What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-08-02 compared with 2022-02-03 · 955 added, 1119 removed, 2167 unchanged (49% of the section changed)

3 unchanged sentences

(In thousands, except share and per share data)

December 31, 2021 March 31, 2021

June 30, 2022 March 31, 2022

Investments at fair value:

11 unchanged sentences

Debt $ 1,597,563 $ 1,550,608

Payable for investments purchased 206 —

Distributions payable 22,867 22,913

16 unchanged sentences

(In thousands, except per share data)

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

2021 2020 2021 2020

Three Months Ended June 30,

Investment Income

22 unchanged sentences

Management and performance-based incentive fees waived — —

Performance-based incentive fee offset (31) — (178) —

Management fee offset rebate (75) —

Expense reimbursements (228) (76)

21 unchanged sentences

(In thousands, except share data)

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

2021 2020 2021 2020

Three Months Ended June 30,

Net investment income $ 23,493 $ 25,345

5 unchanged sentences

Distribution of return of capital — —

Net Decrease in Net Assets Resulting from Distributions to Stockholders $ (22,999) $ (23,493) $ (69,849) $ (76,353)

Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders $ (22,867) $ (23,441)

Capital Share Transactions

1 unchanged sentence

Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions $ (1,638) $ (2,026)

Net increase (decrease) in net assets during the period $ (14,857) $ 9,673 $ (12,054) $ (6,904)

Net decrease in net assets during the period $ (18,845) $ 6,675

Net assets at beginning of period 1,004,832 1,036,330

8 unchanged sentences

(In thousands)

Nine Months Ended December 31,

Three Months Ended June 30,

Operating Activities

37 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

3 unchanged sentences

KL Charlie Acquisition Company First Lien Secured Debt L+625, 1.00% Floor 12/30/26 $ 30,760 $ 22,344 $ 22,298 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/30/26 2,190 (18) (22) (8)(9)(21)

First Lien Secured Debt - Revolver P+575 12/30/26 1,962 128 128 (9)(21)(23)

KL Charlie Co-Invest, L.P.

2 unchanged sentences

HRO (Hero Digital) Holdings, LLC First Lien Secured Debt L+600, 1.00% Floor 11/18/28 27,137 19,052 19,140 (9)(21)(23)

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

First Lien Secured Debt - Revolver P+500 11/18/26 2,553 806 819 (9)(20)(21)

HRO Holdings I LP Common Equity - Common Stock N/A N/A 213 Shares 213 207 (9)(13)(24)

2 unchanged sentences

Aerospace & Defense

Erickson Inc First Lien Secured Debt - Revolver L+750, 1.50% Floor 04/28/22 $ 32,250 $ 20,722 $ 20,446 (9)(20)(21)

First Lien Secured Debt - Revolver 13.50% 04/28/22 3,750 3,750 3,713 (9)(23)

Erickson Inc First Lien Secured Debt - Revolver SOFR+800, 1.00% Floor 05/20/24 $ 33,000 $ 26,096 $ 25,811 (9)(20)(21)

Total Aerospace & Defense $ 26,096 $ 25,811

12 unchanged sentences

TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350 379 (9)(13)

Truck-Lite Co., LLC First Lien Secured Debt L+625, 1.00% Floor 12/14/26 31,363 29,709 29,602 (9)(21)(23)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/13/24 3,052 (29) (35) (8)(9)(20)

Truck-Lite Co., LLC First Lien Secured Debt SOFR+625, 1.00% Floor 12/14/26 31,899 31,387 31,262 (9)(33)

First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor 12/13/24 3,052 (11) (34) (8)(9)(20)

31,726 31,607

11 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

7 unchanged sentences

Bolthouse Farms, Inc.

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

Common Equity - Equity Interests N/A N/A 1,000,000 Shares 1,000 1,090 (13)

FCP-Hive Holdings, LLC Preferred Equity - Preferred Equity N/A N/A 589 Shares 448 488 (9)(13)(24)

8 unchanged sentences

27,924 27,718

TNT Crust LLC

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

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

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

24,505 24,260

IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169 141 (9)(13)

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

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

LLC First Lien Secured Debt L+600 Cash plus 2.00% PIK, 1.00% Floor 05/31/25 25,228 24,961 24,723 (9)(28)

First Lien Secured Debt - Revolver L+600 Cash plus 2.00% PIK, 1.00% Floor 05/31/24 4,493 1,886 1,829 (9)(20)(21)

27,016 26,693

4 unchanged sentences

Alpinex Opco, LLC First Lien Secured Debt L+575, 1.00% Floor 12/27/27 11,915 11,692 11,683 (9)(28)

First Lien Secured Debt L+600, 1.00% Floor 12/27/27 4,468 1,687 1,655 (9)(21)(23)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/27/27 1,117 426 425 (9)(21)(23)

3 unchanged sentences

Second Lien Secured Debt 8.00% 08/28/25 21,429 18,093 6,109 (14)

AML Rightsource

Gabriel Partners, LLC First Lien Secured Debt L+600, 1.00% Floor 09/21/26 31,372 30,843 31,106 (9)(29)

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

30,963 31,234

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

AML Rightsource

Gabriel Partners, LLC First Lien Secured Debt L+600, 1.00% Floor 09/21/26 31,531 30,951 31,291 (9)(29)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 09/21/26 665 (14) (5) (8)(9)(21)

30,937 31,286

Claritas, LLC First Lien Secured Debt L+575, 1.00% Floor 12/21/23 3,671 3,656 3,635 (9)(26)

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

Continuum Global Solutions, LLC First Lien Secured Debt - Revolver L+550, 1.00% Floor 10/29/24 20,000 11,728 11,463 (9)(21)(23)

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

11,806 11,541

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

Electro Rent Corporation

3 unchanged sentences

EHL Merger Sub, LLC First Lien Secured Debt - Revolver L+325, 0.00% Floor 08/01/24 4,155 (160) (128) (8)(21)(23)

Precision Refrigeration & Air Conditioning LLC First Lien Secured Debt SOFR+600, 1.00% Floor 03/08/28 8,161 8,005 7,957 (9)(32)

First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 03/08/27 1,705 (32) (43) (8)(9)(21)

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 21,993 21,226 (9)(28)

8 unchanged sentences

13,769 13,512

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

(fka Newscycle Solutions, Inc.) First Lien Secured Debt L+700, 1.00% Floor 12/29/22 13,363 13,303 13,363 (9)(28)

First Lien Secured Debt - Revolver L+700, 1.00% Floor 12/29/22 476 279 280 (9)(21)(23)

First Lien Secured Debt - Revolver P+600 12/29/22 24 24 24 (9)(23)(25)

13,606 13,667

2 unchanged sentences

First Lien Secured Debt - Revolver L+575, 1.00% Floor 08/10/27 1,263 391 388 (9)(21)(23)

First Lien Secured Debt - Revolver P+475 08/10/27 44 44 37 (9)(23)(25)

Graffiti Parent, LP Common Equity - Common Stock N/A N/A 2,439 Shares 244 206 (9)(13)(24)

PSI Services, LLC

Lifelong Learner Holdings, LLC First Lien Secured Debt L+575, 1.00% Floor 10/19/26 33,887 33,464 32,112 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 10/20/25 2,985 2,949 2,851 (9)(21)(23)

36,413 34,963

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

PSI Services, LLC

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

First Lien Secured Debt - Revolver L+575, 1.00% Floor 10/20/25 2,985 2,945 2,861 (9)(21)(23)

36,532 35,291

Soliant Health, Inc.

Common Equity - Membership Interests N/A N/A 300 Shares 300 1,018 (9)

Trench Plate Rental Co.

First Lien Secured Debt SOFR+550, 1.00% Floor 12/03/26 18,182 17,914 17,909 (9)(32)

First Lien Secured Debt - Revolver SOFR+550, 1.00% Floor 12/03/26 1,818 155 155 (9)(20)(21)

Trench Safety Solutions Holdings, LLC Common Equity - Common Stock N/A N/A 331 Shares 50 50 (9)(24)

18,119 18,114

US Legal Support

1 unchanged sentence

USLS Acquisition, Inc.

First Lien Secured Debt L+550, 1.00% Floor 12/02/24 24,064 23,827 23,616 (9)(28)

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

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

First Lien Secured Debt SOFR+565, 1.00% Floor 12/02/24 23,941 23,731 23,540 (9)(32)

First Lien Secured Debt - Revolver SOFR+565, 1.00% Floor 12/02/24 1,608 373 374 (9)(20)(21)

24,736 24,837

Wilson Language Training

Owl Acquisition, LLC First Lien Secured Debt SOFR+575, 1.00% Floor 02/04/28 9,900 9,712 9,702 (9)(33)

Owl Parent Holdings, LLC Common Equity - Common Stock N/A N/A 100 Shares 100 115 (9)(13)(24)

Total Business Services $ 269,623 $ 255,352

2 unchanged sentences

Carbonfree Chemicals Holdings LLC (4) Common Equity - Common Equity / Interest N/A N/A 2,491 Shares $ 78,729 $ 40,607 (13)(16)(24)

Carbonfree Chemicals SA LLC (4) Common Equity - Class B Units N/A N/A 3,152 Shares 32,434 — (3)(13)(16)

78,729 44,990

Westfall Technik, Inc.

14 unchanged sentences

KDC US Holdings First Lien Secured Debt - Revolver L+325, 0.00% Floor 12/21/23 6,020 796 344 (10)(20)(21)

KLO Holdings, LLC

(4) First Lien Secured Debt L+500, 1.00% Floor 09/30/25 2,978 2,978 2,795 (17)(28)

First Lien Secured Debt L+500 PIK, 1.00% Floor 09/30/25 1,062 1,062 991 (17)(28)

Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 886 (13)(17)(19)

GSC Technologies Inc.

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

KLO Holdings, LLC

(4) First Lien Secured Debt L+500, 1.00% Floor 09/30/25 2,978 2,978 2,765 (17)(28)

First Lien Secured Debt L+500 Cash plus 5.00% PIK, 1.00% Floor 09/30/25 1,095 1,095 1,008 (17)(28)

Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000 769 (2)(13)(17)

GSC Technologies Inc.

(4) First Lien Secured Debt L+500 Cash plus 5.00% PIK, 1.00% Floor 09/30/25 201 201 185 (17)(28)

Liqui-Box Holdings, Inc.

First Lien Secured Debt - Revolver L+450, 1.00% Floor 02/26/25 2,051 881 875 (20)(21)(23)

First Lien Secured Debt - Revolver P+350, 1.00% Floor 02/26/25 356 354 356 (23)(34)

First Lien Secured Debt - Revolver P+350 02/26/25 1,509 1,501 1,498 (23)(25)

NSi Industries

Wildcat BuyerCo, Inc.

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

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

First Lien Secured Debt SOFR+5.90%, 1.00% Floor 02/27/26 17,233 15,530 15,696 (23)(32)

First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 02/27/26 725 77 75 (20)(21)(23)

Wildcat Parent LP Common Equity - Common Stock N/A N/A 1,070 Shares 107 166 (13)

11 unchanged sentences

Lash OpCo, LLC First Lien Secured Debt L+700, 1.00% Floor 03/18/26 43,358 42,552 42,730 (9)(28)

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

First Lien Secured Debt - Revolver L+700, 1.00% Floor 09/18/25 1,612 553 574 (9)(21)(23)

43,105 43,304

Olaplex, Inc.

First Lien Secured Debt L+625, 1.00% Floor 01/08/26 12,063 11,898 12,184 (9)(26)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 01/08/25 2,300 (28) — (9)(21)(23)

11,870 12,184

Paladone Group Bidco Limited First Lien Secured Debt L+575, 1.00% Floor 11/12/27 7,972 5,964 5,967 (9)(17)(21)

2 unchanged sentences

Paladone Group Holdings Limited Common Equity - Common Stock N/A N/A 94,151 Shares 94 118 (9)(13)(17)

Sequential Brands Group, Inc.

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

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

Sequential Brands Group, Inc.

First Lien Secured Debt L+500, 1.00% Floor 01/28/22 448 46 46 (17)(21)(23)

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

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

Sequential Brands Group, Inc.

Gainline Galaxy Holdings LLC Common Equity - Common Stock N/A N/A 10,854 Shares 2,041 1,666 (13)(16)(17)

Sequential Avia Holdings LLC First Lien Secured Debt L+500, 1.00% Floor 11/12/26 1,611 1,610 1,609 (17)(29)

Sequential Brands Group, Inc.

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 11/29/24 268 6 268 (17)

Total Consumer Goods – Non-durable $ 77,454 $ 76,732

Consumer Services

12 unchanged sentences

Go Car Wash Management Corp.

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

First Lien Secured Debt SOFR+575, 1.00% Floor 12/31/26 26,421 10,744 10,552 (9)(21)(23)

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

10,741 10,544

Lending Point

5 unchanged sentences

Nemo (BC) Bidco Pty Ltd First Lien Secured Debt BBSW+675, 1.00% Floor 04/06/24 A$ 7,000 4,952 4,653 (17)(21)(23)

Papershop Holdco Inc.

First Lien Secured Debt L+700, 1.00% Floor 05/27/26 10,607 10,509 10,501 (9)(28)

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

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

HomeRenew Buyer, Inc.

First Lien Secured Debt SOFR+665, 1.00% Floor 11/23/27 18,021 12,630 12,569 (9)(21)(23)

First Lien Secured Debt - Revolver SOFR+665, 1.00% Floor 11/23/27 1,958 (38) (39) (8)(9)(21)

12,592 12,530

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

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

The Club Company

4 unchanged sentences

Auto Finance, Inc.

First Lien Secured Debt L+525, 1.00% Floor 04/17/24 20,000 4,623 4,556 (9)(21)(23)

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

First Lien Secured Debt SOFR+525, 1.00% Floor 04/17/25 17,300 11,541 11,427 (9)(21)(23)

First Lien Secured Debt - Revolver SOFR+600, 1.00% Floor 04/17/25 13,333 (5) — (9)(21)(23)

11,536 11,427

Total Consumer Services $ 194,355 $ 193,590

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

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

Diversified Investment Vehicles, Banking, Finance, Real Estate

2 unchanged sentences

17,210 17,196

Flock Financial, LLC

Flock SPV I, LLC First Lien Secured Debt L+650, 1.00% Floor 12/31/22 14,667 11,997 12,000 (9)(17)(21)

First Lien Secured Debt - Revolver L+650, 1.00% Floor 12/31/22 5,333 (28) — (9)(17)(21)

11,969 12,000

Golden Bear 2016-R, LLC (4) Structured Products and Other - Membership Interests N/A 09/20/42 N/A 16,998 8,957 (3)(17)

6 unchanged sentences

12,709 12,672

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

Ten-X, LLC First Lien Secured Debt - Revolver L+325, 0.00% Floor 09/29/22 4,680 (22) (39) (8)(21)(23)

Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 47,493 $ 39,384

SSCP Spring Bidco Limited First Lien Secured Debt GBPL+600, 0.50% Floor 07/30/25 £ 30,000 $ 36,295 $ 40,407 (9)(17)(32)

SSCP Spring Bidco Limited First Lien Secured Debt SON+600, 0.50% Floor 07/30/25 £ 30,000 $ 36,331 $ 36,205 (9)(17)(27)

Total Education $ 36,331 $ 36,205

2 unchanged sentences

AIC SPV Holdings II, LLC (4) Preferred Equity - Preferred Stock N/A N/A 534,375 Shares $ 534 $ 288 (15)(17)(24)

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

Renew Financial LLC (f/k/a Renewable Funding, LLC) (4) Preferred Equity - Series E Preferred Stock N/A N/A 441,576 Shares 1,902 4,425 (13)(17)(24)

Preferred Equity - Series 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 4,984 (13)(17)(25)

Renew JV LLC (4) Common Equity - Membership Interests N/A N/A 443,844 Shares 444 574 (13)(17)(24)

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

Solarplicity UK Holdings Limited First Lien Secured Debt 4.00% 03/08/23 £ 5,562 7,231 1,791 (14)(17)

Preferred Equity - Preferred Stock N/A N/A 4,286 Shares 5,623 — (2)(13)(17)

Common Equity - Ordinary Shares N/A N/A 2,825 Shares 4 — (2)(13)(17)

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

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

Solarplicity UK Holdings Limited First Lien Secured Debt 4.00% 03/08/23 £ 5,562 7,230 1,837 (14)(17)

Preferred Equity - Preferred Stock N/A N/A 4,286 Shares 5,623 — (2)(13)(17)

Common Equity - Ordinary Shares N/A N/A 2,825 Shares 4 — (2)(13)(17)

Total Energy – Electricity $ 29,648 $ 7,124

Energy – Oil & Gas

6 unchanged sentences

SHD Oil & Gas, LLC (5) First Lien Secured Debt - Tranche C Note 12.00% 03/31/23 24,728 24,729 25,470

Common Equity - Series A Units N/A N/A 7,600,000 Shares 1,412 — (13)(16)(25)

Common Equity - Series C Units N/A N/A 50,952,525 Shares 44,065 7,985 (13)(16)(24)

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

70,205 33,455

8 unchanged sentences

Akoya Biosciences, Inc.

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

Amerivet Partners Management, Inc.

First Lien Secured Debt L+475, 1.00% Floor 06/05/24 33,617 33,202 33,265 (9)(27)

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

AmeriVet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125 299 (9)(13)

33,319 33,555

First Lien Secured Debt SOFR+635, 1.61% Floor 10/27/25 15,750 12,751 12,711 (9)(23)(31)

Analogic Corporation First Lien Secured Debt L+525, 1.00% Floor 06/22/24 17,804 17,643 17,493 (9)(28)

1 unchanged sentence

18,677 18,505

CARE Fertility

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

Cato Research

6 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

3 unchanged sentences

17,494 17,689

Compass Health

Roscoe Medical, Inc First Lien Secured Debt SOFR+625, 1.00% Floor 09/30/24 7,582 7,309 7,278 (9)(31)

First Lien Secured Debt - Revolver SOFR+636, 1.00% Floor 09/30/24 1,393 1,341 1,337 (9)(23)(31)

Emmes Corporation

9 unchanged sentences

First Lien Secured Debt L+675, 0.50% Floor 12/03/26 26,667 13,217 13,293 (9)(23)(26)

Genesis Healthcare, Inc.

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

First Lien Secured Debt - Revolver L+600, 0.50% Floor 03/06/23 85,870 (171) — (9)(21)(23)

Gateway Services

Gateway US Holdings, Inc.

First Lien Secured Debt SOFR+565, 0.75% Floor 09/22/24 7,552 7,481 7,477 (9)(32)

First Lien Secured Debt SOFR+575, 0.75% Floor 09/22/24 2,124 390 388 (9)(21)(23)

First Lien Secured Debt - Revolver SOFR+565, 0.75% Floor 09/22/24 304 12 12 (9)(21)(23)

First Lien Secured Debt L+700, 2.00% Floor 01/01/25 30,000 5,897 6,008 (9)(17)(23)

7 unchanged sentences

First Lien Secured Debt - Revolver L+600, 1.00% Floor 05/30/24 289 259 257 (21)(23)(26)

Kindeva Drug Delivery L.P.

First Lien Secured Debt L+600, 1.00% Floor 05/01/26 9,434 9,267 9,372 (9)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 05/01/25 167 77 78 (9)(21)(23)

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133 206 (9)(13)

Kure Pain Holdings, Inc.

Keystone Acquisition Corp.

First Lien Secured Debt L+575, 0.75% Floor 01/26/29 13,992 11,791 11,965 (9)(21)(23)

4 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

Kindeva Drug Delivery L.P.

First Lien Secured Debt L+600, 1.00% Floor 05/01/26 9,386 9,237 9,210 (9)(28)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 05/01/25 167 94 93 (9)(21)(23)

Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133 205 (9)(13)

Kure Pain Holdings, Inc.

First Lien Secured Debt L+500, 1.00% Floor 08/27/24 21,603 21,457 21,348 (9)(28)

First Lien Secured Debt - Revolver L+500, 1.00% Floor 08/27/24 2,654 (22) (32) (8)(9)(21)

21,568 21,521

Premier Imaging, LLC First Lien Secured Debt L+575, 1.00% Floor 01/02/25 12,460 7,997 7,968 (9)(21)(23)

Mannkind Corporation

Mannkind Corporation First Lien Secured Debt L+625, 1.00% Floor 08/01/25 43,866 13,777 13,897 (9)(23)(26)

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

Common Equity - Common Stock N/A N/A 334,226 Shares 76 1,273 (9)(10)(13)

20 unchanged sentences

First Lien Secured Debt - Revolver L+300, 1.00% Floor 05/01/26 2,000 (8) (10) (8)(9)(21)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

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

Partner Therapeutics, Inc

Partner Therapeutics, Inc First Lien Secured Debt L+665, 1.00% Floor 01/01/23 10,000 9,987 9,975 (9)(26)

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

First Lien Secured Debt - Revolver L+375, 1.00% Floor 04/01/26 1,000 724 726 (9)(21)(23)

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

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

Warrants N/A N/A 33,333 Shares 135 98 (9)(13)

14,512 14,475

8 unchanged sentences

28,759 28,723

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

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

RHA Health Services

4 unchanged sentences

First Lien Secured Debt L+565, 1.50% Floor 09/01/24 9,000 9,011 8,955 (9)(26)

RiteDose Holdings I, Inc.

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

TELA Bio, Inc.

First Lien Secured Debt SOFR+625, 1.00% Floor 05/01/27 16,666 13,269 13,250 (9)(23)(31)

TissueTech, Inc.

First Lien Secured Debt L+575, 1.00% Floor 04/01/27 17,500 12,193 12,163 (9)(23)(26)

First Lien Secured Debt - Revolver L+400, 1.00% Floor 04/01/27 1,000 (5) (5) (8)(9)(21)

12,188 12,158

Treace Medical Concepts, Inc.

First Lien Secured Debt SOFR+600, 1.00% Floor 04/01/27 34,999 14,516 14,408 (9)(17)(23)

First Lien Secured Debt - Revolver SOFR+400, 1.00% Floor 04/01/27 3,000 386 385 (9)(17)(21)

14,902 14,793

Unchained Labs

1 unchanged sentence

First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/09/27 726 (12) (7) (8)(9)(21)

WellDyneRx, LLC

WelldyneRX, LLC First Lien Secured Debt SOFR+675, 0.75% Floor 03/09/27 18,032 17,671 17,581 (9)(32)

First Lien Secured Debt - Revolver SOFR+675, 0.75% Floor 03/09/26 1,923 (36) (48) (8)(9)(21)

17,635 17,533

Total Healthcare & Pharmaceuticals $ 469,058 $ 471,039

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

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

High Tech Industries

15 unchanged sentences

102,296 113,138

Momentx Corporation First Lien Secured Debt L+575, 1.00% Floor 06/24/27 13,674 13,420 13,335 (9)(28)

First Lien Secured Debt - Revolver L+575, 1.00% Floor 06/24/27 1,257 (23) (31) (8)(9)(21)

Momentx Corporation First Lien Secured Debt SOFR+575, 1.00% Floor 06/24/27 15,278 15,015 14,914 (9)(32)

First Lien Secured Debt - Revolver SOFR+575, 1.00% Floor 06/24/27 1,257 (21) (30) (8)(9)(21)

14,994 14,884

3 unchanged sentences

22,289 22,472

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

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

Norvax, LLC First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/13/24 3,182 2,432 2,459 (9)(21)(23)

1 unchanged sentence

International Cruise & Excursion Gallery, Inc.

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

First Lien Secured Debt SOFR+535, 1.00% Floor 06/06/25 14,400 14,277 13,661 (31)

Modern Campus

1 unchanged sentence

First Lien Secured Debt L+600, 1.00% Floor 06/08/26 25,573 25,050 25,062 (26)

First Lien Secured Debt L+600, 1.00% Floor 06/08/26 9,840 5,775 5,858 (21)(23)(28)

RMCF IV CIV XXXV, L.P.

2 unchanged sentences

Magnate Holding Corp.

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

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

First Lien Secured Debt L+625, 0.50% Floor 12/16/24 19,123 19,017 19,065 (9)(17)(26)

First Lien Secured Debt - Revolver L+625, 0.50% Floor 12/14/23 3,150 3,134 3,143 (9)(17)(23)

22,151 22,208

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

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

New Era Technology, Inc.

3 unchanged sentences

27,393 27,169

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

Pro-Vigil Holding Company, LLC First Lien Secured Debt SOFR+850, 1.00% Floor 01/11/25 15,210 12,013 12,146 (9)(21)(23)

Schlesinger Group

Schlesinger Global, LLC First Lien Secured Debt L+600 Cash plus 1.00% PIK, 1.00% Floor 07/12/25 9,887 9,723 9,741 (9)(28)

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

Schlesinger Global, LLC First Lien Secured Debt SOFR+600 Cash plus 0.50% PIK, 1.00% Floor 07/12/25 10,322 10,176 10,126 (9)(31)(32)

First Lien Secured Debt SOFR+775, 1.00% Floor 07/12/25 958 947 958 (9)(32)

11,123 11,084

1 unchanged sentence

First Lien Secured Debt L+575, 1.00% Floor 02/02/26 8,178 8,104 8,039 (9)(26)

First Lien Secured Debt L+525, 1.00% Floor 02/02/26 4,615 (24) (69) (8)(9)(21)

First Lien Secured Debt - Revolver L+525, 1.00% Floor 02/02/26 1,731 (16) (30) (8)(9)(21)

8 unchanged sentences

13,117 13,197

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

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

Telnyx LLC First Lien Secured Debt L+625, 1.50% Floor 10/21/25 8,583 5,202 5,278 (9)(23)(26)

Upstack Holdco Inc.

6 unchanged sentences

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

14,194 14,190

YTC Enterprises, LLC First Lien Secured Debt L+625, 1.00% Floor 08/16/26 9,917 9,812 9,768 (9)(26)

Total Hotel, Gaming, Leisure, Restaurants $ 19,485 $ 19,429

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

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

High Street Insurance

11 unchanged sentences

First Lien Secured Debt L+625, 1.00% Floor 04/15/25 34,772 33,934 34,231 (9)(21)(23)

First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/15/24 1,369 353 365 (9)(20)(21)

First Lien Secured Debt - Revolver SOFR+625, 1.00% Floor 04/15/24 1,785 489 500 (9)(20)(21)

34,423 34,731

1 unchanged sentence

Manufacturing, Capital Equipment

AVAD, LLC First Lien Secured Debt - Revolver L+400, 1.00% Floor 10/02/23 $ 2,060 $ 962 $ — (9)(23)(26)

Surf Opco, LLC First Lien Secured Debt - Revolver L+400, 1.00% Floor 03/17/26 $ 16,667 $ 12,977 $ 12,805 (9)(20)(21)

7 unchanged sentences

16,462 15,891

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

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

MedPlast Holdings Inc.

5 unchanged sentences

NW Entertainment, Inc.

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

First Lien Secured Debt L+750 Cash plus 2.00% PIK, 1.00% Floor 08/16/24 $ 29,764 $ 29,515 $ 29,520 (9)(28)

First Lien Secured Debt - Revolver L+750, 1.00% Floor 08/16/24 3,078 3,052 3,013 (9)(23)(28)

32,567 32,533

Nitro World Entertainment

NWE OPCO LP First Lien Secured Debt L+650, 2.00% Floor 12/19/22 4,637 4,627 4,637 (9)(26)

Sonar Entertainment

3 unchanged sentences

Total Media – Diversified & Production $ 36,602 $ 35,893

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

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

SI Holdings, Inc.

12 unchanged sentences

First Lien Secured Debt - Revolver L+400, 0.00% Floor 02/04/23 50,000 — — (9)(22)(23)

First Lien Secured Debt - Revolver L+550, 1.00% Floor 05/22/24 4,145 (68) (56) (8)(9)(20)

13,739 13,784

Dynamic Product Tankers (Prime), LLC

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

Common Equity - Class A Units N/A N/A N/A 49,806 5,776 (13)(17)(24)

71,806 27,776

Dynamic Product Tankers, LLC (5) Common Equity - Class A Units N/A N/A N/A 42,632 1,041 (13)(17)(19)

Heniff and Superior

5 unchanged sentences

Total Transportation – Cargo, Distribution $ 131,666 $ 73,134

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

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

Utilities – Electric

Congruex Group LLC First Lien Secured Debt SOFR+590, 0.75% Floor 05/03/29 $ 15,000 $ 14,631 $ 14,325 (9)(10)(31)

Total Utilities – Electric $ 14,631 $ 14,325

Banner Solutions

7 unchanged sentences

Thomas Scientific, LLC First Lien Secured Debt L+550, 1.00% Floor 12/14/27 26,533 26,056 26,287 (9)(29)

First Lien Secured Debt L+625, 1.00% Floor 12/14/27 5,185 (43) (48) (8)(9)(21)

First Lien Secured Debt - Revolver L+625, 1.00% Floor 12/14/27 2,963 (54) (28) (8)(9)(21)

1 unchanged sentence

Total Wholesale $ 42,465 $ 42,607

Total Investments before Cash Equivalents $ 2,792,350 $ 2,594,843

Government Money Market Fund $ 22,367 $ 22,367 $ 22,367 (22)

Total Investments after Cash Equivalents $ 2,814,717 $ 2,617,210 (6)(7)

Total Investments $ 2,794,539 $ 2,549,504 (6)(7)

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

___________________

1 unchanged sentence

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

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

As of June 30, 2022, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation.

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

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

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

Fair value as of March 31, 2022 and June 30, 2022 along with transactions during the three months ended June 30, 2022 in these affiliated investments are as follows:

Name of Issuer Fair Value at March 31, 2022 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at June 30, 2022 Net Realized Gains (Losses) Interest/Dividend/Other Income

Ltd., Common Stock $ 976 $ — $ — $ (207) $ 769 $ — $ —

Ltd., Term Loan 3,800 16 — (43) 3,773 — 62

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

AIC SPV Holdings II, LLC, Preferred Equity 355 — — (67) 288 — 29

3 unchanged sentences

GSC Technologies Inc., Term Loan 192 3 (8) (2) 185 — 6

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

Pelican Energy, LLC, Common Stock 630 — — — 630 — —

10 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

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

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

Fair value as of March 31, 2022 and June 30, 2022 along with transactions during the three months ended June 30, 2022 in these controlled investments are as follows:

Majority Owned Company

3 unchanged sentences

Dynamic Product Tankers, LLC, Common Stock 3,110 — (1,800) (269) 1,041 — —

Dynamic Product Tankers, LLC, Unsecured Term Loan 22,000 — — — 22,000 — 853

Glacier Oil & Gas Corp.

15 unchanged sentences

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

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

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

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

As of June 30, 2022, the Company had a 87%, 85%, 96%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation;

Dynamic Product Tankers, LLC;

7 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

6 unchanged sentences

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

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

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

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

1 unchanged sentence

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$”) and Australian Dollar (“A$”).

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

(13) Non-income producing security.

1 unchanged sentence

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

(16) AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, 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.

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

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

8 unchanged sentences

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

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

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

As of June 30, 2022, non-qualifying assets represented approximately 9.28% of the total assets of the Company.

(18) As of June 30, 2022, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting.

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

(19) Common shares in 1244311 B.C.

are CAD denominated equity investments

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

(19) As of June 30, 2022, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting.

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

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

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

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

(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.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

(23) As of June 30, 2022, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

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

2 unchanged sentences

A&V Holdings Midco, LLC $ 1,505 $ 452 $ — $ 1,053

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

Alpinex Opco, LLC 5,585 — — 5,585

Amerivet Partners Management, Inc.

AMI US Holdings Inc.

2,907 1,163 — 1,744

Analogic Corporation 1,826 1,043 — 783

AQ Sunshine, Inc.

2,144 507 23 1,614

AVAD, LLC 2,060 2,060 — —

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

Akoya Biosciences, Inc.

3,000 — — 3,000

Alpinex Opco, LLC 3,843 447 — 3,396

Analogic Corporation 1,826 1,043 — 783

Banner Buyer, LLC 4,387 645 — 3,742

5 unchanged sentences

ChyronHego Corporation 12,000 8,956 — 3,044

Claritas, LLC 1,031 77 — 954

Club Car Wash Operating, LLC 6,847 — — 6,847

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

Continuum Global Solutions, LLC 20,000 11,813 — 8,187

Destiny Solutions U.S., Inc.

3,810 — — 3,810

Digital.ai Software Holdings, Inc.

4 unchanged sentences

Erickson Inc 33,000 26,141 847 6,012

FPG Services, LLC 6,811 — — 6,811

First Heritage Credit, LLC 7,500 3,220 — 4,280

Flock SPV I, LLC 8,000 — — 8,000

Forge Biologics, Inc.

13,334 — — 13,334

FPG Services, LLC 6,811 — — 6,811

Gabriel Partners, LLC 665 — — 665

24,000 — — 24,000

Genesis Healthcare, Inc.

Gabriel Partners, LLC 665 133 — 532

Gateway US Holdings, Inc.

2,018 15 — 2,003

6 unchanged sentences

2,727 1,364 119 1,244

HRO (Hero Digital) Holdings, LLC 10,213 851 31 9,331

HSI HALO Acquisition, Inc.

3,492 135 — 3,357

Heniff Holdco, LLC 3,925 1,570 — 2,355

2 unchanged sentences

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

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

HSI HALO Acquisition, Inc.

HomeRenew Buyer, Inc.

7,049 — — 7,049

IMA Group Management Company, LLC 3,929 260 — 3,669

Jacent Strategic Merchandising 3,500 3,494 — 6

JF Acquisition, LLC 1,569 753 — 816

Kauffman Intermediate, LLC 1,243 311 — 932

Jacent Strategic Merchandising 3,500 3,494 — 6

KDC US Holdings 6,020 795 34 5,191

Kindeva Drug Delivery L.P.

KL Charlie Acquisition Company 9,962 157 — 9,805

Kauffman Intermediate, LLC 1,243 155 — 1,088

Keystone Acquisition Corp.

2,935 — — 2,935

Kindeva Drug Delivery L.P.

Kure Pain Holdings, Inc.

2,654 — — 2,654

Lash OpCo, LLC 5,362 — — 5,362

LS Clinical Services Holdings, Inc.

1,875 — — 1,875

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

Lash OpCo, LLC 1,612 599 — 1,013

LendingPoint LLC 21,856 6,944 — 14,912

2 unchanged sentences

3,560 2,401 31 1,128

LS Clinical Services Holdings, Inc.

1,875 — — 1,875

MEP-TS Midco, LLC 1,452 — — 1,452

Magnate Holding Corp.

4 unchanged sentences

Medical Guardian, LLC 8,572 381 — 8,191

MEP-TS Midco, LLC 1,452 — — 1,452

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

1 unchanged sentence

Momentx Corporation 1,257 — — 1,257

NW Entertainment, Inc.

3,078 3,078 — —

(fka Newscycle Solutions, Inc.) 500 304 — 196

3 unchanged sentences

Norvax, LLC 3,182 2,466 — 716

NW Entertainment, Inc.

3,678 3,078 — 600

Olaplex, Inc.

2,300 — — 2,300

Orchard Therapeutics PLC 22,333 — — 22,333

Ortega National Parks, LLC 8,251 — — 8,251

PHS Buyer, Inc.

2,000 1,000 — 1,000

Pace Health Companies, LLC 500 — 105 395

1 unchanged sentence

Paladone Group Bidco Limited* 430 — — 430

Papershop Holdco Inc.

3,082 2,757 — 325

Paragon 28, Inc.

1 unchanged sentence

Partner Therapeutics, Inc 1,000 726 — 274

PHS Buyer, Inc.

2,000 — — 2,000

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

Premier Imaging, LLC 4,305 — — 4,305

Pro-Vigil Holding Company, LLC 2,933 — — 2,933

Project Comfort Buyer, Inc.

4 unchanged sentences

5,833 — — 5,833

RiteDose Holdings I, Inc.

Roscoe Medical, Inc 1,393 1,393 — —

SI Holdings, Inc.

3,413 768 — 2,645

Royton Bidco Limited* 3,065 — — 3,065

Sequential Brands Group, Inc.

Shelby 2021 Holdings Corp.

1,980 — — 1,980

SI Holdings, Inc.

3,413 427 — 2,986

Simeio Group Holdings, Inc.

5 unchanged sentences

Surf Opco, LLC 16,667 12,976 1,000 2,691

TELA Bio, Inc.

3,333 — — 3,333

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

LLC 4,494 1,919 79 2,496

Telesoft Holdings, LLC 2,273 121 — 2,152

Telnyx LLC 3,333 — — 3,333

Ten-X, LLC 4,680 — — 4,680

TGG TS Acquisition Company 1,750 250 — 1,500

The Emmes Company, LLC 2,449 1,224 — 1,225

LLC 4,494 2,921 79 1,494

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

TNT Crust LLC 3,252 3,092 — 160

Truck-Lite Co., LLC 4,175 — 81 4,094

Turbo Buyer, Inc.

Auto Finance, Inc.

TissueTech, Inc.

6,250 — — 6,250

Treace Medical Concepts, Inc.

23,416 400 — 23,016

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

Trench Plate Rental Co.

1,818 182 59 1,577

Truck-Lite Co., LLC 3,052 — 99 2,953

Turbo Buyer, Inc.

Auto Finance, Inc.

19,053 — — 19,053

USLS Acquisition, Inc.

1,608 402 75 1,131

Ultimate Baked Goods Midco LLC 3,243 1,946 365 932

2 unchanged sentences

6,600 — 110 6,490

USLS Acquisition, Inc.

1,608 322 100 1,186

WelldyneRX, LLC 1,923 — — 1,923

Westfall Technik, Inc.

4 unchanged sentences

____________________

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

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

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

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

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

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

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

As of June 30, 2022, the aggregate fair value of these securities is $113,966 or 12% of the Company's net assets.

The acquisition dates of the restricted securities are as follows:

4 unchanged sentences

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

9 unchanged sentences

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

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

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

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

Project Comfort Buyer, Inc.

Preferred Equity - Preferred Equity 5/16/2022

Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series E Preferred Stock 12/23/2020

2 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 Common Equity - Class A-1 Common 3/17/2021

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

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

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

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

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

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

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

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

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

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

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

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

Trench Safety Solutions Holdings, LLC Common Equity - Series A-1 Units 4/29/2022

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

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

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

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

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

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

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

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

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

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

See notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

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

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

24 unchanged sentences

Transportation – Cargo, Distribution 45,226 — — — — — — 45,226

Utilities – Electric 14,631 — — — — — — 14,631

Wholesale 41,667 — — — — 798 — 42,465

18 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

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

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

24 unchanged sentences

Transportation – Cargo, Distribution 44,696 — — — — — — 44,696 4.5 %

Utilities - Electric 14,325 — — — — — — 14,325 1.5 %

Wholesale 41,853 — — — — 754 — 42,607 4.3 %

21 unchanged sentences

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

June 30, 2022

(In thousands, except share data)

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

Industry Classification Percentage of Total Investments (at Fair Value) as of June 30, 2022

Healthcare & Pharmaceuticals 18.5%

4 unchanged sentences

Beverage, Food & Tobacco 4.2%

Transportation – Cargo, Distribution 4.6%

Consumer Goods – Non-durable 3.4%

Insurance 3.2%

Consumer Goods – Non-durable 3.0%

Automotive 3.0%

Transportation – Cargo, Distribution 2.9%

Chemicals, Plastics & Rubber 2.5%

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

Manufacturing, Capital Equipment 1.8%

1 unchanged sentence

Wholesale 1.7%

Diversified Investment Vehicles, Banking, Finance, Real Estate 1.5%

Energy – Oil & Gas 1.5%

Education 1.4%

Media – Diversified & Production 1.4%

Energy – Oil & Gas 1.3%

Construction & Building 1.2%

Consumer Goods – Durable 1.0%

Aerospace & Defense 1.0%

Consumer Goods – Durable 0.9%

Hotel, Gaming, Leisure, Restaurants 0.8%

Telecommunications 0.5%

Utilities – Electric 0.6%

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 Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Advertising, Printing & Publishing

FingerPaint Marketing

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

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

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

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

1 unchanged sentence

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

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

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

310,800 298,509

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

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

PrimeFlight 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

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 169 160 (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)

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)

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)

26,158 25,880

2 unchanged sentences

Access Information

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

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.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

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

Alpinex 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

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.

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 - 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)

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

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)

1 unchanged sentence

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)

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

See notes to financial statements.

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 Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

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

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)

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 Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Sequential Brands Group, Inc.

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

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

Sequential Brands Group, Inc.

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

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

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)

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)

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

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)

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

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

The Club Company

Eldrickco Limited First Lien Secured Debt 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 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)

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

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

Total Education $ 36,322 $ 39,059

See notes to financial statements.

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)

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

Total Education $ 36,161 $ 41,159

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

Energy – Electricity

1 unchanged sentence

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)

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

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)

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 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)

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)

22,438 23,968

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)

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

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)

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

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

Cato Research

LS Clinical Services Holdings, Inc.

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

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

13,015 13,024

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)

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)

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)

14,131 14,135

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

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)

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

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

Kindeva Drug Delivery L.P.

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

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

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

Kure Pain Holdings, Inc.

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

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

21,606 21,582

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)

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)

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

Partner Therapeutics, Inc

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

Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333 416 (9)(13)

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

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

Ovation Fertility

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

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)

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 Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

Partner Therapeutics, Inc

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

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

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

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

Warrants N/A N/A 33,333 Shares 135 99 (9)(13)

13,775 13,725

PHS 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

1 unchanged sentence

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)

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

American Megatrends

AMI US Holdings Inc.

First Lien Secured Debt 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

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 Maturity Date Par/Shares (12) Cost (33) Fair Value (1)(34)

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

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)

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

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)

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)

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

Schlesinger Group

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

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

10,680 10,711

See notes to financial statements.

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)

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)

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

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

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)

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 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)

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

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

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

Relation Insurance

AQ Sunshine, Inc.

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

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

31,356 31,727

Total Insurance $ 79,842 $ 80,147

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)

Relation Insurance

AQ Sunshine, Inc.

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

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

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

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

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

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

21,124 21,633

Total Insurance $ 34,744 $ 35,411

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

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)

3 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

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)

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

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

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

Heniff and Superior

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

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

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

See notes to financial statements.

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 - 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)

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

Dynamic Product Tankers (Prime), LLC

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

Heniff and Superior

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

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

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

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 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)

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

____________________

6 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.

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

See notes to financial statements.

8 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

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.

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.

6 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

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

Keystone Acquisition Corp.

2,935 — — 2,935

Kindeva Drug Delivery L.P.

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

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

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

5 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.

3,150 3,150 — —

See notes to financial statements.

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2021

(In thousands, except share data)

Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

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

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

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, 2022

(In thousands, except share data)

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

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

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

____________________

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

** 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.

3 unchanged sentences

(In thousands, except share data)

Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment

Digital.ai Software Holdings, Inc.

2,419 — — 2,419

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

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

Total Commitments $ 737,986 $ 301,096 $ 2,787 $ 434,103

____________________

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

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

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

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

4 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

11 unchanged sentences

(In thousands, except share data)

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

(34) The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, 2022:

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

17 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 %

13 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 %

% of Net Assets 0.4 % — % — % 1.0 % 0.5 % 4.4 % — % 6.3 %

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

Controlled Investments

17 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%

6 unchanged sentences

We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split).

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

Since then, and through June 30, 2022, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $245,810.

Apollo Investment Management, L.P.

13 unchanged sentences

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the financial statements for the periods presented, have been included.

In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of the financial statements for the periods presented, have been included.

Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.

2 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) that began in 2020 and still persists 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) which began in 2020 and still persists and any other parameters used in determining these estimates could cause actual results to differ materially.

APOLLO INVESTMENT CORPORATION

7 unchanged sentences

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

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

Cash equivalents held as of June 30, 2022 was $34,512.

Cash equivalents held as of March 31, 2022 was $30,033.

1 unchanged sentence

Collateral on option contracts represents restricted cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract.

In accordance with Accounting Standards Update No.

2016-18, Statement of Cash Flows:

Restricted Cash , the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies.

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

In accordance with ASC 230, S tatement of Cash Flows , the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies.

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

Investment Transactions

3 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Fair Value Measurements

14 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investment Valuation Process

9 unchanged sentences

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

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser who are responsible for the portfolio investment.

4 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

6 unchanged sentences

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

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

During the three months ended June 30, 2022, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

6 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

1 unchanged sentence

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

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

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

Offsetting Assets and Liabilities

1 unchanged sentence

The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

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

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

Valuation of Other Financial Assets and Financial Liabilities

3 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Realized Gains or Losses

21 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

9 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

20 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Federal and State Income Taxes

3 unchanged sentences

For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof.

The tax character of distributions paid to stockholders through December 31, 2021 may include return of capital, however, the exact amount cannot be determined at this point.

The tax character of distributions paid to stockholders through June 30, 2022 may include return of capital, however, the exact amount cannot be determined at this point.

The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending March 31, 2023.

3 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

8 unchanged sentences

Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements.

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

As of June 30, 2022, there were no uncertain tax positions and no amounts accrued for interest or penalties.

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

Although we file both federal and state income tax returns, our major tax jurisdiction is federal.

Our tax returns for each of our federal tax years since 2018 remain subject to examination by the Internal Revenue Service.

Retroactive Adjustments for Common Stock Reverse Split

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

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

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No.

2020-04, “Reference Rate Reform (Topic 848):

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 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.

In March 2020, the FASB issued ASU No.

2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.

The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform.

In January 2021, the FASB issued ASU No.

2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition.

ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022.

The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship.

The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements.

SEC Disclosure Update and Simplification

6 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Base Management Fee

3 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Performance-based Incentive Fee

12 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

3 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Incentive Fee Based on Cumulative Net Realized Gains

4 unchanged sentences

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

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

There was no accrual for theoretical capital gains incentive fee for the three months ended June 30, 2022 and 2021.

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

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

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

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

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

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

For the three months ended June 30, 2022 and 2021, the Company recognized $8,949 and $8,813, respectively, of management fees, and $1,396 and $0, respectively, of incentive fees before impact of waived fees.

For the three months ended June 30, 2022 and 2021, no management fees and no incentive fees were waived.

As of June 30, 2022 and March 31, 2022, management and performance-based incentive fees payable were $10,270 and $9,912, respectively.

On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets.

4 unchanged sentences

The offset will be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

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

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

For the three months ended June 30, 2022 and 2021, management fee offset was $75 and $0, respectively.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Administration Agreement with AIA

2 unchanged sentences

The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

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

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

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

For the three months ended June 30, 2022 and 2021, the Company recognized administrative services expense under the Administration Agreement of $1,286 and $1,271, respectively.

There was no payable to AIA and its affiliates for expenses paid on our behalf as of June 30, 2022 and March 31, 2022.

Administrative Service Expense Reimbursement

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

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

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

For the three months ended June 30, 2022 and 2021, the Company recognized administrative service expense reimbursements of $75 and $75, respectively, under the Merx Administration Agreement.

Debt Expense Reimbursements

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

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

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

For the three months ended June 30, 2022 and 2021, the Company recognized debt expense reimbursements of $153 and $1, respectively, under the debt expense reimbursement agreements.

Co-Investment Activity

6 unchanged sentences

The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

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

As of June 30, 2022, the Company’s co-investment holdings were 72% of the portfolio or $1,828,815, measured at fair value.

On a cost basis, 66% of the portfolio or $1,837,316 were co-investments.

6 unchanged sentences

Rothschild also retained his role as the President and Chief Executive Officer of Merx.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM.

7 unchanged sentences

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

The balance of the Merx revolver as of December 31, 2021 was $275,000.

The balance of the Merx revolver as of June 30, 2022 was $275,000.

Earnings Per Share

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

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

2021 2020 2021 2020

Basic Earnings (Loss) Per Share

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

Three Months Ended June 30,

Basic Earnings Per Share

Net increase (decrease) in net assets resulting from operations $ 5,659 $ 32,144

1 unchanged sentence

Basic earnings (loss) per share $ 0.09 $ 0.49

$ 0.32 $ 0.51 $ 1.21 $ 1.06

APOLLO INVESTMENT CORPORATION

2 unchanged sentences

Fair Value Measurement and Disclosures

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

The following table shows the composition of our investment portfolio as of June 30, 2022, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:

Fair Value Hierarchy

2 unchanged sentences

Second Lien Secured Debt 109,534 93,910 — — 93,910

Unsecured Debt 22,000 22,000 — — 22,000

Structured Products and Other 16,998 8,957 — — 8,957

2 unchanged sentences

Warrants 135 98 — — 98

Total Investments before Cash Equivalents $ 2,792,350 $ 2,594,843 $ 1,461 $ 390 $ 2,592,992

Money Market Fund $ 22,367 $ 22,367 $ 22,367 $ — $ —

Total Cash Equivalents $ 22,367 $ 22,367 $ 22,367 $ — $ —

Total Investments after Cash Equivalents $ 2,814,717 $ 2,617,210 $ 23,828 $ 390 $ 2,592,992

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

Total Investments $ 2,794,539 $ 2,549,504 $ 1,274 $ 15,021 $ 2,533,209

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

Fair Value Hierarchy

2 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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

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

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

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

Net change in unrealized gains (losses) 347 3,019 — (124) 6,054 (10,448) (1,309) (2,461)

Net amortization on investments 5,459 429 — — — — — 5,888

Purchases, including capitalized PIK (3) 343,329 1,956 — 151 — 2,533 — 347,969

Sales (3) (318,707) (44,455) — — — (6,481) (76) (369,719)

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

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

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

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

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

Total Investments $ 2,745,829 $ 2,523,173 $ 1,230 $ — $ 2,521,943

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

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

7 unchanged sentences

Transfers into Level 3 (1) 1,717 — — — — — — 1,717

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

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

____________________

Fair value as of June 30, 2022 $ 2,297,105 $ 93,910 $ — $ 8,957 $ 30,953 $ 102,186 $ 98 $ 2,533,209

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

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

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

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

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

(3) Includes reorganizations and restructuring of investments.

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

APOLLO INVESTMENT CORPORATION

1 unchanged sentence

(In thousands, except share and per share data)

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

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

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

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

Net change in unrealized gains (losses) 20,101 (3,164) — 759 (2,091) 3,907 931 20,443

Net amortization on investments 2,538 286 — — — — — 2,824

Purchases, including capitalized PIK (3) 230,093 484 — 47 7,904 219 76 238,823

Sales (3) (315,467) (34,756) — — (78) (14,696) — (364,997)

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

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

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

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

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

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

(3) Includes reorganizations and restructuring of investments.

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

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

7 unchanged sentences

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

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

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

____________________

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

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

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

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

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

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

3 unchanged sentences

(In thousands, except share and per share data)

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2021 and March 31, 2021.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2022 and March 31, 2022.

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

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

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

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

Quantitative Information about Level 3 Fair Value Measurements

Asset Category Fair Value Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)

First Lien Secured Debt

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

First Lien Secured Debt $ 275,000 Discounted Cash Flow Discount Rate 10.5% 12.0% 12.0%

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

82,006 Recent Transaction Recent Transaction N/A N/A N/A

25,470 Recovery Analysis Commodity Price $66.50 $74.75 $67.18

359 Recovery Analysis Recoverable Amount N/A N/A N/A

4,259 Recovery Analysis Sale Proceeds N/A N/A N/A

1,910,910 Yield Analysis Discount Rate 6.3% 53.3% 10.2%

Second Lien Secured Debt

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

28,830 Recovery Analysis Sale Proceeds N/A N/A N/A

Second Lien Secured Debt 6,109 Market Comparable Approach Comparable Multiple 11.0x 11.0x 11.0x

4,198 Recovery Analysis Recoverable Amount N/A N/A N/A

83,603 Yield Analysis Discount Rate 11.8% 21.8% 14.9%

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

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

Preferred Equity

417 Discounted Cash Flow Discount Rate 9.0% 9.0% 9.0%

23,478 Market Comparable Technique Comparable Multiple 1.9x 13.8x 9.8x

Structured Products and Other 8,957 Yield Analysis Discount Rate 11.0% 11.0% 11.0%

Preferred Equity 26,151 Market Comparable Approach Comparable Multiple 2.3x 22.5x 13.8x

4,425 Option Pricing Model Expected Volatility 70.0% 70.0% 70.0%

11 Recovery Analysis Recoverable Amount N/A N/A N/A

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

288 Yield Analysis Discount Rate 11.0% 53.3% 11.0%

Common Equity/Interests

635 Discounted Cash Flow Discount Rate 9.0% 52.0% 9.0%

Common Equity/Interests — Discounted Cash Flow Discount Rate 53.3% 53.3% 0.0%

9,395 Discounted Cash Flow Discount Rate 10.5% 10.5% 10.5%

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

13,480 Market Comparable Technique Comparable Multiple 7.0x 15.5x 10.6x

13,738 Market Comparable Approach Comparable Multiple 6.0x 27.8x 11.8x

40,657 Recent Transaction Recent Transaction N/A N/A N/A

2,839 Recovery Analysis Commodity Price $66.50 $74.75 $67.18

714 Recovery Analysis Recoverable Amount N/A N/A N/A

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

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

574 Yield Analysis Discount Rate 11.0% 11.0% 11.0%

55 Market Comparable Approach Comparable Multiple 22.5x 22.5x 22.5x

Option Pricing Model Expected Volatility 30.0% 30.0% 30.0%

37,053 Sale Proceeds Sale Proceeds N/A N/A N/A

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

Warrants 98 Option Pricing Model Expected Volatility 60.0% 60.0% 60.0%

Total Level 3 Investments $ 2,533,209

2 unchanged sentences

For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

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

APOLLO INVESTMENT CORPORATION

1 unchanged sentence

(In thousands, except share and per share data)

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

Quantitative Information about Level 3 Fair Value Measurements

2 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

2 unchanged sentences

Second Lien Secured Debt 5,657 Market Comparable Technique Comparable Multiple 12.3x 12.3x 12.3x

8,111 Recovery Analysis Commodity Price 57.00 62.33 61.13

10,536 Recovery Analysis Sale Proceeds N/A N/A N/A

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%

2 unchanged sentences

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%

3 unchanged sentences

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%

2 unchanged sentences

(1) The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the es timated production level from the underlying reserves.

APOLLO INVESTMENT CORPORATION

17 unchanged sentences

Investment Transactions

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

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

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

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

For the three months ended June 30, 2022 and 2021, purchases of investments on a trade date basis were $227,422 and $295,213, respectively.

For the three months ended June 30, 2022 and 2021, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $184,003 and $266,107, respectively.

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

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

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

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

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

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

2021 2020 2021 2020

During the three months ended June 30, 2022 and 2021, PIK income earned was $956 and $1,536, respectively.

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

Three Months Ended June 30,

PIK balance at beginning of period $ 39,228 $ 41,947

3 unchanged sentences

PIK balance at end of period $ 39,835 $ 43,733

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Dividend Income on CLOs

2 unchanged sentences

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

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

During the three months ended June 30, 2022 and 2021, dividend income from structured products was $336 and $312, respectively.

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investments on Non-Accrual Status

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

As of June 30, 2022, 1.0% of total investments at amortized cost, or 0.3% of total investments at fair value, were on non-accrual status.

As of March 31, 2022, 1.3% of total investments at amortized cost, or 0.6% of total investments at fair value, were on non-accrual status.

Unconsolidated Significant Subsidiary

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

Unconsolidated Significant Subsidiaries

The following unconsolidated subsidiaries are considered significant subsidiaries under SEC Regulation S-X Rule 10-01(b)(1) as of June 30, 2022.

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

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Merx may outsource its aircraft servicing requirements to third parties that have the global staff and expertise necessary to complete such tasks.

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

Nine Months Ended December 31,

The following table shows unaudited summarized financial information for Merx:

Three Months Ended June 30,

Net revenue $ 36,446 $ 43,710

4 unchanged sentences

Net profit (loss) after taxes attributable to Merx Aviation

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

(12,756) (2,590)

Debt and Foreign Currency Transactions and Translations

1 unchanged sentence

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

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

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

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Total Debt Obligations $ 2,285,000 $ 1,602,173 $ 1,562,377

Deferred Financing Costs and Debt Discount $ (5,108)

Deferred Financing Cost and Debt Discount $ (4,610)

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,597,563

2 unchanged sentences

** 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 December 31, 2021.

(1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2022.

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

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

(2) The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of June 30, 2022.

The valuation is based on broker quoted prices.

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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

Deferred Financing Costs and Debt Discount $ (3,815)

Deferred Financing Cost and Debt Discount $ (4,860)

Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,550,608

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In addition, the stated interest rate on the facility remains as a formula-based calculation based on a minimum borrowing base, resulting in a stated interest rate, depending on the type of borrowing, of (a) either LIBOR plus 1.75% per annum or LIBOR plus 2.00% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 1% per annum.

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

As of June 30, 2022, the stated interest rate on the facility was LIBOR plus 2.00% or the Sterling Overnight Index Average (“SONIA”) plus 2.00%.

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

5 unchanged sentences

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000.

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

As of June 30, 2022 and March 31, 2022, the Company had $27,037 and $26,877, respectively, in standby letters of credit issued through the Senior Secured Facility.

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

1 unchanged sentence

These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts.

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

The available remaining capacity under the Senior Secured Facility was $655,790 and $702,655 as of June 30, 2022 and March 31, 2022, respectively.

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Senior Unsecured Notes

3 unchanged sentences

The 2025 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

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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”).

2 unchanged sentences

The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

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

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

2021 2020 2021 2020

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

Three Months Ended June 30,

Average debt outstanding $ 1,620,503 $ 1,459,775

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

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

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

Commitment fees for the three months ended June 30, 2022 and 2021 were $599 and $660, respectively.

Foreign Currency Transactions and Translations

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

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

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

2 unchanged sentences

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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

1 unchanged sentence

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

1 unchanged sentence

$ 55,580 $ 58,505 $ (2,925)

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

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Stockholders’ Equity

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

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

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

2 unchanged sentences

December 14, 2015

50,000 50,000 —

September 14, 2016 50,000 50,000 —

1 unchanged sentence

February 6, 2019 50,000 45,809 4,191

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

February 3, 2022 25,000 — 25,000

Total as of June 30, 2022 $ 275,000 $ 245,809 $ 29,191

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

30 unchanged sentences

June 16, 2021 November 5, 2021 10,000

December 16, 2021 February 4, 2022 5,000

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

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

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

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

December 16, 2021 August 3, 2022* 5,000

____________________

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

During the three months ended June 30, 2022, the Company repurchased 128,522 shares at a weighted average price per share of $12.74, inclusive of commissions, for a total cost of $1,638.

This represents a discount of approximately 18.61% of the average net asset value per share for the three months ended June 30, 2022.

During the three months ended June 30, 2021, the Company repurchased 145,572 shares at a weighted average price per share of $13.92, inclusive of commissions, for a total cost of $2,026.

This represents a discount of approximately 12.72% of the average net asset value per share for the three months ended June 30, 2021.

Since the inception of the Repurchase Plans through June 30, 2022, the Company repurchased 15,395,036 shares at a weighted average price per share of $15.97, inclusive of commissions, for a total cost of $245,809.

Including fractional shares, the Company has repurchased 15,395,066 shares at a weighted average price per share of $15.97, inclusive of commissions for a total cost of $245,810.

On July 22, 2019, the Board of Directors approved Articles of Amendment which amended the Company’s charter to reduce the amount of authorized capital stock from 400,000,000 shares, par value $0.001 per share, to 130,000,000 shares, par value $0.001 per share.

The Articles of Amendment were accepted for record by the Department of Assessments and Taxation of the State of Maryland on July 22, 2019 and immediately became effective.

On October 30, 2018, the Company’s Board of Directors approved a one-for-three reverse stock split of the Company’s common stock which was effective as of the close of business on November 30, 2018.

The Company's common stock began trading on a split-adjusted basis on December 3, 2018.

The fractional shares that resulted from the Reverse Stock Split were approximately 29 shares and they were canceled by paying cash in lieu of the fair value.

APOLLO INVESTMENT CORPORATION

1 unchanged sentence

(In thousands, except share and per share data)

The Articles of Amendment were accepted for record by the Department of Assessments and Taxation of the State of Maryland on July 22, 2019 and immediately became effective.

Commitments and Contingencies

The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies.

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

December 31, 2021 March 31, 2021

As of June 30, 2022 and March 31, 2022, the Company had the following unfunded commitments to its portfolio companies:

June 30, 2022 March 31, 2022

Unfunded revolver obligations and bridge loan commitments (1) $ 179,927 $ 182,645

Standby letters of credit issued and outstanding (2)

Unfunded delayed draw loan commitments (3) 304,796 172,249

31,916 31,188

Unfunded delayed draw loan commitments (including commitments with performance thresholds not met) (3) 287,926 272,787

Total Unfunded Commitments (4) $ 499,769 $ 486,620

1 unchanged sentence

(1) The unfunded revolver obligations may or may not be funded to the borrowing party in the future.

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

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

The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 2022 and March 31, 2022, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding.

As of June 30, 2022 and March 31, 2022, the bridge loan commitments included in the balances were $0 and $0, respectively.

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

2 unchanged sentences

For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

(4) The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $25,000 and $109,500 as of December 31, 2021 and March 31, 2021, respectively.

(4) The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $25,000 and $25,000 a s of June 30, 2022 and March 31, 2022 , respectively.

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

3 unchanged sentences

Financial Highlights

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

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

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

Three Months Ended June 30, 2022 Three Months Ended June 30, 2021

(Unaudited) (Unaudited)

26 unchanged sentences

(2) The tax character of distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP.

Although the tax character of distributions paid to stockholders through December 31, 2021 may include return of capital, the exact amount cannot be determined at this point.

Although the tax character of distributions paid to stockholders through June 30, 2022 may include return of capital, the exact amount cannot be determined at this point.

Per share amounts are based on actual rate per share.

6 unchanged sentences

(4) The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements).

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

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

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

For the three months ended June 30, 2022, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.58% and 12.17%, respectively, without the voluntary fee waivers.

For the Three months ended June 30, 2021, the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 4.87% and 9.75%, respectively, without the voluntary fee waivers.

(5) Annualized for the three months ended June 30, 2022 and 2021.

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

2 unchanged sentences

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

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

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

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

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

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

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

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

There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.

On August 1, 2022, the Board of Directors approved an offering directly to an investor of 1,932,641 shares of the Company’s common stock, par value $0.001 per share at a purchase price of $15.5228 per share, which is the net asset value per share of the Company’s common stock as of June 30, 2022.

On August 1, 2022, the Board of Directors approved changing the Company’s name from Apollo Investment Corporation to MidCap Financial Investment Corporation, effective August 12, 2022.

The Company’s common stock will begin to trade under the ticker “MFIC” on the NASDAQ Global Stock Market on or about August 12, 2022.

On August 1, 2022, pursuant to Section 15(c) of the Investment Company Act of 1940, as amended, the Board of Directors also approved the Fourth Amended and Restated Investment Advisory Agreement between the Company and Apollo Investment Management, L.P (the “New Advisory Agreement”).

Under the New Advisory Agreement, the base management fee was reduced to 1.75% of the Company’s net assets from 1.50% on the Company’s gross assets (and 1.00% on gross assets exceeding a 200% of net assets), effective as of January 1, 2023.

The incentive fee on income was also reduced to 17.5% from 20%, effective as of January 1, 2023.

The performance threshold remains 7% and there was no change to the total return requirement, other than accounting for the change in the incentive fee for the period following January 1, 2023, or catch-up provision.

The incentive fee on capital gains was also reduced to 17.5% from 20%.

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

Widra, who served as Chief Executive Officer since 2018 and as President from 2016 to 2018, has been named Executive Chairman of the Board of Directors.

Widra will continue to serve as Apollo’s Head of Direct Origination.

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

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

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

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

Financial Institutions Group.

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

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

On August 1, 2022, the Company’s Board of Directors (the “Board”) declared a distribution of $0.32 per share, payable on October 11, 2022 to stockholders of record as of September 20, 2022.

There can be no assurances that the Board will continue to declare a base distribution of $0.32 per share.

Report of Independent Registered Public Accounting Firm

To the stockholders and Board of Directors of Apollo Investment Corporation

Results of Review of Interim Financial Information

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of June 30, 2022, the related statements of operations, changes in net assets, cash flows, and financial highlights for the three-month period ended June 30, 2022, and the related notes (collectively referred to as the "interim financial information").

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

Basis for Review Results

This interim financial information is the responsibility of the Company's management.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our review in accordance with standards of the PCAOB.

A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters.

It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole.

Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

New York, New York

August 2, 2022

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Apollo Investment Corporation

Results of Review of Interim Financial Statements

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

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

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of assets and liabilities, including the schedule of investments, of the Company as of March 31, 2021, and the related statements of operations, of changes in net assets and of cash flows for the year then ended (not presented herein), and in our report dated May 20, 2021, we expressed an unqualified opinion on those financial statements.

In our opinion, the information set forth in the accompanying statement of assets and liabilities, including the schedule of investments, as of March 31, 2021, is fairly stated, in all material respects, in relation to the statement of assets and liabilities, including the schedule of investments, from which it has been derived.

We have reviewed the accompanying statements of operations, of changes in net assets and of cash flows of Apollo Investment Corporation (the “Company”) for the three-month period ended June 30, 2021, including the related notes (collectively referred to as the “interim financial statements”).

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

Basis for Review Results

8 unchanged sentences

New York, New York

February 3, 2022

August 5, 2021

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements