UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00646

APOLLO INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland	52-2439556
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
9 West 57th Street 37th Floor New York, New York	10019
(Address of principal executive offices)	(Zip Code)

(212) 515-3450

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	AINV	NASDAQ Global Select Market

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x  No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ¨  No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨

(Do not check if a smaller reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ¨  No x

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of August 1, 2022 was 63,518,718.

APOLLO INVESTMENT CORPORATION

Table of Contents

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Statements of Assets and Liabilities June 30, 2022 and March 31, 2022	1
	Statements of Operations Three months ended June 30, 2022 and June 30, 2021	2
	Statements of Changes in Net Assets Three months ended June 30, 2022 and June 30, 2021	3
	Statements of Cash Flows Three months ended June 30, 2022 and June 30, 2021	4
	Schedule of Investments June 30, 2022	5
	Schedule of Investments March 31, 2022	30
	Notes to Financial Statements	55
	Reports of Independent Registered Public Accounting Firm	82
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	84
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	97
Item 4.	Controls and Procedures	99
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	100
Item 1A.	Risk Factors	100
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	101
Item 3.	Defaults Upon Senior Securities	104
Item 4.	Mine Safety Disclosures	104
Item 5.	Other Information	104
Item 6.	Exhibits	105
	Signatures	106

PART I. FINANCIAL INFORMATION

In this report, the terms the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” and “our” refer to Apollo Investment Corporation unless the context specifically states otherwise.

Item 1. Financial Statements

APOLLO INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

	June 30, 2022		March 31, 2022
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,060,771 and $2,001,907, respectively)	$	2,025,196	$	1,977,647
Non-controlled/affiliated investments (cost — $130,855 and $130,866, respectively)	60,208		63,709
Controlled investments (cost — $602,913 and $613,056, respectively)	464,100		481,817
Cash and cash equivalents	34,512		30,033
Foreign currencies (cost — $1,027 and $601, respectively)	950		565
Receivable for investments sold	8,244		7,989
Interest receivable	18,842		15,554
Dividends receivable	5,393		5,083
Deferred financing costs	15,811		17,005
Prepaid expenses and other assets	1,825		719
Total Assets	$	2,635,081	$	2,600,121
Liabilities
Debt	$	1,597,563	$	1,550,608
Payable for investments purchased	206		—
Distributions payable	22,867		22,913
Management and performance-based incentive fees payable	10,270		9,912
Interest payable	9,341		3,335
Accrued administrative services expense	1,290		897
Other liabilities and accrued expenses	7,557		7,624
Total Liabilities	$	1,649,094	$	1,595,289
Commitments and contingencies (Note 8)
Net Assets	$	985,987	$	1,004,832
Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 63,518,718 and 63,647,240 shares issued and outstanding, respectively)	$	62	$	62
Capital in excess of par value	2,077,124		2,078,760
Accumulated under-distributed (over-distributed) earnings	(1,091,199)		(1,073,990)
Net Assets	$	985,987	$	1,004,832
Net Asset Value Per Share	$	15.52	$	15.79

See notes to financial statements.

1

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three Months Ended June 30,
	2022		2021
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	42,448	$	40,244
Dividend income	25		72
PIK interest income	414		1,201
Other income	276		1,187
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	48		45
Dividend income	311		312
PIK interest income	19		16
Other income	—		—
Controlled investments:
Interest income (excluding PIK interest income)	9,101		7,157
Dividend income	—		—
PIK interest income	522		319
Other income	240		—
Total Investment Income	$	53,404	$	50,553
Expenses
Management fees	$	8,949	$	8,813
Performance-based incentive fees	1,396		—
Interest and other debt expenses	16,377		12,662
Administrative services expense	1,286		1,271
Other general and administrative expenses	2,206		2,538
Total expenses	30,214		25,284
Management and performance-based incentive fees waived	—		—
Management fee offset rebate	(75)		—
Expense reimbursements	(228)		(76)
Net Expenses	$	29,911	$	25,208
Net Investment Income	$	23,493	$	25,345
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	314	$	279
Non-controlled/affiliated investments	—		—
Controlled investments	—		—
Foreign currency transactions	(22)		(184)
Net realized gains (losses)	292		95
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments	(11,315)		6,826
Non-controlled/affiliated investments	(3,490)		9,998
Controlled investments	(7,575)		(10,026)
Foreign currency translations	4,254		(94)
Net change in unrealized gains (losses)	(18,126)		6,704
Net Realized and Change in Unrealized Gains (Losses)	$	(17,834)	$	6,799
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,659	$	32,144
Earnings (Loss) Per Share — Basic	$	0.09	$	0.49

See notes to financial statements.

2

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

	Three Months Ended June 30,
	2022		2021
Operations
Net investment income	$	23,493	$	25,345
Net realized gains (losses)	292		95
Net change in unrealized gains (losses)	(18,126)		6,704
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,659	$	32,144
Distributions to Stockholders
Distribution of net investment income	$	(22,867)	$	(23,441)
Distribution of return of capital	—		—
Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders	$	(22,867)	$	(23,441)
Capital Share Transactions
Repurchase of common stock	$	(1,638)	$	(2,026)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(1,638)	$	(2,026)
Net Assets
Net decrease in net assets during the period	$	(18,845)	$	6,675
Net assets at beginning of period	1,004,832		1,036,330
Net Assets at End of Period	$	985,987	$	1,043,005
Capital Share Activity
Shares repurchased during the period	(128,522)		(145,572)
Shares issued and outstanding at beginning of period	63,647,240		65,259,176
Shares Issued and Outstanding at End of Period	63,518,718		65,113,604

See notes to financial statements.

3

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Three Months Ended June 30,
	2022		2021
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	5,659	$	32,144
Net realized (gains) losses	(292)		(95)
Net change in unrealized (gains) losses	18,126		(6,704)
Net amortization of premiums and accretion of discounts on investments	(2,368)		(2,415)
Accretion of discount on notes	151		148
Amortization of deferred financing costs	1,292		1,289
Increase in gains (losses) from foreign currency transactions	(22)		(178)
PIK interest and dividends capitalized	(731)		(1,786)
Changes in operating assets and liabilities:
Purchases of investments	(227,216)		(288,628)
Proceeds from sales and repayments of investments	181,870		258,801
Decrease (increase) in interest receivable	(3,287)		(595)
Decrease (increase) in dividends receivable	(310)		(311)
Decrease (increase) in prepaid expenses and other assets	(1,106)		(750)
Increase (decrease) in management and performance-based incentive fees payable	358		147
Increase (decrease) in interest payable	6,006		4,685
Increase (decrease) in accrued administrative services expense	393		457
Increase (decrease) in other liabilities and accrued expenses	(67)		(1,088)
Net Cash Used in/Provided by Operating Activities	$	(21,544)	$	(4,879)
Financing Activities
Issuances of debt	$	148,000	$	88,540
Payments of debt	(97,000)		(65,402)
Financing costs paid and deferred	—		—
Repurchase of common stock	(1,638)		(2,026)
Distributions paid	(22,913)		(23,493)
Net Cash Used in/Provided by Financing Activities	$	26,449	$	(2,381)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	4,905	$	(7,260)
Effect of foreign exchange rate changes on cash and cash equivalents	(41)		(47)
Cash, cash equivalents and foreign currencies at beginning of period	30,598		54,624
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	35,462	$	47,317
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	8,814	$	6,538
Non-Cash Activity
PIK income	$	956	$	1,536

See notes to financial statements.

4

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 (1)(36)
Advertising, Printing & Publishing
FingerPaint Marketing
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) (28)
	First Lien Secured Debt - Revolver	P+575	12/30/26	1,962		128		128		(9)(21)(23) (25)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		269		(9)(13)
						22,691		22,695
Hero Digital
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) (29)
	First Lien Secured Debt - Revolver	P+500	11/18/26	2,553		806		819		(9)(20)(21) (23)(25)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		207		(9)(13)(24)
						20,071		20,166
		Total Advertising, Printing & Publishing				$	42,762	$	42,861
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	SOFR+800, 1.00% Floor	05/20/24	$	33,000	$	26,096	$	25,811	(9)(20)(21) (23)(31)
		Total Aerospace & Defense				$	26,096	$	25,811
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt	L+600, 1.00% Floor	06/16/27	$	29,872	$	25,014	$	25,011	(9)(21)(23) (26)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		(36)		(37)		(8)(9)(21) (23)
						24,978		24,974
Crowne Automotive
Vari-Form Group, LLC	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	5,860		893		264		(9)(14)
Vari-Form Inc.	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	2,110		391		95		(9)(14)
						1,284		359
K&N Parent, Inc.
K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,621		19,546		(28)
Truck-Lite Co., LLC
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	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) (21)(23)
						31,726		31,607
		Total Automotive				$	81,609	$	76,486
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	275,177	$	275,000	$	275,000	(20)(23)
	Common Equity - Membership Interests	N/A	N/A	N/A		35,800		9,395		(13)(24)
						310,800		284,395
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,322		17,162		17,235		(9)(26)(28)
		Total Aviation and Consumer Transport				$	327,962	$	301,630

See notes to financial statements.

5

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 (1)(36)
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	30,885	$	30,287	$	30,422	(9)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	1,613		547		552		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	P+550	07/30/26	1,268		1,244		1,249		(9)(21)(23) (25)
						32,078		32,223
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interests	N/A	N/A	1,000,000 Shares		1,000		1,090		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A	589 Shares		448		488		(9)(13)(24)
	Common Equity - Common Stock	N/A	N/A	589 Shares		3		—		(9)(13)(24)
Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,080		16,790		16,824		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		(40)		(35)		(8)(9)(21) (23)
						17,201		17,277
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	490,000 Shares		90		928
Rise Baking
Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,623		26,048		25,864		(9)(26)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		1,876		1,854		(9)(20)(21) (23)(26)
						27,924		27,718
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		141		(9)(13)
THLP CO. 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) (23)(28)
						27,016		26,693
		Total Beverage, Food & Tobacco				$	105,309	$	105,929
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,833	$	15,582	(28)
AlpineX
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) (26)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/27/27	1,117		426		425		(9)(21)(23) (28)
						13,805		13,763
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	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) (25)
						30,963		31,234

See notes to financial statements.

6

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 (1)(36)
Continuum
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	L+900, 1.00% Floor	01/31/25	34,235	33,839	33,978	(9)(28)
Elo Touch
TGG TS Acquisition Company	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	12/14/23	1,750	—	(25)	(8)(21)(23)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(160)	(128)	(8)(21)(23)
IRP
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) (23)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	114 Shares	114	114	(9)(13)(24)
					8,087	8,028
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	L+675, 1.00% Floor	04/23/24	22,116	21,993	21,226	(9)(28)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	04/23/24	3,500	3,475	3,355	(9)(21)(23) (28)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	—	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)
					25,979	24,592
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	L+600, 1.00% Floor	07/31/26	13,167	13,032	12,802	(9)(26)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/31/26	1,569	737	710	(9)(21)(23) (28)
					13,769	13,512
Naviga
Naviga Inc. (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) (26)
	First Lien Secured Debt - Revolver	P+600	12/29/22	24	24	24	(9)(23)(25)
					13,606	13,667
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,405	5,672	5,582	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,263	391	388	(9)(21)(23) (28)
	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)
					6,351	6,213
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) (28)
					36,413	34,963

See notes to financial statements.

7

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 (1)(36)
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		1,018		(9)
Trench Plate
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) (23)(32)
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
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		923		(9)(13)
USLS Acquisition, Inc.	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) (23)(31)(32)
						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)
						9,812		9,817
		Total Business Services				$	269,623	$	255,352
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,491 Shares		$	78,729	$	40,607	(13)(16)(24)
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	09/13/24	15,576		15,458		15,098		(9)(28)
	First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,624		5,550		5,451		(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/13/24	2,019		2,003		1,957		(9)(23)(28)
						23,011		22,506
		Total Chemicals, Plastics & Rubber				$	101,740	$	63,113
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	03/06/25	$	29,119	$	28,829	$	28,707	(9)(26)
	First Lien Secured Debt - Revolver	P+525	03/06/24	2,727		1,340		1,322		(9)(20)(21) (23)(25)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,095		(9)
		Total Construction & Building				$	30,669	$	31,124
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/10/25	$	1,505	$	378	$	399	(21)(23)(26)
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		796		344		(10)(20)(21) (23)(26)

See notes to financial statements.

8

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 (1)(36)
KLO Holdings, LLC
1244311 B.C. Ltd. (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) (24)
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)
						5,274		4,727
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	2,051		881		875		(20)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+350	02/26/25	1,509		1,501		1,498		(23)(25)
						2,382		2,373
NSi Industries
Wildcat BuyerCo, Inc.	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) (32)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		166		(13)
						15,714		15,937
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		352		(10)(13)
		Total Consumer Goods – Durable				$	24,544	$	24,132
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	05/31/24	$	2,219	$	(22)	$	—	(9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	24,550		24,231		23,656		(9)(26)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		(33)		(130)		(8)(9)(21) (23)
	Preferred Equity - Preferred Equity	N/A	N/A	491,405 Shares		492		64		(9)(13)(24)
						24,690		23,590
LashCo
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 - Revolver	L+700, 1.00% Floor	09/18/25	1,612		553		574		(9)(21)(23) (29)
						43,105		43,304
Paladone
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) (23)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	£	353	(9)		(7)		(8)(9)(17) (21)(23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		(25)		(22)		(8)(9)(17) (21)(23)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		118		(9)(13)(17) (24)
						6,024		6,056

See notes to financial statements.

9

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 (1)(36)
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) (24)
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)
						3,657		3,782
		Total Consumer Goods – Non-durable				$	77,454	$	76,732
Consumer Services
Activ
Activ Software Holdings, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/04/27	$	29,792	$	29,305	$	29,059	(9)(30)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(39)		(59)		(8)(9)(21) (23)
						29,266		29,000
Bird
Bird US Opco, LLC	First Lien Secured Debt	L+750, 1.00% Floor	10/12/24	42,849		34,163		34,934		(9)(23)(26)
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	21,632		21,351		21,472		(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		9		(5)		(8)(21)(23)
						21,360		21,467
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	08/31/22	26,250		22,506		22,487		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 0.00% Floor	08/31/22	3,750		3,221		3,220		(9)(21)(23) (26)
						25,727		25,707
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	SOFR+575, 1.00% Floor	12/31/26	26,421		10,744		10,552		(9)(21)(23) (31)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(8)		(8)(9)(21) (23)
						10,741		10,544
Lending Point
LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	32,500		20,182		20,300		(9)(21)(23) (28)
	First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		2,571		2,575		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		6,879		6,887		(9)(21)(23) (28)
						29,632		29,762
Only About Children
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) (34)
Renovo
HomeRenew Buyer, Inc.	First Lien Secured Debt	SOFR+665, 1.00% Floor	11/23/27	18,021		12,630		12,569		(9)(21)(23) (32)
	First Lien Secured Debt - Revolver	SOFR+665, 1.00% Floor	11/23/27	1,958		(38)		(39)		(8)(9)(21) (23)
						12,592		12,530

See notes to financial statements.

10

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 (1)(36)
The Club Company
Eldrickco Limited	First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,027	13,974		13,148		(9)(17)(21) (23)(27)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		425		(9)(17)(23) (27)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	1		(7)		(8)(9)(17) (21)(23)
						14,386		13,566
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	SOFR+525, 1.00% Floor	04/17/25	17,300		11,541		11,427		(9)(21)(23) (31)
	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
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(20)	$	(22)	(8)(9)(21) (23)
Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,386		17,230		17,218		(9)(26)
						17,210		17,196
Golden Bear
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)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	01/24/24	9,113		598		598		(9)(21)(23) (26)
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	14,457		12,714		12,678		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(5)		(6)		(8)(9)(21) (23)
						12,709		12,672
Ten-X, LLC
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
Education
NFA Group
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
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
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 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)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	443,844 Shares		444		574		(13)(17)(24)
						16,791		5,287

See notes to financial statements.

11

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 (1)(36)
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)
						12,857		1,837
		Total Energy – Electricity				$	29,648	$	7,124
Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/31/23	$	3,959	$	3,094	$	3,959
	Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,077		714		(13)(24)
						33,171		4,673
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(13)(16)(17) (24)
Spotted Hawk
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 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
		Total Energy – Oil & Gas				$	116,439	$	38,758
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC	First Lien Secured Debt	L+500, 1.00% Floor	10/31/26	$	14,497	$	8,162	$	8,249	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	10/31/26	2,049		(25)		(7)		(8)(9)(21) (23)
		Total Environmental Industries				$	8,137	$	8,242
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,980	$	4,938	(9)(26)
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt	SOFR+635, 1.61% Floor	10/27/25	15,750		12,751		12,711		(9)(23)(31)
Analogic
Analogic Corporation	First Lien Secured Debt	L+525, 1.00% Floor	06/22/24	17,804		17,643		17,493		(9)(28)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	06/22/23	1,826		1,034		1,012		(9)(21)(23) (28)
						18,677		18,505
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt	L+675, 1.00% Floor	12/16/27	13,059		12,756		12,746		(9)(26)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	12/16/26	1,875		(42)		(45)		(8)(9)(21) (23)
						12,714		12,701

See notes to financial statements.

12

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 (1)(36)
Cerus
Cerus Corporation	First Lien Secured Debt	L+545, 1.80% Floor	03/01/24	16,500	16,472	16,665	(9)(17)(26)
	First Lien Secured Debt - Revolver	L+375, 1.80% Floor	03/01/24	1,500	1,022	1,024	(9)(17)(21) (23)(26)
					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)
					8,650	8,615
Emmes Corporation
Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	1,449	(9)(13)
The Emmes Company, LLC	First Lien Secured Debt	L+500, 1.00% Floor	03/03/25	15,844	15,723	15,765	(9)(29)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	03/03/25	2,449	1,208	1,212	(9)(21)(23) (26)
					17,237	18,426
EmpiRx
EmpiRx Health LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/05/27	9,045	8,889	8,955	(9)(29)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/05/27	909	439	445	(9)(20)(21) (23)(26)
					9,328	9,400
Forge Biologics
Forge Biologics, Inc.	First Lien Secured Debt	L+675, 0.50% Floor	12/03/26	26,667	13,217	13,293	(9)(23)(26)
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) (32)
	First Lien Secured Debt - Revolver	SOFR+565, 0.75% Floor	09/22/24	304	12	12	(9)(21)(23) (32)
					7,883	7,877
Gossamer
GB001, Inc.	First Lien Secured Debt	L+700, 2.00% Floor	01/01/25	30,000	5,897	6,008	(9)(17)(23) (26)
Health & Safety Institute
HSI HALO Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/31/26	16,343	13,477	13,305	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/02/25	813	131	121	(9)(21)(23) (28)
	Common Equity - Common Stock	N/A	N/A	500 Shares	500	656	(9)(13)
					14,108	14,082
IMA Group
IMA Group Management Company, LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/30/24	12,663	8,907	8,898	(21)(23)(28) (29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	05/30/24	289	259	257	(21)(23)(26)
					9,166	9,155
Kepro
Keystone Acquisition Corp.	First Lien Secured Debt	L+575, 0.75% Floor	01/26/29	13,992	11,791	11,965	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	01/26/28	978	(18)	(5)	(8)(9)(21) (23)
					11,773	11,960

See notes to financial statements.

13

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 (1)(36)
Kindeva
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) (26)
					9,331	9,303
KureSmart
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) (23)
					21,568	21,521
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt	L+575, 1.00% Floor	01/02/25	12,460	7,997	7,968	(9)(21)(23) (26)(28)
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)
	Common Equity - Common Stock	N/A	N/A	334,226 Shares	76	1,273	(9)(10)(13) (17)
					13,853	15,170
Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/06/27	23,305	23,084	23,014	(9)(28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/06/26	1,558	(3)	(21)	(8)(9)(21) (23)
					23,081	22,993
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt	L+650, 1.00% Floor	10/26/26	36,033	30,827	30,659	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	10/26/26	3,810	331	316	(9)(21)(23) (26)
					31,158	30,975
Midwest Vision
Midwest Vision Partners Management, LLC	First Lien Secured Debt	L+650, 1.00% Floor	01/12/27	24,206	21,395	21,548	(9)(21)(23) (26)(28)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/12/27	612	602	606	(9)(23)(28)
					21,997	22,154
Orchard
Orchard Therapeutics PLC	First Lien Secured Debt	L+595, 1.00% Floor	05/28/26	33,333	10,913	10,667	(9)(17)(23) (26)
Ovation Fertility
FPG Services, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/13/25	18,994	14,096	14,250	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/13/24	2,105	(17)	(4)	(8)(9)(21) (23)
					14,079	14,246
Paragon 28
Paragon 28, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	05/01/26	10,000	7,475	7,450	(9)(23)(26)
	First Lien Secured Debt - Revolver	L+300, 1.00% Floor	05/01/26	2,000	(8)	(10)	(8)(9)(21) (23)
					7,467	7,440

See notes to financial statements.

14

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 (1)(36)
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) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	55,556 Shares	333		343		(9)(13)
	Warrants	N/A	N/A	33,333 Shares	135		98		(9)(13)
					14,512		14,475
PHS
PHS Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	01/31/27	25,051	24,669		24,551		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	01/31/27	2,000	953		960		(9)(21)(23) (26)(28)
					25,622		25,511
Radius Health
Radius Health, Inc.	First Lien Secured Debt	L+575, 2.00% Floor	06/01/24	33,833	28,760		28,729		(9)(17)(23) (26)
	First Lien Secured Debt - Revolver	L+350, 2.00% Floor	06/01/24	1,000	(1)		(6)		(8)(9)(17) (21)(23)
					28,759		28,723
RHA Health Services
Pace Health Companies, LLC	First Lien Secured Debt	L+450, 1.00% Floor	08/02/24	3,768	3,733		3,738		(9)(28)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	08/02/24	500	26		(4)		(8)(9)(20) (21)(23)
					3,759		3,734
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	First Lien Secured Debt	L+565, 1.50% Floor	09/01/24	9,000	9,011		8,955		(9)(26)
TELA Bio, Inc.
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
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) (23)
					12,188		12,158
Treace
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) (31)
	First Lien Secured Debt - Revolver	SOFR+400, 1.00% Floor	04/01/27	3,000	386		385		(9)(17)(21) (23)(31)
					14,902		14,793
Unchained Labs
Unchained Labs, LLC	First Lien Secured Debt	L+550, 1.00% Floor	08/09/27	6,749	4,094		4,117		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/09/27	726	(12)		(7)		(8)(9)(21) (23)
					4,082		4,110
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) (23)
					17,635		17,533
		Total Healthcare & Pharmaceuticals			$	469,058	$	471,039

See notes to financial statements.

15

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 (1)(36)
High Tech Industries
Acronis AG
ACRONIS AG	First Lien Secured Debt	L+535, 1.00% Floor	04/01/27	$	21,000	$	20,936	$	20,895	(9)(17)(26)
American Megatrends
AMI US Holdings Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/01/25	21,375		21,175		21,375		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 0.00% Floor	04/01/24	2,907		1,142		1,160		(9)(21)(23) (26)
						22,317		22,535
Calero Holdings, Inc.
Telesoft Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/16/25	22,216		21,917		22,020		(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/16/25	2,273		91		101		(21)(23)(26)
						22,008		22,121
ChyronHego Corporation
ChyronHego Corporation (5)	First Lien Secured Debt	L+350 Cash plus 1.50% PIK, 1.00% Floor	12/31/24	85,600		84,878		84,744		(28)
	First Lien Secured Debt	L+800 PIK, 1.00% Floor	12/31/24	4,629		2,542		2,583		(23)(28)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	12/31/24	10,000		8,876		8,856		(21)(23)(28)
	Preferred Equity - Preferred Equity	N/A	N/A	7,800 Shares		6,000		16,955		(13)(24)
						102,296		113,138
Dairy.com
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) (23)
						14,994		14,884
Digital.ai
Digital.ai Software Holdings, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/10/27	22,298		21,780		21,946		(9)(28)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	02/10/27	2,419		509		526		(9)(21)(23) (28)
						22,289		22,472
GoHealth
Norvax, LLC	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	09/13/24	3,182		2,432		2,459		(9)(21)(23) (26)
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc.	First Lien Secured Debt	SOFR+535, 1.00% Floor	06/06/25	14,400		14,277		13,661		(31)
Modern Campus
Destiny Solutions U.S., Inc.	First Lien Secured Debt	L+600, 1.00% Floor	06/08/26	25,573		25,050		25,062		(26)
RMCF IV CIV XXXV, L.P.	Common Equity - Common Stock	N/A	N/A	482 Shares		1,000		1,384		(13)
						26,050		26,446
MYCOM
Magnate Holding Corp.	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) (26)(28)
						22,151		22,208

See notes to financial statements.

16

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 (1)(36)
New Era Technology, Inc.
New Era Technology, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	10/31/26	33,112		26,644		26,429		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	10/30/26	1,732		749		740		(9)(21)(23) (28)
						27,393		27,169
Pro Vigil
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) (32)
Schlesinger Group
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
Simeio
Simeio Group Holdings, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	02/02/26	8,178		8,104		8,039		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	02/02/26	1,731		(16)		(30)		(8)(9)(21) (23)
						8,088		8,009
Sirsi Corporation
Sirsi Corporation	First Lien Secured Debt	L+450, 1.00% Floor	03/15/24	5,371		5,342		5,363		(9)(26)
	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/15/24	429		(2)		(1)		(8)(9)(21) (23)
						5,340		5,362
Springbrook
Springbrook Holding Company, LLC	First Lien Secured Debt	L+550, 1.00% Floor	12/23/26	15,889		15,688		15,642		(28)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/23/26	1,463		(16)		(23)		(8)(21)(23)
						15,672		15,619
Tax Slayer
MEP-TS Midco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/31/26	13,345		13,116		13,212		(9)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/31/26	1,452		1		(15)		(8)(9)(21) (23)
						13,117		13,197
UpStack
Upstack Holdco Inc.	First Lien Secured Debt	L+550, 1.00% Floor	08/20/27	31,843		27,538		27,765		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/20/27	3,000		(71)		(45)		(8)(9)(20) (21)(23)
						27,467		27,720
		Total High Tech Industries				$	389,963	$	401,125
Hotel, Gaming, Leisure, Restaurants
Guernsey
Guernsey Holdings SDI LA LLC	First Lien Secured Debt	6.95%	11/18/26	$	9,759	$	9,672	$	9,672	(9)
	First Lien Secured Debt	L+595, 1.00% Floor	11/18/26	1,167		1		(11)		(8)(9)(23)
						9,673		9,661
Taco Cabana
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.

17

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 (1)(36)
Insurance
High Street Insurance
High Street Buyer, Inc.	First Lien Secured Debt	L+600, 0.75% Floor	04/14/28	$	30,037	$	29,551	$	29,361	(9)(26)
	First Lien Secured Debt - Revolver	L+600, 0.75% Floor	04/16/27	2,203		(35)		(50)		(8)(9)(21) (23)
						29,516		29,311
PGM Holdings Corporation
Turbo Buyer, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	12/02/25	19,181		18,898		18,606		(9)(28)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/02/25	923		(13)		(28)		(8)(9)(21) (23)
						18,885		18,578
Relation Insurance
AQ Sunshine, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	04/15/25	34,772		33,934		34,231		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	04/15/24	1,785		489		500		(9)(20)(21) (23)(31)
						34,423		34,731
		Total Insurance				$	82,824	$	82,620
Manufacturing, Capital Equipment
AVAD, LLC
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) (23)(26)
	Preferred Equity - Class P-1 Preferred	N/A	N/A	33,333 Shares		3,333		6,462		(9)(13)(16)
	Preferred Equity - Class P-2 Preferred	N/A	N/A	85,164 Shares		8,516		1,840		(9)(13)(16)
	Common Equity - Class A-1 Common	N/A	N/A	3,333 Shares		—		55		(9)(13)(16)
						24,826		21,162
Kauffman
Kauffman Holdco, LLC	Common Equity - Common Stock	N/A	N/A	250,000 Shares		250		86		(9)(13)
Kauffman Intermediate, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/08/25	16,237		16,083		15,691		(9)(30)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	05/08/25	1,243		129		114		(9)(21)(23) (28)
						16,462		15,891
MedPlast Holdings Inc.
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.)	Second Lien Secured Debt	L+775, 0.00% Floor	07/02/26	8,000		7,961		7,760		(26)
		Total Manufacturing, Capital Equipment				$	49,249	$	44,813
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc.	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
Sonar Entertainment
Sonar Entertainment, Inc.	First Lien Secured Debt	L+760, 1.25% Floor	11/15/21	2,475		2,474		2,039		(9)(11)(26)
	First Lien Secured Debt - Revolver	L+760, 1.25% Floor	11/15/21	1,604		1,561		1,321		(9)(11)(23) (26)
						4,035		3,360
		Total Media – Diversified & Production				$	36,602	$	35,893

See notes to financial statements.

18

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 (1)(36)
Retail
IPS
SI Holdings, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	07/25/25	$	30,926	$	30,591	$	30,573	(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/25/24	3,413		740		737		(9)(21)(23) (26)
		Total Retail				$	31,331	$	31,310
Telecommunications
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.	Second Lien Secured Debt	L+825, 1.00% Floor	11/01/25	$	7,128	$	7,094	$	6,736	(28)
		Total Telecommunications				$	7,094	$	6,736
Transportation – Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp.	First Lien Secured Debt	L+550, 1.00% Floor	05/22/24	$	28,231	$	13,807	$	13,840	(9)(21)(23) (26)(28)
	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) (21)(23)
						13,739		13,784
Dynamic Product Tankers (Prime), LLC
Dynamic Product Tankers, LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		42,632		1,041		(13)(17)(19) (24)
Heniff and Superior
Heniff Holdco, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/03/26	30,376		29,956		29,425		(9)(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/03/24	3,925		1,531		1,486		(9)(21)(23) (26)
						31,487		30,911
MSEA Tankers LLC
MSEA Tankers LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		43,808		27,398		(17)(18)(24)
		Total Transportation – Cargo, Distribution				$	131,666	$	73,134
Utilities – Electric
Congruex
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
Wholesale
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/31/25	$	17,711	$	15,084	$	15,023	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/31/25	1,935		624		619		(9)(21)(23) (26)
Banner Parent Holdings, Inc.	Common Equity - Common Stock	N/A	N/A	6,125 Shares		613		537		(9)(13)
						16,321		16,179
Thomas Scientific
BSP-TS, LP	Common Equity - Common Stock	N/A	N/A	185 Shares		185		217		(9)(13)(24)
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) (23)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/14/27	2,963		(54)		(28)		(8)(9)(21) (23)
						26,144		26,428
		Total Wholesale				$	42,465	$	42,607
Total Investments						$	2,794,539	$	2,549,504	(6)(7)

See notes to financial statements.

19

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

___________________

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

(2)Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. 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. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. 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, 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
1244311 B.C. Ltd., Common Stock	$	976	$	—	$	—	$	(207)	$	769	$	—	$	—
1244311 B.C. Ltd., Term Loan	3,800		16		—		(43)		3,773		—		62
AIC SPV Holdings II, LLC, Preferred Equity	355		—		—		(67)		288		—		29
Carbonfree Chemicals Holdings LLC, Common Stock	42,117		25,074		—		(26,584)		40,607		7,360		—
Carbonfree Chemicals SA LLC, Class B Units	—		—		(25,074)		25,074		—		(7,360)		—
Golden Bear 2016-R, LLC, Membership Interests	10,038		—		—		(1,081)		8,957		—		281
GSC Technologies Inc., Term Loan	192		3		(8)		(2)		185		—		6
Pelican Energy, LLC, Common Stock	630		—		—		—		630		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock	—		—		—		—		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	—		—		—		—		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	4,988		—		—		(563)		4,425		—		—
Renew JV LLC, Membership Interests	613		—		(22)		(17)		574		—		—
	$	63,709	$	25,093	$	(25,104)	$	(3,490)	$	60,208	$	—	$	378

____________________

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

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

See notes to financial statements.

20

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

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, 2022 and June 30, 2022 along with transactions during the three months ended June 30, 2022 in these controlled 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
Majority Owned Company
ChyronHego Corporation, Preferred Equity	$	15,553	$	—	$	—	$	1,402	$	16,955	$	—	$	—
ChyronHego Corporation, Revolver	7,076		1,720		—		60		8,856		—		350
ChyronHego Corporation, Term Loan	86,969		342		410		(394)		87,327		—		1,765
Dynamic Product Tankers, LLC, Common Stock	3,110		—		(1,800)		(269)		1,041		—		—
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock	—		—		—		714		714		—		—
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan	6,204		141		(4,505)		2,119		3,959		—		142
Merx Aviation Finance, LLC, Letter of Credit	—		—		—		—		—		—		—
Merx Aviation Finance, LLC, Membership Interests	23,509		—		—		(14,114)		9,395		—		—
Merx Aviation Finance, LLC, Revolver	275,000		—		—		—		275,000		—		6,856
MSEA Tankers LLC, Class A Units	34,274		—		(6,450)		(426)		27,398				—
Controlled Company							—
SHD Oil & Gas, LLC, Series C Units	4,652		—		—		3,333		7,985		—		—
SHD Oil & Gas, LLC, Series A Units	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche A Note	—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche B Note	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche C Note	25,470		—		—		—		25,470		—		750
	$	481,817	$	2,203	$	(12,345)	$	(7,575)	$	464,100	$	—	$	9,863

____________________

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

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

    As of June 30, 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. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

See notes to financial statements.

21

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

(6)Aggregate gross unrealized gain and loss for federal income tax purposes is $52,898 and $320,679, respectively. Net unrealized loss is $267,781 based on a tax cost of $2,851,797.

(7)Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 6 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(8)The negative fair value is the result of the commitment being valued below par.

(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the financial statements for discussion of the exemptive order from the SEC.)

(10)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(11)The maturity date for this investment was 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$”), Australian Dollar (“A$”).

(13)Non-income producing security.

(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 owns preferred shares representing 14.25% economic interest.

(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. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. 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. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. 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)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)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.

22

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

(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. 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.

Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit		Undrawn Commitment
A&V Holdings Midco, LLC	$	1,505	$	452	$	—	$	1,053
AMI US Holdings Inc.	2,907		1,163		—		1,744
AQ Sunshine, Inc.	2,144		507		23		1,614
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
Beacon Mobility Corp.	68,152		—		28,505		39,647
Berner Food & Beverage, LLC	2,881		1,844		—		1,037
Bird US Opco, LLC	7,847		—		—		7,847
Cerus Corporation	1,500		1,024		—		476
ChyronHego Corporation	12,000		8,956		—		3,044
Club Car Wash Operating, LLC	6,847		—		—		6,847
Compu-Link Corporation	2,273		—		—		2,273
Digital.ai Software Holdings, Inc.	2,419		565		—		1,854
EHL Merger Sub, LLC	4,155		—		—		4,155
Eldrickco Limited*	5,644		433		—		5,211
EmpiRx Health LLC	909		455		227		227
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
Forge Biologics, Inc.	13,334		—		—		13,334
GB001, Inc.	24,000		—		—		24,000
Gabriel Partners, LLC	665		133		—		532
Gateway US Holdings, Inc.	2,018		15		—		2,003
Go Car Wash Management Corp.	15,774		—		—		15,774
Graffiti Buyer, Inc.	3,920		457		—		3,463
Guernsey Holdings SDI LA LLC	1,167		—		—		1,167
Gutter Buyer, Inc.	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
High Street Buyer, Inc.	2,203		—		—		2,203
Hive Intermediate, LLC	2,326		—		—		2,326
HomeRenew Buyer, Inc.	7,049		—		—		7,049
IMA Group Management Company, LLC	3,929		260		—		3,669
JF Acquisition, LLC	1,569		753		—		816
Jacent Strategic Merchandising	3,500		3,494		—		6
KDC US Holdings	6,020		795		34		5,191
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.	167		96		—		71
Kure Pain Holdings, Inc.	2,654		—		—		2,654
LS Clinical Services Holdings, Inc.	1,875		—		—		1,875

See notes to financial statements.

23

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

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
Lifelong Learner Holdings, LLC	2,985	2,982	—	3
Liqui-Box Holdings, Inc.	3,560	2,401	31	1,128
MEP-TS Midco, LLC	1,452	—	—	1,452
Magnate Holding Corp.	3,150	3,150	—	—
Mannkind Corporation	30,000	—	—	30,000
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,558	—	—	1,558
Medical Guardian, LLC	8,572	381	—	8,191
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
NW Entertainment, Inc.	3,078	3,078	—	—
Naviga Inc. (fka Newscycle Solutions, Inc.)	500	304	—	196
Nemo (BC) Bidco Pty Ltd*	160	—	—	160
New Era Technology, Inc.	7,670	779	—	6,891
Norvax, LLC	3,182	2,466	—	716
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
Paladone Group Bidco Limited	3,295	—	—	3,295
Paladone Group Bidco Limited*	430	—	—	430
Paragon 28, Inc.	4,500	—	—	4,500
Partner Therapeutics, Inc	1,000	726	—	274
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.	3,462	—	—	3,462
Protein For Pets Opco, LLC	2,219	—	—	2,219
Purchasing Power Funding I, LLC	9,113	598	—	8,515
Radius Health, Inc.	5,833	—	—	5,833
Roscoe Medical, Inc	1,393	1,393	—	—
SI Holdings, Inc.	3,413	768	—	2,645
Shelby 2021 Holdings Corp.	1,980	—	—	1,980
Simeio Group Holdings, Inc.	1,731	—	—	1,731
Sirsi Corporation	429	—	—	429
Sonar Entertainment, Inc.	1,604	1,604	—	—
Springbrook Holding Company, LLC	1,463	—	—	1,463
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
THLP CO. LLC	4,494	1,919	79	2,496
Telesoft Holdings, LLC	2,273	121	—	2,152
Ten-X, LLC	4,680	—	—	4,680
The Emmes Company, LLC	2,449	1,224	—	1,225
Thomas Scientific, LLC	8,148	—	—	8,148
TissueTech, Inc.	6,250	—	—	6,250
Treace Medical Concepts, Inc.	23,416	400	—	23,016

See notes to financial statements.

24

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

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.	923		—		—		923
U.S. 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
Unchained Labs, LLC	3,290		—		—		3,290
Upstack Holdco Inc.	6,600		—		110		6,490
WelldyneRX, LLC	1,923		—		—		1,923
Westfall Technik, Inc.	2,019		2,019		—		—
Wildcat BuyerCo, Inc.	1,972		87		30		1,855
Total Commitments	$	882,960	$	383,191	$	31,916	$	467,853

____________________

* 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.

25

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

(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 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:

Issuer	Investment Type	Acquisition Date
1244311 B.C. Ltd.	Common Equity - Common Stock	9/30/2020
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
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
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
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
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
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series D Preferred Stock	10/1/2015
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series B Preferred Stock	4/9/2014
Renew JV LLC	Common Equity - Membership Interests	9/5/2019
SHD Oil & Gas, LLC	Common Equity - Series C Units	12/27/2012
SHD Oil & Gas, LLC	Common Equity - Series A Units	11/18/2016
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.

26

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

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 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
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	42,330	$	—	$	—	$	—	$	—	$	432	$	—	$	42,762
Aerospace & Defense	26,096		—		—		—		—		—		—		26,096
Automotive	57,638		23,621		—		—		—		350		—		81,609
Aviation and Consumer Transport	17,162		—		—		—		—		—		—		17,162
Beverage, Food & Tobacco	103,600		—		—		—		448		1,261		—		105,309
Business Services	199,829		67,765		—		—		89		1,940		—		269,623
Chemicals, Plastics & Rubber	23,011		—		—		—		—		—		—		23,011
Construction & Building	30,169		—		—		—		—		500		—		30,669
Consumer Goods – Durable	19,163		—		—		—		—		107		—		19,270
Consumer Goods – Non-durable	74,827		—		—		—		492		2,135		—		77,454
Consumer Services	194,355		—		—		—		—		—		—		194,355
Diversified Investment Vehicles, Banking, Finance, Real Estate	30,495		—		—		—		—		—		—		30,495
Education	36,331		—		—		—		—		—		—		36,331
Energy – Electricity	7,230		—		—		—		5,623		4		—		12,857
Environmental Industries	8,137		—		—		—		—		—		—		8,137
Healthcare & Pharmaceuticals	467,575		—		—		—		333		1,015		135		469,058
High Tech Industries	286,666		—		—		—		—		1,000		—		287,666
Hotel, Gaming, Leisure, Restaurants	19,485		—		—		—		—		—		—		19,485
Insurance	82,824		—		—		—		—		—		—		82,824
Manufacturing, Capital Equipment	29,188		7,961		—		—		11,850		250		—		49,249
Media – Diversified & Production	36,602		—		—		—		—		—		—		36,602
Retail	31,331		—		—		—		—		—		—		31,331
Telecommunications	—		7,094		—		—		—		—		—		7,094
Transportation – Cargo, Distribution	45,226		—		—		—		—		—		—		45,226
Utilities – Electric	14,631		—		—		—		—		—		—		14,631
Wholesale	41,667		—		—		—		—		798		—		42,465
Total Non-Controlled / Non-Affiliated Investments	$	1,925,568	$	106,441	$	—	$	—	$	18,835	$	9,792	$	135	$	2,060,771
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	78,729	$	—	$	78,729
Consumer Goods - Durable	4,274		—		—		—		—		1,000		—		5,274
Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,998		—		—		—		16,998
Energy – Electricity	—		—		—		—		16,347		444		—		16,791
Energy – Oil & Gas	—		—		—		—		—		13,063		—		13,063
Total Non-Controlled / Affiliated Investments	$	4,274	$	—	$	—	$	16,998	$	16,347	$	93,236	$	—	$	130,855
Controlled Investments
Aviation and Consumer Transport	$	275,000	$	—	$	—	$	—	$	—	$	35,800	$	—	$	310,800
Energy – Oil & Gas	24,728		3,093		—		—		—		75,555		—		103,376
High Tech Industries	96,297		—		—		—		6,000		—		—		102,297
Transportation – Cargo, Distribution	—		—		—		—		—		86,440		—		86,440
Total Controlled Investments	$	396,025	$	3,093	$	—	$	—	$	6,000	$	197,795	$	—	$	602,913
Total	$	2,325,867	$	109,534	$	—	$	16,998	$	41,182	$	300,823	$	135	$	2,794,539

See notes to financial statements.

27

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

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 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
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	42,385		$	—		$	—		$	—		$	—		$	476		$	—		$	42,861		4.3	%
Aerospace & Defense	25,811			—			—			—			—			—			—			25,811			2.6	%
Automotive	56,561			19,546			—			—			—			379			—			76,486			7.7	%
Aviation and Consumer Transport	17,235			—			—			—			—			—			—			17,235			1.7	%
Beverage, Food & Tobacco	103,281			—			—			—			488			2,160			—			105,929			10.7	%
Business Services	197,168			55,670			—			—			89			2,425			—			255,352			25.9	%
Chemicals, Plastics & Rubber	22,506			—			—			—			—			—			—			22,506			2.3	%
Construction & Building	30,029			—			—			—			—			1,095			—			31,124			3.2	%
Consumer Goods – Durable	18,887			—			—			—			—			518			—			19,405			2.0	%
Consumer Goods – Non-durable	74,645			239			—			—			64			1,784			—			76,732			7.8	%
Consumer Services	193,590			—			—			—			—			—			—			193,590			19.6	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	30,427			—			—			—			—			—			—			30,427			3.1	%
Education	36,205			—			—			—			—			—			—			36,205			3.7	%
Energy – Electricity	1,837			—			—			—			—			—			—			1,837			0.2	%
Environmental Industries	8,242			—			—			—			—			—			—			8,242			0.8	%
Healthcare & Pharmaceuticals	467,014			—			—			—			343			3,584			98			471,039			47.8	%
High Tech Industries	286,602			—			—			—			—			1,384			—			287,986			29.2	%
Hotel, Gaming, Leisure, Restaurants	19,429			—			—			—			—			—			—			19,429			2.0	%
Insurance	82,620			—			—			—			—			—			—			82,620			8.4	%
Manufacturing, Capital Equipment	28,611			7,760			—			—			8,301			141			—			44,813			4.5	%
Media – Diversified & Production	35,893			—			—			—			—			—			—			35,893			3.6	%
Retail	31,310			—			—			—			—			—			—			31,310			3.2	%
Telecommunications	—			6,736			—			—			—			—			—			6,736			0.7	%
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	%
Total Non-Controlled / Non-Affiliated Investments	$	1,911,162		$	89,951		$	—		$	—		$	9,285		$	14,700		$	98		$	2,025,196		205.3	%
% of Net Assets	193.8		%	9.1		%	—		%	—		%	0.9		%	1.5		%	—		%	205.3		%
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	40,607		$	—		$	40,607		4.1	%
Consumer Goods - Durable	3,958			—			—			—			—			769			—			4,727			0.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			8,957			—			—			—			8,957			0.9	%
Energy – Electricity	—			—			—			—			4,713			574						5,287			0.5	%
Energy – Oil & Gas	—			—			—			—			—			630			—			630			0.1	%
Total Non-Controlled / Affiliated Investments	$	3,958		$	—		$	—		$	8,957		$	4,713		$	42,580		$	—		$	60,208		6.1	%
% of Net Assets	0.4		%	—		%	—		%	0.9		%	0.5		%	4.3		%	—		%	6.1		%
Controlled Investments
Aviation and Consumer Transport	$	275,000		$	—		$	—		$	—		$	—		$	9,395		$	—		$	284,395		28.8	%
Energy – Oil & Gas	25,470			3,959			—			—			—			8,699			—			38,128			3.9	%
High Tech Industries	96,184			—			—			—			16,955			—						113,139			11.4	%
Transportation – Cargo, Distribution	—			—			—			—			—			28,438			—			28,438			2.9	%
Total Controlled Investments	$	396,654		$	3,959		$	—		$	—		$	16,955		$	46,532		$	—		$	464,100		47.0	%
% of Net Assets	40.2		%	0.4		%	—		%	—		%	1.7		%	4.7		%	—		%	47.0		%
Total	$	2,311,774		$	93,910		$	—		$	8,957		$	30,953		$	103,812		$	98		$	2,549,504		258.4	%
% of Net Assets	234.4		%	9.5		%	—		%	0.9		%	3.1		%	10.5		%	—		%	258.4		%

See notes to financial statements.

28

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of June 30, 2022
Healthcare & Pharmaceuticals	18.5%
High Tech Industries	15.7%
Aviation and Consumer Transport	11.8%
Business Services	10.0%
Consumer Services	7.6%
Beverage, Food & Tobacco	4.2%
Insurance	3.2%
Consumer Goods – Non-durable	3.0%
Automotive	3.0%
Transportation – Cargo, Distribution	2.9%
Chemicals, Plastics & Rubber	2.5%
Manufacturing, Capital Equipment	1.8%
Advertising, Printing & Publishing	1.7%
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%
Retail	1.2%
Construction & Building	1.2%
Aerospace & Defense	1.0%
Consumer Goods – Durable	0.9%
Hotel, Gaming, Leisure, Restaurants	0.8%
Utilities – Electric	0.6%
Environmental Industries	0.3%
Energy – Electricity	0.3%
Telecommunications	0.3%
Total Investments	100.0%

See notes to financial statements.

29

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)
Advertising, Printing & Publishing
FingerPaint Marketing
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) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/30/26	1,962		(31)		(20)		(8)(9)(21) (23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		353		(9)(13)
						22,561		22,843
Hero Digital
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) (29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	11/18/26	2,553		(47)		(26)		(8)(9)(20) (21)(23)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		212		(9)(13)(24)
						19,250		19,439
		Total Advertising, Printing & Publishing				$	41,811	$	42,282
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	L+750, 1.50% Floor	04/28/22	$	32,250	$	23,628	$	23,315	(9)(20)(21) (23)(28)
	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
Automotive
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) (29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		(37)		(30)		(8)(9)(21) (23)
						22,897		22,988
Crowne Automotive
Vari-Form Group, LLC	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	5,860		893		410		(9)(14)
Vari-Form Inc.	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	2,110		391		148		(9)(14)
						1,284		558
K&N Parent, Inc.
K&N Parent, Inc.	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	L+625, 1.00% Floor	12/14/26	31,287		29,655		29,533		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/13/24	3,052		241		226		(9)(20)(21) (23)(26)
						30,246		30,179
		Total Automotive				$	78,032	$	73,449
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	275,177	$	275,000	$	275,000	(20)(23)
	Common Equity - Membership Interests	N/A	N/A	N/A		35,800		23,509		(24)
						310,800		298,509

See notes to financial statements.

30

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
PrimeFlight Aviation Services, Inc.	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 Foods
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) (29)
	First Lien Secured Debt - Revolver	P+550	07/30/26	749		734		742		(9)(23)(25)
						31,603		31,950
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interest	N/A	N/A	1,000,000 Shares		1,001		1,080		(13)
Hive
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)
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) (23)
						17,232		17,433
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,648
Rise Baking
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) (23)(28)(29)
						28,040		27,871
TNT Crust LLC
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) (29)
	Common Equity - Series A Units	N/A	N/A	244 Shares		30		172		(9)(13)
						24,627		24,480
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		160		(9)(13)
THLP CO. 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) (23)(25)
						26,158		25,880
		Total Beverage, Food & Tobacco				$	129,666	$	130,342
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,829	$	15,787	(26)

See notes to financial statements.

31

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
Alpinex Opco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/27/27	16,383	11,644	11,605	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/27/27	1,117	(21)	(21)	(8)(9)(21) (23)
					11,623	11,584
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	8.00%	08/28/25	21,429	18,582	5,657	(14)
AML Rightsource
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) (25)
					31,018	31,331
Continuum
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	L+900, 1.00% Floor	01/31/25	34,235	33,806	34,064	(9)(28)
Elo Touch
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 - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(179)	(111)	(8)(21)(23)
IRP
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) (23)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	114 Shares	114	114	(9)(13)(24)
					8,100	8,098
Jacent
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) (28)(29)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	169	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)
					25,960	25,088
Jones & Frank
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) (23)
					13,041	12,985
MAKS
Trident Bidco Limited	First Lien Secured Debt	L+550, 1.00% Floor	11/08/25	33,688	33,066	33,670	(9)(17)(29)
Naviga
Naviga Inc. (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) (26)
					13,596	13,710

See notes to financial statements.

32

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)
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,420		5,679		5,639		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,307		390		388		(9)(21)(23) (28)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares		244		200		(9)(13)(24)
						6,313		6,227
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) (28)
						36,474		35,276
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		871		(9)
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		1,030		(9)(13)
USLS Acquisition, Inc.	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) (23)(28)
	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)
						9,807		9,802
		Total Business Services				$	283,313	$	270,237
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,354 Shares		$	46,295	$	42,117	(3)(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) (24)
						78,729		42,117
Westfall Technik, Inc.
Westfall Technik, Inc.	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
Construction & Building
Englert
Gutter Buyer, Inc.	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) (23)(25)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,226		(9)
		Total Construction & Building				$	30,616	$	31,408
Consumer Goods – Durable
A&V
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.

33

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)
KDC
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
1244311 B.C. Ltd. (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) (24)
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)
						5,263		4,968
Liqui-Box
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)
						2,015		2,032
NSi Industries
Wildcat BuyerCo, Inc.	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
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		325		(10)(13)
		Total Consumer Goods – Durable				$	21,082	$	21,331
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	05/31/24	$	2,219	$	(25)	$	—	(9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.	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) (23)
	Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		37		(9)(13)
						24,972		23,834
LashCo
Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	44,992		42,582		42,819		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,612		(48)		(25)		(8)(9)(21) (23)
						42,534		42,794
Paladone
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) (23)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	353		(9)		(4)		(8)(9)(17) (21)(23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		(27)		(12)		(8)(9)(17) (21)(23)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		119		(9)(13)(17) (24)
						6,032		6,138

See notes to financial statements.

34

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)
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)
						3,758		4,120
		Total Consumer Goods – Non-durable				$	77,271	$	76,886
Consumer Services
Activ
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) (23)
						29,318		29,382
Bird
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	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	L+475, 0.00% Floor	08/31/22	26,250		20,992		21,099		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 0.00% Floor	08/31/22	3,750		1,160		1,160		(9)(21)(23) (26)
						22,152		22,259
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	L+575, 1.00% Floor	12/31/26	11,443		9,269		9,255		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(6)		(8)(9)(21) (23)
						9,266		9,249
Lending Point
LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	17,500		13,422		13,515		(9)(21)(23) (28)
	First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		3,158		3,186		(9)(21)(23) (28)
	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
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+675, 1.00% Floor	04/06/24	A$	7,000	4,953		4,907		(17)(21)(23)(32)
Paper Source
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) (28)
						12,013		11,858

See notes to financial statements.

35

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)
The Club Company
Eldrickco Limited	First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,027	13,965		14,157		(9)(17)(21) (23)(31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		457		(9)(17)(23) (31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	1		(5)		(8)(9)(17) (21)(23)
						14,377		14,609
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/17/24	20,000		9,343		9,202		(9)(21)(23) (28)
	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) (28)
						12,730		12,615
		Total Consumer Services				$	173,065	$	174,245
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(22)	$	(3)	(8)(9)(21) (23)
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
Flock Financial, LLC
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) (23)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	12/31/22	5,333		1,847		1,861		(9)(17)(21) (23)(26)
						13,858		13,846
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,998		10,038		(3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	01/24/24	9,113		1,142		1,142		(9)(21)(23) (26)
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) (28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(6)		(4)		(8)(9)(21) (23)
						12,282		12,325
Ten-X, LLC
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
Education
NFA Group
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.

36

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)
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
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 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)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	465,750 Shares		466		613		(13)(17)(24)
						16,813		5,956
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		1,874		(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)
						12,857		1,874
		Total Energy – Electricity				$	29,670	$	7,830
Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/31/23	$	8,323	$	7,458	$	6,204	(14)
	Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,078		—		(13)(24)
						37,536		6,204
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(13)(16)(17)(24)
Spotted Hawk
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)
						70,206		30,122
		Total Energy – Oil & Gas				$	120,805	$	36,956
Environmental Industries
Ortega National Parks
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) (29)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	10/31/26	2,049		(27)		(9)		(8)(9)(21) (23)
		Total Environmental Industries				$	8,129	$	8,226
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,978	$	4,975	(9)(26)
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt	L+635, 1.50% Floor	10/27/25	9,750		9,772		9,771		(9)(26)
Analogic
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) (28)
						18,968		18,859

See notes to financial statements.

37

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)
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) (28)
					13,015	13,024
Cerus
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) (23)(26)
					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) (27)
					8,095	8,083
Emmes Corporation
Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	879	(9)(13)
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
EmpiRx
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) (23)
					8,890	8,968
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)
Gossamer
GB001, Inc.	First Lien Secured Debt	L+700, 2.00% Floor	01/01/25	30,000	5,886	6,056	(9)(17)(23) (26)
Health & Safety Institute
HSI HALO Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/31/26	16,378	13,500	13,335	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/02/25	813	131	121	(9)(21)(23) (26)
	Common Equity - Common Stock	N/A	N/A	500 Shares	500	679	(9)(13)
					14,131	14,135
IMA Group
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)
					8,819	8,823
Kepro
Keystone Acquisition Corp.	First Lien Secured Debt	L+575, 0.75% Floor	01/26/29	14,022	11,812	11,925	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	01/26/28	978	(19)	(10)	(8)(9)(21) (23)
					11,793	11,915

See notes to financial statements.

38

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)
Kindeva
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) (26)
					9,401	9,458
KureSmart
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) (23)
					21,606	21,582
LucidHealth
Premier Imaging, LLC	First Lien Secured Debt	L+600, 1.00% Floor	01/02/25	12,480	7,628	7,614	(9)(21)(23) (26)
Mannkind Corporation
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) (17)
					13,846	15,288
Maxor National Pharmacy Services, LLC
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)
					23,195	23,125
Medical Guardian
Medical Guardian, LLC	First Lien Secured Debt	L+650, 1.00% Floor	10/26/26	36,112	30,882	30,966	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	10/26/26	3,810	(52)	(41)	(8)(9)(21) (23)
					30,830	30,925
Midwest Vision
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) (28)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/12/27	612	602	606	(9)(23)(28)
					22,033	22,207
Orchard
Orchard Therapeutics PLC	First Lien Secured Debt	L+595, 1.00% Floor	05/28/26	33,333	10,906	10,776	(9)(17)(23) (26)
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) (28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/13/24	2,105	(19)	(5)	(8)(9)(21) (23)
					14,100	14,271
Paragon 28
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) (23)
					7,464	7,470

See notes to financial statements.

39

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)
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
PHS Buyer, Inc.	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) (28)
						25,062		24,972
Radius Health
Radius Health, Inc.	First Lien Secured Debt	L+575, 2.00% Floor	06/01/24	33,833		28,736		28,459		(9)(17)(23) (26)
	First Lien Secured Debt - Revolver	L+350, 2.00% Floor	06/01/24	1,000		(1)		(10)		(8)(9)(17) (21)(23)
						28,735		28,449
RHA Health Services
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) (21)(23)
						3,747		3,732
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc.	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) (26)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/09/27	726		(13)		(7)		(8)(9)(21) (23)
						1,835		1,847
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) (23)
						17,682		17,677
		Total Healthcare & Pharmaceuticals				$	404,041	$	406,297
High Tech Industries
Acronis AG
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	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) (26)
						22,350		22,593
Calero Holdings, Inc.
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

See notes to financial statements.

40

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)
ChyronHego Corporation
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
Dairy.com
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) (23)
					13,373	13,230
Digital.ai
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) (28)
					22,558	22,857
GoHealth
Norvax, LLC	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	09/13/24	3,182	2,428	2,461	(9)(21)(23) (26)(28)
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc.	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
MYCOM
Magnate Holding Corp.	First Lien Secured Debt	L+625, 0.50% Floor	12/16/24	19,164	19,050	18,817	(9)(17)(28)
	First Lien Secured Debt - Revolver	L+625, 0.50% Floor	12/14/23	3,150	3,133	3,105	(9)(17)(23) (28)
					22,183	21,922
New Era Technology, Inc.
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) (28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	10/30/26	1,049	594	591	(9)(21)(23) (28)
Pro Vigil
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) (27)
					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.

41

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)
Simeio
Simeio Group Holdings, Inc.	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) (23)
						8,082		8,055
Sirsi Corporation
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) (23)
						5,420		5,439
Springbrook
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
Tax Slayer
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) (23)
						13,138		13,230
Telnyx
Telnyx LLC	First Lien Secured Debt	L+625, 1.50% Floor	10/21/25	5,250		5,230		5,277		(9)(26)
UpStack
Upstack Holdco Inc.	First Lien Secured Debt	L+550, 1.00% Floor	08/20/27	31,914		27,581		27,995		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	08/20/27	3,000		(74)		(30)		(8)(9)(20) (21)(23)
						27,507		27,965
		Total High Tech Industries				$	384,798	$	395,561
Hotel, Gaming, Leisure, Restaurants
Guernsey
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)
						9,813		9,800
Taco Cabana
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
Insurance
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) (23)
						29,570		29,547
PGM Holdings Corporation
Turbo Buyer, Inc.	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) (23)
						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) (26)(28)(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	04/15/24	1,785		263		280		(9)(20)(21) (23)(29)
						31,356		31,727
		Total Insurance				$	79,842	$	80,147

See notes to financial statements.

42

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)
Manufacturing, Capital Equipment
AVAD, LLC
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) (23)(26)
	Preferred Equity - Class P-1 Preferred	N/A	N/A	33,333 Shares		3,333		6,342		(9)(13)(16)
	Preferred Equity - Class P-2 Preferred	N/A	N/A	85,164 Shares		8,516		1,970		(9)(13)(16)
	Common Equity - Class A-1 Common	N/A	N/A	3,333 Shares		—		85		(9)(13)(16)
						23,413		19,816
Kauffman
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	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) (28)
						16,641		16,218
MedPlast Holdings Inc.
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
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc.	First Lien Secured Debt	L+750 Cash plus 2.00% PIK, 1.00% Floor	08/16/24	$	29,195	$	28,940	$	29,186	(9)(28)
	First Lien Secured Debt - Revolver	L+750, 1.00% Floor	08/16/24	3,078		3,050		3,061		(9)(23)(28)
						31,990		32,247
Nitro World Entertainment
NWE OPCO LP	First Lien Secured Debt	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	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) (26)
						4,035		3,327
		Total Media – Diversified & Production				$	40,598	$	40,146
Retail
IPS
SI Holdings, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	07/25/25	$	31,005	$	30,645	$	30,780	(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/25/24	3,413		395		404		(9)(21)(23) (26)
		Total Retail				$	31,040	$	31,184
Telecommunications
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc.	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
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) (28)
	First Lien Secured Debt - Revolver	P+450	05/22/24	4,145		597		635		(9)(20)(21) (23)(25)
	First Lien Secured Debt - Revolver	L+400, 0.00% Floor	05/22/24	50,000		—		—		(9)(22)(23)
						13,824		14,064

See notes to financial statements.

43

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)
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) (23)(26)
						31,350		30,877
MSEA Tankers LLC
MSEA Tankers LLC (5)	Common Equity - Class A Units	N/A	N/A	N/A		50,258		34,274		(17)(18)(24)
		Total Transportation – Cargo, Distribution				$	139,864	$	82,325
Wholesale
Banner Solutions
Banner Buyer, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/31/25	$	17,751	$	15,111	$	15,171	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/31/25	1,935		623		631		(9)(21)(23) (26)
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) (29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/14/27	2,963		(56)		(30)		(8)(9)(21) (23)
						26,185		26,443
		Total Wholesale				$	42,532	$	42,784
Total Investments						$	2,745,829	$	2,523,173	(6)(7)

____________________

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

(2)Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. 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. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. 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.

44

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(4)Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2021 and March 31, 2022 along with transactions during the year ended March 31, 2022 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 March 31, 2022		Net Realized Gains (Losses)		Interest/Dividend/Other Income
1244311 B.C. Ltd., Common Stock	$	1,719	$	—	$	—	$	(743)	$	976	$	—	$	—
1244311 B.C. Ltd., Term Loan	3,822		63		(15)		(70)		3,800		—		245
9357-5991 Quebec Inc., Term Loan	—		—		(215)		—		—		215		—
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	—		—		—		—		—		—		—
Golden Bear 2016-R, LLC, Membership Interests	11,289		186		—		(1,437)		10,038		—		1,181
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)		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock	28		—		—		(28)		—		—		—
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock	5,106		—		—		(118)		4,988		—		—
Renew JV LLC, Membership Interests	776		—		(205)		42		613		—		—
	$	50,874	$	1,374	$	(4,478)	$	15,398	$	63,709	$	541	$	1,551

____________________

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

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

See notes to financial statements.

45

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 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 March 31, 2022 along with transactions during the year ended March 31, 2022 in these controlled 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 March 31, 2022		Net Realized Gains (Losses)		Interest/Dividend/Other Income
Majority Owned Company
ChyronHego Corporation, Preferred Equity	$	6,151	$	—	$	—	$	9,402	$	15,553	$	—	$	—
ChyronHego Corporation, Revolver	2,226		4,750		—		100		7,076		—		316
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
MSEA Tankers LLC, Class A Units	57,028		—		(7,403)		(15,351)		34,274				2,059
Controlled Company							—
SHD Oil & Gas, LLC, Series C Units	—		44,065		—		(39,413)		4,652		—		—
SHD Oil & Gas, LLC, Series A Units	—		—		—		—		—		—		—
SHD Oil & Gas, LLC, Tranche A Note	9,899		—		(44,065)		34,159		—		7
SHD Oil & Gas, LLC, Tranche B Note	—		—		—		44,380		—		(44,380)		—
SHD Oil & Gas, LLC, Tranche C Note	25,470		—		—		—		25,470		—		3,009
	$	553,650	$	143,545	$	(177,089)	$	27,010	$	481,817	$	(65,299)	$	38,454

____________________

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

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

As of 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. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

See notes to financial statements.

46

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(6)Aggregate gross unrealized gain and loss for federal income tax purposes is $58,579 and $303,980, respectively. Net unrealized loss is $245,401 based on a tax cost of $2,798,608.

(7)Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 6 to the financial statements). As such, these securities are not available as collateral to our general creditors.

(8)The negative fair value is the result of the commitment being valued below par.

(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the financial statements for discussion of the exemptive order from the SEC.)

(10)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).

(11)The maturity date for this investment was 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$”), and Australian Dollar (“A$”) .

(13)Non-income producing security.

(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 owns preferred shares representing 14.25% economic interest.

(16)AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC, AP Surf Investments, LLC and AIC SB Holdings LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC. 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. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2022, non-qualifying assets represented approximately 11.00% of the total assets of the Company.

(18)As of March 31, 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)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.

47

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(23)As of March 31, 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. 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.

Name of Issuer	Total Commitment		Drawn Commitment		Letters of Credit **		Undrawn Commitment
A&V Holdings Midco, LLC	$	1,505	$	—	$	—	$	1,505
Activ Software Holdings, LLC	2,407		—		—		2,407
Alpinex Opco, LLC	5,585		—		—		5,585
AMI US Holdings Inc.	2,907		1,163		—		1,744
Analogic Corporation	1,826		1,304		—		522
AQ Sunshine, Inc.	5,039		286		23		4,730
Banner Buyer, LLC	4,387		645		—		3,742
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
Club Car Wash Operating, LLC	8,971		—		—		8,971
Compu-Link Corporation	2,273		—		—		2,273
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
First Heritage Credit, LLC	9,000		1,160		—		7,840
Flock SPV I, LLC	8,000		1,867		—		6,133
Forge Biologics, Inc.	23,334		—		—		23,334
FPG Services, LLC	6,810		—		—		6,810
Gabriel Partners, LLC	665		133		—		532
GB001, Inc.	24,000		—		—		24,000
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.	2,727		2,045		94		588
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.	3,492		136		—		3,356
IMA Group Management Company, LLC	4,277		260		—		4,017
Jacent Strategic Merchandising	3,500		3,494		—		6
JF Acquisition, LLC	1,569		—		—		1,569
Kauffman Intermediate, LLC	1,243		311		—		932
KDC US Holdings	6,020		692		40		5,288
Keystone Acquisition Corp.	2,935		—		—		2,935
Kindeva Drug Delivery L.P.	167		150		—		17

See notes to financial statements.

48

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
Kure Pain Holdings, Inc.	2,654	—	—	2,654
Lash OpCo, LLC	3,136	—	—	3,136
LendingPoint LLC	13,244	8,333	—	4,911
Lifelong Learner Holdings, LLC	2,985	2,982	—	3
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	—	—
Mannkind Corporation	30,000	—	—	30,000
Marlin DTC-LS Midco 2, LLC	685	—	—	685
Maxor National Pharmacy Services, LLC	1,558	—	—	1,558
Medical Guardian, LLC	8,572	—	—	8,572
MEP-TS Midco, LLC	1,452	—	—	1,452
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
Naviga Inc. (fka Newscycle Solutions, Inc.)	500	280	—	220
Nemo (BC) Bidco Pty Ltd*	174	—	—	174
New Era Technology, Inc.	3,147	612	—	2,535
Norvax, LLC	3,182	2,466	—	716
NW Entertainment, Inc.	3,078	3,078	—	—
Orchard Therapeutics PLC	22,333	—	—	22,333
Ortega National Parks, LLC	8,251	—	—	8,251
Pace Health Companies, LLC	500	—	105	395
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.	3,462	—	—	3,462
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
Radius Health, Inc.	5,833	—	—	5,833
Roscoe Medical, Inc	1,393	819	—	574
Shelby 2021 Holdings Corp.	2,436	—	—	2,436
SI Holdings, Inc.	3,413	427	—	2,986
Simeio Group Holdings, Inc.	1,731	—	—	1,731
Sirsi Corporation	429	—	—	429
Sonar Entertainment, Inc.	1,604	1,604	—	—
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
Ten-X, LLC	4,680	—	—	4,680
TGG TS Acquisition Company	1,750	750	—	1,000
The Emmes Company, LLC	2,449	2,449	—	—

See notes to financial statements.

49

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
THLP CO. LLC	4,494		1,202		79		3,213
Thomas Scientific, LLC	8,148		—		—		8,148
TNT Crust LLC	3,252		3,101		—		151
Truck-Lite Co., LLC	4,175		262		81		3,832
Turbo Buyer, Inc.	923		—		—		923
U.S. Auto Finance, Inc.	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.	2,019		2,019		—		—
Wildcat BuyerCo, Inc.	1,854		—		—		1,854
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.

50

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(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 March 31, 2022, the aggregate fair value of these securities is $135,545 or 13.50% of the Company's net assets. The acquisition dates of the restricted securities are as follows:

Issuer	Investment Type	Acquisition Date
1244311 B.C. Ltd.	Common Equity - Common Stock	9/30/2020
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
Carbonfree Chemicals SA LLC	Common Equity - Class B Units	11/1/2019
ChyronHego Corporation	Preferred Equity - Preferred Equity	12/29/2020
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
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
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
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series E Preferred Stock	12/23/2020
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series D Preferred Stock	10/1/2015
Renew Financial LLC (f/k/a Renewable Funding, LLC)	Preferred Equity - Series B Preferred Stock	4/9/2014
Renew JV LLC	Common Equity - Membership Interests	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
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.

51

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(33)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
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	41,379	$	—	$	—	$	—	$	—	$	432	$	—	$	41,811
Aerospace & Defense	27,378		—		—		—		—		—		—		27,378
Automotive	54,077		23,605		—		—		—		350		—		78,032
Aviation and Consumer Transport	17,179		—		—		—		—		—		—		17,179
Beverage, Food & Tobacco	127,010		—		—		—		448		2,208				129,666
Business Services	213,118		68,216		—		—		89		1,890		—		283,313
Chemicals, Plastics & Rubber	23,041		—		—		—		—		—		—		23,041
Construction & Building	30,116		—		—		—		—		500		—		30,616
Consumer Goods – Durable	15,712		—		—		—		—		107		—		15,819
Consumer Goods – Non-Durable	72,959		1,716		—		—		462		2,134		—		77,271
Consumer Services	173,065		—		—		—		—		—		—		173,065
Diversified Investment Vehicles, Banking, Finance, Real Estate	44,427		—		—		—		—		—		—		44,427
Education	36,322		—		—		—		—		—		—		36,322
Energy – Electricity	7,231		—		—		—		5,623		4		—		12,858
Environmental Industries	8,129		—		—		—		—		—		—		8,129
Healthcare & Pharmaceuticals	402,558		—		—		—		333		1,015		135		404,041
High Tech Industries	283,974		—		—		—		—		1,000		—		284,974
Hotel, Gaming, Leisure, Restaurants	19,648		—		—		—		—		—		—		19,648
Insurance	79,842		—		—		—		—		—		—		79,842
Manufacturing, Capital Equipment	27,954		7,959		—		—		11,850		250		—		48,013
Media – Diversified & Production	40,598		—		—		—		—		—		—		40,598
Retail	31,040		—		—		—		—		—		—		31,040
Telecommunications	—		7,119		—		—		—		—		—		7,119
Transportation – Cargo, Distribution	45,174		—		—		—		—		—		—		45,174
Wholesale	41,735		—		—		—		—		797		—		42,532
Total Non-Controlled / Non-Affiliated Investments	$	1,863,666	$	108,615	$	—	$	—	$	18,805	$	10,687	$	135	$	2,001,908
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—	$	—	$	—	$	—	$	—	$	78,729	$	—	$	78,729
Consumer Goods – Durable	4,263		—		—		—		—		1,000		—		5,263
Diversified Investment Vehicles, Banking, Finance, Real Estate	—		—		—		16,998		—		—		—		16,998
Energy – Electricity	—		—		—		—		16,347		467		—		16,814
Energy – Oil & Gas	—		—		—		—		—		13,062		—		13,062
Total Non-Controlled / Affiliated Investments	$	4,263	$	—	$	—	$	16,998	$	16,347	$	93,258	$	—	$	130,866
Controlled Investments
Aviation and Consumer Transport	$	275,000	$	—	$	—	$	—	$	—	$	35,800	$	—	$	310,800
Energy – Oil & Gas	24,728		7,458		—		—		—		75,555		—		107,741
High Tech Industries	93,824		—		—		—		6,000		—		—		99,824
Transportation – Cargo, Distribution	—		—		—		—		—		94,690		—		94,690
Total Controlled Investments	$	393,552	$	7,458	$	—	$	—	$	6,000	$	206,045	$	—	$	613,055
Total	$	2,261,481	$	116,073	$	—	$	16,998	$	41,152	$	309,990	$	135	$	2,745,829

See notes to financial statements.

52

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

(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
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing	$	41,717		$	—		$	—		$	—		$	—		$	565		$	—		$	42,282		4.2	%
Aerospace & Defense	27,027			—			—			—			—			—			—			27,027			2.7	%
Automotive	53,304			19,725			—			—			—			420			—			73,449			7.3	%
Aviation and Consumer Transport	17,271			—			—			—			—			—			—			17,271			1.7	%
Beverage, Food & Tobacco	126,777			—			—			—			484			3,081			—			130,342			13.0	%
Business Services	212,157			55,508			—			—			89			2,483			—			270,237			26.9	%
Chemicals, Plastics & Rubber	22,786			—			—			—			—			—			—			22,786			2.3	%
Construction & Building	30,182			—			—			—			—			1,226			—			31,408			3.1	%
Consumer Goods – Durable	15,858			—			—			—			—			505			—			16,363			1.6	%
Consumer Goods – Non-durable	72,874			1,957			—			—			37			2,018			—			76,886			7.7	%
Consumer Services	174,245			—			—			—			—			—			—			174,245			17.3	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	44,603			—			—			—			—			—			—			44,603			4.4	%
Education	39,059			—			—			—			—			—			—			39,059			3.9	%
Energy – Electricity	1,874			—			—			—			—			—			—			1,874			0.2	%
Environmental Industries	8,226			—			—			—			—			—			—			8,226			0.8	%
Healthcare & Pharmaceuticals	402,851			—			—			—			343			3,004			99			406,297			40.4	%
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	%
Manufacturing, Capital Equipment	27,539			7,607			—			—			8,313			182			—			43,641			4.3	%
Media – Diversified & Production	40,146			—			—			—			—			—			—			40,146			4.0	%
Retail	31,184			—			—			—			—			—			—			31,184			3.1	%
Telecommunications	—			6,843			—			—			—			—			—			6,843			0.7	%
Transportation – Cargo, Distribution	44,941			—			—			—			—			—			—			44,941			4.5	%
Wholesale	42,055			—			—			—			—			729			—			42,784			4.3	%
Total Non-Controlled / Non-Affiliated Investments	$	1,860,999		$	91,640		$	—		$	—		$	9,266		$	15,643		$	99		$	1,977,647		196.8	%
% of Net Assets	185.2		%	9.1		%	—		%	—		%	0.9		%	1.6		%	—		%	196.8		%
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber	$	—		$	—		$	—		$	—		$	—		$	42,117		$	—		$	42,117		4.1	%
Consumer Goods – Durable	3,992			—			—			—			—			976			—			4,968			0.5	%
Diversified Investment Vehicles, Banking, Finance, Real Estate	—			—			—			10,038			—			—			—			10,038			1.0	%
Energy – Electricity	—			—			—			—			5,343			613			—			5,956			0.6	%
Energy – Oil & Gas	—			—			—			—			—			630			—			630			0.1	%
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		%
Controlled Investments
Aviation and Consumer Transport	$	275,000		$	—		$	—		$	—		$	—		$	23,509		$	—		$	298,509		29.7	%
Energy – Oil & Gas	25,470			6,204			—			—			—			4,652			—			36,326			3.6	%
High Tech Industries	94,045			—			—			—			15,553			—			—			109,598			10.9	%
Transportation – Cargo, Distribution	—			—			—			—			—			37,384			—			37,384			3.7	%
Total Controlled Investments	$	394,515		$	6,204		$	—		$	—		$	15,553		$	65,545		$	—		$	481,817		47.9	%
% of Net Assets	39.3		%	0.6		%	—		%	—		%	1.5		%	6.5		%	—		%	47.9		%
Total	$	2,259,506		$	97,844		$	—		$	10,038		$	30,162		$	125,524		$	99		$	2,523,173		251.0	%
% of Net Assets	224.9		%	9.7		%	—		%	1.0		%	2.9		%	12.5		%	0.0		%	251.0		%

See notes to financial statements.

53

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS

March 31, 2022

(In thousands, except share data)

Industry Classification	Percentage of Total Investments (at Fair Value) as of March 31, 2022
Healthcare & Pharmaceuticals	16.1%
High Tech Industries	15.7%
Aviation and Consumer Transport	12.5%
Business Services	10.7%
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%
Media – Diversified & Production	1.6%
Education	1.5%
Energy – Oil & Gas	1.5%
Construction & Building	1.2%
Retail	1.2%
Aerospace & Defense	1.1%
Consumer Goods – Durable	0.8%
Hotel, Gaming, Leisure, Restaurants	0.8%
Environmental Industries	0.3%
Energy – Electricity	0.3%
Telecommunications	0.3%
Total Investments	100.0%

See notes to financial statements.

54

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited)

(In thousands, except share and per share data)

Note 1. Organization

Apollo Investment Corporation (the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through June 30, 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. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. We may also invest in the securities of public companies and in structured products and other investments such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Our portfolio is comprised primarily of investments in debt, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $250 million. Our portfolio may include equity interests such as common stock, preferred stock, warrants and/or options.

Note 2. Significant Accounting Policies

The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Basis of Presentation

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 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.

These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended March 31, 2022.

Use of Estimates

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

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Cash and Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.

Cash and cash equivalents are carried at cost which approximates fair value. Cash equivalents held as of June 30, 2022 was $34,512. Cash equivalents held as of March 31, 2022 was $30,033.

Collateral on Option Contracts

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 ASC 230, Statement 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

Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. 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.

56

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. 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.

Investment Valuation Process

Under procedures established by our Board of Directors, we value investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of our Board of Directors including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of our Board of Directors. Such determination of fair values may involve subjective judgments and estimates.

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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:

1.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.

2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.

3.Independent valuation firms are engaged by our Board of Directors to conduct independent appraisals by reviewing our Investment Adviser’s preliminary valuations and then making their own independent assessment.

4.The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser and the valuation prepared by the independent valuation firms and responds, if warranted, to the valuation recommendation of the independent valuation firms.

5.The Board of Directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our Investment Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.

6.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.

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. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the three months ended June 30, 2022, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.

Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings.

Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.

58

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. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Investment Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.

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

Offsetting Assets and Liabilities

The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

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

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the financial statements). 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.

Realized Gains or Losses

Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.

59

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. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pool of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are and will be payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

Financing Costs

The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Statements of Assets and Liabilities. 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.

The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability, except that incurred under the Senior Secured Facility (as defined in Note 6 to the financial statements), which the Company presents as an asset on the Statements of Assets and Liabilities. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For modifications to or exchanges of our Senior Secured Facility (as defined in Note 6 to the financial statements), any unamortized deferred financing costs relating to lenders who are not part of the new lending group are expensed. For extinguishments of our senior secured notes and senior unsecured notes, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.

Foreign Currency Translations

The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.

Dividends and Distributions

Dividends and distributions to common stockholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Share Repurchases

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

60

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Federal and State Income Taxes

We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through June 30, 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. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.

If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. 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.

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. Distribution would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.

We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. As of June 30, 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.

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 as disclosed in Note 7.

61

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 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

In December 2020, the SEC adopted Rule 2a-5. The rule establishes a consistent, principles-based framework for boards of directors to use in creating their own specific processes in order to determine fair values in good faith. The effective date for compliance with Rule 2a-5 is September 8, 2022. The Company continues to evaluate the potential impact that the rule will have on the Company’s financial statements.

Note 3. Related Party Agreements and Transactions

Investment Advisory Agreement with AIM

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.

Base Management Fee

Effective April 1, 2018, the base management fee is calculated initially at an annual rate of 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company’s gross assets, net of average of any payable for investments (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter; provided, however, in each case, the base management fee is calculated at an annual rate of 1.00% (0.250% per quarter) of the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (A) 200% and (B) the value of the Company’s net asset value at the end of the prior calendar quarter. The base management fee will be payable quarterly in arrears. The value of the Company’s gross assets shall be calculated in accordance with the Company's valuation policies.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Performance-based Incentive Fee

The incentive fee (the “Incentive Fee”) consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:

A. Incentive Fee based on Income

Beginning January 1, 2019, the incentive fee on pre-incentive fee net investment income will be determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.

The preferred return amount will be determined on a quarterly basis, and will be calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters. The preferred return amount will be calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.

The amount of the Incentive Fee on Income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.

The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:

(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters does not exceed the preferred return amount.

(2) 100% of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeds the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.

(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeds the catch-up amount, the incentive fee shall equal 20% of the amount of the Company’s pre-incentive fee net investment income for such trailing twelve quarters.

The Incentive Fee on Income as calculated is subject to a cap (the “Incentive Fee Cap”). 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.

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. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter.

“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.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

B. Incentive Fee Based on Cumulative Net Realized Gains

The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory management agreement). This fee shall equal 20.0% of the sum of the Company’s realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Investment Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the three months ended June 30, 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 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.

Fee Offset

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.  The Company will receive an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement.  The amount offset will initially be 20% of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by the New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeds $3 billion cumulatively, the fee offset will step down to 10% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset will be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period will also be used to offset incentive fees payable to AIM by the Company. The offset will be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

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

64

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Administration Agreement with AIA

The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three months ended June 30, 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 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 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

We may co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On March 29, 2016, we received an exemptive order from the SEC, which was amended on December 29, 2021 (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates and Apollo proprietary accounts, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.

As of June 30, 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. As of March 31, 2022, the Company’s co-investment holdings were 71% of the portfolio or $1,783,052, measured at fair value. On a cost basis, 65% of the portfolio or $1,780,779 were co-investments.

Merx Aviation

Effective January 16, 2019, Mr. Gary Rothschild, President and Chief Executive Officer of Merx, became an employee of Apollo Management Holdings, L.P. ("AMH"), an affiliate of the Company’s investment adviser. Mr. Rothschild also retained his role as the President and Chief Executive Officer of Merx.

65

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. Under a servicing agreement with Apollo Capital Management, L.P. (“ACM”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM, Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. Under a technical support agreement, Merx and AMH share the services of Mr. Gary Rothschild, who is the President and Chief Executive Officer of Merx and an employee of AMH.

On April 1, 2020, $105,300 of the Merx first lien secured revolver held by the Company was converted into common equity. In addition, the interest rate on the revolver was lowered from 12% to 10%.

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 June 30, 2022 was $275,000.

Note 4. Earnings Per Share

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

	Three Months Ended June 30,
	2022		2021
Basic Earnings Per Share
Net increase (decrease) in net assets resulting from operations	$	5,659	$	32,144
Weighted average shares outstanding	63,558,246		65,200,856
Basic earnings (loss) per share	$	0.09	$	0.49

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 5. Investments

Fair Value Measurement and Disclosures

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
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,325,867	$	2,311,774	$	—	$	14,669	$	2,297,105
Second Lien Secured Debt	109,534		93,910		—		—		93,910
Structured Products and Other	16,998		8,957		—		—		8,957
Preferred Equity	41,182		30,953		—		—		30,953
Common Equity/Interests	300,823		103,812		1,274		352		102,186
Warrants	135		98		—		—		98
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
	Cost		Fair Value		Level 1		Level 2		Level 3
First Lien Secured Debt	$	2,261,481	$	2,259,506	$	—	$	—	$	2,259,506
Second Lien Secured Debt	116,073		97,844		—		—		97,844
Structured Products and Other	16,998		10,038		—		—		10,038
Preferred Equity	41,152		30,162		—		—		30,162
Common Equity/Interests	309,990		125,524		1,230		—		124,294
Warrants	135		99		—		—		99
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
Fair value as of March 31, 2022	$	2,259,506	$	97,844	$	—	$	10,038	$	30,162	$	124,294	$	99	$	2,521,943
Net realized gains (losses)	(162)		(27)		—		—		—		503		—		314
Net change in unrealized gains (losses)	(11,814)		2,606		—		(1,081)		761		(12,588)		(1)		(22,117)
Net amortization on investments	4,006		57		—		—		—		—		—		4,063
Purchases, including capitalized PIK (3)	214,807		141		—		—		30		25,125		—		240,103
Sales (3)	(170,611)		(4,994)		—		—		—		(34,796)		—		(210,401)
Transfers out of Level 3 (1)	(344)		(1,717)		—		—		—		(352)		—		(2,413)
Transfers into Level 3 (1)	1,717		—		—		—		—		—		—		1,717
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 period shown.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

(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
Fair value as of March 31, 2021	$	1,907,807	$	237,609	$	22,000	$	11,289	$	22,537	$	245,830	$	1,595	$	2,448,667
Net realized gains (losses)	279		—		—		—		—		—		—		279
Net change in unrealized gains (losses)	8,277		(5,750)		—		386		(258)		3,916		256		6,827
Net amortization on investments	2,284		125		—		—		—		—		—		2,409
Purchases, including capitalized PIK (3)	294,515		485		—		—		—		2,000		—		297,000
Sales (3)	(202,350)		(56,531)		—		—		—		(3,959)		—		(262,840)
Transfers out of Level 3 (1)	(10,719)		—		—		—		—		—		—		(10,719)
Transfers into Level 3 (1)	—		—		—		—		—		—		—		—
Fair value as of June 30, 2021	$	2,000,093	$	175,938	$	22,000	$	11,675	$	22,279	$	247,787	$	1,851	$	2,481,623
Net change in unrealized gains (losses) on Level 3 investments still held as of June 30, 2021	$	5,151	$	(5,834)	$	—	$	386	$	(257)	$	3,917	$	256	$	3,619

(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.

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

(3)Includes reorganizations and restructuring of investments.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 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 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	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
	359		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	1,910,910		Yield Analysis	Discount Rate	6.3%	53.3%	10.2%
	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%
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	—		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
	13,738		Market Comparable Approach	Comparable Multiple	6.0x	27.8x	11.8x
	40,657		Recent Transaction	Recent Transaction	N/A	N/A	N/A
	714		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	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
Warrants	98		Option Pricing Model	Expected Volatility	60.0%	60.0%	60.0%
Total Level 3 Investments	$	2,533,209

_________________

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

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

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

			Quantitative Information about Level 3 Fair Value Measurements
Asset Category	Fair Value		Valuation Techniques/Methodologies	Unobservable Input	Range		Weighted Average (1)
First Lien Secured Debt	$	275,000	Discounted Cash Flow	Discount Rate	12.0%	12.0%	12.0%
			Residual Value	Residual Value	N/A	N/A	N/A
	62,975		Recent Transaction	Recent Transaction	N/A	N/A	N/A
	558		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	28,798		Recovery Analysis	Sale Proceeds	N/A	N/A	N/A
	1,892,175		Yield Analysis	Discount Rate	5.1%	52.3%	8.9%
Second Lien Secured Debt	5,657		Market Comparable Technique	Comparable Multiple	12.3x	12.3x	12.3x
	6,444		Recovery Analysis	Recoverable Amount	N/A	N/A	N/A
	85,743		Yield Analysis	Discount Rate	6.9%	19.1%	13.0%
Structured Products and Other	10,038		Discounted Cash Flow	Discount Rate	9.8%	9.8%	9.8%
Preferred Equity	355		Discounted Cash Flow	Discount Rate	10.0%	10.0%	10.0%
	24,741		Market Comparable Technique	Comparable Multiple	0.1x	22.8x	14.4x
	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%
Common Equity/Interests	613		Discounted Cash Flow	Discount Rate	10.0%	52.3%	10.0%
	57,782		Discounted Cash Flow	Discount Rate	10.1%	11.0%	10.6%
			Residual Value	Residual Value	N/A	N/A	N/A
	14,766		Market Comparable Technique	Comparable Multiple	0.1x	20.9x	10.9x
	42,331		Recent Transaction	Recent Transaction	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%
Total Level 3 Investments	$	2,521,943

____________________

(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.

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APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

Investment Transactions

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.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three months ended June 30, 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,
	2022		2021
PIK balance at beginning of period	$	39,228	$	41,947
PIK income capitalized	731		1,786
Adjustments due to investments exited or written off	(124)		—
PIK income received in cash	—		—
PIK balance at end of period	$	39,835	$	43,733

Dividend Income on CLOs

The Company holds structured products and other investments. The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. During the three months ended June 30, 2022 and 2021, dividend income from structured products was $336 and $312, respectively.

71

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Investments 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 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.

Merx Aviation Finance, LLC

Merx Aviation Finance, LLC and its subsidiaries are principally engaged in acquiring and leasing commercial aircraft to airlines. Its focus is on current generation aircraft, held either domestically or internationally. Merx may acquire fleets of aircraft primarily through securitized, non-recourse debt or individual aircraft. Merx may outsource its aircraft servicing requirements to third parties that have the global staff and expertise necessary to complete such tasks. The following table shows unaudited summarized financial information for Merx:

	Three Months Ended June 30,
	2022		2021
Net revenue	$	36,446	$	43,710
Net operating income	7,122		5,844
Earnings (loss) before taxes	(13,434)		(4,943)
Net profit (loss)	(13,456)		(3,570)
Net profit (loss) after taxes attributable to non-controlling interests	(699)		(980)
Net profit (loss) after taxes attributable to Merx Aviation	(12,756)		(2,590)

Note 6. Debt and Foreign Currency Transactions and Translations

On April 4, 2018, the Company’s Board of Directors, including a “required majority” (as defined in Section 57(o) of the Investment Company Act of 1940, as amended) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940. As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

72

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
Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,127,173	*	$	1,116,810	(1)	12/22/2025
2025 Notes	3/3/2015	350,000			350,000			336,807		(2)	3/3/2025
2026 Notes	7/16/2021	125,000			125,000			108,760		(2)	7/16/2026
Total Debt Obligations		$	2,285,000		$	1,602,173		$	1,562,377
Deferred Financing Cost and Debt Discount					$	(4,610)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,597,563

____________________

*Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.

** Lender commitments will remain $1,810,000 through November 19, 2022 and will then decrease to $1,705,000 thereafter.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of 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 June 30, 2022. The valuation is based on broker quoted prices.

The Company’s outstanding debt obligations as of March 31, 2022 were as follows:

	Date Issued/Amended	Total Aggregate Principal Amount Committed			Principal Amount Outstanding			Fair Value			Final Maturity Date
Senior Secured Facility	12/22/2020	$	1,810,000	**	$	1,080,468	*	$	1,080,468	(1)	12/22/2025
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 Cost and Debt Discount					$	(4,860)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount					$	1,550,608

____________________

*Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.

** Lender commitments will remain $1,810,000 through November 19, 2022 and will then decrease to $1,705,000 thereafter.

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 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 March 31, 2022. The valuation is based on broker quoted prices.

73

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Senior Secured Facility

On December 22, 2020, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of November 19, 2018. Lender commitments in the amended and restated agreement will remain $1,810,000 through November 19, 2022 and will decrease to $1,705,000 thereafter. The amended and restated agreement extended the final maturity date through December 22, 2025, and includes an accordion provision which allows the Company to increase the total commitments under the existing revolving facility up to an aggregate principal amount of $2,715,000 from new or existing lenders on the same terms and conditions as the existing commitments. The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents. Commencing December 22, 2024, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of December 22, 2024. In addition, the stated interest rate on the facility remains as a formula-based calculation based on a minimum borrowing base, resulting in a stated interest rate, depending on the type of borrowing, of (a) either LIBOR plus 1.75% per annum or LIBOR plus 2.00% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 1% per annum. As of June 30, 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.

The Senior Secured Facility contains affirmative and restrictive covenants, events of default and other customary provisions for similar debt facilities, including: (a) periodic financial reporting requirements, (b) maintaining minimum stockholders’ equity of the greater of (i) 30% of the total assets of the Company and its consolidated subsidiaries as of the last day of any fiscal quarter and (ii) the sum of (A) $705,000 plus (B) 25% of the net proceeds from the sale of equity interests in the Company after the closing date of the Senior Secured Facility, (c) maintaining a ratio of total assets, less total liabilities (other than indebtedness) to total indebtedness, in each case of the Company and its consolidated subsidiaries, of not less than 1.5:1.0, (d) limitations on the incurrence of additional indebtedness, including a requirement to meet a certain minimum liquidity threshold before the Company can incur such additional debt, (e) limitations on liens, (f) limitations on investments (other than in the ordinary course of the Company’s business), (g) limitations on mergers and disposition of assets (other than in the normal course of the Company’s business activities), (h) limitations on the creation or existence of agreements that permit liens on properties of the Company’s consolidated subsidiaries and (i) limitations on the repurchase or redemption of certain unsecured debt and debt securities. In addition to the asset coverage ratio described in clause (c) of the preceding sentence, borrowings under the Senior Secured Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio will also depend on the relevant asset coverage ratio as of the date of determination. Borrowings under the Senior Secured Facility will also continue to be subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended.

The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of June 30, 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. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. 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 $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.

Senior Unsecured Notes

2025 Notes

On March 3, 2015, the Company issued $350,000 aggregate principal amount of senior unsecured notes for net proceeds of $343,650 (the “2025 Notes”). The 2025 Notes will mature on March 3, 2025. Interest on the 2025 Notes is due semi-annually on March 3 and September 3, at an annual rate of 5.25%, commencing on September 3, 2015. The 2025 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

74

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

2026 Notes

On July 16, 2021, the Company issued $125,000 aggregate principal amount of general unsecured notes for net proceeds of $122,965 (the “2026 Notes”). The 2026 Notes will mature on July 16, 2026. Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.

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

	Three Months Ended June 30,
	2022		2021
Average debt outstanding	$	1,620,503	$	1,459,775
Maximum amount of debt outstanding	1,669,385		1,491,655
Weighted average annualized interest cost (1)	3.66%		3.08%
Annualized amortized debt issuance cost	0.36%		0.40%
Total annualized interest cost	4.02%		3.48%

____________________

(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three months ended June 30, 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 June 30, 2022:

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
British Pound	£	41,000	$	51,037	$	49,930	$	1,107	7/29/2022
Australian Dollar	A$	6,200	4,543		4,280		263		7/29/2022
			$	55,580	$	54,210	$	1,370

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

	Original Principal Amount (Local)		Original Principal Amount (USD)		Principal Amount Outstanding		Unrealized Gain/(Loss)		Reset Date
British Pound	£	41,000	$	51,037	$	53,866	$	(2,829)	4/29/2022
Australian Dollar	A$	6,200	4,543		4,639		(96)		4/29/2022
			$	55,580	$	58,505	$	(2,925)

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

75

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 7. Stockholders’ Equity

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”):

Date of Agreement/Amendment	Maximum Cost of Shares That May Be Repurchased		Cost of Shares Repurchased		Remaining Cost of Shares That May Be Repurchased
August 5, 2015	$	50,000	$	50,000	$	—
December 14, 2015	50,000		50,000		—
September 14, 2016	50,000		50,000		—
October 30, 2018	50,000		50,000		—
February 6, 2019	50,000		45,809		4,191
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. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

76

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date	Termination Date	Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015	November 5, 2015	$	5,000
January 1, 2016	February 5, 2016	10,000
April 1, 2016	May 19, 2016	5,000
July 1, 2016	August 5, 2016	15,000
September 30, 2016	November 8, 2016	20,000
January 4, 2017	February 6, 2017	10,000
March 31, 2017	May 19, 2017	10,000
June 30, 2017	August 7, 2017	10,000
October 2, 2017	November 6, 2017	10,000
January 3, 2018	February 8, 2018	10,000
June 18, 2018	August 9, 2018	10,000
September 17, 2018	October 31, 2018	10,000
December 12, 2018	February 7, 2019	10,000
February 25, 2019	May 17, 2019	25,000
March 18, 2019	May 17, 2019	10,000
June 4, 2019	August 7, 2019	25,000
June 17, 2019	August 7, 2019	20,000
September 16, 2019	November 6, 2019	20,000
December 6, 2019	February 5, 2020	25,000
December 16, 2019	February 5, 2020	15,000
March 12, 2020	March 19, 2020	20,000
March 30, 2021	May 21, 2021	10,000
June 16, 2021	November 5, 2021	10,000
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 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.

77

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

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.

Note 8. 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 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)	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)The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of June 30, 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. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.

(3)The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. 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 $25,000 as 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.

78

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

Note 9. Financial Highlights

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)
Per Share Data*
Net asset value at beginning of period	$	15.79		$	15.88
Net investment income (1)	0.37			0.39
Net realized and change in unrealized gains (losses) (1)	(0.28)			0.10
Net increase in net assets resulting from operations	0.09			0.49
Distribution of net investment income (2)	(0.36)			(0.36)
Distribution of return of capital (2)	—			—
Accretion due to share repurchases	0.00			0.00
Net asset value at end of period	$	15.52		$	16.02
Per share market value at end of period	$	10.77		$	13.65
Total return (3)	(15.92)		%	2.11		%
Shares outstanding at end of period	63,518,718			65,113,604
Weighted average shares outstanding	63,558,246			65,200,856
Ratio/Supplemental Data
Net assets at end of period (in millions)	$	986.0		$	1,043.0
Annualized ratio of operating expenses to average net assets (4)(5)	5.52		%	4.84		%
Annualized ratio of interest and other debt expenses to average net assets (5)	6.54		%	4.88		%
Annualized ratio of total expenses to average net assets (4)(5)	12.05		%	9.73		%
Annualized ratio of net investment income to average net assets (5)	9.47		%	9.78		%
Average debt outstanding (in millions)	$	1,620.5		$	1,459.8
Average debt per share	$	25.50		$	22.39
Annualized portfolio turnover rate (5)	29.10		%	43.20		%
Asset coverage per unit (6)	$	1,605		$	1,699

____________________

*Totals may not foot due to rounding.

(1)Financial highlights are based on the weighted average number of shares outstanding for the period presented.

(2)The tax character of distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through June 30, 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.

(3)Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.

79

APOLLO INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

(In thousands, except share and per share data)

(4)The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements). For the three months ended June 30, 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. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit.

Note 10. Subsequent Events

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.

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:

•Howard T. 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. Mr. 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.

80

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.

81

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

82

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 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

These interim financial statements are 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 the 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/ PricewaterhouseCoopers LLP

New York, New York

August 5, 2021

83

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:

•our future operating results;

•our business prospects and the prospects of our portfolio companies;

•the impact of investments that we expect to make;

•our contractual arrangements and relationships with third parties;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•our expected financings and investments;

•the adequacy of our cash resources and working capital;

•the current and future effects of the COVID-19 pandemic on us and our portfolio companies; and

•the timing of cash flows, if any, from the operations of our portfolio companies.

We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

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Overview

Apollo Investment Corporation (the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through June 30, 2022, we have raised approximately $2.21 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $245.8 million.

Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. 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.

Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.

COVID-19 Developments

The impact of the COVID-19 pandemic has rapidly evolved around the globe, causing disruption in the U.S. and global economies. Although the global economy continued reopening in early 2022 and robust economic activity has supported a continued recovery, certain geographies, most notably China, have experienced setbacks.

The uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19 that have emerged and other factors have and may continue to contribute to significant volatility in the global markets. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of our loans. COVID-19 and the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our performance, financial condition, results of operations and ability to pay distributions.

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Investments

Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. We may also invest in the securities of public companies and in structured products and other investments such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Our portfolio is comprised primarily of investments in debt, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $250 million. Our portfolio also includes equity interests such as common stock, preferred stock, warrants or options.

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make and, more recently, market disruptions due to COVID-19. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of June 30, 2022, non-qualifying assets represented approximately 9.3% of the total assets of the Company.

Revenue

We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of mezzanine or senior secured loans, generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”), the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.

Expenses

For all investment professionals of AIM and their staff, when and to the extent engaged in providing investment advisory and management services to us, the compensation and routine overhead expenses of that personnel which is allocable to those services are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to:

•investment advisory and management fees;

•expenses incurred by AIM payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;

•calculation of our net asset value (including the cost and expenses of any independent valuation firm);

•direct costs and expenses of administration, including independent registered public accounting and legal costs;

•costs of preparing and filing reports or other documents with the SEC;

•interest payable on debt, if any, incurred to finance our investments;

•offerings of our common stock and other securities;

•registration and listing fees;

•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;

•transfer agent and custodial fees;

•taxes;

•independent directors’ fees and expenses;

•marketing and distribution-related expenses;

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•the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;

•our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•organizational costs; and

•all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.

We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.

Portfolio and Investment Activity

Our portfolio and investment activity during the three months ended June 30, 2022 and 2021 was as follows:

	Three Months Ended June 30,
(in millions)*	2022		2021
Investments made in portfolio companies	$	227.4	$	295.2
Investments sold	—		—
Net activity before repaid investments	227.4		295.2
Investments repaid	(184.0)		(266.1)
Net investment activity	$	43.4	$	29.1
Portfolio companies at beginning of period	139		135
Number of new portfolio companies	7		11
Number of exited portfolio companies	(6)		(6)
Portfolio companies at end of period	140		140
Number of investments made in existing portfolio companies	53		37

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*Totals may not foot due to rounding.

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Our portfolio composition and weighted average yields as of June 30, 2022 and March 31, 2022 were as follows:

	June 30, 2022		March 31, 2022
Portfolio composition, at fair value:
First lien secured debt	91	%	90	%
Second lien secured debt	4	%	4	%
Total secured debt	95	%	94	%
Structured products and other	0	%	0	%
Preferred equity	1	%	1	%
Common equity/interests and warrants	4	%	5	%
Weighted average yields, at amortized cost (1):
First lien secured debt (2)	8.4	%	8.0	%
Second lien secured debt (2)	11.7	%	9.6	%
Secured debt portfolio (2)	8.6	%	8.1	%
Total debt portfolio (2)	8.6	%	8.1	%
Total portfolio (3)	7.5	%	7.1	%
Interest rate type, at fair value (4):
Fixed rate amount	$0.0	billion	$0.0	billion
Floating rate amount	$2.1	billion	$2.0	billion
Fixed rate, as percentage of total	1	%	1	%
Floating rate, as percentage of total	99	%	99	%
Interest rate type, at amortized cost (4):
Fixed rate amount	$0.0	billion	$0.0	billion
Floating rate amount	$2.1	billion	$2.0	billion
Fixed rate, as percentage of total	1	%	1	%
Floating rate, as percentage of total	99	%	99	%

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(1)An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.

(2)Exclusive of investments on non-accrual status.

(3)Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

(4)The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status.

Since the initial public offering of Apollo Investment in April 2004 and through June 30, 2022, invested capital totaled $23.2 billion in 592 portfolio companies. Over the same period, Apollo Investment completed transactions with more than 100 different financial sponsors.

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Recent Developments

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:

•Howard T. 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. Mr. 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.

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Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our critical accounting policies are further described in the notes to the financial statements.

Fair Value Measurements

The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:

Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3: Unobservable inputs for the asset or liability.

In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. 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.

As of June 30, 2022, $2.53 billion or 99.4% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.

Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.

Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.

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Investment Valuation Process

Under procedures established by our Board of Directors, we value investments, including certain secured debt, unsecured debt, and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case, such investments shall be valued at fair value as determined in good faith by or under the direction of our Board of Directors, including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of our Board of Directors. 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:

1.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.

2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.

3.Independent valuation firms are engaged by our Board of Directors to conduct independent appraisals by reviewing our Investment Adviser’s preliminary valuations and then making their own independent assessment.

4.The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser and the valuation prepared by the independent valuation firms and responds, if warranted, to the valuation recommendation of the independent valuation firms.

5.The Board of Directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our Investment Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.

6.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.

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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 a valuation. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered in the valuation process of independent valuation firms. 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.

Investment Income Recognition

The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual PIK interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. Certain PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.

Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.

Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, administrative fees, management fees, bridge fees, and structuring fees which are recorded when earned.

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. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pools of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are payable solely from the cash flows from such assets. As such any unforeseen event in these underlying pools of assets might impact the expected recovery and future accrual of income.

Expenses

Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.

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Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses)

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized gain (loss) reflects the net change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized gains or losses.

Within the context of these critical accounting policies, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being reported.

Results of Operations

Operating results for the three months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended June 30,
(in millions)*	2022		2021
Investment Income
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	51.6	$	47.5
Dividend income	0.3		0.4
PIK interest income	1.0		1.5
Other income	0.5		1.2
Total investment income	$	53.4	$	50.6
Expenses
Management and performance-based incentive fees, net of amounts waived	$	10.3	$	8.8
Interest and other debt expenses, net of reimbursements	16.2		12.7
Administrative services expense, net of reimbursements	1.2		1.2
Other general and administrative expenses	2.2		2.5
Net Expenses	$	29.9	$	25.2
Net Investment Income	$	23.5	$	25.3
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses)	$	0.3	$	0.1
Net change in unrealized gains (losses)	(18.1)		6.7
Net Realized and Change in Unrealized Gains (Losses)	(17.8)		6.8
Net Increase in Net Assets Resulting from Operations	$	5.7	$	32.1
Net Investment Income on Per Average Share Basis (1)	$	0.37	$	0.39
Earnings per share — basic (1)	$	0.09	$	0.49

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*Totals may not foot due to rounding.

(1)Based on the weighted average number of shares outstanding for the period presented.

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Total Investment Income

The increase in total investment income for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 was primarily driven by the increase in total interest income (including PIK) of $3.6 million. The increase in total interest income (including PIK) was due to a higher income-bearing investment portfolio and a increase in the average yield for the total debt portfolio, from 7.9% for the three months ended June 30, 2021 to 8.3% for the three months ended June 30, 2022. This was partially offset by a decrease in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $4.0 million for the three months ended June 30, 2021 and $1.9 million for the three months ended June 30, 2022. There was also an decrease in other income of $0.7 million due to lower amendment fees.

Net Expenses

The increase in net expenses for the three months ended June 30, 2022 compared to the three months ended June 30, 2021 was primarily driven by the increase in interest and other debt expenses of $3.6 million. The increase in interest and other debt expenses was attributed to a increased in average debt outstanding and net leverage, from $1.46 billion and 1.39x, respectively during the three months ended June 30, 2021, to $1.62 billion and 1.58x, respectively during the three months ended June 30, 2022. Further there was an increase in total annualized cost of debt from 3.48% for the three months ended June 30, 2021 to 4.02% for the three months ended June 30, 2022. The increase of $1.5 million in management and performance-based incentive fees (net of amounts waived) due to an increase in performance based incentive fee.

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Net Realized Gains (Losses)

During the three months ended June 30, 2022, we recognized gross realized gains of $0.5 million and gross realized losses of $0.2 million, resulting in net realized gains of $0.3 million.

During the three months ended June 30, 2021, we recognized gross realized gains of $0.3 million and gross realized losses of $0.2 million, resulting in net realized gains of $0.1 million.

Net Change in Unrealized Gains (Losses)

During the three months ended June 30, 2022, we recognized gross unrealized gains of $10.8 million and gross unrealized losses of $28.9 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $18.1 million. Significant changes in unrealized gains (losses) for the three months ended June 30, 2022 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Spotted Hawk	$	3.3
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	2.8
ChyronHego Corporation	1.1
Merx Aviation Finance, LLC	(14.1)
NFA Group	(2.9)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	(1.5)
Golden Bear	(1.1)
The Club Company	(1.1)

During the three months ended June 30, 2021, we recognized gross unrealized gains of $25.2 million and gross unrealized losses of $18.5 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $6.7 million. Significant changes in unrealized gains (losses) for the three months ended June 30, 2021 are summarized below:

(in millions)	Net Change in Unrealized Gain (Loss)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)	$	9.8
Paper Source	3.0
Spotted Hawk	1.2
Dynamic Product Tankers (Prime), LLC	(5.4)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)	(4.0)
Ambrosia Buyer Corp.	(3.0)
Merx Aviation Finance, LLC	(1.2)

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Liquidity and Capital Resources

The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, our Senior Secured Facility (as defined in Note 6 to the financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.

We believe that our current cash and cash equivalents on hand, our short-term investments, proceeds from the sale of our 2025 Notes and 2026 Notes, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This "Liquidity and Capital Resources" section should be read in conjunction with "COVID-19 Developments" above.

Cash Equivalents

The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the financial statements) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. Apollo Investment may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.

Debt

See Note 6 to the financial statements for information on the Company’s debt.

The following table shows the contractual maturities of our debt obligations as of June 30, 2022:

	Payments Due by Period
(in millions)	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
Senior Secured Facility (1)	$	1,127.2	$	—	$	—	$	1,127.2	$	—
2025 Notes	350		—		350		—		—
2026 Notes	125		—		—		125.0		—
Total Debt Obligations	$	1,602.2	$	—	$	350.0	$	1,252.2	$	—

____________________

(1)As of June 30, 2022, aggregate lender commitments under the Senior Secured Facility totaled $1.81 billion and $655.8 million of unused capacity. As of June 30, 2022, there were $27.0 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the financial statements.

Stockholders’ Equity

See Note 7 to the financial statements for information on the Company’s public offerings and share repurchase plans.

Distributions

Distributions paid to stockholders during the three months ended June 30, 2022 and 2021 totaled $22.9 million ($0.36 per share) and $23.5 million ($0.36 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. 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. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended March 31, 2023. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board of Directors.

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To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.

With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.

PIK Income

For the three months ended June 30, 2022 and 2021, PIK income totaled $0.96 million and $1.5 million on total investment income of $53.4 million and $50.6 million, respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the financial statements for more information on the Company’s PIK income.

Related Party Transactions

See Note 3 to the financial statements for information on the Company’s related party transactions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the economic effects of the COVID-19 outbreak has introduced significant volatility in the financial markets, and the effects of this volatility could materially impact our market risks, including those listed below. For additional information concerning the COVID-19 pandemic and its potential impact on our business and our operating results, see Part II - Other information, Item 1A. Risk Factors.

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Investment valuation risk

Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our board of directors based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three months ended June 30, 2022 for more information relating to our investment valuation.

Interest Rate Risk

Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2022 , all of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency rate such as SOFR) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility bears interest at LIBOR rates with no interest rate floors, while our 2025 Notes and 2026 Notes bears interest at a fixed rate. As of December 31, 2021, all non-U.S. dollar LIBOR publications have been phased out. The phase out of a majority of the U.S. dollar publications is delayed until June 30, 2023. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. SOFR appears to be the preferred alternative replacement rate for U.S. dollar LIBOR, but there is no guarantee SOFR will become the dominant alternative. Please see Part 1 of our annual report on Form 10-k for the year ended March 31, 2022, “Item 1A. Risk Factors—Risks Relating to the Current Environment—Uncertainty relating to the LIBOR calculation process may adversely affect the value of our portfolio of the LIBOR-indexed, floating-rate debt securities in our portfolio or the cost of our borrowings.”

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of June 30, 2022, assuming no changes in our investment and borrowing structure:

Basis Point Change	Net Investment Income			Net Investment Income Per Share
Up 200 basis points	$	15.9	million	$	0.250
Up 100 basis points	7.9		million	0.125
Up 50 basis points	3.9		million	0.062
Down 50 basis points	(3.7)		million	(0.058)
Down 100 basis points	(6.0)		million	(0.095)

We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of June 30, 2022 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Changes in Internal Control Over Financial Reporting

Management has not identified any change in the Company’s internal control over financial reporting that occurred during the first fiscal quarter of 2023 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge are any material legal proceedings threatened against us. From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.

Item 1A. Risk Factors

In addition to the risk factor below and other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2022, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

The Company’s investment adviser sources originated loans from MidCap FinCo Designated Activity Company (“MidCap Financial”). MidCap Financial’s success in originating loans depends to a significant extent on the services provided by its personnel and the personnel of its manager. If MidCap Financial and its manager are unsuccessful in originating loans, the Company’s ability to reach its investment objectives may be adversely affected.

MidCap Financial is discretionarily managed by Apollo Capital Management, L.P., an affiliate of our Investment Advisor. As a result, MidCap Financial is currently under common control with us. Additionally, MidCap Financial originates a significant amount of senior secured first lien loans in which we participate pursuant to our co-investment order. Our Investment Adviser reviews, evaluates and negotiates, as applicable, each such potential investment to ensure it is appropriate for us. While Apollo’s investment management relationship with MidCap Financial currently allows us to access MidCap Financial’ s origination volume, Apollo and MidCap Financial are distinct and separate legal entities with different businesses and interests. Thus, if MidCap Financial were to terminate its investment management agreement with Apollo, we may no longer have the same access to MidCap Financial’s origination volume.

MidCap Financial is not an investment adviser, subadviser or fiduciary to us or to our Investment Adviser. MidCap Financial is not obligated to take into account our interests (or those of other potential participants in its originations) when originating loans across its platform. Various factors, including its ability to retain and attract personnel with origination experience, relationships and expertise, will affect MidCap Financial’s business. There can be no guarantee that MidCap Financial will continue to originate loans at its historic levels of quality or volume.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

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 1934 Act (the “Repurchase Plans”):

Date of Agreement/Amendment	Maximum Cost of Shares That May Be Repurchased			Cost of Shares Repurchased			Remaining Cost of Shares That May Be Repurchased
August 5, 2015	$	50.0	million	$	50.0	million	$	—
December 14, 2015	50.0		million	50.0		million	—
September 14, 2016	50.0		million	50.0		million	—
October 30, 2018	50.0		million	50.0		million	—
February 6, 2019	50.0		million	45.8		million	4.2		million
February 3, 2022	$	25.0	million	$	—	million	$	25.0	million
Total as of June 30, 2022	$	275.0	million	$	245.8	million	$	29.2	million

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. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

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Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):

Effective Date	Termination Date	Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015	November 5, 2015	$	5.0	million
January 1, 2016	February 5, 2016	10.0		million
April 1, 2016	May 19, 2016	5.0		million
July 1, 2016	August 5, 2016	15.0		million
September 30, 2016	November 8, 2016	20.0		million
January 4, 2017	February 6, 2017	10.0		million
March 31, 2017	May 19, 2017	10.0		million
June 30, 2017	August 7, 2017	10.0		million
October 2, 2017	November 6, 2017	10.0		million
January 3, 2018	February 8, 2018	10.0		million
June 18, 2018	August 9, 2018	10.0		million
September 17, 2018	October 31, 2018	10.0		million
December 12, 2018	February 7, 2019	10.0		million
February 25, 2019	May 17, 2019	25.0		million
March 18, 2019	May 17, 2019	10.0		million
June 4, 2019	August 7, 2019	25.0		million
June 17, 2019	August 7, 2019	20.0		million
September 16, 2019	November 6, 2019	20.0		million
December 6, 2019	February 5, 2020	25.0		million
December 16, 2019	February 5, 2020	15.0		million
March 12, 2020	March 19, 2020	20.0		million
March 30, 2021	May 21, 2021	10.0		million
June 16, 2021	November 5, 2021	10.0		million
December 16, 2021	August 3, 2022*	5.0		million

____________________

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

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The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through June 30, 2022:

Month	Total Number of Shares Purchased	Average Price Paid Per Share*		Total Number of Shares Purchased as Part of Publicly Announced Plans	Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans
August 2015	510,000	$	19.71	510,000	$	40.0	million
September 2015	603,466	18.46		603,466	28.8		million
November 2015	1,116,666	18.10		1,116,666	8.6		million
December 2015	627,443	17.58		627,443	47.6		million
January 2016	670,708	14.91		670,708	37.6		million
June 2016	362,933	16.73		362,933	31.5		million
July 2016	16,491	16.53		16,491	31.2		million
August 2016	596,294	17.67		596,294	20.7		million
September 2016	411,523	18.13		411,523	63.2		million
October 2016	527,417	17.82		527,417	53.8		million
November 2016	239,289	17.45		239,289	49.6		million
August 2017	33,333	17.96		33,333	49.0		million
September 2017	186,767	17.98		186,767	45.7		million
October 2017	144,867	17.96		144,867	43.1		million
November 2017	64,500	17.79		64,500	41.9		million
December 2017	50,100	17.89		50,100	41.0		million
January 2018	577,386	17.32		577,386	31.0		million
February 2018	70,567	16.23		70,567	29.9		million
May 2018	263,667	17.12		263,667	25.4		million
June 2018	198,601	16.94		198,601	22.0		million
July 2018	8,867	16.75		8,867	21.9		million
August 2018	502,767	17.11		502,767	13.3		million
September 2018	444,467	16.54		444,467	5.9		million
October 2018	160,800	16.46		160,800	53.3		million
November 2018	595,672	15.81		595,672	43.9		million
December 2018	741,389	13.49		741,359	33.9		million
February 2019	19,392	15.16		19,392	83.6		million
March 2019	291,426	15.40		291,426	79.1		million
April 2019	44,534	15.23		44,534	78.4		million
May 2019	298,026	15.93		298,026	73.6		million
June 2019	607,073	15.97		607,073	63.9		million
July 2019	89,610	16.10		89,610	62.5		million
August 2019	758,020	16.15		758,020	50.3		million
September 2019	32,371	16.26		32,371	49.7		million
October 2019	495,464	15.65		495,464	42.0		million
November 2019	6,147	15.91		6,147	41.9		million
March 2020	1,286,565	11.62		1,286,565	26.9		million
May 2021	145,572	13.92		145,572	24.9		million
July 2021	44,418	13.46		44,418	24.3		million
August 2021	45,675	13.32		45,675	23.7		million
September 2021	360,860	13.02		360,860	19.0		million
October 2021	308,005	13.30		308,005	14.9		million
November 2021	419,372	13.05		419,372	9.4		million
December 2021	227,429	12.44		227,429	6.6		million
January 2022	60,605	12.70		60,605	30.8		million
April 2022	88,478	12.82		88,478	29.7		million
May 2022	40,044	$	12.57	40,044	29.2		million
Total	15,395,066	$	15.97	15,395,036

____________________

* The average price per share is inclusive of commissions.

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Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

(a)    Exhibits

3.1(a)	Articles of Amendment (1)
3.1(b)	Articles of Amendment and Restatement (2)
3.1(c)	Articles of Amendment (4)
3.1(d)	Articles of Amendment (5)
3.2	Fifth Amended and Restated Bylaws (3)
15.1	Awareness Letter From PricewaterhouseCoopers LLP*
31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*

_________________________

*Filed herewith.

(1)Incorporated by reference from the Registrant’s pre-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, as Form N-2, filed on June 20, 2005.

(2)Incorporated by reference from the Registrant’s post-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2, filed on August 14, 2006.

(3)Incorporated by reference to Exhibit 3.2 as applicable, to the Registrant’s Form 8-K, filed on May 18, 2018.

(4)Incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on December 3, 2018.

(5)Incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on July 22, 2019.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 2, 2022.

APOLLO INVESTMENT CORPORATION
By:	/s/ TANNER POWELL
Tanner Powell
Chief Executive Officer
By:	/s/ GREGORY W. HUNT
Gregory W. Hunt
Chief Financial Officer and Treasurer
By:	/s/ AMIT JOSHI
Amit Joshi
Chief Accounting Officer and Assistant Treasurer

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