $1,404, respectively.

Foreign Currency Transactions and Translations

The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of September 30, 2021:

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

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

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$ 117,602 $ 129,723 $ (12,121)

As of September 30, 2021 and March 31, 2021, the Company was in compliance with all debt covenants for all outstanding debt obligations.

As of December 31, 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 and six months ended September 30, 2021 and March 31, 2021.

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

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

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February 6, 2019 50,000 43,402 6,598

Total as of September 30, 2021 $ 250,000 $ 231,003 $ 18,997

Total as of December 31, 2021 $ 250,000 $ 243,402 $ 6,598

The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods.

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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.

December 16, 2021 February 4, 2022 5,000

During the nine months ended December 31, 2021, the Company repurchased 1,551,331 shares at a weighted average price per share of $13.10, inclusive of commissions, for a total cost of $20,330.

This represents a discount of approximately 18.15% of the average net asset value per share for the nine months ended December 31, 2021.

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

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

Including fractional shares, the company has repurchased 15,205,939 shares at a weighted average price per share of $16.01, inclusive of commissions for a total cost of $243,402.

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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 September 30, 2021 and March 31, 2021, the Company had the following unfunded commitments to its portfolio companies:

September 30, 2021 March 31, 2021

As of December 31, 2021 and March 31, 2021, the Company had the following unfunded commitments to its portfolio companies:

December 31, 2021 March 31, 2021

Unfunded revolver obligations and bridge loan commitments (1) $ 236,095 $ 261,854

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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 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.

The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of December 31, 2021 and March 31, 2021, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding.

As of December 31, 2021 and March 31, 2021, the bridge loan commitments included in the balances were $0 and $0, respectively.

(2) For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations.

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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 $25,000 and $109,500 as of September 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 December 31, 2021 and March 31, 2021, respectively.

Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

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Financial Highlights

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

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

Nine Months Ended December 31, 2021 Nine Months Ended December 31, 2020

(Unaudited) (Unaudited)

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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 September 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 December 31, 2021 may include return of capital, the exact amount cannot be determined at this point.

Per share amounts are based on actual rate per share.

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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 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.

For the nine months ended December 31, 2021, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 6.28% and 11.50%, respectively, without the voluntary fee waivers.

For the nine months ended December 31, 2020 the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 5.16% and 10.73%, respectively, without the voluntary fee waivers.

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

(6) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness.

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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 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.

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

On February 3, 2022, the Company’s Board of Directors approved a new stock repurchase plan (the “Repurchase Plan”) to acquire up to $25.0 million of the Company’s common stock.

The new Repurchase Plan is in addition to the Company's existing share repurchase authorization, of which approximately $5,829 of repurchase capacity remains.

Accordingly, the Company now has approximately $30,829 available for stock repurchases under its repurchase program.

On February 3, 2022, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on April 7, 2022 to stockholders of record as of March 21, 2022.

On February 3, 2022, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on April 7, 2022 to stockholders of record as of March 21, 2022.

Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board may declare a quarterly supplemental distribution in an amount to be determined each quarter.

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Results of Review of Interim Financial Statements

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of 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”).

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of December 31, 2021, and the related statements of operations and of changes in net assets for the three-month and nine-month periods ended December 31, 2021 and 2020, and the statements of cash flows for the nine-month periods ended December 31, 2021 and 2020, including the related notes (collectively referred to as the “interim financial statements”).

Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

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New York, New York

November 4, 2021

February 3, 2022

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