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 September 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 November 3, 2021 was 64,354,646

APOLLO INVESTMENT CORPORATION

Table of Contents

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Statements of Assets and Liabilities September 30, 2021 and March 31, 2021	1
	Statements of Operations Three and six months ended September 30, 2021 and September 30, 2020	2
	Statements of Changes in Net Assets Three and six months ended September 30, 2021 and September 30, 2020	3
	Statements of Cash Flows Six months ended September 30, 2021 and September 30, 2020	4
	Schedule of Investments September 30, 2021	5
	Schedule of Investments March 31, 2021	31
	Notes to Financial Statements	60
	Report of Independent Registered Public Accounting Firm	87
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	88
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	104
Item 4.	Controls and Procedures	106
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	107
Item 1A.	Risk Factors	107
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	108
Item 3.	Defaults Upon Senior Securities	111
Item 4.	Mine Safety Disclosures	111
Item 5.	Other Information	111
Item 6.	Exhibits	112
	Signatures	113

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)

	September 30, 2021		March 31, 2021
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,027,880 and $1,871,073, respectively)	$	2,007,043	$	1,844,627
Non-controlled/affiliated investments (cost — $134,465 and $133,428, respectively)	69,343		50,874
Controlled investments (cost — $646,373 and $711,898, respectively)	535,922		553,650
Cash and cash equivalents	23,556		50,180
Foreign currencies (cost —$4,083 and $4,462, respectively)	3,962		4,444
Receivable for investments sold	11,089		1,351
Interest receivable	12,697		13,135
Dividends receivable	6,500		3,793
Deferred financing costs	19,123		21,528
Prepaid expenses and other assets	1,332		907
Total Assets	$	2,690,567	$	2,544,489
Liabilities
Debt	$	1,597,792	$	1,465,371
Payable for investments purchased	2,005		—
Distributions payable	23,408		23,493
Management and performance-based incentive fees payable	14,282		8,666
Interest payable	3,436		2,096
Accrued administrative services expense	2,279		794
Other liabilities and accrued expenses	8,232		7,739
Total Liabilities	$	1,651,434	$	1,508,159
Commitments and contingencies (Note 8)
Net Assets	$	1,039,133	$	1,036,330
Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 64,662,651 and 65,259,176 shares issued and outstanding, respectively)	$	65	$	65
Capital in excess of par value	2,091,927		2,099,876
Accumulated under-distributed (over-distributed) earnings	(1,052,859)		(1,063,611)
Net Assets	$	1,039,133	$	1,036,330
Net Asset Value Per Share	$	16.07	$	15.88

See notes to financial statements.

1

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	38,850	$	46,139	$	79,096	$	93,502
Dividend income	325		—		397		—
PIK interest income	592		925		1,792		2,073
Other income	994		163		2,181		547
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	48		4		93		12
Dividend income	338		331		649		676
PIK interest income	18		—		34		—
Other income	—		—		—		—
Controlled investments:
Interest income (excluding PIK interest income)	9,342		6,438		16,499		12,331
Dividend income	2,059		891		2,059		1,691
PIK interest income	323		—		642		728
Other income	—		—		—		—
Total Investment Income	$	52,889	$	54,891	$	103,442	$	111,560
Expenses
Management fees	$	9,158	$	9,262	$	17,972	$	18,786
Performance-based incentive fees	5,271		—		5,271		—
Interest and other debt expenses	13,944		13,845		26,608		29,237
Administrative services expense	1,715		1,201		2,985		2,389
Other general and administrative expenses	1,793		2,777		4,331		5,224
Total expenses	31,881		27,085		57,167		55,636
Management and performance-based incentive fees waived	—		—		—		—
Performance-based incentive fee offset	(147)		—		(147)		—
Expense reimbursements	(76)		(100)		(152)		(210)
Net Expenses	$	31,658	$	26,985	$	56,868	$	55,426
Net Investment Income	$	21,231	$	27,906	$	46,574	$	56,134
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	2,523	$	590	$	2,803	$	(8,039)
Non-controlled/affiliated investments	541		(3,653)		541		(3,653)
Controlled investments	(65,300)		—		(65,300)		—
Foreign currency transactions	(2,565)		64		(2,749)		276
Net realized gains (losses)	(64,801)		(2,999)		(64,705)		(11,416)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments	(1,215)		21,680		5,610		32,248
Non-controlled/affiliated investments	7,434		5,957		17,433		(3,006)
Controlled investments	57,821		(11,769)		47,795		(29,017)
Foreign currency translations	4,971		(7,486)		4,877		(8,660)
Net change in unrealized gains (losses)	69,011		8,382		75,715		(8,435)
Net Realized and Change in Unrealized Gains (Losses)	$	4,210	$	5,383	$	11,010	$	(19,851)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	25,441	$	33,289	$	57,584	$	36,283
Earnings (Loss) Per Share — Basic	$	0.39	$	0.51	$	0.88	$	0.56

See notes to financial statements.

2

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2020		2021		2020
Operations
Net investment income	$	21,231	$	27,906	$	46,574	$	56,134
Net realized gains (losses)	(64,801)		(2,999)		(64,705)		(11,416)
Net change in unrealized gains (losses)	69,011		8,382		75,715		(8,435)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	25,441	$	33,289	$	57,584	$	36,283
Distributions to Stockholders
Distribution of net investment income	$	(23,408)	$	(23,494)	$	(46,850)	$	(52,860)
Distribution of return of capital	—		—		—		—
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(23,408)	$	(23,494)	$	(46,850)	$	(52,860)
Capital Share Transactions
Repurchase of common stock	$	(5,905)	$	—	$	(7,931)	$	—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(5,905)	$	—	$	(7,931)	$	—
Net Assets
Net increase (decrease) in net assets during the period	$	(3,872)	$	9,795	$	2,803	$	(16,577)
Net assets at beginning of period	1,043,005		997,943		1,036,330		1,024,315
Net Assets at End of Period	$	1,039,133	$	1,007,738	$	1,039,133	$	1,007,738
Capital Share Activity
Shares repurchased during the period	(450,953)		—		(596,525)		—
Shares issued and outstanding at beginning of period	65,113,604		65,259,176		65,259,176		65,259,176
Shares Issued and Outstanding at End of Period	64,662,651		65,259,176		64,662,651		65,259,176

See notes to financial statements.

3

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Six Months Ended September 30,
	2021		2020
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	57,584	$	36,283
Net realized (gains) losses	64,705		11,416
Net change in unrealized (gains) losses	(75,715)		8,435
Net amortization of premiums and accretion of discounts on investments	(4,623)		(5,457)
Accretion of discount on notes	382		297
Amortization of deferred financing costs	2,598		2,510
Increase in gains/(losses) from foreign currency transactions	(2,743)		276
PIK interest and dividends capitalized	(2,727)		(3,033)
Changes in operating assets and liabilities:
Purchases of investments	(583,325)		(243,716)
Proceeds from sales and repayments of investments	428,658		439,998
Decrease (increase) in interest receivable	439		2,326
Decrease (increase) in dividends receivable	(2,707)		1,874
Decrease (increase) in prepaid expenses and other assets	(425)		(343)
Increase (decrease) in management and performance-based incentive fees payable	5,616		(1,027)
Increase (decrease) in interest payable	1,340		(447)
Increase (decrease) in accrued administrative services expense	1,485		(472)
Increase (decrease) in other liabilities and accrued expenses	493		958
Net Cash Used in/Provided by Operating Activities	$	(108,965)	$	249,878
Financing Activities
Issuances of debt	$	378,005	$	60,481
Payments of debt	(241,178)		(263,932)
Financing costs paid and deferred	—		—
Repurchase of common stock	(7,931)		—
Distributions paid	(46,934)		(58,733)
Net Cash Used in/Provided by Financing Activities	$	81,962	$	(262,184)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(27,003)	$	(12,306)
Effect of foreign exchange rate changes on cash and cash equivalents	(103)		(36)
Cash, cash equivalents and foreign currencies at beginning of period	54,624		43,676
Cash, Cash Equivalents and Foreign Currencies at the End of Period	$	27,518	$	31,334
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	22,288	$	26,908
Non-Cash Activity
PIK income	$	2,468	$	2,801

See notes to financial statements.

4

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt	L+525, 1.00% Floor	12/30/26	$	18,560	$	18,220	$	18,374	(9)(28)
	First Lien Secured Debt	L+525, 1.00% Floor	12/30/26	4,371		3,441		3,451		(9)(21) (23)(28)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	12/30/26	2,190		(19)		(22)		(8)(9)(21) (23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		335		(9)(13)(25)
						21,861		22,138
Simplifi Holdings, Inc.
Simplifi Holdings, Inc.	First Lien Secured Debt	P+425, 1.00% Floor	08/02/25	38,245		37,770		38,245		(9)(34)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	08/02/25	2,400		(36)		—		(9)(23)
						37,734		38,245
		Total Advertising, Printing & Publishing				$	59,595	$	60,383
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	L+750, 1.50% Floor	04/28/22	$	32,250	$	26,505	$	26,142	(9)(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	13.50%	04/28/22	3,750		3,750		3,701		(9)(23)
		Total Aerospace & Defense				$	30,255	$	29,843
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt	L+650, 1.00% Floor	06/16/27	$	13,778	$	13,545	$	13,531	(9)(29)
	First Lien Secured Debt	L+650, 1.00% Floor	06/16/27	16,250		3,953		3,934		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		(41)		(44)		(8)(9)(21) (23)
						17,457		17,421
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	L+875, 1.00% Floor	10/21/24	23,765		23,573		22,220		(28)
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	L+625, 1.00% Floor	12/14/26	28,440		27,930		28,367		(9)(28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/13/24	3,052		(40)		(2)		(8)(9)(20) (21)(23)
						28,240		28,747
		Total Automotive				$	70,562	$	68,786
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		39,820		(25)
						310,800		314,820

See notes to financial statements.

5

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,416		17,202		17,267		(9)(26)
		Total Aviation and Consumer Transport				$	328,002	$	332,087
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	31,119	$	30,431	$	30,807	(9)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	2,881		513		547		(9)(21)(23) (29)
						30,944		31,354
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Common Stock	N/A	N/A	1,000,000 Shares		1,001		1,170		(13)
Florida Food Products, Inc.
Florida Food Products, Inc.	First Lien Secured Debt	L+650, 1.00% Floor	09/08/25	22,589		22,268		22,589		(9)(26)
	First Lien Secured Debt	L+725, 1.00% Floor	09/08/25	2,963		2,799		2,963		(9)(26)
Florida Food Products, LLC	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	09/06/23	1,712		326		342		(9)(23)(26)
						25,393		25,894
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Stock	N/A	N/A	589 Shares		448		448		(9)(13)(25)
	Common Equity - Common Stock	N/A	N/A	589 Shares		3		3		(9)(13)(25)
Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,209		16,879		17,037		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		420		442		(9)(21)(23) (28)
						17,750		17,930
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,035
Rise Baking
Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,757		26,102		26,088		(9)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		448		446		(9)(20)(21) (23)(28) (29)
						26,550		26,534
TNT Crust LLC
TNT Crust LLC	First Lien Secured Debt	L+675, 1.00% Floor	11/06/23	21,606		21,322		21,174		(9)(28)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	11/06/23	3,252		1,925		1,886		(9)(21)(23) (28)(29)
	Common Equity - Series A Units	N/A	N/A	244 Shares		30		168		(9)(13)
						23,277		23,228
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		324		(9)(13)
THLP CO. LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/31/25	25,138		24,809		24,509		(9)(26)
	First Lien Secured Debt - Revolver	P+500, 1.00% Floor	05/31/24	4,494		401		337		(9)(20)(21) (23)(34)
						25,379		25,170
		Total Beverage, Food & Tobacco				$	151,299	$	152,315

See notes to financial statements.

6

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,817	$	15,739	(26)
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	9.00%	08/28/25	21,429		19,555		9,272		(14)
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt	L+625, 1.00% Floor	09/21/26	31,610		30,999		30,940		(9)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	09/21/26	665		(15)		(14)		(8)(9)(21) (23)
						30,984		30,926
Claritas
Claritas, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/21/23	3,696		3,679		3,659		(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/21/23	1,031		73		67		(9)(21)(23) (28)
						3,752		3,726
Continuum
Continuum Global Solutions, LLC	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	02/15/22	20,000		2,998		2,677		(9)(21)(23) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares		78		78		(9)(13)
						3,076		2,755
Electro Rent Corporation
Electro Rent Corporation	Second Lien Secured Debt	L+900, 1.00% Floor	01/31/25	34,235		33,731		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		—		(35)		(8)(21)(23)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155		(217)		(130)		(8)(21)(23)
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	L+575, 1.00% Floor	04/23/24	22,199		22,024		21,804		(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	04/23/24	3,500		2,539		2,504		(9)(23)(28)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares		500		158		(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares		11		11		(9)(13)
						25,074		24,477
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	L+550, 1.00% Floor	07/31/24	13,268		13,116		13,106		(9)(28)(30)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	07/31/24	1,569		924		922		(9)(21)(23) (30)
						14,040		14,028
MAKS
Trident Bidco Limited	First Lien Secured Debt	L+550, 1.00% Floor	11/08/25	34,125		33,420		33,854		(9)(17)(29)
McLarens
Margaux Acquisition Inc.	First Lien Secured Debt	L+550, 1.00% Floor	12/19/24	22,936		22,687		22,922		(9)(28)
	First Lien Secured Debt - Revolver	P+450, 1.00% Floor	12/19/24	1,601		212		228		(9)(21)(23) (34)
Margaux UK Finance Limited	First Lien Secured Debt	GBPL+550, 1.00% Floor	12/19/24	£	7,146	8,938		9,579		(9)(17)(31)
	First Lien Secured Debt - Revolver	GBPL+550, 1.00% Floor	12/19/24	£	541	(7)		(4)		(8)(9)(17) (21)(23)
						31,830		32,725

See notes to financial statements.

7

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (36)		Fair Value (1)(37)
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	L+700, 1.00% Floor	12/29/22	12,244	12,140		12,184		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	12/29/22	500	277		278		(9)(21)(23) (26)
					12,417		12,462
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	5,836	5,721		5,720		(9)(28)
	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	2,613	(25)		(26)		(8)(9)(21) (23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,307	(26)		(26)		(8)(9)(21) (23)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares	244		244		(9)(13)(25)
					5,914		5,912
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	32,371	31,893		31,286		(9)(28)
	First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	2,388	(17)		(80)		(8)(9)(23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/20/25	2,985	2,942		2,899		(9)(21)(23) (28)
					34,818		34,105
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares	300		757		(9)(13)
Transplace Holdings, Inc.
Transplace Holdings, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/06/25	8,599	8,487		8,599		(28)
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares	632		752		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	12/02/24	24,126	23,864		23,484		(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/02/24	1,608	(17)		(43)		(8)(9)(20) (21)(23)
					24,479		24,193
		Total Business Services			$	297,477	$	287,429
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	$	45,234	(3)(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		45,234
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	09/13/24	15,697	15,533		15,333		(9)(26)
	First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,667	5,568		5,554		(9)(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/13/24	1,885	1,731		1,706		(9)(23)(26)
	First Lien Secured Debt - Revolver	P+475, 1.00% Floor	09/13/24	134	133		131		(9)(23)(34)
					22,965		22,724
		Total Chemicals, Plastics & Rubber			$	101,694	$	67,958

See notes to financial statements.

8

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	03/06/25	$	28,539	$	28,191	$	27,971	(9)(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	03/06/24	2,727		(33)		(54)		(8)(9)(20) (21)(23)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,105		(9)
		Total Construction & Building				$	28,658	$	29,022
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	$	(92)	$	(59)	(8)(21)(23)
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		4,892		4,812		(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		2,805		(17)(28)
	First Lien Secured Debt	L+500 PIK, 1.00% Floor	09/30/25	1,046		1,046		979		(17)(28)
	Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		1,096		(2)(13)(17) (25)
GSC Technologies Inc. (4)	First Lien Secured Debt	L+1000 PIK, 1.00% Floor	09/30/25	216		216		202		(17)(28)
						5,240		5,082
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	3,014		2,827		2,842		(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	P+350, 1.00% Floor	02/26/25	546		542		545		(21) (23)(34)
						3,369		3,387
NSi Industries
Wildcat BuyerCo, Inc.	First Lien Secured Debt	L+500, 1.00% Floor	02/27/26	5,996		5,890		5,965		(28)
	First Lien Secured Debt	L+500, 1.00% Floor	02/27/26	3,171		896		1,126		(21)(23) (28)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	02/27/26	725		(12)		(3)		(8)(21)(23)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		161		(13)
						6,881		7,249
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		411		(10)(13)
		Total Consumer Goods – Durable				$	20,290	$	20,882
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	$	(31)	$	—	(9)(21)(23)
Beauty Industry Group (BIG)
Big Buyer, LLC	First Lien Secured Debt	L+650, 1.00% Floor	11/20/23	30,373		29,985		30,285		(9)(26)
	First Lien Secured Debt	L+650, 1.00% Floor	11/20/23	1,000		(6)		(3)		(8)(9)(21) (23)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	11/20/23	1,806		(23)		(5)		(8)(9)(21) (23)
						29,956		30,277
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	25,590		25,167		24,564		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		1,106		1,008		(9)(21)(23) (28)
	Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		258		(9)(13)
						26,735		25,830

See notes to financial statements.

9

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
LashCo
Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	20,000		19,557		19,558		(9)(26)
	First Lien Secured Debt	P+600, 1.00% Floor	03/18/26	10,171		9,956		9,946		(9)(34)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,503		190		207		(9)(21)(23) (26)(29)
						29,703		29,711
Olaplex
Olaplex, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	01/08/26	12,142		11,967		12,256		(9)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/08/25	2,300		(30)		—		(9)(21)(23)
						11,937		12,256
Sequential Brands Group, Inc.
Sequential Brands Group, Inc.	First Lien Secured Debt	L+500, 1.00% Floor	01/28/22	6,964		6,535		6,537		(17)(21) (23)(26)
	Second Lien Secured Debt	8.75%	02/07/24	12,658		12,606		11,545		(13)(14) (17)
						19,141		18,082
		Total Consumer Goods – Non-durable				$	117,441	$	116,156
Consumer Services
Activ
Activ Software Holdings, LLC	First Lien Secured Debt	L+625, 1.00% Floor	05/04/27	$	30,018	$	29,450	$	29,403	(9)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(45)		(49)		(8)(9)(21) (23)
						29,405		29,354
Bird
Bird US Opco, LLC	First Lien Secured Debt	L+900, 1.00% Floor	04/27/24	15,055		4,464		4,474		(9)(23)(26)
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	22,262		21,923		22,080		(26)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		(8)		(5)		(8)(21)(23)
						21,915		22,075
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	04/02/22	26,250		17,971		17,948		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 0.00% Floor	04/02/22	3,750		1,942		1,946		(9)(21)(23) (26)
						19,913		19,894
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	L+550, 1.00% Floor	12/31/26	8,023		7,870		7,902		(9)(26)
	First Lien Secured Debt	L+550, 1.00% Floor	12/31/26	3,462		154		102		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/31/26	417		288		285		(9)(21)(23) (26)
						8,312		8,289
Lending Point
LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	17,500		11,218		11,225		(9)(21)(23) (28)
	First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		3,153		3,157		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		5,059		5,066		(9)(21)(23) (28)
						19,430		19,448

See notes to financial statements.

10

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+625, 0.00% Floor	04/06/24	A$	6,008	4,395		4,212		(17)(33)
	First Lien Secured Debt	BBSW+625, 0.00% Floor	04/06/24	A$	992	545		527		(17)(21) (23)(33)
						4,940		4,739
Paper Source
Papershop Holdco Inc.	First Lien Secured Debt	L+700, 1.00% Floor	05/27/26	10,607		10,505		10,501		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	05/27/26	2,671		1,355		1,354		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+600, 1.00% Floor	05/27/26	411		407		407		(9)(21)(23) (34)
						12,267		12,262
Pinstripe Holdings, LLC
Pinstripe Holdings, LLC	First Lien Secured Debt	L+550, 1.00% Floor	01/17/25	6,791		6,714		6,780		(28)
The Club Company
Eldrickco Limited	First Lien Secured Debt	GBPL+625, 0.50% Floor	11/21/25	£	9,393	11,936		12,202		(9)(17)(32)
	First Lien Secured Debt	GBPL+625, 0.50% Floor	11/21/25	£	5,690	2,064		2,133		(9)(17)(23) (32)
	First Lien Secured Debt - Revolver	GBPL+625, 0.50% Floor	05/21/25	£	356	411		462		(9)(17)(23) (32)
						14,411		14,797
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	L+525, 0.00% Floor	04/17/24	20,000		4,623		4,558		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+600, 0.00% Floor	04/17/24	13,333		4,515		4,507		(9)(21)(23) (28)
						9,138		9,065
		Total Consumer Services				$	150,909	$	151,177
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	$	(28)	$	(16)	(8)(9)(21) (23)
Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,670		17,451		17,543		(9)(26)
						17,423		17,527
Flock Financial, LLC
Flock SPV I, LLC	First Lien Secured Debt	L+650, 1.00% Floor	12/31/22	14,667		11,991		12,000		(9)(17)(21) (23)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	12/31/22	5,333		(36)		—		(9)(17)(21) (23)
						11,955		12,000
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,837		10,795		(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		—		—		(9)(21)(23)
Spectrum Automotive
CC SAG Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	11,405		11,236		11,234		(9)(28)
	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	3,147		(22)		(47)		(8)(9)(21) (23)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(6)		(6)		(8)(9)(21) (23)
						11,208		11,181
Ten-X, LLC
Ten-X, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	09/29/22	4,680		4,596		4,526		(23)(26)
	Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	62,019	$	56,029

See notes to financial statements.

11

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (36)		Fair Value (1)(37)
Education
NFA Group
SSCP Spring Bidco Limited	First Lien Secured Debt	GBPL+625, 0.00% Floor	07/30/25	£	30,000	$	36,255	$	40,223	(9)(17)(32)
		Total Education				$	36,255	$	40,223
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	$	439	(15)(17)(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		4,994		(13)(17) (25)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	548,175 Shares		548		629		(13)(17) (25)
						16,895		6,062
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,357		2,167		(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)
						12,984		2,167
		Total Energy – Electricity				$	29,879	$	8,229
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	$	15,000	$	15,000	$	4,922	(14)
	Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,078		—		(13)(25)
						45,078		4,922
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		16,764		2,170		(13)(16) (17)(25)
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		44,065		6,740		(13)(16) (25)
	Common Equity - Series A Units	N/A	N/A	7,600,000 Shares		1,411		—		(13)(16) (25)
						70,204		32,210
		Total Energy – Oil & Gas				$	132,046	$	39,302
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC	First Lien Secured Debt	L+525, 1.00% Floor	10/31/25	$	8,994	$	8,875	$	8,725