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, 2021

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 4, 2021 was 65,069,186.

APOLLO INVESTMENT CORPORATION

Table of Contents

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Statements of Assets and Liabilities June 30, 2021 and March 31, 2021	1
	Statements of Operations Three months ended June 30, 2021 and June 30, 2020	2
	Statements of Changes in Net Assets Three months ended June 30, 2021 and June 30, 2020	3
	Statements of Cash Flows Three months ended June 30, 2021 and June 30, 2020	4
	Schedule of Investments June 30, 2021	5
	Schedule of Investments March 31, 2020	35
	Notes to Financial Statements	66
	Report of Independent Registered Public Accounting Firm	92
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	93
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	107
Item 4.	Controls and Procedures	109
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	110
Item 1A.	Risk Factors	110
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	111
Item 3.	Defaults Upon Senior Securities	114
Item 4.	Mine Safety Disclosures	114
Item 5.	Other Information	114
Item 6.	Exhibits	115
	Signatures	116

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, 2021		March 31, 2021
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $1,910,491 and $1,871,073, respectively)	$	1,890,871	$	1,844,627
Non-controlled/affiliated investments (cost — $134,302 and $133,428, respectively)	61,747		50,874
Controlled investments (cost — $708,453 and $711,898, respectively)	540,178		553,650
Cash and cash equivalents	41,155		50,180
Foreign currencies (cost — $6,227 and $4,462, respectively)	6,162		4,444
Receivable for investments sold	5,390		1,351
Interest receivable	13,730		13,135
Dividends receivable	4,104		3,793
Deferred financing costs	20,332		21,528
Prepaid expenses and other assets	1,657		907
Total Assets	$	2,585,326	$	2,544,489
Liabilities
Debt	$	1,488,798	$	1,465,371
Payable for investments purchased	6,586		—
Distributions payable	23,441		23,493
Management and performance-based incentive fees payable	8,813		8,666
Interest payable	6,781		2,096
Accrued administrative services expense	1,251		794
Other liabilities and accrued expenses	6,651		7,739
Total Liabilities	$	1,542,321	$	1,508,159
Commitments and contingencies (Note 8)
Net Assets	$	1,043,005	$	1,036,330
Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 65,113,604 and 65,259,176 shares issued and outstanding, respectively)	$	65	$	65
Capital in excess of par value	2,097,832		2,099,876
Accumulated under-distributed (over-distributed) earnings	(1,054,892)		(1,063,611)
Net Assets	$	1,043,005	$	1,036,330
Net Asset Value Per Share	$	16.02	$	15.88

See notes to financial statements.

1

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three Months Ended June 30,
	2021		2020
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	40,244	$	47,726
Dividend income	72		—
PIK interest income	1,201		786
Other income	1,187		384
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	45		8
Dividend income	312		345
PIK interest income	16		—
Other income	—		—
Controlled investments:
Interest income (excluding PIK interest income)	7,157		5,892
Dividend income	—		800
PIK interest income	319		728
Other income	—		—
Total Investment Income	$	50,553	$	56,669
Expenses
Management fees	$	8,813	$	9,524
Performance-based incentive fees	—		—
Interest and other debt expenses	12,662		15,392
Administrative services expense	1,271		1,188
Other general and administrative expenses	2,538		2,446
Total expenses	25,284		28,550
Management and performance-based incentive fees waived	—		—
Management fee offset rebate	—		—
Expense reimbursements	(76)		(110)
Net Expenses	$	25,208	$	28,440
Net Investment Income	$	25,345	$	28,229
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	279	$	(8,629)
Non-controlled/affiliated investments	—		—
Controlled investments	—		—
Foreign currency transactions	(184)		212
Net realized gains (losses)	95		(8,417)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments	6,826		10,607
Non-controlled/affiliated investments	9,998		(9,002)
Controlled investments	(10,026)		(17,248)
Foreign currency translations	(94)		(1,174)
Net change in unrealized gains (losses)	6,704		(16,817)
Net Realized and Change in Unrealized Gains (Losses)	$	6,799	$	(25,234)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	32,144	$	2,995
Earnings (Loss) Per Share — Basic	$	0.49	$	0.05

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,
	2021		2020
Operations
Net investment income	$	25,345	$	28,229
Net realized gains (losses)	95		(8,417)
Net change in unrealized gains (losses)	6,704		(16,817)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	32,144	$	2,995
Distributions to Stockholders
Distribution of net investment income	$	(23,441)	$	(29,367)
Distribution of return of capital	—		—
Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders	$	(23,441)	$	(29,367)
Capital Share Transactions
Repurchase of common stock	$	(2,026)	$	—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(2,026)	$	—
Net Assets
Net decrease in net assets during the period	$	6,675	$	(26,372)
Net assets at beginning of period	1,036,330		1,024,315
Net Assets at End of Period	$	1,043,005	$	997,943
Capital Share Activity
Shares repurchased during the period	(145,572)		—
Shares issued and outstanding at beginning of period	65,259,176		65,259,176
Shares Issued and Outstanding at End of Period	65,113,604		65,259,176

See notes to financial statements.

3

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Three Months Ended June 30,
	2021		2020
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	32,144	$	2,995
Net realized (gains) losses	(95)		8,417
Net change in unrealized (gains) losses	(6,704)		16,817
Net amortization of premiums and accretion of discounts on investments	(2,415)		(2,949)
Accretion of discount on notes	148		148
Amortization of deferred financing costs	1,289		1,250
Increase in gains (losses) from foreign currency transactions	(178)		212
PIK interest and dividends capitalized	(1,786)		(1,610)
Changes in operating assets and liabilities:
Purchases of investments	(288,628)		(137,390)
Proceeds from sales and repayments of investments	258,801		177,403
Decrease (increase) in interest receivable	(595)		3,008
Decrease (increase) in dividends receivable	(311)		(345)
Decrease (increase) in prepaid expenses and other assets	(750)		(227)
Increase (decrease) in management and performance-based incentive fees payable	147		(765)
Increase (decrease) in interest payable	4,685		4,209
Increase (decrease) in accrued administrative services expense	457		(638)
Increase (decrease) in other liabilities and accrued expenses	(1,088)		497
Net Cash Used in/Provided by Operating Activities	$	(4,879)	$	71,032
Financing Activities
Issuances of debt	$	88,540	$	40,000
Payments of debt	(65,402)		(80,943)
Financing costs paid and deferred	—		—
Repurchase of common stock	(2,026)		—
Distributions paid	(23,493)		(29,367)
Net Cash Used in/Provided by Financing Activities	$	(2,381)	$	(70,310)
Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts
Net increase (decrease) in cash, cash equivalents, foreign currencies and collateral on option contracts during the period	$	(7,260)	$	722
Effect of foreign exchange rate changes on cash and cash equivalents	(47)		(4)
Cash, cash equivalents, foreign currencies and collateral on option contracts at beginning of period	54,624		43,676
Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts at the End of Period	$	47,317	$	44,394
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	6,538	$	9,818
Non-Cash Activity
PIK income	$	1,536	$	1,514

See notes to financial statements.

4

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt	6.25% (1M L+525, 1.00% Floor)	12/30/26	$	3,504	$	3,469	$	3,469	(9)
	First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	12/30/26	18,606		18,262		18,420		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/30/26	2,190		(19)		(22)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	12/30/26	876		(20)		(9)		(8)(9) (21)(23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		370		(9)(13) (25)
						21,911		22,228
Simplifi Holdings, Inc.
Simplifi Holdings, Inc.	First Lien Secured Debt	6.25% (6M L+525, 1.00% Floor)	08/02/25	38,342		37,851		38,020		(9)
	First Lien Secured Debt - Revolver	7.50% (P+425)	08/02/25	720		720		713		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	08/02/25	1,680		(38)		(16)		(8)(9) (21)(23)
						38,533		38,717
		Total Advertising, Printing & Publishing				$	60,444	$	60,945
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	9.00% (3M L+750, 1.50% Floor)	04/28/22	$	32,877	$	32,877	$	32,384	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/28/22	1,694		(77)		(25)		(8)(9) (21)(23)
	First Lien Secured Debt - Letters of Credit	7.50%	09/30/21 - 11/23/22	1,429		—		(21)		(8)(9) (23)
		Total Aerospace & Defense				$	32,800	$	32,338
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt	7.50% (6M L+650, 1.00% Floor)	06/16/27	$	13,813	$	13,572	$	13,571	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/16/27	2,438		(42)		(43)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	06/16/27	16,250		(282)		(284)		(8)(9) (21)(23)
						13,248		13,244
Crowne Automotive
Vari-Form Group, LLC	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	5,860		901		293		(9)(14)
Vari-Form Inc.	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	2,110		391		105		(9)(14)
						1,292		398
K&N Parent, Inc.
K&N Parent, Inc.	Second Lien Secured Debt	9.75% (3M L+875, 1.00% Floor)	10/21/24	23,765		23,565		22,279
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		382		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt	7.25% (3M L+625, 1.00% Floor)	12/14/26	28,513		27,981		28,353		(9)
	First Lien Secured Debt - Revolver	7.25% (3M L+625, 1.00% Floor)	12/13/24	218		218		217		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/13/24	2,729		(49)		(8)		(8)(9) (21)(23)
	First Lien Secured Debt - Letters of Credit	6.25%	12/01/21 - 12/21/21	105		—		—		(9)(23)
						28,500		28,944
		Total Automotive				$	66,605	$	64,865

See notes to financial statements.

5

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	190,500	$	190,500	$	190,500	(23)
	First Lien Secured Debt - Letter of Credit	2.25%	07/13/21	177		—		—		(23)
	Common Equity - Membership Interests	N/A	N/A	N/A		120,300		123,841		(25)
						310,800		314,341
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	7.25% (1M L+625, 1.00% Floor)	05/09/24	17,447		17,218		17,194		(9)
		Total Aviation and Consumer Transport				$	328,018	$	331,535
Beverage, Food & Tobacco
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Common Stock	N/A	N/A	1,000,000 Shares		$	1,001	$	1,220	(13)
Eagle Foods
Eagle Foods Family Group, LLC	First Lien Secured Debt	7.50% (6M L+650, 1.00% Floor)	06/14/24	$	23,292	23,152		23,292		(9)
	First Lien Secured Debt	7.50% (2M L+650, 1.00% Floor)	06/14/24	83		82		83		(9)
	First Lien Secured Debt - Revolver	7.50% (1M L+650, 1.00% Floor)	06/14/23	333		333		333		(9)(23)
	First Lien Secured Debt - Revolver	7.50% (3M L+650, 1.00% Floor)	06/14/23	1,167		1,167		1,167		(9)(23)
	First Lien Secured Debt - Revolver	7.50% (6M L+650, 1.00% Floor)	06/14/23	583		583		583		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/14/23	1,667		(16)		—		(9)(21) (23)
						25,301		25,458
Florida Food Products, Inc.
Florida Food Products, Inc.	First Lien Secured Debt	7.50% (3M L+650, 1.00% Floor)	09/08/25	22,647		22,307		22,534		(9)
	First Lien Secured Debt	8.25% (3M L+725, 1.00% Floor)	09/08/25	2,970		2,798		2,970		(9)
Florida Food Products, LLC	First Lien Secured Debt - Revolver	7.50% (3M L+650, 1.00% Floor)	09/06/23	342		343		341		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/06/23	1,370		(19)		(7)		(8)(9) (21)(23)
						25,429		25,838
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,190		(13)
TNT Crust LLC
TNT Crust LLC	First Lien Secured Debt	7.75% (3M L+675, 1.00% Floor)	11/06/23	21,609		21,287		21,231		(9)
	First Lien Secured Debt - Revolver	7.75% (6M L+675, 1.00% Floor)	11/06/23	650		650		639		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	11/06/23	2,602		(33)		(46)		(8)(9) (21)(23)
	Common Equity - Series A Units	N/A	N/A	244 Shares		30		247		(9)(13)
						21,934		22,071

See notes to financial statements.

6

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		342		(9)(13)
THLP CO. LLC	First Lien Secured Debt	7.00% (1M L+600, 1.00% Floor)	05/30/25	25,152		24,810		24,774		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/31/24	4,494		(52)		(67)		(8)(9) (21)(23)
						24,927		25,049
		Total Beverage, Food & Tobacco				$	99,597	$	100,826
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	7.84% (1M L+775)	02/27/26	$	15,900	$	15,811	$	15,724
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	9.00%	08/28/25	21,429		20,059		9,270		(14)
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt	7.25% (3M L+625, 1.00% Floor)	09/21/26	15,040		14,739		14,739		(9)
	First Lien Secured Debt	7.25% (6M L+625, 1.00% Floor)	09/21/26	10,150		9,931		9,947		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/21/26	665		(14)		(13)		(8)(9) (21)(23)
						24,656		24,673
Claritas
Claritas, LLC	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	12/21/23	3,721		3,702		3,684		(9)
	First Lien Secured Debt - Revolver	6.75% (1M L+575, 1.00% Floor)	12/21/23	52		52		51		(9)(23)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	12/21/23	77		77		77		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/21/23	902		(5)		(9)		(8)(9) (21)(23)
						3,826		3,803
Continuum
Continuum Global Solutions, LLC	First Lien Secured Debt - Revolver	6.50% (1M L+550, 1.00% Floor)	02/15/22	2,762		2,762		2,714		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/15/22	17,238		(102)		(302)		(8)(9) (21)(23)
	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares		78		78		(9)(13)
						2,738		2,490
Education Personnel
Arthur Bidco Limited	First Lien Secured Debt	6.00% (1M GBPL+550, 0.50% Floor)	08/31/24	£	4,035	5,168		5,488		(9)(17)
	First Lien Secured Debt - Revolver	6.00% (1M GBPL+550, 0.50% Floor)	08/31/24	£	1,471	1,884		2,000		(9)(17) (23)
						7,052		7,488
Electro Rent Corporation
Electro Rent Corporation	Second Lien Secured Debt	10.00% (3M L+900, 1.00% Floor)	01/31/25	34,235		33,704		33,893		(9)
Elo Touch
TGG TS Acquisition Company	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/14/23	1,750		—		(35)		(8)(21) (23)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Unfunded Revolver	0.25% Unfunded	08/01/24	4,155		(235)		(139)		(8)(21) (23)

See notes to financial statements.

7

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)	Fair Value (1)(28)
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	04/23/24	22,256		22,068	21,889	(9)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	04/23/24	2,567		2,567	2,524	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/23/24	933		(30)	(15)	(8)(9) (21)(23)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares		500	250	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares		11	11	(9)(13)
						25,116	24,659
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	6.50% (6M L+550, 1.00% Floor)	07/31/24	5,272		5,206	5,209	(9)
	First Lien Secured Debt	6.50% (12M L+550, 1.00% Floor)	07/31/24	7,867		7,770	7,773	(9)
	First Lien Secured Debt	6.50% (3M L+550, 1.00% Floor)	07/31/24	149		147	147	(9)
	First Lien Secured Debt - Revolver	6.50% (12M L+550, 1.00% Floor)	07/31/24	942		942	930	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	07/31/24	628		(19)	(7)	(8)(9) (21)(23)
						14,046	14,052
MAKS
Trident Bidco Limited	First Lien Secured Debt	6.50% (6M L+550, 1.00% Floor)	11/08/25	34,125		33,379	33,842	(9)(17)
McLarens
Margaux Acquisition Inc.	First Lien Secured Debt	6.50% (3M L+550, 1.00% Floor)	12/19/24	22,995		22,728	22,857	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/19/24	1,601		(19)	(10)	(8)(9) (21)(23)
Margaux UK Finance Limited	First Lien Secured Debt	6.50% (3M GBPL+550, 1.00% Floor)	12/19/24	£	7,164	8,951	9,836	(9)(17)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/19/24	£	541	(8)	(5)	(8)(9) (17)(21) (23)
						31,652	32,678
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	8.00% (3M L+700, 1.00% Floor)	12/29/22	12,274		12,150	12,152	(9)
	First Lien Secured Debt - Revolver	8.00% (1M L+700, 1.00% Floor)	12/29/22	280		280	277	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/29/22	220		(4)	(2)	(8)(9) (21)(23)
						12,426	12,427
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	10/19/26	32,453		31,948	31,042	(9)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	10/20/25	2,054		2,054	1,978	(9)(23)
	First Lien Secured Debt - Revolver	6.75% (2M L+575, 1.00% Floor)	10/20/25	179		179	173	(9)(23)
	First Lien Secured Debt - Revolver	6.75% (6M L+575, 1.00% Floor)	10/20/25	269		269	259	(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	10/20/25	484		(43)	(18)	(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	10/19/26	2,388		(18)	(104)	(8)(9) (21)(23)
						34,389	33,330

See notes to financial statements.

8

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		528		(9)
Transplace Holdings, Inc.
Transplace Holdings, Inc.	Second Lien Secured Debt	9.75% (3M L+875, 1.00% Floor)	10/06/25	8,599		8,483		8,556
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		720		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt	6.75% (3M L+575, 1.00% Floor)	12/02/24	24,189		23,907		23,182		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/02/24	1,508		(18)		(65)		(8)(9) (21)(23)
	First Lien Secured Debt - Letters of Credit	5.75%	10/15/21 - 06/06/22	101		—		(4)		(8)(9) (23)
						24,521		23,833
		Total Business Services				$	291,923	$	281,072
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	$	36,162	(13)(16) (25)
Carbonfree Chemicals SA LLC (4)	Common Equity - Class B Units	N/A	N/A	3,152 Shares		32,434		—		(3)(13) (16)(25)
						78,729		36,162
Niacet Corporation
Hare Bidco, Inc.	Second Lien Secured Debt	9.75% (1M E+875, 1.00% Floor)	08/01/24	€	11,351	12,174		13,427
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	6.75% (1M L+575, 1.00% Floor)	09/13/24	$	15,737	15,561		15,422		(9)
	First Lien Secured Debt - Revolver	6.75% (1M L+575, 1.00% Floor)	09/13/24	1,750		1,750		1,715		(9)(23)
	First Lien Secured Debt - Revolver	8.00% (P+475)	09/13/24	135		135		132		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/13/24	135		(22)		(3)		(8)(9) (21)(23)
						17,424		17,266
		Total Chemicals, Plastics & Rubber				$	108,327	$	66,855
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	7.25% (1M L+625, 1.00% Floor)	03/06/25	$	28,612	$	28,242	$	28,283	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/06/24	2,688		(37)		(28)		(8)(9) (21)(23)
	First Lien Secured Debt - Letter of Credit	6.25%	07/01/21	39		—		—		(9)(23)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,346		(9)(13)
		Total Construction & Building				$	28,705	$	29,601
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLC	First Lien Secured Debt	6.38% (3M L+538, 1.00% Floor)	03/10/27	$	10,711	$	10,387	$	10,718	(10)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	03/10/25	1,505		(100)		(60)		(8)(21) (23)
						10,287		10,658

See notes to financial statements.

9

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	3.35% (1M L+325)	12/21/23	3,535		3,536		3,483		(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/21/23	2,444		—		(36)		(8)(21) (23)
	First Lien Secured Debt - Letters of Credit	3.25%	11/06/21 - 03/16/22	36		—		—		(23)
	First Lien Secured Debt - Letter of Credit	3.25%	02/05/23	£	4	—		—		(23)
						3,536		3,447
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	First Lien Secured Debt	6.00% (3M L+500, 1.00% Floor)	09/25/25	2,985		2,985		2,832		(17)
	First Lien Secured Debt	6.00% (3M L+500 PIK, 1.00% Floor)	09/25/25	1,031		1,031		972		(17)
	Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		1,551		(2)(13) (17)(25)
9357-5991 Quebec Inc. (4)	First Lien Secured Debt	11.25% (3M L+775 Cash plus 2.00% PIK, 1.50% Floor)	04/07/22	4,059		—		—		(14)
						5,016		5,355
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	6.75% (P+350)	02/26/25	973		973		973		(23)
	First Lien Secured Debt - Revolver	5.50% (3M L+450, 1.00% Floor)	02/26/25	2,136		2,136		2,136		(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/26/25	373		(26)		—		(21)(23)
	First Lien Secured Debt - Letter of Credit	4.50%	06/30/22	€	47	—		—		(23)
	First Lien Secured Debt - Letters of Credit	4.50%	09/27/21 - 12/31/24	32		—		—		(23)
						3,083		3,109
NSi Industries
Wildcat BuyerCo, Inc.	First Lien Secured Debt	6.00% (3M L+500, 1.00% Floor)	02/27/26	7,156		6,818		7,099
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/27/26	717		(13)		(6)		(8)(21) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	02/27/26	2,029		(28)		(16)		(8)(21) (23)
	First Lien Secured Debt - Letter of Credit	5.00%	08/30/21	8		—		—		(23)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		154		(13)
						6,884		7,231
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		455		(10)(13)
		Total Consumer Goods – Durable				$	28,806	$	30,255
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/31/24	$	2,219	$	(34)	$	—	(9)(21) (23)
Beauty Industry Group (BIG)
BIG Buyer, LLC	First Lien Secured Debt	7.50% (6M L+650, 1.00% Floor)	11/20/23	30,401		29,969		30,169		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	11/20/23	1,806		(26)		(14)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	11/20/23	1,000		(7)		(8)		(8)(9) (21)(23)
						29,936		30,147

See notes to financial statements.

10

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	8.00% (3M L+700, 1.00% Floor)	02/01/25	25,937		25,483		24,878		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	02/01/24	3,462		(54)		(150)		(8)(9) (21)(23)
	Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		245		(9)(13)
						25,891		24,973
LashCo
Lash OpCo, LLC	First Lien Secured Debt	9.25% (P+600)	03/18/26	10,197		9,974		10,185		(9)
	First Lien Secured Debt - Revolver	8.00% (6M L+700, 1.00% Floor)	09/18/25	74		74		74		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	09/18/25	623		(15)		(2)		(8)(9) (21)(23)
						10,033		10,257
Olaplex
Olaplex, Inc.	First Lien Secured Debt	7.50% (1M L+650, 1.00% Floor)	01/08/26	12,221		12,036		12,253		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	01/08/25	2,300		(32)		—		(9)(21) (23)
						12,004		12,253
Sequential Brands Group, Inc.
Sequential Brands Group, Inc.	Second Lien Secured Debt	9.75% (1M L+875, 1.00% Floor)	02/07/24	12,658		12,603		10,386		(17)
		Total Consumer Goods – Non-durable				$	90,433	$	88,016
Consumer Services
Activ
Activ Software Holdings, LLC	First Lien Secured Debt	7.25% (6M L+625, 1.00% Floor)	05/04/27	$	30,093	$	29,507	$	29,491	(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/04/27	2,407		(47)		(48)		(8)(9) (21)(23)
						29,460		29,443
Bird
Bird US Opco, LLC	First Lien Secured Debt	10.00% (1M L+900, 1.00% Floor)	04/27/24	4,960		4,908		4,886		(9)
	First Lien Secured Debt - Unfunded Delayed Draw	0.00% Unfunded	04/27/24	14,600		(220)		(219)		(8)(9) (21)(23)
						4,688		4,667
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	7.50% (1M L+650, 1.00% Floor)	07/01/25	9,129		9,022		9,066
	First Lien Secured Debt	7.50% (3M L+650, 1.00% Floor)	07/01/25	9,950		9,766		9,881
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	07/01/25	685		(8)		(5)		(8)(21) (23)
						18,780		18,942
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	4.84% (1M L+475)	04/02/22	18,000		17,958		17,912		(9)
	First Lien Secured Debt - Revolver	5.59% (1M L+550)	04/02/22	509		509		507		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/02/22	3,241		(9)		(15)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	04/02/22	8,250		(24)		(40)		(8)(9) (21)(23)
						18,434		18,364

See notes to financial statements.

11

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	7.00% (1M L+600, 1.00% Floor)	12/31/26	885		869		871		(9)
	First Lien Secured Debt	5.75% (1M L+475, 1.00% Floor)	12/31/26	4,574		4,509		4,502		(9)
	First Lien Secured Debt - Revolver	7.00% (1M L+600, 1.00% Floor)	12/31/26	125		125		123		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/31/26	292		(3)		(5)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	12/31/26	2,577		(22)		(40)		(8)(9) (21)(23)
						5,478		5,451
Lending Point
LendingPoint LLC	First Lien Secured Debt	11.50% (3M L+1050, 1.00% Floor)	12/30/25	11,375		11,273		11,286		(9)
	First Lien Secured Debt - Revolver	6.75% (3M L+575, 1.00% Floor)	12/30/25	1,000		991		992		(9)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	12/30/25	6,125		(55)		(48)		(8)(9) (21)(23)
						12,209		12,230
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	7.75% (3M BBSW+675, 1.00% Floor)	04/06/24	A$	6,768	4,942		4,929		(17)
	First Lien Secured Debt - Unfunded Delayed Draw	3.04% Unfunded	04/06/24	A$	232	(5)		(5)		(8)(17) (21)(23)
						4,937		4,924
Paper Source
PaperShop HoldCo Inc.	First Lien Secured Debt	8.00% (3M L+700, 1.00% Floor)	05/27/26	10,607		10,503		10,501		(9)
	First Lien Secured Debt - Revolver	8.00% (3M L+700, 1.00% Floor)	05/27/26	1,175		1,175		1,163		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	05/27/26	1,907		(31)		(19)		(8)(9) (21)(23)
						11,647		11,645
Pinstripe Holdings, LLC
Pinstripe Holdings, LLC	First Lien Secured Debt	7.00% (3M L+600, 1.00% Floor)	01/17/25	6,808		6,727		6,752
The Club Company
Eldrickco Limited	First Lien Secured Debt	6.75% (6M GBPL+625, 0.50% Floor)	11/21/25	£	11,148	14,059		14,830		(9)(17)
	First Lien Secured Debt - Revolver	6.75% (6M GBPL+625, 0.50% Floor)	05/21/25	£	356	411		476		(9)(17) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.93% Unfunded	11/21/25	£	3,934	(80)		(168)		(8)(9) (17)(21) (23)
						14,390		15,138
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	6.25% (3M L+525, 1.00% Floor)	04/17/24	11,778		11,817		11,759		(9)
	First Lien Secured Debt - Revolver	7.00% (3M L+600, 1.00% Floor)	04/17/24	4,122		4,122		4,115		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	04/17/24	9,212		(28)		(15)		(8)(9) (21)(23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	04/17/24	8,222		(16)		—		(9)(21) (23)
						15,895		15,859
		Total Consumer Services				$	142,645	$	143,415

See notes to financial statements.

12

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)		Fair Value (1)(28)
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/11/24	$	2,273	$	(30)	$	(20)	(8)(9) (21)(23)
Peer Advisors, LLC	First Lien Secured Debt	6.50% (1M L+550, 1.00% Floor)	06/11/24	17,670		17,435		17,511		(9)
						17,405		17,491
Flock Financial, LLC
Flock SPV I, LLC	First Lien Secured Debt	7.50% (1M L+650, 1.00% Floor)	12/31/22	12,000		11,972		11,920		(9)(17)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	12/31/22	5,333		(4)		(36)		(8)(9) (17)(21) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	0.50% Unfunded	12/31/22	2,667		(31)		(18)		(8)(9) (17)(21) (23)
						11,937		11,866
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,812		11,676		(3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	7.50% (1M L+650, 1.00% Floor)	01/24/24	425		425		425		(9)(23)
	First Lien Secured Debt - Unfunded Revolver	0.40% Unfunded	01/24/24	8,687		—		—		(9)(21) (23)
						425		425
Spectrum Automotive
CC SAG Holdings Corp.	First Lien Secured Debt	6.50% (3M L+575, 0.75% Floor)	06/29/28	11,434		11,262		11,262		(9)
	First Lien Secured Debt - Unfunded Revolver	0.50% Unfunded	06/29/27	420		(6)		—		(9)(21) (23)
	First Lien Secured Debt - Unfunded Delayed Draw	1.00% Unfunded	06/29/28	3,147		(24)		(24)		(8)(9) (21)(23)
						11,232		11,238
Ten-X, LLC
Ten-X, LLC	First Lien Secured Debt - Revolver	3.35% (1M L+325)	09/29/22	4,680		4,575		4,489		(23)
	Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	62,386	$	57,185
Education
NFA Group
SSCP Spring Bidco Limited	First Lien Secured Debt	6.75% (6M GBPL+625, 0.50% Floor)	07/30/25	£	30,000	$	36,205	$	41,254	(9)(17)
		Total Education				$	36,205	$	41,254
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	143 Shares		$	534	$	503	(17)(15) (25)
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Preferred Equity - Series B Preferred Stock	N/A	N/A	1,505,868 Shares		8,343		—		(13)(25)
	Preferred Equity - Series D Preferred Stock	N/A	N/A	436,689 Shares		5,568		—		(13)(25)
	Preferred Equity - Series E Preferred Stock	N/A	N/A	441,576 Shares		1,902		5,081		(13)(17) (25)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	633,948 Shares		634		800		(13)(17) (25)
						16,981		6,384

See notes to financial statements.

13

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate (20)	Maturity Date	Par/Shares (12)		Cost (27)	Fair Value (1)(28)
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,439	2,544	(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)