What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2022-05-19 compared with 2021-05-20 · 870 added, 1272 removed, 2477 unchanged (46% of the section changed)

59 unchanged sentences

The measurement is based on the value indicated by current market expectations about those future amounts.

In following these approaches, the types of factors that management may take into account in fair value pricing investments include observable market inputs together with significant unobservable inputs, including relevant comparable company multiples, discount rates, residual values, commodity prices, expected volatility, recoverable amounts, recent transactions, sales proceeds, transaction prices and implied illiquidity discounts.

In following these approaches, the types of factors that management may take into account in fair value pricing investments include observable market inputs together with significant unobservable inputs, including relevant comparable company multiples, discount rates, residual values, expected volatility, recoverable amounts, recent transactions and sales proceeds.

The principal considerations for our determination that performing procedures relating to the valuation of level 3 investments is a critical audit matter are the significant judgment by management to determine the fair value of these level 3 investments, which included significant unobservable inputs related to comparable company multiples, discount rates and residual values.

17 unchanged sentences

Cash and cash equivalents 30,033 50,180

Foreign currencies (co st — $4,462 an d $6,369 , respectively)

Foreign currencies (cost — $601 and $4,462, respectively) 565 4,444

Receivable for investments sold 7,989 1,351

50 unchanged sentences

Management and performance-based incentive fees waived — — —

Management fee offset rebate (25) — —

Performance-based incentive fee offset (247) (25) —

Expense reimbursements (343) (362) (433)

62 unchanged sentences

Proceeds from sales and repayments of investments 1,056,937 990,451 1,256,910

Purchases of option contracts — — —

Proceeds from option contracts — — —

Net settlement of option contracts — — (9,002)

Decrease (increase) in interest receivable (2,419) 6,040 5,110

30 unchanged sentences

FingerPaint Marketing

KL Charlie Acquisition Company First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/30/26 $ 18,653 $ 18,292 $ 18,467 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/30/26 2,190 (29) (22) (8)(9)

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

KL Charlie Acquisition Company First Lien Secured Debt L+625, 1.00% Floor 12/30/26 $ 30,818 $ 22,373 $ 22,510 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/30/26 1,962 (31) (20) (8)(9)(21)

KL Charlie Co-Invest, L.P.

1 unchanged sentence

22,561 22,843

Simplifi Holdings, Inc.

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 08/02/25 38,440 37,919 37,867 (9)

First Lien Secured Debt - Revolver 8.50% (P+525) 08/02/25 1,440 1,440 1,418 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/25 960 (40) (14) (8)(9)

HRO (Hero Digital) Holdings, LLC First Lien Secured Debt L+600, 1.00% Floor 11/18/28 27,186 19,084 19,253 (9)(21)(23)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 11/18/26 2,553 (47) (26) (8)(9)(20)

HRO Holdings I LP Common Equity - Common Stock N/A N/A 213 Shares 213 212 (9)(13)(24)

19,250 19,439

1 unchanged sentence

Aerospace & Defense

Erickson Inc First Lien Secured Debt - Revolver 9.00% (3M L+750, 1.50% Floor) 04/28/22 $ 30,469 $ 30,469 $ 30,012 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/28/22 4,091 (101) (61) (8)(9)

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

Erickson Inc First Lien Secured Debt - Revolver L+750, 1.50% Floor 04/28/22 $ 32,250 $ 23,628 $ 23,315 (9)(20)(21)

First Lien Secured Debt - Revolver 13.50% 04/28/22 3,750 3,750 3,712 (9)(23)

Total Aerospace & Defense $ 27,378 $ 27,027

Club Car Wash

Club Car Wash Operating, LLC First Lien Secured Debt L+650, 1.00% Floor 06/16/27 $ 29,931 $ 22,934 $ 23,018 (9)(21)(23)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 06/16/27 2,438 (37) (30) (8)(9)(21)

22,897 22,988

Crowne Automotive

4 unchanged sentences

K&N Parent, Inc.

Second Lien Secured Debt 9.75% (3M L+875, 1.00% Floor) 10/21/24 23,765 23,549 21,982

Second Lien Secured Debt L+875, 1.00% Floor 10/21/24 23,765 23,605 19,724 (28)

Truck-Lite Co., LLC

TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350 420 (9)(13)

Truck-Lite Co., LLC First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/14/26 28,585 28,029 28,088 (9)

First Lien Secured Debt - Revolver 7.25% (3M L+625, 1.00% Floor) 12/13/24 1,526 1,526 1,508 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/13/24 1,432 (53) (17) (8)(9) (21)(23)

First Lien Secured Debt - Letters of Credit 6.25% 11/30/21 - 12/21/21 94 — (1) (8)(9) (23)

Truck-Lite Co., LLC First Lien Secured Debt L+625, 1.00% Floor 12/14/26 31,287 29,655 29,533 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/13/24 3,052 241 226 (9)(20)(21)

30,246 30,179

Total Automotive $ 78,032 $ 73,449

Aviation and Consumer Transport

Merx Aviation Finance, LLC

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

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

310,800 298,509

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Aviation and Consumer Transport

Merx Aviation Finance, LLC

Merx Aviation Finance, LLC (5) First Lien Secured Debt - Revolver 10.00% 10/31/23 $ 190,500 $ 190,500 $ 190,500 (23)

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

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

310,800 315,561

PrimeFlight Aviation Services, Inc.

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

First Lien Secured Debt L+625, 1.00% Floor 05/09/24 17,353 17,179 17,271 (9)(26)

Total Aviation and Consumer Transport $ 327,979 $ 315,780

Beverage, Food & Tobacco

Berner Food & Beverage, LLC First Lien Secured Debt L+650, 1.00% Floor 07/30/27 $ 30,963 $ 30,334 $ 30,653 (9)(29)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 07/30/26 2,132 535 555 (9)(21)(23)

First Lien Secured Debt - Revolver P+550 07/30/26 749 734 742 (9)(23)(25)

31,603 31,950

Bolthouse Farms

Bolthouse Farms, Inc.

Common Equity - Equity Interest N/A N/A 1,000,000 Shares 1,001 1,080 (13)

FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 589 Shares 448 484 (9)(13)(24)

Common Equity - Common Stock N/A N/A 589 Shares 3 20 (9)(13)(24)

Eagle Foods Family Group, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 06/14/24 23,458 23,317 23,224 (9)

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 06/14/23 750 750 742 (9)(23)

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

24,048 23,936

Florida Food Products, Inc.

First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/08/25 22,705 22,345 22,592 (9)

First Lien Secured Debt 8.25% (3M L+725, 1.00% Floor) 09/08/25 2,977 2,795 2,977 (9)

Florida Food Products, LLC First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 09/06/23 479 479 477 (9)(23)

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

Hive Intermediate, LLC First Lien Secured Debt L+600, 1.00% Floor 09/22/27 17,123 16,822 16,952 (9)(26)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 09/22/27 2,326 (41) (23) (8)(9)(21)

17,232 17,433

1 unchanged sentence

Common Equity - Membership Interests N/A N/A 1,000,000 Shares 1,005 1,648

Ultimate Baked Goods Midco LLC First Lien Secured Debt L+625, 1.00% Floor 08/13/27 26,690 26,086 25,935 (9)(28)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 08/13/27 3,243 1,954 1,936 (9)(20)(21)

28,040 27,871

TNT Crust LLC

TNT Crust LLC First Lien Secured Debt 7.75% (3M L+675, 1.00% Floor) 11/06/23 20,473 20,223 20,166 (9)

First Lien Secured Debt - Revolver 7.75% (3M L+675, 1.00% Floor) 11/06/23 325 325 320 (9)(23)

First Lien Secured Debt - Revolver 7.75% (1M L+675, 1.00% Floor) 11/06/23 813 813 801 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/06/23 2,114 (36) (32) (8)(9)

TNT Crust LLC First Lien Secured Debt L+675 Cash plus 1.00% PIK, 1.00% Floor 11/06/23 21,706 21,512 21,272 (9)(28)

First Lien Secured Debt - Revolver L+675 Cash plus 1.00% PIK, 1.00% Floor 11/06/23 3,252 3,085 3,036 (9)(21)(23)

Common Equity - Series A Units N/A N/A 244 Shares 30 172 (9)(13)

24,627 24,480

IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169 160 (9)(13)

LLC First Lien Secured Debt L+600, 1.00% Floor 05/31/25 25,110 24,824 24,608 (9)(28)

First Lien Secured Debt - Revolver P+500 05/31/24 4,494 1,165 1,112 (9)(20)(21)

26,158 25,880

Total Beverage, Food & Tobacco $ 129,666 $ 130,342

Business Services

Access Information

Access CIG, LLC Second Lien Secured Debt L+775, 0.00% Floor 02/27/26 $ 15,900 $ 15,829 $ 15,787 (26)

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

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

LLC First Lien Secured Debt 7.00% (12M L+600, 1.00% Floor) 05/30/25 2,787 2,763 2,759 (9)

First Lien Secured Debt 8.25% (P+500) 05/30/25 1 1 1 (9)

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

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 2,135 (57) (21) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/30/25 2,809 (39) (28) (8)(9)

Alpinex Opco, LLC First Lien Secured Debt L+600, 1.00% Floor 12/27/27 16,383 11,644 11,605 (9)(21)(23)

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

11,623 11,584

Total Beverage, Food & Tobacco $ 97,494 $ 98,616

Business Services

Access Information

Access CIG, LLC Second Lien Secured Debt 7.87% (1M L+775) 02/27/26 $ 15,900 $ 15,807 $ 15,709

Ambrosia Buyer Corp.

2 unchanged sentences

AML Rightsource

Gabriel Partners, LLC First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 09/21/26 10,176 9,945 9,971 (9)

First Lien Secured Debt - Revolver 7.25% (6M L+625, 1.00% Floor) 09/21/26 443 443 435 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/21/26 222 (15) (4) (8)(9)

Gabriel Partners, LLC First Lien Secured Debt L+600, 1.00% Floor 09/21/26 31,451 30,898 31,203 (9)(29)

First Lien Secured Debt - Revolver P+500 09/21/26 665 120 128 (9)(21)(23)

31,018 31,331

Claritas, LLC First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 12/21/23 3,746 3,724 3,708 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 12/21/23 129 129 128 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/21/23 902 (6) (9) (8)(9)

Continuum Global Solutions, LLC First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 02/15/22 5,317 5,317 5,224 (9)(23)

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

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

Education Personnel

Arthur Bidco Limited First Lien Secured Debt 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 4,035 5,162 5,309 (9)(17)

First Lien Secured Debt - Revolver 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 1,471 1,881 1,933 (9)(17)

Continuum Global Solutions, LLC Preferred Equity - Preferred Equity N/A N/A 775 Shares 78 78 (9)(13)

Electro Rent Corporation

Electro Rent Corporation Second Lien Secured Debt 10.00% (3M L+900, 1.00% Floor) 01/31/25 34,235 33,672 33,722 (9)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

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

Electro Rent Corporation Second Lien Secured Debt L+900, 1.00% Floor 01/31/25 34,235 33,806 34,064 (9)(28)

TGG TS Acquisition Company First Lien Secured Debt - Revolver L+650, 0.00% Floor 12/14/23 1,750 750 721 (21)(23)(26)

Ensemble Health

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

Jacent Strategic Merchandising First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 04/23/24 22,352 22,146 21,896 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 04/23/24 2,567 2,567 2,514 (9)(23)

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

EHL Merger Sub, LLC First Lien Secured Debt - Revolver L+325, 0.00% Floor 08/01/24 4,155 (179) (111) (8)(21)(23)

Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt SOFR+600, 1.00% Floor 03/08/28 8,182 8,020 8,018 (9)(27)

First Lien Secured Debt - Revolver 03/08/27 1,705 (34) (34) (8)(9)(21)

SMC IR Holdings, LLC Common Equity - Common Stock N/A N/A 114 Shares 114 114 (9)(13)(24)

Jacent Strategic Merchandising First Lien Secured Debt L+675, 1.00% Floor 04/23/24 22,116 21,977 21,508 (9)(28)

First Lien Secured Debt - Revolver L+675, 1.00% Floor 04/23/24 3,500 3,472 3,400 (9)(21)(23)

Common Equity - Common Stock N/A N/A 5,000 Shares 500 169 (9)(13)

3 unchanged sentences

Jones & Frank

JF Acquisition, LLC First Lien Secured Debt 6.50% (12M L+550, 1.00% Floor) 07/31/24 13,139 12,963 12,965 (9)

First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 07/31/24 169 167 167 (9)

First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 07/31/24 628 628 619 (9)(23)

First Lien Secured Debt - Revolver 6.50% (12M L+550, 1.00% Floor) 07/31/24 628 628 619 (9)(23)

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

14,365 14,366

Trident Bidco Limited First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 11/08/25 34,562 33,765 34,013 (9)(17)

Margaux Acquisition Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/19/24 23,054 22,766 22,876 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 1,601 (20) (12) (8)(9)

Margaux UK Finance Limited First Lien Secured Debt 6.75% (3M GBPL+575, 1.00% Floor) 12/19/24 £ 7,183 8,965 9,835 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 £ 541 (8) (6) (8)(9)

JF Acquisition, LLC First Lien Secured Debt L+550, 1.00% Floor 07/31/26 13,201 13,058 13,008 (9)(28)(30)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 07/31/26 1,569 (17) (23) (8)(9)(21)

13,041 12,985

(fka Newscycle Solutions, Inc.) First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 12/29/22 11,024 10,910 10,914 (9)

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 12/29/22 240 240 238 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/22 260 (4) (3) (8)(9)

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

Trident Bidco Limited First Lien Secured Debt L+550, 1.00% Floor 11/08/25 33,688 33,066 33,670 (9)(17)(29)

(fka Newscycle Solutions, Inc.) First Lien Secured Debt L+700, 1.00% Floor 12/29/22 13,397 13,318 13,430 (9)(26)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 12/29/22 500 278 280 (9)(21)(23)

13,596 13,710

PSI Services, LLC

Lifelong Learner Holdings, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 10/19/26 32,536 32,005 31,420 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 10/20/25 1,039 1,039 1,009 (9)(23)

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

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

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

32,980 32,290

RA Outdoors, LLC (Active Outdoors)

RA Outdoors, LLC First Lien Secured Debt 5.75% (6M L+475, 1.00% Floor) 09/11/24 6,525 6,461 6,460 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/09/22 1,200 (7) — (9)(21)

Second Lien Secured Debt 9.75% (6M L+875, 1.00% Floor) 09/11/25 31,950 31,504 31,311 (9)

Graffiti Buyer, Inc.

First Lien Secured Debt L+575, 1.00% Floor 08/10/27 8,420 5,679 5,639 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 08/10/27 1,307 390 388 (9)(21)(23)

Graffiti Parent, LP Common Equity - Common Stock N/A N/A 2,439 Shares 244 200 (9)(13)(24)

PSI Services, LLC

Lifelong Learner Holdings, LLC First Lien Secured Debt L+575, 1.00% Floor 10/19/26 33,975 33,527 32,411 (9)(28)(29)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 10/20/25 2,985 2,947 2,865 (9)(21)(23)

36,474 35,276

1 unchanged sentence

Common Equity - Membership Interests N/A N/A 300 Shares 300 871 (9)

Soliant Holdings, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 12/31/26 16,274 16,007 16,274 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 1,936 (29) — (9)(21) (23)

16,278 16,648

Transplace Holdings, Inc.

Second Lien Secured Debt 9.75% (3M L+875, 1.00% Floor) 10/06/25 8,599 8,476 8,513

US Legal Support

1 unchanged sentence

USLS Acquisition, Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/02/24 24,250 23,948 22,785 (9)

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

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

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

First Lien Secured Debt L+575, 1.00% Floor 12/02/24 24,003 23,781 23,643 (9)(28)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 12/02/24 1,286 417 409 (9)(20)(21)

First Lien Secured Debt - Revolver P+425 12/02/24 322 319 317 (9)(23)(25)

25,149 25,399

Wilson Language Training

Owl Acquisition, LLC First Lien Secured Debt SOFR+575, 1.00% Floor 02/04/28 9,900 9,707 9,702 (9)(27)

Owl Parent Holdings, LLC Common Equity - Common Stock N/A N/A 100 Shares 100 100 (9)(13)(24)

Total Business Services $ 283,313 $ 270,237

4 unchanged sentences

78,729 42,117

Niacet Corporation

Hare Bidco, Inc.

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

Westfall Technik, Inc.

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 09/13/24 15,777 15,588 15,355 (9)

First Lien Secured Debt - Revolver 7.25% (1M L+625, 1.00% Floor) 09/13/24 1,750 1,750 1,702 (9)(23)

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

First Lien Secured Debt L+575, 1.00% Floor 09/13/24 15,616 15,482 15,269 (9)(28)

First Lien Secured Debt L+625, 1.00% Floor 09/13/24 5,638 5,557 5,542 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 09/13/24 2,019 2,002 1,975 (9)(23)(28)

23,041 22,786

Total Chemicals, Plastics & Rubber $ 101,770 $ 64,903

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Construction & Building

Gutter Buyer, Inc.

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 03/06/25 $ 28,629 $ 28,267 $ 28,022 (9)

First Lien Secured Debt L+575, 1.00% Floor 03/06/25 $ 28,393 $ 28,097 $ 28,169 (9)(26)

First Lien Secured Debt - Revolver P+475 03/06/24 2,727 2,019 2,013 (9)(20)(21)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/06/24 2,279 (40) (43) (8)(9)

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

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

Gutter Holdings, LP Common Equity - Common Stock N/A N/A 500 Shares 500 1,226 (9)

Total Construction & Building $ 30,616 $ 31,408

Consumer Goods – Durable

A&V Holdings Midco, LLC First Lien Secured Debt 6.38% (3M L+538, 1.00% Floor) 03/10/27 $ 10,854 $ 10,514 $ 10,550

First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/10/25 1,505 (107) (89) (8)(21)

10,407 10,461

KDC US Holdings First Lien Secured Debt - Revolver 3.11% (1M L+300) 12/21/23 2,696 2,696 2,635 (23)

First Lien Secured Debt - Unfunded Revolver 0.38% Unfunded 12/21/23 3,270 — (74) (8)(21)

First Lien Secured Debt - Letter of Credit 3.00% 11/06/21 - 03/16/22 50 — (1) (8)(23)

First Lien Secured Debt - Letters of Credit 3.00% 02/05/22 £ 4 — — (23)

KLO Holdings, LLC

(4) First Lien Secured Debt 6.00% (1M L+500, 1.00% Floor) 09/25/25 2,993 2,993 2,857 (17)

First Lien Secured Debt 6.00% (3M L+500 PIK, 1.00% Floor) 09/25/25 1,016 1,016 965 (17)

Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 1,719 (2)(13)

9357-5991 Quebec Inc.

(4) First Lien Secured Debt 11.25% (3M L+775 Cash plus 2.00% PIK) 04/07/22 3,945 — — (14)

Liqui-Box Holdings, Inc.

First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 02/26/25 1,661 1,661 1,660 (23)

First Lien Secured Debt - Revolver 6.75% (P+350) 02/26/25 190 190 190 (23)

First Lien Secured Debt - Revolver 5.50% (1M L+450, 1.00% Floor)

02/26/25 475 475 474 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/26/25 1,161 (28) (1) (8)(21)

First Lien Secured Debt - Letter of Credit 4.50% 06/30/21 € 42 — — (23)

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

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Consumer Goods – Durable

A&V Holdings Midco, LLC First Lien Secured Debt - Revolver L+450, 1.00% Floor 03/10/25 $ 1,505 $ (80) $ (52) (8)(21)(23)

KDC US Holdings First Lien Secured Debt - Revolver L+325, 0.00% Floor 12/21/23 6,020 692 620 (20)(21)(23)(26)

KLO Holdings, LLC

(4) First Lien Secured Debt L+500, 1.00% Floor 09/30/25 2,978 2,978 2,794 (17)(28)

First Lien Secured Debt L+500 PIK, 1.00% Floor 09/30/25 1,079 1,079 1,006 (17)(28)

Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 976 (2)(13)(17)

GSC Technologies Inc.

(4) First Lien Secured Debt L+500 Cash plus 5.00% PIK, 1.00% Floor 09/30/25 206 206 192 (17)(28)

Liqui-Box Holdings, Inc.

First Lien Secured Debt - Revolver L+450, 1.00% Floor 02/26/25 2,416 878 889 (20)(21)(23)(28)

First Lien Secured Debt - Revolver P+350 02/26/25 1,144 1,137 1,143 (23)(25)

NSi Industries

Wildcat BuyerCo, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 02/27/26 7,174 6,878 7,074

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/27/26 717 (13) (10) (8)(21)

First Lien Secured Debt - Letter of Credit 5.25% 08/30/21 8 — — (23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 02/27/26 2,029 (29) (28) (8)(21)

First Lien Secured Debt L+575, 1.00% Floor 02/27/26 14,660 13,096 13,271 (21)(23)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 02/27/26 725 (11) (13) (8)(21)(23)

Wildcat Parent LP Common Equity - Common Stock N/A N/A 1,070 Shares 107 180 (13)

13,192 13,438

Sorenson Holdings, LLC

2 unchanged sentences

Consumer Goods – Non-durable

Protein For Pets Opco, LLC First Lien Secured Debt 5.50% (3M L+450, 1.00% Floor) 11/28/25 $ 11,487 $ 11,322 $ 11,429 (9)

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

11,285 11,418

Beauty Industry Group (BIG)

BIG Buyer, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 11/20/23 19,428 19,121 19,247 (9)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 11/20/23 722 722 708 (9)(23)

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

19,814 19,933

Protein For Pets Opco, LLC First Lien Secured Debt - Revolver L+500, 1.00% Floor 05/31/24 $ 2,219 $ (25) $ — (9)(21)(23)

Project Comfort Buyer, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/01/25 22,435 22,003 21,457 (9)

First Lien Secured Debt 8.00% (12M L+700, 1.00% Floor) 02/01/25 3,848 3,789 3,680 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/01/24 3,462 (59) (161) (8)(9)

First Lien Secured Debt L+700, 1.00% Floor 02/01/25 24,897 24,548 23,936 (9)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 02/01/24 3,462 (38) (139) (8)(9)(21)

Preferred Equity - Preferred Equity N/A N/A 461,538 Shares 462 37 (9)(13)

24,972 23,834

Lash OpCo, LLC First Lien Secured Debt 9.25% (P+600) 03/18/26 10,223 9,988 9,943 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/18/25 697 (16) (19) (8)(9)

Olaplex, Inc.

First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 01/08/26 12,300 12,104 12,210 (9)

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

Lash OpCo, LLC First Lien Secured Debt L+700, 1.00% Floor 03/18/26 44,992 42,582 42,819 (9)(21)(23)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 09/18/25 1,612 (48) (25) (8)(9)(21)

42,534 42,794

Sequential Brands Group, Inc.

Second Lien Secured Debt 9.75% (1M L+875, 1.00% Floor) 02/07/24 12,837 12,777 10,536 (17)

Total Consumer Goods – Non-durable $ 92,112 $ 89,190

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Paladone Group Bidco Limited First Lien Secured Debt L+575, 1.00% Floor 11/12/27 7,988 5,974 6,035 (9)(17)(21)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 11/12/27 353 (9) (4) (8)(9)(17)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 11/12/27 1,412 (27) (12) (8)(9)(17)

Paladone Group Holdings Limited Common Equity - Common Stock N/A N/A 94,151 Shares 94 119 (9)(13)(17)

Sequential Brands Group, Inc.

Gainline Galaxy Holdings LLC Common Equity - Common Stock N/A N/A 10,854 Shares 2,041 1,900 (13)(16)(17)(24)

Sequential Avia Holdings LLC Second Lien Secured Debt L+500, 1.00% Floor 11/12/26 1,717 1,716 1,717 (17)(29)

Sequential Brands Group, Inc.

Second Lien Secured Debt 8.75% 02/07/24 1,293 — 239 (14)(17)

Swisstech IP CO, LLC First Lien Secured Debt 6.00% PIK 11/29/24 264 1 264 (17)

Total Consumer Goods – Non-durable $ 77,271 $ 76,886

Consumer Services

Activ Software Holdings, LLC First Lien Secured Debt L+650, 1.00% Floor 05/04/27 $ 29,869 $ 29,359 $ 29,418 (9)(30)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 05/04/27 2,407 (41) (36) (8)(9)(21)

29,318 29,382

Bird US Opco, LLC First Lien Secured Debt L+750, 1.00% Floor 10/12/24 48,549 22,076 22,821 (9)(23)(26)

Clarus Commerce

Marlin DTC-LS Midco 2, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 07/01/25 $ 19,127 $ 18,817 $ 18,744

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 685 (8) (14) (8)(21)

Marlin DTC-LS Midco 2, LLC First Lien Secured Debt L+650, 1.00% Floor 07/01/25 21,632 21,330 21,529 (28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 07/01/25 685 8 (3) (8)(21)(23)

21,338 21,526

First Heritage

First Heritage Credit, LLC First Lien Secured Debt 4.87% (1M L+475) 04/02/22 18,000 17,945 17,883 (9)

First Lien Secured Debt - Revolver 5.62% (1M L+550) 04/02/22 747 747 743 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/02/22 3,003 (13) (18) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 04/02/22 8,250 (33) (54) (8)(9)

First Heritage Credit, LLC First Lien Secured Debt L+475, 0.00% Floor 08/31/22 26,250 20,992 21,099 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 0.00% Floor 08/31/22 3,750 1,160 1,160 (9)(21)(23)

22,152 22,259

Go Car Wash Management Corp.

First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 12/31/26 1,838 1,808 1,796 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 417 (5) (9) (8)(9)

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

First Lien Secured Debt L+575, 1.00% Floor 12/31/26 11,443 9,269 9,255 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/31/26 417 (3) (6) (8)(9)(21)

Lending Point

LendingPoint LLC First Lien Secured Debt 11.50% (3M L+1050, 1.00% Floor) 12/30/25 11,375 11,267 11,253 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/30/25 1,000 991 989 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/25 6,125 (58) (66) (8)(9)

LendingPoint LLC First Lien Secured Debt L+1050, 1.00% Floor 12/30/25 17,500 13,422 13,515 (9)(21)(23)

First Lien Secured Debt L+575, 1.00% Floor 12/30/25 4,167 3,158 3,186 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/30/25 8,333 8,262 8,318 (9)(23)(28)

24,842 25,019

Nutrisystem, Inc.

First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 12/08/25 8,800 8,634 8,663

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/08/25 200 (4) (3) (8)(21)

Only About Children

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt 7.75% (1M BBSW+675, 1.00% Floor) 04/06/24 A$ 6,768 4,938 4,949 (17)

First Lien Secured Debt - Unfunded Delayed Draw 3.04% Unfunded 04/06/24 A$ 232 (6) (7) (8)(17)

Paper Source, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 05/22/24 11,322 11,179 8,831 (9)

First Lien Secured Debt 11.00% (1M L+1000, 1.00% Floor) 06/30/21 1,691 1,691 1,691 (9)

First Lien Secured Debt 13.00% (3M L+1200, 1.00% Floor) 02/26/21 556 556 434 (9)(11)

First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 05/22/24 3,082 3,044 2,404 (9)(23)

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

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Preferred Equity - Preferred Equity N/A N/A 658 Shares — — (9)(13) (25)

Common Equity - Class A Common Stock N/A N/A 20,548 Shares — — (9)(13) (25)

Only About Children

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt BBSW+675, 1.00% Floor 04/06/24 A$ 7,000 4,953 4,907 (17)(21)(23)(32)

Papershop Holdco Inc.

First Lien Secured Debt L+700, 1.00% Floor 05/27/26 10,607 10,515 10,395 (9)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 05/27/26 3,082 1,498 1,463 (9)(21)(23)

12,013 11,858

Pinstripe Holdings, LLC

Pinstripe Holdings, LLC First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 01/17/25 6,860 6,773 6,798

The Club Company

Eldrickco Limited First Lien Secured Debt 6.75% (6M GBPL+625 PIK, 0.50% Floor) 11/21/25 £ 10,976 13,797 14,336 (9)(17)

First Lien Secured Debt - Revolver 6.75% (6M GBPL+625 PIK, 0.50% Floor) 05/21/25 £ 356 410 464 (9)(17)

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

Eldrickco Limited First Lien Secured Debt SON+625, 0.50% Floor 11/26/25 £ 15,027 13,965 14,157 (9)(17)(21)

First Lien Secured Debt - Revolver SON+625, 0.50% Floor 11/26/25 £ 356 411 457 (9)(17)(23)

First Lien Secured Debt - Revolver SON+625, 0.50% Floor 05/26/25 £ 345 1 (5) (8)(9)(17)

14,377 14,609

Auto Finance, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 04/17/24 11,842 11,875 11,810 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 04/17/24 6,734 6,734 6,715 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/17/24 6,600 (36) (18) (8)(9)

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

First Lien Secured Debt L+525, 1.00% Floor 04/17/24 20,000 9,343 9,202 (9)(21)(23)

First Lien Secured Debt L+525, 1.00% Floor 03/31/23 1,000 975 995 (9)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/17/24 13,333 2,412 2,418 (9)(21)(23)

12,730 12,615

1 unchanged sentence

Diversified Investment Vehicles, Banking, Finance, Real Estate

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

Peer Advisors, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 06/11/24 19,034 18,759 18,809 (9)

Compu-Link Corporation First Lien Secured Debt - Revolver L+550, 1.00% Floor 06/11/24 $ 2,273 $ (22) $ (3) (8)(9)(21)

Peer Advisors, LLC First Lien Secured Debt L+550, 1.00% Floor 06/11/24 17,386 17,210 17,366 (9)(26)

17,188 17,363

Exeter Property Group, LLC

Exeter Property Group, LLC First Lien Secured Debt 4.62% (1M L+450) 08/28/24 4,550 4,508 4,550 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/28/24 192 (2) — (9)(21)

Flock Financial, LLC

Flock SPV I, LLC First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 08/30/22 14,533 14,505 14,388 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/30/22 1,333 (5) (13) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 08/30/22 4,133 (38) (41) (8)(9)

Flock SPV I, LLC First Lien Secured Debt L+650, 1.00% Floor 12/31/22 14,667 12,011 11,985 (9)(17)(21)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 12/31/22 5,333 1,847 1,861 (9)(17)(21)

13,858 13,846

Golden Bear 2016-R, LLC (4) Structured Products and Other - Membership Interests 09/20/42 N/A 16,812 11,289 (3)(17)

Golden Bear 2016-R, LLC (4) Structured Products and Other - Membership Interests N/A 09/20/42 N/A 16,998 10,038 (3)(17)

Purchasing Power, LLC

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver L+650, 0.00% Floor 01/24/24 9,113 1,142 1,142 (9)(21)(23)

Spectrum Automotive

Shelby 2021 Holdings Corp.

First Lien Secured Debt L+575, 0.75% Floor 06/29/28 14,490 12,288 12,329 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 0.75% Floor 06/29/27 420 (6) (4) (8)(9)(21)

12,282 12,325

Ten-X, LLC First Lien Secured Debt - Revolver L+325, 0.00% Floor 09/29/22 4,680 (43) (73) (8)(21)(23)

Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 61,425 $ 54,641

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Purchasing Power, LLC

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 01/24/24 8,383 8,384 8,334 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.40% Unfunded 01/24/24 729 — (4) (8)(9)

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

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

SSCP Spring Bidco Limited First Lien Secured Debt 6.75% (6M GPBL+625, 0.50% Floor) 07/30/25 £ 30,000 $ 36,161 $ 41,159 (9)(17)

SSCP Spring Bidco Limited First Lien Secured Debt SON+600, 0.50% Floor 07/30/25 £ 30,000 $ 36,322 $ 39,059 (9)(17)(31)

Total Education $ 36,322 $ 39,059

2 unchanged sentences

AIC SPV Holdings II, LLC (4) Preferred Equity - Preferred Stock N/A N/A 142 Shares $ 534 $ 355 (15)(17)(24)

Renew Financial LLC (f/k/a Renewable Funding, LLC) (4) Preferred Equity - Series B Preferred Stock N/A N/A 1,505,868 Shares 8,343 42 (13)(25)

Renew Financial LLC (f/k/a Renewable Funding, LLC) (4) Preferred Equity - Series E Preferred Stock N/A N/A 441,576 Shares 1,902 4,988 (13)(17)(24)

Preferred Equity - Series B Preferred Stock N/A N/A 1,505,868 Shares 8,343 — (13)(24)

Preferred Equity - Series D Preferred Stock N/A N/A 436,689 Shares 5,568 — (13)(24)

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

Renew JV LLC (4) Common Equity - Membership Interests N/A N/A 465,750 Shares 466 613 (13)(17)(24)

11 unchanged sentences

Pelican Energy, LLC (4) Common Equity - Membership Interests N/A N/A 1,444 Shares 13,063 630 (13)(16)(17)(24)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche A Note 14.00% (8.00% Cash plus 6.00%

PIK) 07/31/21 47,511 44,059 9,899 (14)

First Lien Secured Debt - Tranche B Note 14.00% PIK 07/31/21 89,434 44,380 — (14)

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

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche C Note 12.00% 06/30/22 24,728 24,728 25,470

Common Equity - Series C Units N/A N/A 50,952,525 Shares 44,067 4,652 (13)(16)(24)

Common Equity - Series A Units N/A N/A 7,600,000 Shares 1,411 — (13)(16)(24)

3 unchanged sentences

Ortega National Parks

Ortega National Parks, LLC First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 10/31/25 $ 11,603 $ 11,429 $ 11,132 (9)

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

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

Ortega National Parks, LLC First Lien Secured Debt L+500, 1.00% Floor 10/31/26 $ 14,497 $ 8,156 $ 8,235 (9)(21)(23)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 10/31/26 2,049 (27) (9) (8)(9)(21)

Total Environmental Industries $ 8,129 $ 8,226

Healthcare & Pharmaceuticals

Akoya Biosciences, Inc.

First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 10/27/25 $ 9,750 $ 9,746 $ 9,735 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/27/25 1,500 (7) (2) (8)(9)

Amerivet Partners Management, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/05/24 1,517 1,500 1,514 (9)

First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 06/05/24 26,883 26,509 26,827 (9)

First Lien Secured Debt 6.25% (2M L+525, 1.00% Floor) 06/05/24 912 901 911 (9)

First Lien Secured Debt - Revolver 7.50% (P+425) 06/05/24 524 524 523 (9)(23)

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

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

Amerivet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125 192 (9)(13)

29,476 29,957

Analogic Corporation First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 06/22/24 18,033 17,789 17,762 (9)

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

17,769 17,735

BioClinica Holding I, LP

BioClinica Holding I, LP Second Lien Secured Debt 9.25% (1M L+825, 1.00% Floor) 10/21/24 24,612 24,359 24,501

BK Medical Holding Company, Inc.

First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 06/22/24 7,231 7,179 7,187 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/22/24 783 (5) (2) (8)(9)

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

CARE Fertility

Royton Bidco Limited First Lien Secured Debt 6.75% (6M GBPL+625, 0.50% Floor) 05/09/25 £ 15,510 19,796 21,093 (9)(17)

First Lien Secured Debt 6.75% (1M GBPL+625, 0.50% Floor) 05/09/25 £ 2,147 2,701 2,920 (9)(17)

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

Healthcare & Pharmaceuticals

First Lien Secured Debt L+575, 1.50% Floor 07/02/26 $ 5,000 $ 4,978 $ 4,975 (9)(26)

Akoya Biosciences, Inc.

First Lien Secured Debt L+635, 1.50% Floor 10/27/25 9,750 9,772 9,771 (9)(26)

Analogic Corporation First Lien Secured Debt L+525, 1.00% Floor 06/22/24 17,850 17,675 17,582 (9)(28)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 06/22/23 1,826 1,293 1,277 (9)(21)(23)

18,968 18,859

Cerus Corporation First Lien Secured Debt 7.25% (1M L+545, 1.80% Floor) 03/01/24 16,500 16,452 16,830 (9)(17)

First Lien Secured Debt - Revolver 5.55% (1M L+375, 1.80% Floor) 03/01/24 125 125 127 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/01/24 875 (1) — (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 03/01/24 4,500 (13) — (9)(17)

Cato Research

LS Clinical Services Holdings, Inc.

First Lien Secured Debt L+675, 1.00% Floor 12/16/27 13,092 12,778 12,787 (9)(26)

First Lien Secured Debt - Revolver L+675, 1.00% Floor 12/16/26 1,875 237 237 (9)(21)(23)

13,015 13,024

Dohmen Life Science Services

LSCS Holdings, Inc Second Lien Secured Debt 8.51% (6M L+825) 03/16/26 19,818 19,530 19,285

Cerus Corporation First Lien Secured Debt L+545, 1.80% Floor 03/01/24 16,500 16,467 16,665 (9)(17)(26)

First Lien Secured Debt - Revolver L+375, 1.80% Floor 03/01/24 1,500 670 672 (9)(17)(21)

17,137 17,337

Compass Health

Roscoe Medical, Inc First Lien Secured Debt SOFR+625, 1.00% Floor 09/30/24 7,601 7,328 7,316 (9)(27)

First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor 09/30/24 1,393 767 767 (9)(21)(23)

Emmes Corporation

1 unchanged sentence

Common Equity - Common Stock N/A N/A 306 Shares 306 879 (9)(13)

The Emmes Company, LLC First Lien Secured Debt 6.00% (6M L+500, 1.00% Floor) 03/03/25 12,000 11,882 11,760 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/03/25 2,449 (24) (49) (8)(9)

12,164 12,186

Genesis Healthcare, Inc.

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

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

The Emmes Company, LLC First Lien Secured Debt L+500, 1.00% Floor 03/03/25 15,886 15,755 15,646 (9)(29)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 03/03/25 2,449 2,431 2,412 (9)(23)(26)

18,492 18,937

First Lien Secured Debt 9.00% (1M L+700, 2.00% Floor) 01/01/25 6,000 5,995 6,120 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 01/01/25 24,000 (156) — (9)(17)

EmpiRx Health LLC First Lien Secured Debt L+550, 1.00% Floor 08/05/27 9,068 8,906 8,977 (9)(28)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/05/27 909 (16) (9) (8)(9)(21)

Forge Biologics

Forge Biologics, Inc.

First Lien Secured Debt L+675, 0.50% Floor 12/03/26 26,667 3,209 3,245 (9)(23)(26)

First Lien Secured Debt L+700, 2.00% Floor 01/01/25 30,000 5,886 6,056 (9)(17)(23)

Health & Safety Institute

HSI HALO Acquisition, Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 08/31/26 8,981 8,886 8,852 (9)

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

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

First Lien Secured Debt L+575, 1.00% Floor 08/31/26 16,378 13,500 13,335 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 09/02/25 813 131 121 (9)(21)(23)

Common Equity - Common Stock N/A N/A 500 Shares 500 679 (9)(13)

14,131 14,135

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

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

First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 05/30/24 4,616 4,587 4,432

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

IMA Group Management Company, LLC First Lien Secured Debt L+600, 1.00% Floor 05/30/24 12,680 8,560 8,566 (21)(23)(29)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 05/30/24 289 259 257 (21)(23)(28)

Keystone Acquisition Corp.

First Lien Secured Debt L+575, 0.75% Floor 01/26/29 14,022 11,812 11,925 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 0.75% Floor 01/26/28 978 (19) (10) (8)(9)(21)

11,793 11,915

Kindeva Drug Delivery L.P.

First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 05/01/26 1,820 1,781 1,804 (9)

First Lien Secured Debt - Revolver 7.00% (1M L+600, 1.00% Floor) 05/01/25 50 50 50 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/01/25 117 (3) (1) (8)(9)

First Lien Secured Debt L+600, 1.00% Floor 05/01/26 9,410 9,254 9,311 (9)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 05/01/25 167 147 147 (9)(21)(23)

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133 217 (9)(13)

Kure Pain Holdings, Inc.

First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 08/27/24 21,880 21,656 21,493 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/27/24 2,654 (27) (47) (8)(9)

First Lien Secured Debt L+500, 1.00% Floor 08/27/24 21,658 21,497 21,398 (9)(26)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 08/27/24 2,654 (24) (33) (8)(9)(21)

21,606 21,582

Lanai Holdings III, Inc.

(Patterson Medical)

Lanai Holdings III, Inc.

Second Lien Secured Debt 11.50% (1M L+1050 PIK, 1.00% Floor) 08/28/23 19,564 19,385 19,079

Premier Imaging, LLC First Lien Secured Debt L+600, 1.00% Floor 01/02/25 12,480 7,628 7,614 (9)(21)(23)

Mannkind Corporation

Mannkind Corporation First Lien Secured Debt 8.75% (1M L+675, 2.00% Floor) 08/01/24 17,333 17,218 17,888 (9)

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

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

Mannkind Corporation First Lien Secured Debt L+675, 1.00% Floor 08/01/25 13,866 13,793 14,058 (9)(26)

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

Common Equity - Common Stock N/A N/A 334,226 Shares 76 1,230 (9)(10)(13)

13,846 15,288

Maxor National Pharmacy Services, LLC

Maxor National Pharmacy Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 11/22/23 23,638 23,379 23,590 (9)

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

Maxor National Pharmacy Services, LLC First Lien Secured Debt L+550, 1.00% Floor 12/06/27 23,436 23,206 23,145 (9)(28)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 12/06/26 1,558 (11) (20) (8)(9)(21)

23,195 23,125

Medical Guardian

Medical Guardian, LLC First Lien Secured Debt 8.75% (1M L+825, 0.50% Floor) 12/31/24 28,571 28,142 28,374 (9)

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

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

Medical Guardian, LLC First Lien Secured Debt L+650, 1.00% Floor 10/26/26 36,112 30,882 30,966 (9)(21)(23)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 10/26/26 3,810 (52) (41) (8)(9)(21)

30,830 30,925

Midwest Vision

Midwest Vision Partners Management, LLC First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 01/12/27 5,704 5,594 5,647 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/12/27 612 (12) (6) (8)(9)

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

Midwest Vision Partners Management, LLC First Lien Secured Debt L+650, 1.00% Floor 01/12/27 24,261 21,431 21,601 (9)(21)(23)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 01/12/27 612 602 606 (9)(23)(28)

22,033 22,207

Orchard Therapeutics PLC First Lien Secured Debt L+595, 1.00% Floor 05/28/26 33,333 10,906 10,776 (9)(17)(23)

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Orchard Therapeutics plc First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 05/24/24 8,333 8,307 8,400 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 05/24/24 16,667 (53) — (9)(17)

Ovation Fertility

FPG Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 06/13/25 13,901 13,713 13,762 (9)

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

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

FPG Services, LLC First Lien Secured Debt L+550, 1.00% Floor 06/13/25 19,031 14,119 14,276 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 06/13/24 2,105 (19) (5) (8)(9)(21)

14,100 14,271

Paragon 28, Inc.

First Lien Secured Debt L+600, 1.00% Floor 05/01/26 10,000 7,472 7,475 (9)(23)(26)

First Lien Secured Debt - Revolver L+300, 1.00% Floor 05/01/26 2,000 (8) (5) (8)(9)(21)

Partner Therapeutics, Inc

Partner Therapeutics, Inc First Lien Secured Debt 7.65% (1M L+665, 1.00% Floor) 01/01/23 10,000 9,934 9,975 (9)

Partner Therapeutics, Inc First Lien Secured Debt L+665, 1.00% Floor 01/01/23 10,000 9,976 9,950 (9)(26)

First Lien Secured Debt L+665, 1.00% Floor 08/01/22 3,333 3,333 3,333 (9)(26)

First Lien Secured Debt - Revolver L+375, 1.00% Floor 04/01/26 1,000 (2) — (9)(21)(23)

Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333 343 (9)(13)

2 unchanged sentences

PHS Buyer, Inc.

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

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

First Lien Secured Debt L+600, 1.00% Floor 01/31/27 25,115 24,711 24,612 (9)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 01/31/27 2,000 351 360 (9)(21)(23)

25,062 24,972

Radius Health

Radius Health, Inc.

First Lien Secured Debt 7.75% (1M L+575, 2.00% Floor) 06/01/24 29,000 28,636 28,623 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/01/24 1,000 (2) (1) (8)(9)

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

First Lien Secured Debt L+575, 2.00% Floor 06/01/24 33,833 28,736 28,459 (9)(17)(23)

First Lien Secured Debt - Revolver L+350, 2.00% Floor 06/01/24 1,000 (1) (10) (8)(9)(17)

28,735 28,449

RHA Health Services

Pace Health Companies, LLC First Lien Secured Debt 5.50% (3M L+450, 1.00% Floor) 08/02/24 3,914 3,874 3,902 (9)

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

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

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/02/24 575 (27) (2) (8)(9)

Pace Health Companies, LLC First Lien Secured Debt L+450, 1.00% Floor 08/02/24 3,768 3,729 3,736 (9)(28)

First Lien Secured Debt - Revolver L+450, 1.00% Floor 08/02/24 500 18 (4) (8)(9)(20)

Rigel Pharmaceuticals

Rigel Pharmaceuticals, Inc.

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

RiteDose Holdings I, Inc.

First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 09/13/23 13,333 13,155 13,333 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/23 2,000 (27) — (9)(21)

First Lien Secured Debt L+565, 1.50% Floor 09/01/24 9,000 9,011 9,051 (9)(26)

Unchained Labs

Unchained Labs, LLC First Lien Secured Debt L+550, 1.00% Floor 08/09/27 6,760 1,848 1,854 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/09/27 726 (13) (7) (8)(9)(21)

WellDyneRx, LLC

WelldyneRX, LLC First Lien Secured Debt SOFR+675, 0.75% Floor 03/09/27 18,077 17,720 17,715 (9)(27)

First Lien Secured Debt - Revolver SOFR+675, 0.75% Floor 03/09/26 1,923 (38) (38) (8)(9)(21)

17,682 17,677

Total Healthcare & Pharmaceuticals $ 404,041 $ 406,297

High Tech Industries

ACRONIS AG First Lien Secured Debt L+535, 1.50% Floor 12/18/24 $ 21,000 $ 20,941 $ 20,962 (9)(17)(26)

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

High Tech Industries

Acronis AG First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 12/18/24 $ 21,000 $ 20,922 $ 20,895 (9)(17)

American Megatrends

AMI US Holdings Inc.

First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 04/01/25 21,651 21,362 21,833 (9)

First Lien Secured Debt - Revolver 5.61% (1M L+550) 04/01/24 2,093 2,093 2,093 (9)(23)

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

First Lien Secured Debt L+525, 1.00% Floor 04/01/25 21,430 21,211 21,430 (9)(26)

First Lien Secured Debt - Revolver L+525, 0.00% Floor 04/01/24 2,907 1,139 1,163 (9)(21)(23)

22,350 22,593

Calero Holdings, Inc.

Telesoft Holdings, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/16/25 22,500 22,101 22,104

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/16/25 2,273 (40) (40) (8)(21)

Telesoft Holdings, LLC First Lien Secured Debt L+575, 1.00% Floor 12/16/25 22,273 21,952 22,141 (28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/16/25 2,273 (32) (13) (8)(21)(23)

21,920 22,128

ChyronHego Corporation

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

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

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

ChyronHego Corporation (5) First Lien Secured Debt L+350 Cash plus 1.50% PIK, 1.00% Floor 12/31/22 85,277 84,170 84,424 (28)

First Lien Secured Debt L+800 PIK, 1.00% Floor 12/31/22 2,570 2,500 2,545 (28)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 12/31/22 8,000 7,156 7,076 (21)(23)(28)

Preferred Equity - Preferred Equity N/A N/A 7,800 Shares 6,000 15,553 (13)(24)

99,826 109,598

Digital.ai Software Holdings, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/10/27 22,581 21,919 22,242 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/10/27 2,419 (71) (36) (8)(9)

Momentx Corporation First Lien Secured Debt L+575, 1.00% Floor 06/24/27 13,640 13,395 13,265 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 06/24/27 1,257 (22) (35) (8)(9)(21)

13,373 13,230

Norvax, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/15/25 31,341 30,753 31,654 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/24 3,182 (55) — (9)(21)

Digital.ai Software Holdings, Inc.

First Lien Secured Debt L+700, 1.00% Floor 02/10/27 22,355 21,810 22,080 (9)(28)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 02/10/27 2,419 748 777 (9)(21)(23)

22,558 22,857

Norvax, LLC First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/13/24 3,182 2,428 2,461 (9)(21)(23)

International Cruise & Excursion Gallery, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/06/25 14,587 14,411 13,350

LabVantage Solutions

LabVantage Solutions Inc.

First Lien Secured Debt 8.50% (1M L+750, 1.00% Floor) 09/30/21 7,256 7,236 7,256

LabVantage Solutions Limited First Lien Secured Debt 8.50% (1M E+750, 1.00% Floor) 09/30/21 € 8,053 8,642 9,465 (17)

First Lien Secured Debt L+535, 1.00% Floor 06/06/25 14,438 14,305 13,642 (26)

Modern Campus

Destiny Solutions U.S., Inc.

First Lien Secured Debt L+600, 1.00% Floor 06/08/26 25,573 25,024 25,126 (26)

RMCF IV CIV XXXV, L.P.

Common Equity - Common Stock N/A N/A 482 Shares 1,000 1,430 (13)(24)

26,024 26,556

Magnate Holding Corp.

First Lien Secured Debt L+625, 0.50% Floor 12/16/24 19,164 19,050 18,817 (9)(17)(28)

First Lien Secured Debt - Revolver L+625, 0.50% Floor 12/14/23 3,150 3,133 3,105 (9)(17)(23)

22,183 21,922

New Era Technology, Inc.

First Lien Secured Debt L+625, 1.00% Floor 10/31/26 23,794 21,315 21,221 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 10/30/26 1,049 594 591 (9)(21)(23)

21,909 21,812

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Magnitude Software

New Amsterdam Software BidCo LLC First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 05/01/26 6,796 6,697 6,694 (9)

First Lien Secured Debt 6.00% (3M E+500, 1.00% Floor) 05/01/26 € 730 807 845 (9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/01/26 2,250 (16) (34) (8)(9)

Magnate Holding Corp.

First Lien Secured Debt 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/16/24 18,112 17,959 15,575 (9)(17)

First Lien Secured Debt - Revolver 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/14/23 2,970 2,970 2,554 (9)(17)

First Lien Secured Debt - Unfunded Revolver 2.19% Unfunded 12/14/23 221 (27) (31) (8)(9)

First Lien Secured Debt - Letter of Credit 6.25% 04/22/21 140 — (20) (8)(9)

Pro-Vigil Holding Company, LLC First Lien Secured Debt L+850, 1.00% Floor 01/11/25 9,910 9,724 9,808 (9)(28)

First Lien Secured Debt SOFR+850, 1.00% Floor 01/11/25 5,329 1,493 1,542 (9)(21)(23)

11,217 11,350

Omnitracs, LLC

Omnitracs, LLC First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/23/23 3,750 (133) (263) (8)(21)

Pro-Vigil Holding Company, LLC First Lien Secured Debt 9.50% (1M L+850, 1.00% Floor) 01/13/25 8,000 7,774 7,760 (9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 01/13/25 2,000 (33) (60) (8)(9)

Schlesinger Group

Schlesinger Global, LLC First Lien Secured Debt 8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor) 07/12/25 9,066 8,885 8,857 (9)

First Lien Secured Debt 8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor) 07/12/25 841 825 822 (9)

Schlesinger Global, LLC First Lien Secured Debt L+600 Cash plus 1.00% PIK, 1.00% Floor 07/12/25 9,882 9,730 9,747 (9)(28)

First Lien Secured Debt L+775, 1.00% Floor 07/12/25 963 950 964 (9)(28)

10,680 10,711

Simeio Group Holdings, Inc.

First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 01/30/26 8,567 8,464 8,422 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/30/26 1,731 (21) (29) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/30/26 4,615 (28) (83) (8)(9)

First Lien Secured Debt L+550, 1.00% Floor 02/02/26 8,178 8,099 8,076 (9)(26)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 02/02/26 1,731 (17) (21) (8)(9)(21)

Sirsi Corporation

Sirsi Corporation First Lien Secured Debt 5.75% (1M L+475, 1.00% Floor) 03/15/24 6,459 6,401 6,362 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/15/24 429 (4) (6) (8)(9)

First Lien Secured Debt 8.50% (3M L+750, 1.00% Floor) 03/02/26 14,167 13,888 13,883 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/02/26 833 (14) (17) (8)(9)

Sirsi Corporation First Lien Secured Debt L+450, 1.00% Floor 03/15/24 5,456 5,423 5,440 (9)(26)

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

Springbrook Holding Company, LLC First Lien Secured Debt L+550, 1.00% Floor 12/23/26 15,933 15,724 15,786 (28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/23/26 1,463 (17) (13) (8)(21)(23)

15,707 15,773

MEP-TS Midco, LLC First Lien Secured Debt L+600, 1.00% Floor 12/31/26 13,379 13,139 13,245 (9)(29)

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

13,138 13,230

Telnyx LLC First Lien Secured Debt L+625, 1.50% Floor 10/21/25 5,250 5,230 5,277 (9)(26)

Upstack Holdco Inc.

First Lien Secured Debt L+550, 1.00% Floor 08/20/27 31,914 27,581 27,995 (9)(21)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/20/27 3,000 (74) (30) (8)(9)(20)

27,507 27,965

Total High Tech Industries $ 384,798 $ 395,561

Hotel, Gaming, Leisure, Restaurants

Guernsey Holdings SDI LA LLC First Lien Secured Debt 6.95% 11/18/26 $ 9,904 $ 9,812 $ 9,811 (9)

First Lien Secured Debt L+595, 1.00% Floor 11/18/26 1,167 1 (11) (8)(9)(23)

YTC Enterprises, LLC First Lien Secured Debt L+625, 1.00% Floor 08/16/26 9,942 9,835 9,843 (9)(26)

Total Hotel, Gaming, Leisure, Restaurants $ 19,648 $ 19,643

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Springbrook Holding Company, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/23/26 9,755 9,618 9,613

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

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/23/26 3,659 (29) (53) (8)(21)

MEP-TS Midco, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 12/31/26 13,514 13,256 13,379 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 1,452 (28) (15) (8)(9)

High Street Insurance

High Street Buyer, Inc.

First Lien Secured Debt L+600, 0.75% Floor 04/14/28 $ 30,113 $ 29,607 $ 29,586 (9)(26)

First Lien Secured Debt - Revolver L+600, 0.75% Floor 04/16/27 2,203 (37) (39) (8)(9)(21)

29,570 29,547

Telnyx LLC First Lien Secured Debt 7.75% (1M L+625, 1.50% Floor) 10/21/25 5,250 5,216 5,250 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/21/25 4,750 (43) — (9)(21)

Total High Tech Industries $ 341,651 $ 340,253

PGM Holdings Corporation

Turbo Buyer, Inc.

First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 12/02/25 $ 13,912 $ 13,638 $ 13,786 (9)

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

First Lien Secured Debt L+600, 1.00% Floor 12/02/25 19,230 18,930 18,889 (9)(29)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/02/25 923 (14) (16) (8)(9)(21)

18,916 18,873

1 unchanged sentence

AQ Sunshine, Inc.

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

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

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

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

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

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 04/15/25 4,611 (186) — (9)(21)

First Lien Secured Debt L+600, 1.00% Floor 04/15/25 34,858 31,093 31,447 (9)(21)(23)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/15/24 1,785 263 280 (9)(20)(21)

31,356 31,727

1 unchanged sentence

Manufacturing, Capital Equipment

AVAD Canada Ltd.

First Lien Secured Debt - Revolver N/A 10/02/23 $ 284 $ 274 $ 283 (9)(23)

AVAD, LLC First Lien Secured Debt - Revolver N/A 10/02/23 3,744 2,537 1,639 (9)(23)

Surf Opco, LLC First Lien Secured Debt - Revolver 5.00% (1M L+400, 1.00% Floor) 03/16/26 1,667 1,667 1,667 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/16/26 15,000 — — (9)(21) (23)

Surf Opco, LLC First Lien Secured Debt - Revolver L+400, 1.00% Floor 03/17/26 $ 16,667 $ 11,564 $ 11,419 (9)(20)(21)

Preferred Equity - Class P-1 Preferred N/A N/A 33,333 Shares 3,333 6,342 (9)(13)(16)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Preferred Equity - Class P-2 Preferred N/A N/A 85,164 Shares 8,516 1,970 (9)(13)(16)

2 unchanged sentences

Kauffman Holdco, LLC Common Equity - Common Stock N/A N/A 250,000 Shares 250 98 (9)(13)

Kauffman Intermediate, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 05/08/25 16,665 16,436 15,960 (9)

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 05/08/25 78 78 74 (9)(23)

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 05/08/25 388 388 372 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/08/25 1,165 (35) (49) (8)(9)

First Lien Secured Debt - Letter of Credit 6.50% 07/25/21 155 — (7) (8)(9)

Kauffman Intermediate, LLC First Lien Secured Debt L+650, 1.00% Floor 05/08/25 16,281 16,114 15,843 (9)(30)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 05/08/25 1,243 277 277 (9)(21)(23)

16,641 16,218

MedPlast Holdings Inc.

Second Lien Secured Debt 7.86% (1M L+775) 07/02/26 8,000 7,947 7,619

Viant Medical Holdings, Inc.

(fka MedPlast Holdings, Inc.) Second Lien Secured Debt L+775, 0.00% Floor 07/02/26 8,000 7,959 7,607 (26)

Total Manufacturing, Capital Equipment $ 48,013 $ 43,641

2 unchanged sentences

NW Entertainment, Inc.

First Lien Secured Debt 10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor) 08/16/24 $ 26,450 $ 26,101 $ 25,130 (9)(19)

First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 08/16/24 3,061 3,021 2,909 (9)(19)

First Lien Secured Debt L+750 Cash plus 2.00% PIK, 1.00% Floor 08/16/24 $ 29,195 $ 28,940 $ 29,186 (9)(28)

First Lien Secured Debt - Revolver L+750, 1.00% Floor 08/16/24 3,078 3,050 3,061 (9)(23)(28)

31,990 32,247

Nitro World Entertainment

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

NWE OPCO LP First Lien Secured Debt L+650, 2.00% Floor 12/19/22 4,579 4,573 4,572 (9)(26)

Sonar Entertainment

Sonar Entertainment, Inc.

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

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

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

First Lien Secured Debt L+760, 1.25% Floor 11/15/21 2,475 2,474 2,019 (9)(11)(26)

First Lien Secured Debt - Revolver L+760, 1.25% Floor 11/15/21 1,604 1,561 1,308 (9)(11)(23)

Total Media – Diversified & Production $ 40,598 $ 40,146

SI Holdings, Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 07/25/25 $ 31,324 $ 30,862 $ 30,757 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 07/25/24 853 853 842 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/25/24 2,560 (45) (34) (8)(9)

31,670 31,565

See notes to financial statements.

4 unchanged sentences

Industry / Company Investment Type Interest Rate Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Rapid Displays

Rapid Displays Acquisition Corporation First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 07/01/25 10,305 10,161 10,305 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 2,308 (16) — (9)(21)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 07/01/25 1,154 (12) — (9)(21)

10,133 10,305

SI Holdings, Inc.

First Lien Secured Debt L+600, 1.00% Floor 07/25/25 $ 31,005 $ 30,645 $ 30,780 (9)(26)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 07/25/24 3,413 395 404 (9)(21)(23)

Total Retail $ 31,040 $ 31,184

Telecommunications

IPC Corporation

IPC Corporation First Lien Secured Debt 5.21% (3M L+500) 08/06/21 $ 10,000 $ 9,989 $ 9,301 (9)

IPC Information Systems UK Holdings Limited First Lien Secured Debt 8.00% (3M L+650, 1.50% Floor) 08/06/21 1,405 1,393 1,360 (9)(17)

11,382 10,661

Securus Technologies Holdings, Inc.

Second Lien Secured Debt 9.25% (6M L+825, 1.00% Floor) 11/01/25 12,878 12,804 11,139

Second Lien Secured Debt L+825, 1.00% Floor 11/01/25 $ 7,128 $ 7,119 $ 6,843 (28)

Total Telecommunications $ 7,119 $ 6,843

Transportation – Cargo, Distribution

Dynamic Product Tankers (Prime), LLC

Dynamic Product Tankers, LLC (5) Unsecured Debt 5.31% (6M L+500) 07/31/24 $ 22,000 $ 22,000 $ 22,000 (17)

Common Equity - Class A Units N/A N/A N/A 49,806 25,528 (13)(17)

Beacon Mobility

Beacon Mobility Corp.

First Lien Secured Debt L+550, 1.00% Floor 05/22/24 $ 28,266 $ 13,227 $ 13,429 (9)(21)(23)

First Lien Secured Debt - Revolver P+450 05/22/24 4,145 597 635 (9)(20)(21)

First Lien Secured Debt - Revolver L+400, 0.00% Floor 05/22/24 50,000 — — (9)(22)(23)

13,824 14,064

Dynamic Product Tankers (Prime), LLC

Dynamic Product Tankers, LLC (5) Common Equity - Class A Units N/A N/A N/A 44,432 3,110 (13)(17)(19)(24)

Heniff and Superior

Heniff Holdco, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/03/26 30,764 30,242 30,023 (9)

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 12/03/24 2,518 2,518 2,480 (9)(23)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/03/24 1,047 1,047 1,030 (9)(23)

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

First Lien Secured Debt - Letter of Credit 5.75% 02/06/22 355 — (5) (8)(9)

Heniff Holdco, LLC First Lien Secured Debt L+575, 1.00% Floor 12/03/26 30,453 30,019 29,582 (9)(26)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/03/24 3,925 1,331 1,295 (9)(20)(21)

31,350 30,877

3 unchanged sentences

Banner Solutions

Banner Buyer, LLC First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 10/31/25 $ 396 $ 393 $ 393 (9)

First Lien Secured Debt 6.75% (12M L+575, 1.00% Floor) 10/31/25 12,414 12,247 12,314 (9)

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/25 1,548 (26) (12) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 10/31/25 5,097 (37) (41) (8)(9)

Banner Buyer, LLC First Lien Secured Debt L+575, 1.00% Floor 10/31/25 $ 17,751 $ 15,111 $ 15,171 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 10/31/25 1,935 623 631 (9)(21)(23)

Banner Parent Holdings, Inc.

Common Equity - Common Stock N/A N/A 6,125 Shares 613 539 (9)(13)

16,347 16,341

Thomas Scientific

BSP-TS, LP Common Equity - Common Stock N/A N/A 185 Shares 185 190 (9)(13)(24)

Thomas Scientific, LLC First Lien Secured Debt L+625, 1.00% Floor 12/14/27 31,785 26,056 26,283 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/14/27 2,963 (56) (30) (8)(9)(21)

26,185 26,443

Total Wholesale $ 42,532 $ 42,784

Total Investments $ 2,745,829 $ 2,523,173 (6)(7)

____________________

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Banner Parent Holdings, Inc Common Equity - Common Stock N/A N/A 5,164 Shares 516 526 (9)(13)

Total Wholesale $ 13,480 $ 13,564

Total Investments before Cash Equivalents $2,716,399 $2,449,151

Government Money Market Fund $50,180 $50,180 $50,180 (22)

Total Investments after Cash Equivalents $2,766,579 $2,499,331 (6)(7)

____________________

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

5 unchanged sentences

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

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

As of March 31, 2022, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation, and 26% equity ownership interest in Carbonfree Chemicals SA LLC.

(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.

3 unchanged sentences

Ltd., Term Loan 3,822 63 (15) (70) 3,800 — 245

Ltd., Term Loan — 3,000 (7) (136) 2,857 — 91

KLO Acquisition LLC, Term Loan — 30 (4,838) 4,808 — (4,808) —

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

AIC SPV Holdings II, LLC, Preferred Stock 442 — — 56 498 — 102

AMP Solar Group, Inc., Class A Common Unit 8,736 — (10,000) 1,264 — 4,176 —

Carbonfree Caustic SPE LLC, Term Loan 13,111 — (13,111) — — — —

Carbonfree Chemicals Holdings LLC, Common Equity / Interest 15,105 14,541 (36) (4,186) 25,424 — —

AIC SPV Holdings II, LLC, Preferred Equity 498 — — (143) 355 — 109

Carbonfree Chemicals Holdings LLC, Common Stock 25,424 904 — 15,789 42,117 — —

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

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC), Term Loan 4,389 — (17,057) 12,668 — — 11

Golden Bear 2016-R, LLC, Membership Interests 11,289 186 — (1,437) 10,038 — 1,181

Pelican Energy, LLC, Membership Interests 2,411 — (58) (183) 2,170 — —

GSC Technologies Inc., Term Loan — 221 (15) (14) 192 — 16

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

Pelican Energy, LLC, Common Stock 2,170 — (3,701) 2,161 630 — —

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

16 unchanged sentences

ChyronHego Corporation, Preferred Equity $ 6,151 $ — $ — $ 9,402 $ 15,553 $ — $ —

ChyronHego Corporation, Term Loan — 81,644 — 32 81,676 — 429

ChyronHego Corporation, Revolver 2,226 4,750 — 100 7,076 — 316

Dynamic Product Tankers, LLC, Class A Units 36,457 — — (10,928) 25,528 — —

Dynamic Product Tankers, LLC, First Lien Term Loan 42,000 130 (42,000) (130) — — 1,391

Dynamic Product Tankers, LLC, Unsecured Debt — 22,000 — — 22,000 — 738

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

ChyronHego Corporation, Term Loan 81,676 5,230 (205) 268 86,969 — 6,692

Dynamic Product Tankers, LLC, Common Stock 25,528 — (5,374) (17,044) 3,110 — —

Dynamic Product Tankers, LLC, Unsecured Term Loan 22,000 — (22,000) — — — 959

Glacier Oil & Gas Corp.

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

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Term Loan 8,111 — (8,542) 27,561 6,204 (20,926) —

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

Merx Aviation Finance, LLC, Membership Interests 125,061 — (84,500) (17,052) 23,509 — —

Merx Aviation Finance, LLC, Revolver 190,500 89,500 (5,000) — 275,000 — 25,419

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

MSEA Tankers LLC, Class A Units 57,028 — (7,403) (15,351) 34,274 2,059

Controlled Company —

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Second Lien Term Loan 14,711 — — (6,600) 8,111 — —

Glacier Oil & Gas Corp.

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

SHD Oil & Gas, LLC, Series C Units — 44,065 — (39,413) 4,652 — —

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

6 unchanged sentences

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

As of March 31, 2021, the Company had a 78%, 85%, 47%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation, Dynamic Product Tankers, LLC;

As of March 31, 2022, the Company had a 87%, 85%, 96%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation;

Dynamic Product Tankers, LLC;

Glacier Oil & Gas Corp.

17 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 these investments are expected to be extended past March 31, 2021.

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

(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$”), and Australian Dollar (“A$”) .

1 unchanged sentence

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

(15) The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company has a 14.25% ownership interest in the residual tranche.

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

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

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

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

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.

5 unchanged sentences

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

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

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

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

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

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

LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively), EURIBOR loans are typically indexed to 90-day EURIBOR rates (3M E), Bank Bill Swap rates are typically index to 90-day Bank Bill Swap rates (3M BBSW), GBP LIBOR loans are typically indexed to 90-day GBP LIBOR rates (3M GBP L) and EUR LIBOR loans are typically indexed to 90-day EUR LIBOR rates (3M E L) at the borrower’s option.

LIBOR and EURIBOR loans may be subject to interest floors.

As of March 31, 2021, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 1M BBSW, 3M BBSW, 1M GBP L, 3M GBP L, and Prime are 0.11%, 0.13%, 0.19%, 0.21%, (0.56%), (0.54%), 0.01%, 0.04%, 0.05%, 0.09% and 3.25%, respectively.

(21) The rates associated with these undrawn committed revolvers and delayed draw term loans represent rates for commitment and unused fees.

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

(19) As of March 31, 2022, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting.

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

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

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

(22) A letter of credit associated with this investment has been issued through the Company’s Senior Secured Facility.

In the event of draw of funds the related funding would be pro-rated for all existing lenders in the investment.

See notes to financial statements.

8 unchanged sentences

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

Akoya Biosciences, Inc.

1,500 — — 1,500

Amerivet Partners Management, Inc.

5,325 524 — 4,801

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

Alpinex Opco, LLC 5,585 — — 5,585

AMI US Holdings Inc.

3 unchanged sentences

5,039 286 23 4,730

Arthur Bidco Limited* 2,029 2,029 — —

AVAD Canada Ltd.

AVAD, LLC 3,744 3,744 — —

Banner Buyer, LLC 4,387 645 — 3,742

BIG Buyer, LLC 1,805 722 — 1,083

BK Medical Holding Company, Inc.

Beacon Mobility Corp.

68,713 674 28,335 39,704

Berner Food & Beverage, LLC 2,881 1,325 — 1,556

Bird US Opco, LLC 25,680 — — 25,680

Cerus Corporation 1,500 672 — 828

ChyronHego Corporation 8,000 7,156 — 844

Claritas, LLC 1,031 129 — 902

Club Car Wash Operating, LLC 8,971 — — 8,971

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

Continuum Global Solutions, LLC 20,000 5,317 — 14,683

Eagle Foods Family Group, LLC 3,750 750 — 3,000

Digital.ai Software Holdings, Inc.

2,419 806 — 1,613

EHL Merger Sub, LLC 4,155 — — 4,155

Eldrickco Limited* 6,088 467 — 5,621

EmpiRx Health LLC 909 — — 909

Erickson Inc 36,000 27,388 960 7,652

Exeter Property Group, LLC 192 — — 192

First Heritage Credit, LLC 9,000 1,160 — 7,840

Flock SPV I, LLC 8,000 1,867 — 6,133

Florida Food Products, LLC 1,712 479 — 1,233

Forge Biologics, Inc.

23,334 — — 23,334

FPG Services, LLC 6,810 — — 6,810

1 unchanged sentence

24,000 — — 24,000

Genesis Healthcare, Inc.

91,957 — — 91,957

Go Car Wash Management Corp.

2,439 — — 2,439

Graffiti Buyer, Inc.

3,920 414 — 3,506

Guernsey Holdings SDI LA LLC 1,167 — — 1,167

Gutter Buyer, Inc.

1 unchanged sentence

Heniff Holdco, LLC 3,925 1,374 281 2,270

High Street Buyer, Inc.

2,203 — — 2,203

Hive Intermediate, LLC 2,326 — — 2,326

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

HSI HALO Acquisition, Inc.

5 unchanged sentences

KDC US Holdings 6,020 692 40 5,288

Kindeva Drug Delivery L.P.

KL Charlie Acquisition Company 6,569 — — 6,569

Kure Pain Holdings, Inc.

Keystone Acquisition Corp.

2,935 — — 2,935

Kindeva Drug Delivery L.P.

See notes to financial statements.

4 unchanged sentences

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

KL Charlie Acquisition Company 9,962 — — 9,962

Kure Pain Holdings, Inc.

2,654 — — 2,654

Lash OpCo, LLC 3,136 — — 3,136

2 unchanged sentences

Liqui-Box Holdings, Inc.

3,560 2,036 79 1,445

LS Clinical Services Holdings, Inc.

1,875 281 — 1,594

Magnate Holding Corp.

1 unchanged sentence

Mannkind Corporation 30,000 — — 30,000

Margaux Acquisition Inc.

1,601 — — 1,601

Margaux UK Finance Limited* 747 — — 747

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

3 unchanged sentences

Merx Aviation Finance, LLC 275,177 275,000 177 —

Midwest Vision Partners Management, LLC 3,029 612 — 2,417

Momentx Corporation 1,257 — — 1,257

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

Nemo (BC) Bidco Pty Ltd* 174 — — 174

New Amsterdam Software BidCo LLC 2,250 — — 2,250

New Era Technology, Inc.

3,147 612 — 2,535

Norvax, LLC 3,182 2,466 — 716

Nutrisystem, Inc.

NW Entertainment, Inc.

3,078 3,078 — —

Olaplex, Inc.

2,300 — — 2,300

Omnitracs, LLC 3,750 — — 3,750

Orchard Therapeutics PLC 22,333 — — 22,333

1 unchanged sentence

Pace Health Companies, LLC 500 — 105 395

Paper Source, Inc.

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

Paladone Group Bidco Limited* 464 — — 464

Papershop Holdco Inc.

3,082 1,524 — 1,558

Paragon 28, Inc.

4,500 — — 4,500

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

PHS Buyer, Inc.

2,000 400 — 1,600

Precision Refrigeration & Air Conditioning LLC 1,705 — — 1,705

Premier Imaging, LLC 4,680 — — 4,680

Project Comfort Buyer, Inc.

1 unchanged sentence

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

Pro-Vigil Holding Company, LLC 3,733 — — 3,733

Purchasing Power Funding I, LLC 9,113 1,142 — 7,971

RA Outdoors, LLC 1,200 — — 1,200

Radius Health, Inc.

5,833 — — 5,833

Rapid Displays Acquisition Corporation 3,462 — — 3,462

RiteDose Holdings I, Inc.

Roscoe Medical, Inc 1,393 819 — 574

Shelby 2021 Holdings Corp.

2,436 — — 2,436

Royton Bidco Limited* 3,125 — — 3,125

SI Holdings, Inc.

2 unchanged sentences

1,731 — — 1,731

Simplifi Holdings, Inc.

2,400 1,440 — 960

Sirsi Corporation 429 — — 429

Soliant Holdings, LLC 1,936 — — 1,936

Sonar Entertainment, Inc.

1 unchanged sentence

Springbrook Holding Company, LLC 1,463 — — 1,463

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

Telnyx LLC 4,750 — — 4,750

Ten-X, LLC 4,680 4,680 — —

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

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

Surf Opco, LLC 16,667 11,564 334 4,769

See notes to financial statements.

4 unchanged sentences

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

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

Ten-X, LLC 4,680 — — 4,680

TGG TS Acquisition Company 1,750 750 — 1,000

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

LLC 4,494 1,202 79 3,213

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

TNT Crust LLC 3,252 3,101 — 151

3 unchanged sentences

24,013 2,417 — 21,596

Ultimate Baked Goods Midco LLC 3,243 2,027 365 851

Unchained Labs, LLC 5,565 — — 5,565

Upstack Holdco Inc.

6,600 — 110 6,490

USLS Acquisition, Inc.

1,608 750 94 764

WelldyneRX, LLC 1,923 — — 1,923

Westfall Technik, Inc.

2 unchanged sentences

1,854 — — 1,854

(fka Newscycle Solutions, Inc.) 1,782 240 — 1,542

Surf Opco, LLC 16,667 1,667 — 15,000

Digital.ai Software Holdings, Inc.

2,419 — — 2,419

Midwest Vision Partners Management, LLC 4,281 — — 4,281

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

Total Commitments $ 871,829 $ 385,209 $ 31,188 $ 455,432

1 unchanged sentence

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

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

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

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

See notes to financial statements.

9 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

2 unchanged sentences

Dynamic Product Tankers, LLC Common Equity - Class A Units 4/8/2015

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

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

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

Glacier Oil & Gas Corp.

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

JSM Equity Investors, L.P.

Preferred Equity - Class P Partnership Units 6/30/2020

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock 12/29/2020

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

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

Merx Aviation Finance, LLC Common Equity - Membership Interests 7/1/2021

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

Paper Source, Inc.

Preferred Equity - Preferred Equity 9/11/2020

Paper Source, Inc.

Common Equity - Class A Common Stock 10/30/2020

Owl Parent Holdings, LLC Common Equity - Common Stock 2/4/2022

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

Pelican Energy, LLC Common Equity - Membership Interests 3/28/2012

3 unchanged sentences

Renew JV LLC Common Equity - Membership Interests 9/5/2019

RMCF IV CIV XXXV, L.P.

Common Equity - Common Stock 6/8/2021

SHD Oil & Gas, LLC Common Equity - Series C Units 12/27/2012

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

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

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

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

SMC IR Holdings, LLC Common Equity - Common Stock 3/8/2022

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

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

(27) The interest rate on these loans is subject to SOFR, which as of March 31, 2022 was 0.29%

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

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

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

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

(32) The interest rate on these loans is subject to 6 months BBSW, which as of March 31, 2022 was 0.71%

See notes to financial statements.

23 unchanged sentences

High Tech Industries 283,974 — — — — 1,000 — 284,974

Hotel, Gaming, Leisure, Restaurants 19,648 — — — — — — 19,648

Insurance 79,842 — — — — — — 79,842

12 unchanged sentences

Energy – Oil & Gas — — — — — 13,062 — 13,062

Manufacturing, Capital Equipment — — — — — — — —

Total Non-Controlled / Affiliated Investments $ 4,263 $ — $ — $ 16,998 $ 16,347 $ 93,258 $ — $ 130,866

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

Controlled Investments

30 unchanged sentences

High Tech Industries 284,533 — — — — 1,430 — 285,963 28.4 %

Hotel, Gaming, Leisure, Restaurants 19,643 — — — — — — 19,643 2.0 %

Insurance 80,147 — — — — — — 80,147 8.0 %

7 unchanged sentences

% of Net Assets 185.2 % 9.1 % — % — % 0.9 % 1.6 % — % 196.8 %

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

Non-Controlled / Affiliated Investments

4 unchanged sentences

Energy – Oil & Gas — — — — — 630 — 630 0.1 %

Manufacturing, Capital Equipment — — — — — — — — — %

Total Non-Controlled / Affiliated Investments $ 3,992 $ — $ — $ 10,038 $ 5,343 $ 44,336 $ — $ 63,709 6.3 %

19 unchanged sentences

Business Services 10.7%

Transportation – Cargo, Distribution 5.6%

Consumer Services 6.9%

Beverage, Food & Tobacco 5.2%

Transportation – Cargo, Distribution 3.3%

Insurance 3.2%

Consumer Goods – Non-durable 3.0%

Automotive 2.9%

Chemicals, Plastics & Rubber 2.6%

Diversified Investment Vehicles, Banking, Finance, Real Estate 2.2%

Manufacturing, Capital Equipment 1.7%

Wholesale 1.7%

Advertising, Printing & Publishing 1.7%

Chemicals, Plastics & Rubber 2.3%

Automotive 2.1%

Energy – Oil & Gas 1.9%

Media – Diversified & Production 1.6%

Education 1.5%

Manufacturing, Capital Equipment 1.5%

Insurance 1.5%

Aerospace & Defense 1.2%

Energy – Oil & Gas 1.5%

Construction & Building 1.2%

Aerospace & Defense 1.1%

Consumer Goods – Durable 0.8%

Telecommunications 0.9%

Wholesale 0.6%

Hotel, Gaming, Leisure, Restaurants 0.8%

Environmental Industries 0.3%

Energy – Electricity 0.3%

Telecommunications 0.3%

Total Investments 100.0%

4 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Advertising, Printing & Publishing

Learfield Communications

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

FingerPaint Marketing

KL Charlie Acquisition Company First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/30/26 $ 18,653 $ 18,292 $ 18,467 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/30/26 2,190 (29) (22) (8)(9)

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

KL Charlie Co-Invest, L.P.

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

18,453 18,640

Simplifi Holdings, Inc.

1 unchanged sentence

First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 08/02/25 38,440 37,919 37,867 (9)

First Lien Secured Debt - Revolver 7.20% (1M L+575, 1.00% Floor) 08/02/25 1,200 1,200 1,148 (9)(23)

First Lien Secured Debt - Revolver 8.50% (P+525) 08/02/25 1,440 1,440 1,418 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/25 960 (40) (14) (8)(9)

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

39,319 39,271

4 unchanged sentences

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

31,579 30,902

PAE Holding Corporation

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

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

Accelerate Parent Corp.

(American Tire)

Accelerate Parent Corp.

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

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

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

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

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

13,459 12,245

Crowne Automotive

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

Vari-Form Group, LLC First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 $ 5,860 $ 901 $ 293 (9)(14)

Vari-Form Inc.

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

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

K&N Parent, Inc.

1 unchanged sentence

Second Lien Secured Debt 9.75% (3M L+875, 1.00% Floor) 10/21/24 23,765 23,549 21,982

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Truck-Lite Co., LLC

TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350 345 (9)(13)

Truck-Lite Co., LLC First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/14/26 28,585 28,029 28,088 (9)

First Lien Secured Debt - Revolver 7.25% (3M L+625, 1.00% Floor) 12/13/24 1,526 1,526 1,508 (9)(23)

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/13/24 1,432 (53) (17) (8)(9) (21)(23)

First Lien Secured Debt - Letters of Credit 6.25% 11/30/21 - 12/21/21 94 — (1) (8)(9) (23)

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

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

29,852 29,923

Total Automotive $ 54,693 $ 52,303

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Aviation and Consumer Transport

2 unchanged sentences

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

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

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

310,800 315,561

1 unchanged sentence

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

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

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

14,461 13,984

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

2 unchanged sentences

Bolthouse Farms, Inc.

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

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

Eagle Foods Family Group, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 06/14/24 23,458 23,317 23,224 (9)

First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 06/14/23 750 750 742 (9)(23)

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

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

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

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

24,048 23,936

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Florida Food Products, Inc.

1 unchanged sentence

First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/08/25 22,705 22,345 22,592 (9)

First Lien Secured Debt 8.25% (3M L+725, 1.00% Floor) 09/08/25 2,977 2,795 2,977 (9)

Florida Food Products, LLC First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 09/06/23 479 479 477 (9)(23)

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

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

25,598 26,040

Butterfly Fighter Co-Invest, L.P.

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

Common Equity - Membership Interests N/A N/A 1,000,000 Shares 1,005 1,275 (13)

TNT Crust LLC

TNT Crust LLC First Lien Secured Debt 7.75% (3M L+675, 1.00% Floor) 11/06/23 20,473 20,223 20,166 (9)

First Lien Secured Debt 8.01% (1M L+675, 1.00% Floor) 11/06/23 4,878 4,785 4,756 (9)

First Lien Secured Debt - Revolver 7.75% (3M L+675, 1.00% Floor) 11/06/23 325 325 320 (9)(23)

First Lien Secured Debt - Revolver 7.75% (1M L+675, 1.00% Floor) 11/06/23 813 813 801 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/06/23 2,114 (36) (32) (8)(9)

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

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

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

21,355 21,531

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

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

LLC First Lien Secured Debt 7.00% (12M L+600, 1.00% Floor) 05/30/25 2,787 2,763 2,759 (9)

First Lien Secured Debt 8.25% (P+500) 05/30/25 1 1 1 (9)

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

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

8 unchanged sentences

Ambrosia Buyer Corp.

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

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

Second Lien Secured Debt 9.00% 08/28/25 21,429 20,536 12,795 (14)

AML Rightsource

Gabriel Partners, LLC First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 09/21/26 10,176 9,945 9,971 (9)

First Lien Secured Debt - Revolver 7.25% (6M L+625, 1.00% Floor) 09/21/26 443 443 435 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/21/26 222 (15) (4) (8)(9)

10,373 10,402

Claritas, LLC First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 12/21/23 3,746 3,724 3,708 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 12/21/23 129 129 128 (9)(23)

2 unchanged sentences

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

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

Education Personnel

Arthur Bidco Limited First Lien Secured Debt 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 4,035 5,162 5,309 (9)(17)

First Lien Secured Debt - Revolver 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 1,471 1,881 1,933 (9)(17)

Electro Rent Corporation

Electro Rent Corporation Second Lien Secured Debt 10.00% (3M L+900, 1.00% Floor) 01/31/25 34,235 33,672 33,722 (9)

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

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

CT Technologies Intermediate Holdings, Inc

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

Education Personnel

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

First Lien Secured Debt - Revolver 5.42% (3M GBPL+475, 0.50% Floor) 08/31/24 £ 1,471 1,873 1,727 (9)(17)

Electro Rent Corporation

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

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

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

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

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

Ensemble Health

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

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

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

Jacent Strategic Merchandising First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 04/23/24 22,352 22,146 21,896 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 04/23/24 2,567 2,567 2,514 (9)(23)

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

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

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

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

Common Equity - Common Stock N/A N/A 5,000 Shares 500 313 (9)(13)

JSM Equity Investors, L.P.

Preferred Equity - Class P Partnership Units N/A N/A 114 Shares 11 11 (9)(13)

25,192 24,715

4 unchanged sentences

First Lien Secured Debt - Revolver 6.50% (12M L+550, 1.00% Floor) 07/31/24 628 628 619 (9)(23)

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

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

14,365 14,366

Trident Bidco Limited First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 11/08/25 34,562 33,765 34,013 (9)(17)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Margaux Acquisition Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/19/24 23,054 22,766 22,876 (9)

First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 12/19/24 1,601 1,576 1,516 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/19/24 4,461 (92) (236) (8)(9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 1,601 (20) (12) (8)(9)

Margaux UK Finance Limited First Lien Secured Debt 6.75% (3M GBPL+575, 1.00% Floor) 12/19/24 £ 7,183 8,965 9,835 (9)(17)

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 £ 541 (8) (6) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/19/24 £ 1,353 (27) (89) (8)(9)

31,703 32,693

Ministry Brands, LLC

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

Newscycle Solutions, Inc.

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

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

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

(fka Newscycle Solutions, Inc.) First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 12/29/22 11,024 10,910 10,914 (9)

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 12/29/22 240 240 238 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/22 260 (4) (3) (8)(9)

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

11,131 11,136

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

PSI Services, LLC

1 unchanged sentence

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 10/20/25 1,039 1,039 1,009 (9)(23)

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

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

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

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

6 unchanged sentences

37,958 37,771

Soliant Health, Inc.

Common Equity - Membership Interests N/A N/A 300 Shares 300 374 (9)(13)

Soliant Holdings, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 12/31/26 16,274 16,007 16,274 (9)

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 1,936 (29) — (9)(21) (23)

Soliant Health, Inc.

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

16,278 16,648

3 unchanged sentences

US Legal Support

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

US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units N/A N/A 631,972 Shares 632 474 (9)(13)

USLS Acquisition, Inc.

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/02/24 24,250 23,948 22,785 (9)

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

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

26,240 25,684

Vertafore, Inc.

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

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

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

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

24,553 23,136

2 unchanged sentences

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

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

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

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

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

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

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

77,825 25,424

1 unchanged sentence

Hare Bidco, Inc.

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

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Westfall Technik, Inc.

1 unchanged sentence

First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 09/13/24 15,777 15,588 15,355 (9)

First Lien Secured Debt 7.02% (3M L+575, 1.00% Floor) 09/13/24 671 665 653 (9)

First Lien Secured Debt - Revolver 7.25% (1M L+625, 1.00% Floor) 09/13/24 1,750 1,750 1,702 (9)(23)

First Lien Secured Debt - Revolver 8.00% (P+475) 09/13/24 1,885 1,885 1,831 (9)(23)

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

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

17,315 17,050

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Construction & Building

2 unchanged sentences

First Lien Secured Debt - Revolver 8.50% (P+525) 03/06/24 409 409 401 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/06/24 2,279 (40) (43) (8)(9)

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

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

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

Gutter Holdings, LP Common Equity - Common Stock N/A N/A 500 Shares 500 1,128 (9)(13)

Total Construction & Building $ 29,103 $ 29,506

1 unchanged sentence

A&V Holdings Midco, LLC First Lien Secured Debt 6.38% (3M L+538, 1.00% Floor) 03/10/27 $ 10,854 $ 10,514 $ 10,550

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

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

First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/10/25 1,505 (107) (89) (8)(21)

10,407 10,461

Project Comfort Buyer, Inc.

First Lien Secured Debt 8.00% (6M L+700, 1.00% Floor) 02/03/25 26,283 25,665 24,969 (9)

First Lien Secured Debt 9.25% (P+600) 02/03/25 867 846 823 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/01/24 3,461 (80) (173) (8)(9)

First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 02/03/25 2,308 (28) (115) (8)(9)

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

26,865 25,735

Hayward Industries, Inc.

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

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

KDC US Holdings First Lien Secured Debt - Revolver 3.11% (1M L+300) 12/21/23 2,696 2,696 2,635 (23)

First Lien Secured Debt - Unfunded Revolver 0.38% Unfunded 12/21/23 3,270 — (74) (8)(21)

First Lien Secured Debt - Letters of Credit 3.25% 11/06/20 - 03/08/21 65 — (6) (8)(23)

First Lien Secured Debt - Letter of Credit 3.00% 11/06/21 - 03/16/22 50 — (1) (8)(23)

First Lien Secured Debt - Letters of Credit 3.00% 02/05/22 £ 4 — — (23)

KLO Holdings, LLC

(4) First Lien Secured Debt 6.00% (1M L+500, 1.00% Floor) 09/25/25 2,993 2,993 2,857 (17)

First Lien Secured Debt 6.00% (3M L+500 PIK, 1.00% Floor) 09/25/25 1,016 1,016 965 (17)

Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 1,719 (2)(13)

9357-5991 Quebec Inc.

(4) First Lien Secured Debt 11.25% (3M L+775 Cash plus 2.00% PIK) 04/07/22 3,945 — — (14)

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

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

NSi Industries

Wildcat BuyerCo, Inc.

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

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

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

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

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

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Liqui-Box Holdings, Inc.

First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 02/26/25 1,661 1,661 1,660 (23)

First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 02/26/25 712 712 705 (23)

First Lien Secured Debt - Revolver 5.73% (3M L+450, 1.00% Floor) 02/26/25 1,186 1,186 1,175 (23)

First Lien Secured Debt - Revolver 6.75% (P+350) 02/26/25 190 190 190 (23)

First Lien Secured Debt - Revolver 5.50% (1M L+450, 1.00% Floor) 02/26/25 475 475 474 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/26/25 1,161 (28) (1) (8)(21)

First Lien Secured Debt - Letter of Credit 4.50% 06/30/21 € 42 — — (23)

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

NSi Industries

Wildcat BuyerCo, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 02/27/26 7,174 6,878 7,074

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/27/26 717 (13) (10) (8)(21)

First Lien Secured Debt - Letter of Credit 5.25% 08/30/21 8 — — (23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 02/27/26 2,029 (29) (28) (8)(21)

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

Sorenson Holdings, LLC

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

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

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

1 unchanged sentence

Protein For Pets Opco, LLC First Lien Secured Debt 5.50% (3M L+450, 1.00% Floor) 11/28/25 $ 11,487 $ 11,322 $ 11,429 (9)

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

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

3 unchanged sentences

First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 11/20/23 722 722 708 (9)(23)

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

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

19,814 19,933

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

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

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

Project Comfort Buyer, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/01/25 22,435 22,003 21,457 (9)

First Lien Secured Debt 8.00% (12M L+700, 1.00% Floor) 02/01/25 3,848 3,789 3,680 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/01/24 3,462 (59) (161) (8)(9)

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

26,195 25,188

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

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

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

14,118 12,944

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Lash OpCo, LLC First Lien Secured Debt 9.25% (P+600) 03/18/26 10,223 9,988 9,943 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/18/25 697 (16) (19) (8)(9)

Olaplex, Inc.

First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 01/08/26 12,300 12,104 12,210 (9)

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

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

12,069 12,191

1 unchanged sentence

Sequential Brands Group, Inc.

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

Second Lien Secured Debt 9.75% (1M L+875, 1.00% Floor) 02/07/24 12,837 12,777 10,536 (17)

Total Consumer Goods – Non-durable $ 92,112 $ 89,190

Consumer Services

1A Smart Start LLC

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

Clarus Commerce

1 unchanged sentence

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 685 (8) (14) (8)(21)

18,809 18,730

First Heritage

4 unchanged sentences

18,646 18,554

Only About Children

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt 6.75% (1M BBSW+575, 1.00% Floor) 04/06/24 A$ 6,768 4,923 3,894 (17)

First Lien Secured Debt - Unfunded Delayed Draw 2.59% Unfunded 04/06/24 A$ 232 (7) (9) (8)(17)

Paper Source, Inc.

Go Car Wash Management Corp.

First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 12/31/26 1,838 1,808 1,796 (9)

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

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

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

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 417 (5) (9) (8)(9)

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

Lending Point

LendingPoint LLC First Lien Secured Debt 11.50% (3M L+1050, 1.00% Floor) 12/30/25 11,375 11,267 11,253 (9)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/30/25 1,000 991 989 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/25 6,125 (58) (66) (8)(9)

12,200 12,176

Nutrisystem, Inc.

First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 12/08/25 8,800 8,634 8,663

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/08/25 200 (4) (3) (8)(21)

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Only About Children

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt 7.75% (1M BBSW+675, 1.00% Floor) 04/06/24 A$ 6,768 4,938 4,949 (17)

First Lien Secured Debt - Unfunded Delayed Draw 3.04% Unfunded 04/06/24 A$ 232 (6) (7) (8)(17)

Paper Source, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 05/22/24 11,322 11,179 8,831 (9)

First Lien Secured Debt 11.00% (1M L+1000, 1.00% Floor) 06/30/21 1,691 1,691 1,691 (9)

First Lien Secured Debt 13.00% (3M L+1200, 1.00% Floor) 02/26/21 556 556 434 (9)(11)

First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 05/22/24 3,082 3,044 2,404 (9)(23)

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

Preferred Equity - Preferred Equity N/A N/A 658 Shares — — (9)(13) (25)

Common Equity - Class A Common Stock N/A N/A 20,548 Shares — — (9)(13) (25)

16,395 13,360

Pinstripe Holdings, LLC

1 unchanged sentence

The Club Company

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

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

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

Eldrickco Limited First Lien Secured Debt 6.75% (6M GBPL+625 PIK, 0.50% Floor) 11/21/25 £ 10,976 13,797 14,336 (9)(17)

First Lien Secured Debt - Revolver 6.75% (6M GBPL+625 PIK, 0.50% Floor) 05/21/25 £ 356 410 464 (9)(17)

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

14,122 14,547

Tidewater Consumer Receivables, LLC

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

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

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

12,776 12,591

Auto Finance, Inc.

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

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

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 04/17/24 11,842 11,875 11,810 (9)

First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 04/17/24 6,734 6,734 6,715 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/17/24 6,600 (36) (18) (8)(9)

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

18,552 18,507

Total Consumer Services $ 120,845 $ 117,999

Containers, Packaging & Glass

TricorBraun Holdings, Inc.

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

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/30/21 375 (169) (6) (8)(21)

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

Diversified Investment Vehicles, Banking, Finance, Real Estate

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

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

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

Peer Advisors, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 06/11/24 19,034 18,759 18,809 (9)

8 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Flock Financial, LLC

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

Flock SPV I, LLC First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 08/30/22 14,533 14,505 14,388 (9)(17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/30/22 1,333 (5) (13) (8)(9)

3 unchanged sentences

Purchasing Power, LLC

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

Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 01/24/24 8,383 8,384 8,334 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.40% Unfunded 01/24/24 729 — (4) (8)(9)

Taupo River II, LLC

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

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

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

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

SSCP Spring Bidco Limited First Lien Secured Debt 6.75% (6M GPBL+625, 0.50% Floor) 07/30/25 £ 30,000 $ 36,161 $ 41,159 (9)(17)

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

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

Total Education $ 36,161 $ 41,159

Energy – Electricity

AMP Solar Group, Inc.

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

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

2 unchanged sentences

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

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

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

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

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

3 unchanged sentences

Total Energy – Electricity $ 30,282 $ 8,984

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Energy – Oil & Gas

2 unchanged sentences

Glacier Oil & Gas Corp.

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

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

67,004 14,711

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

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

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

(f/k/a Miller Energy Resources, Inc.) (5) Second Lien Secured Debt 10.00% PIK 03/29/21 $ 41,121 $ 36,926 $ 8,111 (11)(14)

Common Equity - Common Stock N/A N/A 5,000,000 Shares 30,078 — (13)(25)

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

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche A Note 14.00% (8.00% Cash plus 6.00%

PIK) 07/31/21 47,511 44,059 9,899 (14)

First Lien Secured Debt - Tranche B Note 14.00% PIK 07/31/21 89,434 44,380 — (14)

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

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

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

114,578 35,369

1 unchanged sentence

Environmental Industries

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

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

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

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

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

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

17,308 17,248

Ortega National Parks

Ortega National Parks, LLC First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 10/31/25 $ 11,603 $ 11,429 $ 11,132 (9)

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

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

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

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

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

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

13,456 12,563

Total Environmental Industries $ 11,347 $ 10,825

Food & Grocery

Bumble Bee Foods S.À R.L.

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

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

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

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

Healthcare & Pharmaceuticals

Altasciences, Inc.

9360-1367 Quebec Inc.

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

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

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

Altasciences US Acquistion, Inc.

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

Akoya Biosciences, Inc.

First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 10/27/25 $ 9,750 $ 9,746 $ 9,735 (9)

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

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

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

First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 06/09/23 7 (17) — (8)(9)

11,857 11,523

American Veterinary Group

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

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/27/25 1,500 (7) (2) (8)(9)

11,529 11,014

Amerivet Partners Management, Inc.

First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/05/24 1,517 1,500 1,514 (9)

First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 06/05/24 26,883 26,509 26,827 (9)

First Lien Secured Debt 6.25% (2M L+525, 1.00% Floor) 06/05/24 912 901 911 (9)

First Lien Secured Debt - Revolver 7.50% (P+425) 06/05/24 524 524 523 (9)(23)

1 unchanged sentence

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

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

Amerivet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125 192 (9)(13)

29,476 29,957

4 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Analogic Corporation First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 06/22/24 18,033 17,789 17,762 (9)

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

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

8 unchanged sentences

First Lien Secured Debt 6.75% (1M GBPL+625, 0.50% Floor) 05/09/25 £ 2,147 2,701 2,920 (9)(17)

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

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

9 unchanged sentences

Emmes Blocker, Inc.

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

Common Equity - Common Stock N/A N/A 306 Shares 306 475 (9)(13)

The Emmes Company, LLC First Lien Secured Debt 6.00% (6M L+500, 1.00% Floor) 03/03/25 12,000 11,882 11,760 (9)

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/03/25 2,449 (24) (49) (8)(9)

12,164 12,186

1 unchanged sentence

Genesis Healthcare, Inc.

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

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

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

(305) (1,602)

First Lien Secured Debt 9.00% (1M L+700, 2.00% Floor) 01/01/25 6,000 5,995 6,120 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 01/01/25 24,000 (156) — (9)(17)

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

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

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/08/23 46,801 (462) (1,542) (8)(9)

46,757 44,497

First Lien Secured Debt 8.15% (1M L+615, 2.00% Floor) 05/01/24 6,000 5,970 6,049 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 05/01/24 24,000 (196) — (9)(17)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Health & Safety Institute

1 unchanged sentence

First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 08/31/26 8,981 8,886 8,852 (9)

First Lien Secured Debt - Revolver 8.00% (P+475) 08/30/25 2,049 2,049 1,983 (9)(23)

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

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

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

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

27,542 26,650

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

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

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

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

Kure Pain Holdings, Inc.

First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 05/30/24 4,616 4,587 4,432

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

Kindeva Drug Delivery L.P.

First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 05/01/26 1,820 1,781 1,804 (9)

First Lien Secured Debt - Revolver 7.00% (1M L+600, 1.00% Floor) 05/01/25 50 50 50 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/01/25 117 (3) (1) (8)(9)

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133 162 (9)(13)

Kure Pain Holdings, Inc.

First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 08/27/24 21,880 21,656 21,493 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/27/24 2,654 (27) (47) (8)(9)

21,762 21,608

6 unchanged sentences

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

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

17,265 19,380

1 unchanged sentence

Maxor National Pharmacy Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 11/22/23 23,638 23,379 23,590 (9)

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

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

5 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Medical Guardian

Medical Guardian, LLC First Lien Secured Debt 8.75% (1M L+825, 0.50% Floor) 12/31/24 28,571 28,142 28,374 (9)

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

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

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

27,942 28,296

Midwest Vision

Midwest Vision Partners Management, LLC First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 01/12/27 5,704 5,594 5,647 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/12/27 612 (12) (6) (8)(9)

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

Orchard Therapeutics plc First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 05/24/24 8,333 8,307 8,400 (9)(17)

2 unchanged sentences

FPG Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 06/13/25 13,901 13,713 13,762 (9)

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

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

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

2 unchanged sentences

Partner Therapeutics, Inc First Lien Secured Debt 7.65% (1M L+665, 1.00% Floor) 01/01/23 10,000 9,934 9,975 (9)

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

Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333 416 (9)(13)

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

3 unchanged sentences

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

12,600 12,498

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

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

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

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

24,987 24,107

PTC Therapeutics, Inc

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

Radius Health

3 unchanged sentences

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

28,634 28,622

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

RHA Health Services

Pace Health Companies, LLC First Lien Secured Debt 5.50% (3M L+450, 1.00% Floor) 08/02/24 3,914 3,874 3,902 (9)

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

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

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

3 unchanged sentences

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

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

RiteDose Holdings I, Inc.

3 unchanged sentences

13,128 13,333

Teladoc, Inc.

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

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

Wright Medical Group, Inc.

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

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

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

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

13,982 14,457

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

5 unchanged sentences

First Lien Secured Debt - Revolver 5.61% (1M L+550) 04/01/24 2,093 2,093 2,093 (9)(23)

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

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

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

23,420 23,926

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Calero Holdings, Inc.

Telesoft Holdings, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/16/25 22,500 22,101 22,104

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 12/16/25 1,515 1,515 1,448 (23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/16/25 2,273 (40) (40) (8)(21)

22,061 22,064

ChargePoint, Inc.

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

ChyronHego Corporation

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

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

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

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

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

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

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

90,050 90,053

Digital Reasoning

Digital Reasoning Systems, Inc.

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

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

Warrants N/A N/A 48,596 Shares — 48 (9)(13)

FiscalNote, Inc.

Digital.ai Software Holdings, Inc.

First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/10/27 22,581 21,919 22,242 (9)

First Lien Secured Debt - Revolver 9.00% (1M L+800, 1.00% Floor) 08/21/23 3,867 3,867 3,654 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/10/27 2,419 (71) (36) (8)(9)

Preferred Equity - Series F Preferred Stock N/A N/A 259,565 Shares 1,500 1,500 (9)(13)

21,848 22,206

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Norvax, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/15/25 31,341 30,753 31,654 (9)

8 unchanged sentences

LabVantage Solutions Limited First Lien Secured Debt 8.50% (1M E+750, 1.00% Floor) 09/30/21 € 8,053 8,642 9,465 (17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/20 € 3,435 (11) (38) (8)(17)

15,878 16,721

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Magnitude Software

New Amsterdam Software BidCo LLC First Lien Secured Debt 5.00% (3M E+500, 1.00% Floor) 05/01/26 € 743 819 783 (9)

First Lien Secured Debt 6.77% (3M L+500, 1.00% Floor) 05/01/26 6,865 6,745 6,590 (9)

New Amsterdam Software BidCo LLC First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 05/01/26 6,796 6,697 6,694 (9)

First Lien Secured Debt 6.00% (3M E+500, 1.00% Floor) 05/01/26 € 730 807 845 (9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/01/26 2,250 (16) (34) (8)(9)

Magnate Holding Corp.

First Lien Secured Debt 7.32% (6M L+625, 1.00% Floor) 12/16/24 16,587 16,392 10,597 (9)(17)

First Lien Secured Debt - Revolver 7.32% (6M L+625, 1.00% Floor) 12/14/23 1,025 1,025 655 (9)(17)

First Lien Secured Debt - Revolver 7.23% (6M L+625, 1.00% Floor) 12/14/23 999 999 638 (9)(17)

First Lien Secured Debt - Revolver 7.90% (3M L+625, 1.00% Floor) 12/14/23 666 666 426 (9)(17)

First Lien Secured Debt 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/16/24 18,112 17,959 15,575 (9)(17)

First Lien Secured Debt - Revolver 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/14/23 2,970 2,970 2,554 (9)(17)

First Lien Secured Debt - Unfunded Revolver 2.19% Unfunded 12/14/23 221 (27) (31) (8)(9)

3 unchanged sentences

Omnitracs, LLC First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/23/23 3,750 (133) (263) (8)(21)

Schlesinger Group

Schlesinger Global, LLC First Lien Secured Debt 7.45% (3M L+600, 1.00% Floor) 07/12/25 8,984 8,764 8,764 (9)

First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 07/12/25 154 151 151 (9)

Pro-Vigil Holding Company, LLC First Lien Secured Debt 9.50% (1M L+850, 1.00% Floor) 01/13/25 8,000 7,774 7,760 (9)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 01/13/25 2,000 (33) (60) (8)(9)

Schlesinger Group

Schlesinger Global, LLC First Lien Secured Debt 8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor) 07/12/25 9,066 8,885 8,857 (9)

First Lien Secured Debt 8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor) 07/12/25 841 825 822 (9)

Simeio Group Holdings, Inc.

First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 01/30/26 8,567 8,464 8,422 (9)

First Lien Secured Debt - Revolver 7.20% (3M L+575, 1.00% Floor) 01/30/26 577 577 568 (9)(23)

First Lien Secured Debt - Revolver 8.00% (P+475) 01/30/26 577 577 568 (9)(23)

First Lien Secured Debt - Revolver 6.80% (3M L+575, 1.00% Floor) 01/30/26 577 552 568 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/30/26 4,615 (34) (69) (8)(9)

10,200 10,163

Sirsi Corporation

Sirsi Corporation First Lien Secured Debt 5.75% (1M L+475, 1.00% Floor) 03/15/24 6,895 6,813 6,722 (9)

First Lien Secured Debt - Revolver 5.75% (1M L+475, 1.00% Floor) 03/15/24 43 43 42 (9)(23)

First Lien Secured Debt - Revolver 7.00% (P+375) 03/15/24 43 43 42 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/30/26 1,731 (21) (29) (8)(9)

Springbrook Holding Company, LLC First Lien Secured Debt 7.20% (3M L+575, 1.00% Floor) 12/23/26 9,853 9,691 9,656

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/30/26 4,615 (28) (83) (8)(9)

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Sirsi Corporation

Sirsi Corporation First Lien Secured Debt 5.75% (1M L+475, 1.00% Floor) 03/15/24 6,459 6,401 6,362 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/15/24 429 (4) (6) (8)(9)

First Lien Secured Debt 8.50% (3M L+750, 1.00% Floor) 03/02/26 14,167 13,888 13,883 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/02/26 833 (14) (17) (8)(9)

13,874 13,866

Springbrook Holding Company, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/23/26 9,755 9,618 9,613

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

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/23/26 3,659 (29) (53) (8)(21)

Telestream Holdings Corporation

Telestream Holdings Corporation First Lien Secured Debt 7.61% (3M L +645, 1.00% Floor) 03/24/22 38,085 37,891 36,942 (18)

ZPower, LLC First Lien Secured Debt L+600 07/01/22 6,716 6,853 2,066 (9)(13)

Warrants N/A N/A 29,630 Shares 48 — (9)(13)

MEP-TS Midco, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 12/31/26 13,514 13,256 13,379 (9)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 1,452 (28) (15) (8)(9)

13,228 13,364

Telnyx LLC First Lien Secured Debt 7.75% (1M L+625, 1.50% Floor) 10/21/25 5,250 5,216 5,250 (9)

First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/21/25 4,750 (43) — (9)(21)

Total High Tech Industries $ 341,651 $ 340,253

Hotel, Gaming, Leisure, Restaurants

GFRC Holdings LLC First Lien Secured Debt L+800 Cash (L+800 PIK Toggle) 02/01/22 $ 2,500 $ 2,500 $ 2,425 (13)(14)

Total Hotel, Gaming, Leisure, Restaurants $ 2,500 $ 2,425

PGM Holdings Corporation

1 unchanged sentence

First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 12/02/25 $ 13,912 $ 13,638 $ 13,786 (9)

First Lien Secured Debt - Revolver 7.00% (6M L+600, 1.00% Floor) 12/02/25 923 901 891 (9)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/02/25 2,105 (25) (74) (8)(9)

12,536 12,341

Ivy Finco Limited First Lien Secured Debt 5.27% (1M GBPL+500) 06/07/25 £ 12,131 $ 15,103 $ 14,154 (9)(17)

First Lien Secured Debt 5.73% (1M GBPL+500) 06/07/25 £ 2,657 3,348 3,100 (9)(17)

First Lien Secured Debt - Unfunded Delayed Draw 1.50% Unfunded 06/07/25 £ 2,712 (131) (198) (8)(9)

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

13,620 13,778

2 unchanged sentences

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

First Lien Secured Debt - Revolver 7.42% (6M L+550, 1.00% Floor) 04/15/24 588 588 569 (9)(23)

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

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

3 unchanged sentences

21,124 21,633

Risk Strategies

RSC Acquisition , Inc.

First Lien Secured Debt 7.28% (3M L+550, 1.00% Floor) 11/02/26 16,121 15,832 15,468 (17)

First Lien Secured Debt 6.95% (3M L+550, 1.00% Floor) 11/02/26 1,003 1,010 962 (17)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/02/26 494 (9) (20) (8)(17)

Total Insurance $ 34,744 $ 35,411

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

First Lien Secured Debt - Letter of Credit 5.50% 04/07/20 5 — — (17)(23)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 11/02/26 2,714 (86) (110) (8)(17)

16,747 16,300

Total Insurance $ 65,337 $ 63,006

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Manufacturing, Capital Equipment

AVAD Canada Ltd.

First Lien Secured Debt - Revolver 5.58% (1M L+400, 1.00% Floor) 10/02/23 $ 534 $ 534 $ 511 (9)(23)

First Lien Secured Debt - Revolver N/A 10/02/23 $ 284 $ 274 $ 283 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/02/23 1,049 (10) (1) (8)(9) (21)(23)

AVAD, LLC First Lien Secured Debt 9.33% (1M L+775, 1.00% Floor) 10/02/23 8,587 8,464 8,231 (9)

First Lien Secured Debt - Revolver 5.58% (1M L+400, 1.00% Floor) 10/02/23 10,086 10,086 9,649 (9)(23)

Surf Opco, LLC First Lien Secured Debt - Revolver 5.00% (1M L+400, 1.00% Floor) 03/16/26 1,667 1,667 1,667 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/16/26 15,000 — — (9)(21) (23)

Preferred Equity - Class P-1 Preferred N/A N/A 33,333 Shares 3,333 6,667 (9)(16)

Preferred Equity - Class P-2 Preferred N/A N/A 85,164 Shares 8,516 3,328 (9)(16)

Common Equity - Class A-1 Common N/A N/A 3,333 Shares — 215 (9)(16)

16,327 13,799

Kauffman Holdco, LLC Common Equity/Interests - Class A Units N/A N/A 250,000 Shares 250 187 (9)(13)

Kauffman Holdco, LLC Common Equity - Common Stock N/A N/A 250,000 Shares 250 51 (9)(13)

Kauffman Intermediate, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 05/08/25 16,665 16,436 15,960 (9)

11 unchanged sentences

NW Entertainment, Inc.

First Lien Secured Debt 8.00% (1M L+700, 1.00% Floor) 08/16/24 $ 23,700 $ 23,285 $ 22,738 (9)

First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 08/16/24 2,400 2,400 2,297 (9)(23)

First Lien Secured Debt 10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor) 08/16/24 $ 26,450 $ 26,101 $ 25,130 (9)(19)

First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 08/16/24 3,061 3,021 2,909 (9)(19)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 08/16/24 3,000 (52) (122) (8)(9)

29,122 28,039

6 unchanged sentences

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

11,862 11,614

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

4 unchanged sentences

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

Metals & Mining

Magnetation, LLC

Magnetation, LLC First Lien Secured Debt 9.91% (6M L+800 Cash (PIK Toggle)) 12/31/19 $ 1,213 $ 581 $ — (13)(14)

Total Metals & Mining $ 581 $ —

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

SI Holdings, Inc.

1 unchanged sentence

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 07/25/24 853 853 842 (9)(23)

First Lien Secured Debt - Revolver 7.20% (3M L+600, 1.00% Floor) 07/25/24 2,560 2,501 2,460 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/25/24 2,560 (45) (34) (8)(9)

31,670 31,565

1 unchanged sentence

Rapid Displays Acquisition Corporation First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 07/01/25 10,305 10,161 10,305 (9)

First Lien Secured Debt 6.76% (3M L+500, 1.00% Floor) 07/01/25 10,385 10,203 9,991 (9)

First Lien Secured Debt 6.78% (3M L+500, 1.00% Floor) 07/01/25 577 571 555 (9)

First Lien Secured Debt - Revolver 7.25% (P+400) 07/01/25 2,308 2,267 2,214 (9)(23)

First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 2,308 (16) — (9)(21)

First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 07/01/25 1,154 (12) — (9)(21)

3 unchanged sentences

IPC Corporation

IPC Corporation First Lien Secured Debt 6.78% (3M L+500, 1.00% Floor) 08/06/21 $ 10,000 $ 9,959 $ 8,996 (9)

IPC Corporation First Lien Secured Debt 5.21% (3M L+500) 08/06/21 $ 10,000 $ 9,989 $ 9,301 (9)

IPC Information Systems UK Holdings Limited First Lien Secured Debt 8.00% (3M L+650, 1.50% Floor) 08/06/21 1,405 1,393 1,360 (9)(17)

First Lien Secured Debt 8.24% (3M L+650, 1.50% Floor) 08/06/21 562 543 526 (9)(17)

11,382 10,661

5 unchanged sentences

Dynamic Product Tankers (Prime), LLC

Dynamic Product Tankers, LLC (5) First Lien Secured Debt 8.94% (3M L+700) 06/30/23 $ 42,000 $ 41,870 $ 42,000 (17)

First Lien Secured Debt - Letters of Credit 2.25% 09/20/20 - 03/31/21 6,050 — — (17)(23)

Common Equity/Interests - Class A Units N/A N/A N/A 49,806 36,457 (13)(17)

Dynamic Product Tankers, LLC (5) Unsecured Debt 5.31% (6M L+500) 07/31/24 $ 22,000 $ 22,000 $ 22,000 (17)

Common Equity - Class A Units N/A N/A N/A 49,806 25,528 (13)(17)

71,806 47,528

2 unchanged sentences

First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 12/03/24 2,518 2,518 2,480 (9)(23)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity

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

Value (1)(29)

First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/03/24 1,047 1,047 1,030 (9)(23)

First Lien Secured Debt - Revolver 6.80% (3M L+575, 1.00% Floor) 12/03/24 981 981 944 (9)(23)

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

First Lien Secured Debt - Letter of Credit 5.75% 02/06/22 355 — (5) (8)(9)

33,749 33,528

MSEA Tankers LLC

MSEA Tankers LLC (5) Common Equity/Interests - Class A Units N/A N/A N/A 61,950 59,735 (17)(25)

MSEA Tankers LLC (5) Common Equity - Class A Units N/A N/A N/A 57,660 57,028 (17)(18)

Total Transportation – Cargo, Distribution $ 163,215 $ 138,084

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Industry / Company Investment Type Interest Rate (20) Maturity Date Par/Shares (12) Cost (28) Fair Value (1)(29)

Banner Solutions

Banner Buyer, LLC First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 10/31/25 $ 396 $ 393 $ 393 (9)

First Lien Secured Debt 6.75% (12M L+575, 1.00% Floor) 10/31/25 12,414 12,247 12,314 (9)

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

1 unchanged sentence

First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 10/31/25 5,097 (37) (41) (8)(9)

Banner Parent Holdings, Inc Common Equity/Interests - Common Stock N/A N/A 5,000 Shares 500 331 (9)(13)

Banner Parent Holdings, Inc Common Equity - Common Stock N/A N/A 5,164 Shares 516 526 (9)(13)

Total Wholesale $ 13,480 $ 13,564

5 unchanged sentences

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

Common shares in 1244311 B.C.

are CAD denominated equity investments.

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

1 unchanged sentence

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

As of March 31, 2020, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC.

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

See notes to financial statements.

6 unchanged sentences

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at March 31, 2021 Net Realized Gains (Losses) Interest/Dividend/Other Income

Ltd., Common Stock $ — $ 1,000 $ — $ 719 $ 1,719 $ — $ —

Ltd., Term Loan — 1,016 — (51) 965 — 31

Ltd., Term Loan — 3,000 (7) (136) 2,857 — 91

KLO Acquisition LLC, Term Loan — 30 (4,838) 4,808 — (4,808) —

9357-5991 Quebec Inc., Term Loan — 2,118 (8,653) 6,535 — (3,653) —

AIC SPV Holdings II, LLC, Preferred Stock 442 — — 56 498 — 102

1 unchanged sentence

Carbonfree Caustic SPE LLC, Term Loan 13,111 — (13,111) — — — —

Carbonfree Chemicals SA LLC, Class B Units — 15,403 — (15,403) — — —

Carbonfree Chemicals Holdings LLC, Common Equity / Interest 15,105 14,541 (36) (4,186) 25,424 — —

Carbonfree Chemicals SA LLC, Class B Units — 17,057 (26) (17,031) — — —

Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC), Term Loan 4,389 — (17,057) 12,668 — — 11

3 unchanged sentences

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock 2,101 — — (2,073) 28 — —

Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock — 1,902 — 3,204 5,106 — —

Renew JV LLC, Membership Interests 914 — (222) 84 776 — —

SquareTwo Financial Corp.

(CA Holdings, Collect America, Ltd.) — — — — — 1,209 —

Solarplicity Group Limited, First Lien Term Loan 1,990 — (5,811) 3,821 — (4,740) —

$ 60,241 $ 40,747 $ (54,008) $ 3,894 $ 50,874 $ (4,285) $ 1,441

10 unchanged sentences

Majority Owned Company

ChyronHego Corporation, Preferred Equity $ — $ 6,000 $ — $ 151 $ 6,151 $ — $ —

ChyronHego Corporation, Term Loan — 81,644 — 32 81,676 — 429

ChyronHego Corporation, Revolver — 2,406 — (180) 2,226 — 1,161

Dynamic Product Tankers, LLC, Class A Units 36,457 — — (10,928) 25,528 — —

Dynamic Product Tankers, LLC, First Lien Term Loan 42,000 130 (42,000) (130) — — 1,391

Dynamic Product Tankers, LLC, Unsecured Debt — 22,000 — — 22,000 — 738

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

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Second Lien Term Loan 33,705 3,222 — (22,216) 14,711 — 3,221

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), First Lien Term Loan 9,000 — (9,000) — — — 416

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Common Stock 3,346 — — (3,346) — — —

Merx Aviation Finance, LLC, Membership Interests 28,447 105,300 — (8,686) 125,061 — —

2 unchanged sentences

MSEA Tankers LLC, Class A Units 59,735 — (4,289) 1,582 57,028 — 1,691

Controlled Company

Glacier Oil & Gas Corp.

(f/k/a Miller Energy Resources, Inc.), Second Lien Term Loan 14,711 — — (6,600) 8,111 — —

Glacier Oil & Gas Corp.

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

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

6 unchanged sentences

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

As of March 31, 2021, the Company had a 78%, 85%, 47%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation, Dynamic Product Tankers, LLC;

Glacier Oil & Gas Corp.

17 unchanged sentences

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

(11) The unused line fees of 0.25% are collected for the Unfunded Revolver, respectively from both Altasciences US Acquisition, Inc.

and Altasciences/9360-1367 Quebec Inc.

as each borrower has access to the respective lending facilities.

(11) The maturity date for these investments are expected to be extended past March 31, 2021.

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

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

2 unchanged sentences

(15) The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company has a 14.25% ownership interest in the residual tranche.

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

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

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

AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC.

and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC.

AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC.

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

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

3 unchanged sentences

As of March 31, 2021, non-qualifying assets represented approximately 15.98% of the total assets of the Company.

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

(19) The Company holds some warrants for this investment as part of the restructuring of the underlying portfolio company.

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

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

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

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

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

4 unchanged sentences

LIBOR and EURIBOR loans may be subject to interest floors.

As of March 31, 2020, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 3M BBSW, 3M GBP L, 3M E L and Prime are 0.99%, 1.26%, 1.45%, 1.18%, (0.42%), (0.36%), 0.42%, 0.59%, (0.25%) and 3.25%, respectively.

(21) The rates associated with these undrawn committed revolvers and delayed draw term loans represent rates for commitment and unused fees.

8 unchanged sentences

See Note 8 to the financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.

Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

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

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

Altasciences US Acquistion, Inc.

Akoya Biosciences, Inc.

1,500 — — 1,500

6 unchanged sentences

5,787 471 38 5,278

Arlington Industries Group Limited* 4,960 — — 4,960

Arthur Bidco Limited* 2,029 2,029 — —

AVAD Canada Ltd.

1,334 534 — 800

AVAD, LLC 3,744 3,744 — —

AVG Intermediate Holdings LLC 1,466 — — 1,466

Banner Buyer, LLC 7,032 387 — 6,645

6 unchanged sentences

Continuum Global Solutions, LLC 20,000 5,317 — 14,683

Digital Reasoning Systems, Inc.

1,250 — — 1,250

Dispatch Acquisition Holdings, LLC 8,659 1,462 — 7,197

Dynamic Product Tankers, LLC 6,050 — 6,050 —

Eagle Foods Family Group, LLC 3,750 750 — 3,000

Education Personnel* 1,823 1,823 — —

EHL Merger Sub, LLC 4,155 — — 4,155

3 unchanged sentences

First Heritage Credit, LLC 12,000 747 — 11,253

FiscalNote, Inc.

6,375 3,867 — 2,508

Flock SPV I, LLC 5,467 — — 5,467

1 unchanged sentence

FPG Services, LLC 5,874 — — 5,874

Gabriel Partners, LLC 665 443 — 222

24,000 — — 24,000

1 unchanged sentence

91,957 — — 91,957

Go Car Wash Management Corp.

3,158 — — 3,158

Gutter Buyer, Inc.

3 unchanged sentences

812 135 — 677

IM Acquirer LLC 289 289 — —

Ivy Finco Limited* 3,363 — — 3,363

IMA Group Management Company, LLC 289 289 — —

Jacent Strategic Merchandising 3,500 2,567 — 933

JF Acquisition, LLC 1,569 1,255 — 314

Kauffman Intermediate, LLC 1,786 466 155 1,165

KDC US Holdings* 6,021 2,696 55 3,270

Kindeva Drug Delivery L.P.

KL Charlie Acquisition Company 6,569 — — 6,569

Kure Pain Holdings, Inc.

2,654 — — 2,654

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

Kauffman Intermediate, LLC 2,563 1,476 155 932

KDC US Holdings* 6,023 5,731 78 214

Kure Pain Holdings, Inc.

2,654 2,654 — —

LabVantage Solutions Limited* 3,769 — — 3,769

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

Lash OpCo, LLC 697 — — 697

LendingPoint LLC 7,125 1,000 — 6,125

Lifelong Learner Holdings, LLC 5,373 1,039 — 4,334

Lion Cashmere Midco Limited* 3,903 1,301 — 2,602

Liqui-Box Holdings, Inc.* 3,568 2,326 81 1,161

8 unchanged sentences

Medical Guardian, LLC 11,429 — — 11,429

MEP-TS Midco, LLC 1,452 — — 1,452

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

1 unchanged sentence

New Amsterdam Software BidCo LLC 2,250 — — 2,250

Newscycle Solutions, Inc.

Norvax, LLC 3,182 — — 3,182

Nutrisystem, Inc.

NW Entertainment, Inc.

10 unchanged sentences

2,000 — — 2,000

PrimeFlight Aviation Services, Inc.

2,842 — — 2,842

Project Comfort Buyer, Inc.

3,462 — — 3,462

ProPharma Group Intermediate, LLC* 1,032 1,032 — —

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

4 unchanged sentences

Rapid Displays Acquisition Corporation 3,462 — — 3,462

Rigel Pharmaceuticals, Inc.

3,000 — — 3,000

RiteDose Holdings I, Inc.

1 unchanged sentence

Royton Bidco Limited* 3,125 — — 3,125

RSC Acquisition , Inc.

3,213 — 5 3,208

Schlesinger Global, LLC 846 — — 846

SI Holdings, Inc.

6 unchanged sentences

Soliant Holdings, LLC 1,936 — — 1,936

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

Sonar Entertainment, Inc.

1 unchanged sentence

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

SSCP Spring Bidco Limited* 1,358 — — 1,358

Teladoc, Inc.

1,666 — 360 1,306

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

Telnyx LLC 4,750 — — 4,750

Ten-X, LLC 4,680 4,680 — —

1 unchanged sentence

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

LLC 7,304 2,360 — 4,944

Tidewater Consumer Receivables, LLC 1,667 1,537 — 130

TNT Crust LLC 3,252 1,138 — 2,114

TricorBraun Holdings, Inc.

5,625 5,250 — 375

Truck-Lite Co., LLC 3,052 1,526 94 1,432

Turbo Buyer, Inc.

3,028 923 — 2,105

Auto Finance, Inc.

2 unchanged sentences

2,278 — 100 2,178

Vertafore, Inc.

15,000 — 424 14,576

Westfall Technik, Inc.

2 unchanged sentences

2,754 — 8 2,746

Wright Medical Group, Inc.

(fka Newscycle Solutions, Inc.) 1,782 240 — 1,542

Surf Opco, LLC 16,667 1,667 — 15,000

Digital.ai Software Holdings, Inc.

2,419 — — 2,419

Midwest Vision Partners Management, LLC 4,281 — — 4,281

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

Total Commitments $ 737,986 $ 301,096 $ 2,787 $ 434,103

3 unchanged sentences

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

(25) As of March 31, 2020, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting.

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

(26) This investment has matured but is still held for any potential future cash proceeds.

No value has been attributed to these future recoveries.

(27) The maturity date for these investments are expected to be extended past March 31, 2020.

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

See notes to financial statements.

3 unchanged sentences

(In thousands, except share data)

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

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

As of March 31, 2021, the aggregate fair value of these securities is $259,991 or 25% of the Company's net assets.

The acquisition dates of the restricted securities are as follows:

Issuer Investment Type Acquisition Date

Common Equity - Common Stock 9/30/2020

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

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

Carbonfree Chemicals SA LLC Common Equity - Class B Units 11/19/2019

ChyronHego Corporation Preferred Equity - Preferred Equity 12/29/2020

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

Glacier Oil & Gas Corp.

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

JSM Equity Investors, L.P.

Preferred Equity - Class P Partnership Units 6/30/2020

KL Charlie Co-Invest, L.P.

Common Equity - Common Stock 12/29/2020

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

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

Paper Source, Inc.

Preferred Equity - Preferred Equity 9/11/2020

Paper Source, Inc.

Common Equity - Class A Common Stock 10/30/2020

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

Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series E Preferred Stock 12/23/2020

Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series D Preferred Stock 10/1/2015

Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series B Preferred Stock 4/9/2014

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

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

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

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

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

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

11 unchanged sentences

Consumer Services 120,845 — — — — — — 120,845

Containers, Packaging & Glass 5,081 — — — — — — 5,081

Diversified Investment Vehicles, Banking, Finance, Real Estate 50,632 — — — — — — 50,632

2 unchanged sentences

Environmental Industries 11,347 — — — — — — 11,347

Food & Grocery 15,319 — — — — — — 15,319

Healthcare & Pharmaceuticals 325,747 63,274 — — 333 1,064 211 390,629

High Tech Industries 251,601 — — — — — — 251,601

Hotel, Gaming, Leisure, Restaurants 2,500 — — — — — — 2,500

Insurance 34,744 — — — — — — 34,744

1 unchanged sentence

Media – Diversified & Production 43,968 — — — — — — 43,968

Metals & Mining 581 — — — — — — 581

Retail 41,803 — — — — — — 41,803

5 unchanged sentences

Chemicals, Plastics & Rubber $ — $ — $ — $ — $ — $ 77,825 $ — $ 77,825

Consumer Goods – Durable 4,009 — — — — 1,000 — 5,009

Diversified Investment Vehicles, Banking, Finance, Real Estate — — — 16,812 — — — 16,812

1 unchanged sentence

Energy – Oil & Gas — — — — — 16,764 — 16,764

Manufacturing, Capital Equipment — — — — — — — —

Total Non-Controlled / Affiliated Investments $ 4,009 $ — $ — $ 16,812 $ 16,347 $ 96,260 $ — $ 133,428

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

Controlled Investments

1 unchanged sentence

Energy – Oil & Gas 113,167 36,926 — — — 31,489 — 181,582

High Tech Industries 84,050 — — — 6,000 — — 90,050

Transportation – Cargo, Distribution — — 22,000 — — 107,466 — 129,466

7 unchanged sentences

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

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

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

Non-Controlled / Non-Affiliated Investments

10 unchanged sentences

Consumer Services 117,999 — — — — — — 117,999 11.4 %

Containers, Packaging & Glass 5,167 — — — — — — 5,167 0.5 %

Diversified Investment Vehicles, Banking, Finance, Real Estate 50,481 — — — — — — 50,481 4.9 %

2 unchanged sentences

Environmental Industries 10,825 — — — — — — 10,825 1.0 %

Food & Grocery 15,222 — — — — — — 15,222 1.5 %

Healthcare & Pharmaceuticals 328,253 62,865 — — 416 1,346 1,595 394,475 38.1 %

High Tech Industries 250,200 — — — — — — 250,200 24.1 %

Hotel, Gaming, Leisure, Restaurants 2,425 — — — — — — 2,425 0.2 %

Insurance 35,411 — — — — — — 35,411 3.4 %

1 unchanged sentence

Media – Diversified & Production 41,206 — — — — — — 41,206 4.0 %

Metals & Mining — — — — — — — — — %

Retail 41,870 — — — — — — 41,870 4.0 %

4 unchanged sentences

% of Net Assets 153.8 % 22.1 % — % — % 1.0 % 0.8 % 0.2 % 177.9 %

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

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

Non-Controlled / Affiliated Investments

Chemicals, Plastics & Rubber $ — $ — $ — $ — $ — $ 25,424 $ — $ 25,424 2.5 %

Consumer Goods – Durable 3,822 — — — — 1,719 — 5,541 0.5 %

Diversified Investment Vehicles, Banking, Finance, Real Estate — — — 11,289 — — — 11,289 1.1 %

1 unchanged sentence

Energy – Oil & Gas — — — — — 2,170 — 2,170 0.2 %

Manufacturing, Capital Equipment — — — — — — — — — %

Total Non-Controlled / Affiliated Investments $ 3,822 $ — $ — $ 11,289 $ 5,674 $ 30,089 $ — $ 50,874 4.9 %

% of Net Assets 0.4 % — % — % 1.1 % 0.5 % 2.9 % — % 4.9 %

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2020

(In thousands, except share data)

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

Controlled Investments

1 unchanged sentence

Energy – Oil & Gas 35,369 8,111 — — — — — 43,480 4.2 %

High Tech Industries 83,902 — — — 6,151 — — 90,053 8.7 %

Transportation – Cargo, Distribution — — 22,000 — — 82,556 — 104,556 10.1 %

10 unchanged sentences

Healthcare & Pharmaceuticals 16.1%

Business Services 12.9%

Aviation and Consumer Transport 12.5%

High Tech Industries 13.9%

Aviation and Consumer Transport 13.6%

Business Services 13.2%

Transportation – Cargo, Distribution 5.6%

2 unchanged sentences

Consumer Goods – Non-durable 3.6%

Consumer Goods – Durable 2.7%

Diversified Investment Vehicles, Banking, Finance, Real Estate 2.5%

Advertising, Printing & Publishing 2.4%

Chemicals, Plastics & Rubber 2.3%

Energy – Oil & Gas 2.3%

Insurance 2.3%

Automotive 2.1%

Manufacturing, Capital Equipment 1.6%

Aerospace & Defense 1.6%

Advertising, Printing & Publishing 1.5%

Energy – Oil & Gas 1.9%

Media – Diversified & Production 1.7%

Education 1.7%

Environmental Industries 1.1%

Manufacturing, Capital Equipment 1.5%

Insurance 1.5%

Aerospace & Defense 1.2%

Construction & Building 1.2%

Consumer Goods – Durable 1.2%

Telecommunications 0.9%

Energy – Electricity 0.7%

Food & Grocery 0.5%

Wholesale 0.6%

Containers, Packaging & Glass 0.2%

Hotel, Gaming, Leisure, Restaurants 0.1%

Metals & Mining 0.0%

Environmental Industries 0.4%

Energy – Electricity 0.4%

Total Investments 100.0%

26 unchanged sentences

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

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

Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) 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

1 unchanged sentence

(In thousands, except share and per share data)

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

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

Such actions are creating disruption in global supply chains, and adversely impacting many industries.

The outbreak has had and could continue to have a continued an adverse impact on economic and market conditions.

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

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of March 31, 2021.

However uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Actual results may ultimately differ from those estimates.

Cash and Cash Equivalents

81 unchanged sentences

The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

The Company’s disclosures regarding offsetting are discussed in Note 7 to the financial statements.

As of March 31, 2022 and March 31, 2021 the company did not hold any derivative contracts.

93 unchanged sentences

Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

Our tax returns for each of our federal tax years since 2017 remain subject to examination by the Internal Revenue Service.

Retroactive Adjustments for Common Stock Reverse Split

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

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

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

3 unchanged sentences

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

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

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

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

3 unchanged sentences

SEC Disclosure Update and Simplification

In August 2020, the U.S.

Securities and Exchange Commission (“SEC”) issued Final Rule Release No.

33-10825 and No.34-89670, collectively referred to as 'Modernization of Regulation S-X Items 101, 103 and 105’.

These rules amend certain SEC disclosure requirements to improve disclosure for investors and to simplify compliance for registrants, including new requirements for human capital disclosures and a summary of risk factors.

The final rules were effective for all filings on or after November 9, 2020.

The Company has evaluated the impact of the amendments and determined the effect of the adoption of the simplification rules on the financial statements were limited to the modification of certain disclosures.

On May 21, 2020, the SEC revised its measure of “significant subsidiary” set forth in Rule 1-02(w)(2) for investment companies.

The new definition includes an alternative income measure to determine a “significant subsidiary”.

The final rule was effective on January 1, 2021.

The Company has implemented this new rule for the current period.

See Note 5 to the financial statements for more information on the Company’s unconsolidated significant subsidiaries.

In November 2020, the SEC issued Final Rule Release No.

33-10890, which amended certain SEC disclosure requirements to primarily enhance and simplify Management’s Discussion and Analysis and supplementary financial information.

The final rule is effective for all filings on or after February 10, 2021.

The Company has implemented this new rule for the current period.

In December 2020, the SEC adopted Rule 2a-5.

1 unchanged sentence

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

9 unchanged sentences

A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Incentive Fee based on Income

(i) Incentive Fee on Pre-Incentive Fee Net Investment Income - (April 1, 2017 - December 31, 2018)

The first part of the incentive fee is calculated and payable quarterly in arrears based on our pre-incentive fee net investment income for the immediately preceding calendar quarter at an annual rate of 20%.

For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calender quarter (including, without limitation, the Base Management Fee, administration expenses and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee on Income and the Incentive Fee on Capital Gains).

Pre-incentive fee net investment income does not include any realized or unrealized gains or losses.

Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the rate of 1.75% per quarter (7% annualized) (the “performance threshold”).

For the period from April, 2017 through December 31, 2018, if the resulting incentive fee rate was less than 20% due to the incentive fee waiver discussed below, the percentage at which the Investment Adviser’s 100% catch-up is complete would also be reduced ratably from 2.1875% (8.75% annualized) to as low as 2.06% (8.24% annualized) (“catch-up threshold”).

The Company pays the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the performance threshold;

and (2) 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds 1.75% but does not exceed the catch-up threshold in any calendar quarter;

and (3) for the period from April 1, 2017 through December 31, 2018, 15% to 20% of the amount of our pre-incentive fee net investment income, if any, that exceeds the catch-up threshold in any calendar quarter.

These calculations are appropriately prorated for any period of less than three months.

The effect of the fee calculation described above is that if pre-incentive fee net investment income is equal to or exceeds the catch-up threshold, the Investment Adviser will receive a fee of 15% to 20% of our pre-incentive fee net investment income for the quarter.

Incentive Fee Waiver

For the period from April 1, 2018 through December 31, 2018, the Investment Adviser has agreed to waive 25% of its performance based incentive fee so that the incentive fee on pre-incentive fee net investment income is accrued at 15%.

(ii) Incentive Fee on Pre-Incentive Fee Net Income - effective from January 1, 2019

Beginning January 1, 2019, the incentive fee on pre-incentive fee net investment income will be determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.

1 unchanged sentence

The preferred return amount will be calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The amount of the Incentive Fee on Income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.

1 unchanged sentence

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters does not exceed the preferred return amount.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

(2) 100% of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeds the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.

16 unchanged sentences

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.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

For the years ended March 31, 2022, 2021 and 2020, the Company recognized $36,142, $36,434 and $40,360, respectively, of management fees, and $11,681, $0 and $1,983, respectively, of incentive fees before impact of waived fees.

For the years ended March 31, 2022, 2021 and 2020 no management fees were waived (as not applicable).

For the years ended March 31, 2021 and 2020 no incentive fees were waived and for the year ended March 31, 2019, incentive fees waived were $5,542.

For the years ended March 31, 2022, 2021 and 2020 no incentive fees were waived.

As of March 31, 2022 and March 31, 2021, management and performance-based incentive fees payable were $9,912 and $8,666, respectively.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets.

12 unchanged sentences

Administrative Service Expense Reimbursement

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

For the years ended March 31, 2022, 2021 and 2020, the Company recognized administrative service expense reimbursements of $300, $300 and $300, respectively.

8 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.

19 unchanged sentences

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

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

The balance of the Merx revolver as of March 31, 2022 was $275,000.

16 unchanged sentences

Second Lien Secured Debt 116,073 97,844 — — 97,844

Unsecured Debt 22,000 22,000 — — 22,000

Structured Products and Other 16,998 10,038 — — 10,038

2 unchanged sentences

Warrants 135 99 — — 99

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

Money Market Fund $ 50,180 $ 50,180 $ 50,180 $ — $ —

Total Cash Equivalents $ 50,180 $ 50,180 $ 50,180 $ — $ —

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

Total Investments $ 2,745,829 $ 2,523,173 $ 1,230 $ — $ 2,521,943

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

65 unchanged sentences

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

31,438 Recovery Analysis Recoverable Amount N/A N/A N/A

Market Comparable Technique Comparable Multiple 0.7x 1.4x 1.1x

62,975 Recent Transaction Recent Transaction N/A N/A N/A

35,369 Recovery Analysis Commodity Price 54.00 60.16 59.86

558 Recovery Analysis Recoverable Amount N/A N/A N/A

1 unchanged sentence

1,892,175 Yield Analysis Discount Rate 5.1% 52.3% 8.9%

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

8,111 Recovery Analysis Commodity Price 57.00 62.33 61.13

10,536 Recovery Analysis Sale Proceeds N/A N/A N/A

Second Lien Secured Debt 5,657 Market Comparable Technique Comparable Multiple 12.3x 12.3x 12.3x

6,444 Recovery Analysis Recoverable Amount N/A N/A N/A

85,743 Yield Analysis Discount Rate 6.9% 19.1% 13.0%

Unsecured Debt 22,000 Discounted Cash Flow Discount Rate 16.0% 16.0% 16.0%

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

Structured Products and Other 10,038 Discounted Cash Flow Discount Rate 9.8% 9.8% 9.8%

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4,988 Option Pricing Model Expected Volatility 80.0% 80.0% 80.0%

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

— Yield Analysis Discount Rate 52.3% 52.3% 52.3%

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14,766 Market Comparable Technique Comparable Multiple 0.1x 20.9x 10.9x

215 Option Pricing Model Expected Volatility 35.0% 35.0% 35.0%

42,331 Recent Transaction Recent Transaction N/A N/A N/A

2,170 Recovery Analysis Commodity Price 54.00 62.33 60.08

25,424 Recovery Analysis Implied Illiquidity Discount 18.5% 18.5% 18.5%

Recovery Analysis Transaction Price N/A N/A N/A

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

7,762 Recovery Analysis Sale Proceeds N/A N/A N/A

85 Market Comparable Technique Comparable Multiple 22.8x 22.8x 22.8x

Option Pricing Model Expected Volatility 30.0% 30.0% 30.0%

325 N/A - Public N/A - Public N/A N/A N/A

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

Warrants 99 Option Pricing Model Expected Volatility 60.0% 60.0% 60.0%

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First Lien Secured Debt $ 190,500 Discounted Cash Flow Discount Rate 7.5% 12.0% 12.0%

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

31,438 Recovery Analysis Recoverable Amount N/A N/A N/A

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35,369 Recovery Analysis Commodity Price 54.00 60.16 59.86

2,066 Recovery Analysis Liquidation N/A N/A N/A

398 Recovery Analysis Recoverable Amount N/A N/A N/A

8,376 Recovery Analysis Sale Proceeds N/A N/A N/A

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

Second Lien Secured Debt 14,711 Recovery Analysis Commodity Price 34.00 60.00 56.25

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

8,111 Recovery Analysis Commodity Price 57.00 62.33 61.13

10,536 Recovery Analysis Sale Proceeds N/A N/A N/A

206,167 Yield Analysis Discount Rate 9.3% 14.9% 11.5%

Unsecured Debt 22,000 Discounted Cash Flow Discount Rate 16.0% 16.0% 16.0%

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

Structured Products and Other 11,289 Discounted Cash Flow Discount Rate 9.0% 9.0% 9.0%

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Common Equity/Interests 2,053 Discounted Cash Flow Discount Rate 9.0% 32.3% 19.3%

207,617 Discounted Cash Flow Discount Rate 7.5% 16.0% 10.2%

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

7,977 Market Comparable Technique Comparable Multiple 0.7x 16.5x 9.9x

215 Option Pricing Model Expected Volatility 35.0% 35.0% 35.0%

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

2,170 Recovery Analysis Commodity Price 54.00 62.33 60.08

25,424 Recovery Analysis Implied Illiquidity Discount 18.5% 18.5% 18.5%

Recovery Analysis Transaction Price N/A N/A N/A

Warrants 1,595 Option Pricing Model Expected Volatility 65.0% 90.0% 88.4%

— Recovery Analysis Liquidation N/A N/A N/A

Total Level 3 Investments $ 2,448,667

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Accordingly, we are attaching the audited financial statements of Merx Aviation Finance, LLC to Form 10-K.

Derivative Instruments

In the normal course of business, the Company enters into derivative instruments which serve as components of the Company’s investment strategies and are utilized primarily to structure the portfolio to economically match the investment strategies of the Company.

These instruments are subject to various risks, similar to non-derivative instruments, including market, credit and liquidity risks.

The Investment Adviser manages these risks on an aggregate basis along with the risks associated with the Company’s investing activities as part of its overall risk management policy.

Purchased Put Options

Purchased put option contracts give the Company the right, but not the obligation, to sell within a limited time, a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices.

Purchasing put options tends to decrease exposure to the underlying instrument.

The Company pays a premium, which is recorded as an asset and subsequently marked-to-market to reflect the current value of the option.

Premiums paid for purchasing options which expire unexercised are treated as realized losses.

Premiums paid for purchasing options which are exercised are added to the amounts paid for, or offset against the proceeds received on, the underlying security or reference investment.

The risk associated with purchasing put options is limited to the premium paid.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

Written Call Options

Written call options obligate the Company to buy within a limited time, a financial instrument, commodity or currency at a contracted price that may also be settled in cash, based on differentials between specified indices or prices.

When the Company writes a call option, an amount equal to the premium received by the Company is treated as a liability.

The amount of the liability is subsequently marked-to-market to reflect the current market value of the written call option.

If an option which the Company has written either expires unexercised on its stipulated expiration date or the Company enters into a closing purchase transaction, the Company realizes a gain or loss (if the cost of a closing purchase transaction is less than or exceeds, respectively, the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security or derivative instrument, and the liability related to such option is extinguished.

If a call option which the Company has written is exercised, the Company recognizes a realized gain or loss from the sale of the underlying security or derivative instrument and the proceeds from the sale are increased by the premium originally received.

In writing a call option, the Company bears the market risk of an unfavorable change in the price, potentially unlimited in amount, of the derivative instrument or security underlying the written call option.

As of March 31, 2021, 2020, 2019 the Company did not hold any derivative contracts.

The volume of the derivatives, based on the base notional value of option contracts, for the year ended March 31, 2019 was $153,150 for purchased call options, $13,750 for purchased put options, $(13,575) for written call options and $(146,969) for written put options.

The effect of transactions in derivative instruments to the Statements of Operations during the years ended March 31, 2021, 2020 and 2019 were as follows:

Year Ended March 31,

2021 2020 2019

Net Change in Unrealized Losses on Derivatives

Purchased Put Options $ — $ — $ 4,531

Written Call Options — — 14,614

Net Change in Unrealized Losses on Derivatives $ — $ — $ 19,145

Year Ended March 31,

2021 2020 2019

Net Realized Losses on Derivatives

Purchased Put Options $ — $ — $ (5,472)

Written Call Options — — (24,523)

Net Realized Losses on Derivatives $ — $ — $ (29,995)

The Investment Adviser is exempt from registration with the U.S.

Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator (“CPO”) with respect to the Company.

To the extent such exemption is no longer available and the Investment Adviser is required to register with the CFTC as a CPO, compliance with the CFTC’s disclosure, reporting and recordkeeping requirements may increase the Company’s expenses and may affect the ability of the Company to use commodity interests (including futures, option contracts, commodities, and swaps) to the extent or in the manner desired.

Offsetting Assets and Liabilities

The Company entered into centrally cleared derivative contracts with Chicago Mercantile Exchange (“CME”).

Upon entering into the centrally cleared derivative contracts, the Company is required to deposit with the relevant clearing organization cash or securities, which is referred to as the initial margin.

Cash deposited as initial margin is reported as cash collateral on the Statements of Assets and Liabilities.

Centrally cleared derivative contracts entered into with CME are considered settled-to-market contracts where daily variation margin posted is legally characterized as a settlement payment as opposed to collateral.

The settlement payment does not terminate the derivative contract and the contract will continue to exist with no changes to its terms.

Daily changes in fair value are recorded as a payable or receivable on the Statements of Assets and Liabilities as variation margin.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

The Company has elected not to offset assets and liabilities in the Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations.

As of March 31, 2021 and March 31, 2020, the Company did not hold any derivative contracts.

Debt and Foreign Currency Transactions and Translations

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2025 Notes 3/3/2015 350,000 350,000 350,399 (2) 3/3/2025

2026 Notes 7/16/2021 125,000 125,000 117,687 (2) 7/16/2026

Total Debt Obligations $ 2,285,000 $ 1,555,468 $ 1,548,554

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

(1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2022.

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The valuation is based on broker quoted prices.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

(In thousands, except share and per share data)

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

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____________________

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

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

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

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

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

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

The valuation is based on broker quoted prices.

Senior Secured Facility

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

Senior Secured Notes — Series A and Series B

On September 29, 2011, the Company closed a private offering of $45,000 aggregate principal amount of senior secured notes consisting of two series:

$29,000 aggregate principal amount of 5.875% Senior Secured Notes, Series A, due September 29, 2016 (the “Series A Notes”);

and $16,000 aggregate principal amount of 6.250% Senior Secured Notes, Series B, due September 29, 2018 (the “Series B Notes,” and together with the Series A Notes, the “Series A and B Notes”).

The Series A and B Notes were issued in a private placement only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.

Interest on the Series A and B Notes is due semi-annually on March 29 and September 29, commencing on March 29, 2012.

On September 29, 2016, the Series A Notes, which had an outstanding principal balance of $29,000, matured and were repaid in full.

The Series B Notes, which had an outstanding principal balance of $16,000, matured and were repaid on October 1, 2018.

Senior Unsecured Notes

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The 2025 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

On July 16, 2021, the Company issued $125,000 aggregate principal amount of general unsecured notes for net proceeds of $122,965 (the “2026 Notes”).

The 2026 Notes will mature on July 16, 2026.

Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022.

The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

APOLLO INVESTMENT CORPORATION

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

Euro € 15,900 17,392 18,687 (1,295) 4/30/2021

British Pound £ 41,000 51,037 53,866 (2,829) 4/29/2022

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

Canadian Dollar C$ 2,300 $ 1,894 $ 1,616 $ 278 4/30/2020

Euro € 15,900 17,392 18,687 (1,295) 4/30/2021

British Pound £ 77,000 95,593 106,237 (10,644) 4/30/2021

British Pound £ 9,000 11,631 11,159 472 4/24/2020

British Pound £ 1,500 1,943 1,860 83 4/27/2020

British Pound £ 87,000 107,751 107,876 (125) 4/30/2020

British Pound £ 3,000 $ 3,523 $ 3,720 $ (197) 4/20/2020

Australian Dollar A$ 6,300 4,617 4,799 (182) 4/30/2021

Australian Dollar A$ 6,000 $ 4,406 $ 3,672 $ 734 4/30/2020

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

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December 14, 2015 50,000 50,000 —

50,000 50,000 —

September 14, 2016 50,000 50,000 —

1 unchanged sentence

February 6, 2019 50,000 44,171 5,829

February 3, 2022 25,000 — 25,000

Total as of March 31, 2022 $ 275,000 $ 244,171 $ 30,829

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March 30, 2021 May 21, 2021 10,000

During the year ended March 31, 2021, the Company did not repurchase shares.

June 16, 2021 November 5, 2021 10,000

December 16, 2021 May 20, 2022 5,000

During the year ended March 31, 2022, the Company repurchased 1,611,936 shares at a weighted average price per share of $13.09, inclusive of commissions, for a total cost of $21,100.

This represents a discount of approximately 18.02% of the average net asset value per share for the year ended March 31, 2022.

During the year ended March 31, 2021, the Company did not repurchase shares.

Since the inception of the Repurchase Plans through March 31, 2022, the Company repurchased 15,266,514 shares at a weighted average price per share of $15.99, inclusive of commissions, for a total cost of $244,172.

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

As further discussed in Note 2 , the full extent of the impact of COVID-19 on the global economy generally, and the Company’s business in particular is uncertain.

As of March 31, 2021 , no contingencies have been recorded on the Company’s Statement of Assets and Liabilities as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows.

Refer to Note 2 for further discussion of COVID-19.

APOLLO INVESTMENT CORPORATION

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As of March 31, 2021, the Company deferred no late-year ordinary losses which are deemed to arise on April 1, 2021.

As of March 31, 2019, the Company deferred late-year ordinary losses of 16,477 which is deemed to arise on April 1, 2019

As of March 31, 2020, the Company deferred no late-year ordinary losses which are deemed to arise on April 1, 2020.

As of March 31, 2022, the Company deferred post-October capital loss of $1,765 deemed on arise on April 1, 2022.

As of March 31, 2021, the Company deferred post-October capital loss of $11,121 deemed to arise on April 1, 2021.

As of March 31, 2019, the Company had no net post-October capital loss deferral deemed to arise on April 1, 2019.

As of March 31, 2020, the Company had no net post-October capital loss of $5,858 deemed to arise on April 1, 2020.

Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Company’s financial statements.

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

The Company believes the estimates and assumptions underlying our financial statements are reasonable and supportable based on the information available as of March 31, 2021.

Actual results may ultimately differ from those estimates.

To the extent the Company's portfolio companies are adversely impacted by the effects of the COVID-19 pandemic, it may have a material adverse impact on the Company's future net investment income, the fair value of its portfolio investments, its financial condition and the results of operations and financial condition of the Company's portfolio companies.

See Note 2 for information regarding the potential impact of the COVID-19 pandemic.

On May 19, 2022 the Company’s Board of Directors, including a majority of the directors who are not “interested persons” of the Company as defined in the Investment Company Act of 1940, voted to approve the continuation of the Company’s investment advisory management agreement through May 19, 2023.

On May 20, 2021, the Board of Directors voted to immediately decrease the size of the Board from ten to eight, thereby eliminating two vacancies.

On May 19, 2022, the Company’s Board of Directors declared a distribution of $0.31 per share, payable on July 7, 2022 to stockholders of record as of June 16, 2022.

On May 19, 2022, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on July 7, 2022 to stockholders of record as of June 16, 2022.

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

There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.

2 unchanged sentences

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-K

Item 8. Financial Statements and Supplementary Data