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 December 31, 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 February 2, 2022 was 63,647,240

APOLLO INVESTMENT CORPORATION

Table of Contents

		Page
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Statements of Assets and Liabilities December 31, 2021 and March 31, 2021	1
	Statements of Operations Three and nine months ended December 31, 2021 and December 31, 2020	2
	Statements of Changes in Net Assets Three and nine months ended December 31, 2021 and December 31, 2020	3
	Statements of Cash Flows Nine months ended December 31, 2021 and December 31, 2020	4
	Schedule of Investments December 31, 2021	5
	Schedule of Investments March 31, 2021	30
	Notes to Financial Statements	59
	Report of Independent Registered Public Accounting Firm	85
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	86
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	103
Item 4.	Controls and Procedures	105
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	106
Item 1A.	Risk Factors	106
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	106
Item 3.	Defaults Upon Senior Securities	109
Item 4.	Mine Safety Disclosures	109
Item 5.	Other Information	109
Item 6.	Exhibits	110
	Signatures	111

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)

	December 31, 2021		March 31, 2021
	(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,017,543 and $1,871,073, respectively)	$	1,994,935	$	1,844,627
Non-controlled/affiliated investments (cost — $130,890 and $133,428, respectively)	67,345		50,874
Controlled investments (cost — $643,917 and $711,898, respectively)	532,563		553,650
Cash and cash equivalents	22,367		50,180
Foreign currencies (cost —$12,024 and $4,462, respectively)	12,100		4,444
Receivable for investments sold	851		1,351
Interest receivable	12,185		13,135
Dividends receivable	4,751		3,793
Deferred financing costs	18,187		21,528
Prepaid expenses and other assets	932		907
Total Assets	$	2,666,216	$	2,544,489
Liabilities
Debt	$	1,587,376	$	1,465,371
Distributions payable	22,999		23,493
Management and performance-based incentive fees payable	14,568		8,666
Interest payable	9,363		2,096
Accrued administrative services expense	416		794
Other liabilities and accrued expenses	7,218		7,739
Total Liabilities	$	1,641,940	$	1,508,159
Commitments and contingencies (Note 8)
Net Assets	$	1,024,276	$	1,036,330
Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 63,707,845 and 65,259,176 shares issued and outstanding, respectively)	$	63	$	65
Capital in excess of par value	2,079,530		2,099,876
Accumulated under-distributed (over-distributed) earnings	(1,055,317)		(1,063,611)
Net Assets	$	1,024,276	$	1,036,330
Net Asset Value Per Share	$	16.08	$	15.88

See notes to financial statements.

1

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)	$	42,466	$	44,097	$	121,560	$	137,273
Dividend income	161		753		558		753
PIK interest income	629		1,627		2,421		4,025
Other income	1,575		1,246		3,756		1,792
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)	49		61		143		73
Dividend income	310		323		959		1,000
PIK interest income	19		—		53		—
Other income	—		—		—		—
Controlled investments:
Interest income (excluding PIK interest income)	9,430		6,257		25,928		18,589
Dividend income	—		—		2,059		1,691
PIK interest income	334		—		977		728
Other income	—		—		—		—
Total Investment Income	$	54,973	$	54,364	$	158,414	$	165,924
Expenses
Management fees	$	9,232	$	8,957	$	27,203	$	27,743
Performance-based incentive fees	5,367		—		10,638		—
Interest and other debt expenses	14,133		13,213		40,740		42,450
Administrative services expense	1,441		1,201		4,426		3,590
Other general and administrative expenses	2,410		2,813		6,742		8,036
Total expenses	32,583		26,184		89,749		81,819
Management and performance-based incentive fees waived	—		—		—		—
Performance-based incentive fee offset	(31)		—		(178)		—
Expense reimbursements	(77)		(77)		(229)		(286)
Net Expenses	$	32,475	$	26,107	$	89,342	$	81,533
Net Investment Income	$	22,498	$	28,257	$	69,072	$	84,391
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments	$	(582)	$	(6,196)	$	2,221	$	(14,235)
Non-controlled/affiliated investments	—		(632)		541		(4,285)
Controlled investments	—		—		(65,300)		—
Foreign currency transactions	(59)		117		(2,808)		393
Net realized gains (losses)	(641)		(6,711)		(65,346)		(18,127)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments	(1,771)		25,716		3,839		57,965
Non-controlled/affiliated investments	1,575		5,193		19,008		2,187
Controlled investments	(901)		(10,447)		46,894		(39,465)
Foreign currency translations	(219)		(8,842)		4,658		(17,502)
Net change in unrealized gains (losses)	(1,316)		11,620		74,399		3,185
Net Realized and Change in Unrealized Gains (Losses)	$	(1,957)	$	4,909	$	9,053	$	(14,942)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,541	$	33,166	$	78,125	$	69,449
Earnings (Loss) Per Share — Basic	$	0.32	$	0.51	$	1.21	$	1.06

See notes to financial statements.

2

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021		2020
Operations
Net investment income	$	22,498	$	28,257	$	69,072	$	84,391
Net realized gains (losses)	(641)		(6,711)		(65,346)		(18,127)
Net change in unrealized gains (losses)	(1,316)		11,620		74,399		3,185
Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,541	$	33,166	$	78,125	$	69,449
Distributions to Stockholders
Distribution of net investment income	$	(22,999)	$	(23,493)	$	(69,849)	$	(76,353)
Distribution of return of capital	—		—		—		—
Net Decrease in Net Assets Resulting from Distributions to Stockholders	$	(22,999)	$	(23,493)	$	(69,849)	$	(76,353)
Capital Share Transactions
Repurchase of common stock	$	(12,399)	$	—	$	(20,330)	$	—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(12,399)	$	—	$	(20,330)	$	—
Net Assets
Net increase (decrease) in net assets during the period	$	(14,857)	$	9,673	$	(12,054)	$	(6,904)
Net assets at beginning of period	1,039,133		1,007,738		1,036,330		1,024,315
Net Assets at End of Period	$	1,024,276	$	1,017,411	$	1,024,276	$	1,017,411
Capital Share Activity
Shares repurchased during the period	(954,806)		—		(1,551,331)		—
Shares issued and outstanding at beginning of period	64,662,651		65,259,176		65,259,176		65,259,176
Shares Issued and Outstanding at End of Period	63,707,845		65,259,176		63,707,845		65,259,176

See notes to financial statements.

3

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

	Nine Months Ended December 31,
	2021		2020
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	78,125	$	69,449
Net realized (gains) losses	65,346		18,127
Net change in unrealized (gains) losses	(74,399)		(3,185)
Net amortization of premiums and accretion of discounts on investments	(6,868)		(8,699)
Accretion of discount on notes	533		447
Amortization of deferred financing costs	3,883		3,798
Increase in gains/(losses) from foreign currency transactions	(2,802)		408
PIK interest and dividends capitalized	(3,715)		(4,901)
Changes in operating assets and liabilities:
Purchases of investments	(920,807)		(400,822)
Proceeds from sales and repayments of investments	793,394		720,614
Decrease (increase) in interest receivable	950		4,511
Decrease (increase) in dividends receivable	(958)		1,550
Decrease (increase) in prepaid expenses and other assets	(25)		(534)
Increase (decrease) in management and performance-based incentive fees payable	5,902		(1,332)
Increase (decrease) in interest payable	7,267		3,482
Increase (decrease) in accrued administrative services expense	(378)		(293)
Increase (decrease) in other liabilities and accrued expenses	(521)		838
Net Cash Used in/Provided by Operating Activities	$	(55,073)	$	403,458
Financing Activities
Issuances of debt	$	430,005	$	80,481
Payments of debt	(304,177)		(381,823)
Financing costs paid and deferred	(333)		(10,171)
Repurchase of common stock	(20,330)		—
Distributions paid	(70,343)		(82,227)
Net Cash Used in/Provided by Financing Activities	$	34,822	$	(393,740)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period	$	(20,251)	$	9,718
Effect of foreign exchange rate changes on cash and cash equivalents	94		780
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	$	34,467	$	54,174
Supplemental Disclosure of Cash Flow Information
Cash interest paid	$	29,057	$	34,755
Non-Cash Activity
PIK income	$	3,451	$	4,753

See notes to financial statements.

4

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt	L+625, 1.00% Floor	12/30/26	$	30,875	$	22,411	$	22,566	(9)(21)(23) (26)(28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/30/26	2,190		(18)		(22)		(8)(9)(21) (23)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		344		(9)(13)
						22,612		22,888
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt	L+600, 1.00% Floor	11/18/28	27,234		19,111		19,303		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	11/18/26	2,553		(50)		(26)		(8)(9)(20) (21)(23)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		213		(9)(13)(25)
						19,274		19,490
		Total Advertising, Printing & Publishing				$	41,886	$	42,378
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	L+750, 1.50% Floor	04/28/22	$	32,250	$	20,722	$	20,446	(9)(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	13.50%	04/28/22	3,750		3,750		3,713		(9)(23)
		Total Aerospace & Defense				$	24,472	$	24,159
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt	L+650, 1.00% Floor	06/16/27	$	29,982	$	20,400	$	20,493	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		2,398		2,406		(9)(23)(29)
						22,798		22,899
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		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)
						1,284		398
K&N Parent, Inc.
K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,583		21,507		(28)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		406		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt	L+625, 1.00% Floor	12/14/26	31,363		29,709		29,602		(9)(21)(23) (27)(28)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	12/13/24	3,052		(29)		(35)		(8)(9)(20) (21)(23)
						30,030		29,973
		Total Automotive				$	77,695	$	74,777
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		43,241		(25)
						310,800		318,241
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,384		17,186		17,281		(9)(26)
		Total Aviation and Consumer Transport				$	327,986	$	335,522

See notes to financial statements.

5

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	31,041	$	30,375	$	30,886	(9)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	2,247		529		565		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	P+550	07/30/26	634		621		631		(9)(23)(34)
						31,525		32,082
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Common Stock	N/A	N/A	1,000,000 Shares		1,001		990		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A	589 Shares		448		475		(9)(13)(25)
	Common Equity - Common Stock	N/A	N/A	589 Shares		3		50		(9)(13)(25)
Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,166		16,849		16,995		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		422		442		(9)(21)(23) (26)
						17,722		17,962
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	1,000,000 Shares		1,005		1,000
Rise Baking
Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,757		26,121		26,096		(9)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		1,626		1,623		(9)(20)(21) (23)(28)(29)
						27,747		27,719
TNT Crust LLC
TNT Crust LLC	First Lien Secured Debt	L+675, 1.00% Floor	11/06/23	21,655		21,406		21,113		(9)(28)
	First Lien Secured Debt - Revolver	L+675 Cash plus 1.00% PIK, 1.00% Floor	11/06/23	3,252		3,069		3,011		(9)(21)(23) (28)(29)
	Common Equity - Series A Units	N/A	N/A	244 Shares		30		136		(9)(13)
						24,505		24,260
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		273		(9)(13)
THLP CO. LLC	First Lien Secured Debt	L+600, 1.00% Floor	05/31/25	25,124		24,811		24,369		(9)(26)
	First Lien Secured Debt - Revolver	P+500	05/31/24	4,494		2,878		2,787		(9)(20)(21) (23)(34)
						27,858		27,429
		Total Beverage, Food & Tobacco				$	131,363	$	131,442
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,820	$	15,764	(26)
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt	L+600, 1.00% Floor	12/27/27	16,383		11,633		11,632		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	12/27/27	1,117		(22)		(22)		(8)(9)(21) (23)
						11,611		11,610
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	9.00%	08/28/25	21,429		19,069		5,657		(14)

See notes to financial statements.

6

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/21/26	31,531	30,951	31,291	(9)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	09/21/26	665	(14)	(5)	(8)(9)(21) (23)
					30,937	31,286
Claritas
Claritas, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/21/23	3,671	3,656	3,635	(9)(26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/21/23	1,031	73	67	(9)(21)(23) (26)
					3,729	3,702
Continuum
Continuum Global Solutions, LLC	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	10/29/24	20,000	11,728	11,463	(9)(21)(23) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares	78	78	(9)(13)
					11,806	11,541
Electro Rent Corporation
Electro Rent Corporation	Second Lien Secured Debt	L+900, 1.00% Floor	01/31/25	34,235	33,764	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	250	216	(21)(23)(26)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(198)	(119)	(8)(21)(23)
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	L+625, 1.00% Floor	04/23/24	22,142	21,983	21,743	(9)(28)(29)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	04/23/24	3,500	3,469	3,430	(9)(21)(23) (28)(29)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	144	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)
					25,963	25,328
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	L+550, 1.00% Floor	07/31/24	13,234	13,094	13,083	(9)(28)(30)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	07/31/24	1,569	1,427	1,426	(9)(21)(23) (28)(30)
					14,521	14,509
MAKS
Trident Bidco Limited	First Lien Secured Debt	L+550, 1.00% Floor	11/08/25	33,688	33,033	33,677	(9)(17)(29)
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	L+700, 1.00% Floor	12/29/22	12,213	12,130	12,183	(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	12/29/22	500	277	279	(9)(21)(23) (26)
					12,407	12,462
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,435	5,686	5,653	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,307	215	213	(9)(21)(23) (27)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares	244	241	(9)(13)(25)
					6,145	6,107

See notes to financial statements.

7

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	34,062		33,587		32,430		(9)(28)(29)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/20/25	2,985		2,945		2,861		(9)(21)(23) (28)
						36,532		35,291
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		863		(9)
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		986		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt	L+550, 1.00% Floor	12/02/24	24,064		23,827		23,616		(9)(28)
	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	12/02/24	1,501		200		186		(9)(20)(21) (23)(28)
	First Lien Secured Debt - Revolver	P+475, 1.00% Floor	12/02/24	107		106		105		(9)(23)(34)
						24,765		24,893
		Total Business Services				$	280,454	$	266,851
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	$	44,990	(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		44,990
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	09/13/24	$	15,656	15,504		15,300		(9)(28)
	First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,653		5,561		5,558		(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	09/13/24	2,019		2,001		1,973		(9)(23)(28)
						23,066		22,831
		Total Chemicals, Plastics & Rubber				$	101,795	$	67,821
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	03/06/25	$	28,466	$	28,140	$	28,147	(9)(26)
	First Lien Secured Debt - Revolver	P+475	03/06/24	2,727		380		371		(9)(20)(21) (23)(34)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,049		(9)
		Total Construction & Building				$	29,020	$	29,567
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	$	(87)	$	(54)	(8)(21)(23)
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		4,909		4,838		(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		2,795		(17)(28)
	First Lien Secured Debt	L+500 PIK, 1.00% Floor	09/30/25	1,062		1,062		991		(17)(28)
	Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		886		(13)(17)(19) (25)
GSC Technologies Inc. (4)	First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	211		211		196		(17)(28)
						5,251		4,868

See notes to financial statements.

8

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	3,204		1,640		1,658		(20)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+350, 1.00% Floor	02/26/25	356		354		356		(23)(34)
						1,994		2,014
NSi Industries
Wildcat BuyerCo, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	02/27/26	15,771		12,789		12,890		(21)(23)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	02/27/26	725		(11)		(17)		(8)(21)(23)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		160		(13)
						12,885		13,033
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		390		(10)(13)
		Total Consumer Goods – Durable				$	24,952	$	25,089
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	$	(28)	$	—	(9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	25,243		24,852		24,304		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		1,111		1,019		(9)(21)(23) (26)
	Preferred Equity - Preferred Equity	N/A	N/A	461,538 Shares		462		55		(9)(13)
						26,425		25,378
LashCo
Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	34,950		30,481		30,414		(9)(21)(23) (26)
	First Lien Secured Debt	P+600	03/18/26	10,146		9,942		9,918		(9)(34)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,612		(50)		(36)		(8)(9)(21) (23)
						40,373		40,296
Olaplex
Olaplex, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	01/08/26	12,063		11,898		12,184		(9)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	01/08/25	2,300		(28)		—		(9)(21)(23)
						11,870		12,184
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt	L+575, 1.00% Floor	11/12/27	8,003		5,981		6,038		(9)(17)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	£	353	(9)		(5)		(8)(9)(17) (21)(23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		255		268		(9)(17)(21) (23)(28)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		94		(9)(13)(17) (25)
						6,321		6,395
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A	10,854 Shares		2,041		2,033		(13)(16)(17) (25)
Sequential Avia Holdings LLC	Second Lien Secured Debt	L+500, 1.00% Floor	11/12/26	1,717		1,715		1,717		(17)(26)
Sequential Brands Group, Inc.	First Lien Secured Debt	L+500, 1.00% Floor	01/28/22	448		46		46		(17)(21)(23) (26)
	Second Lien Secured Debt	8.75%	02/07/24	1,293		236		241		(14)(17)
						4,038		4,037
		Total Consumer Goods – Non-durable				$	88,999	$	88,290

See notes to financial statements.

9

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Consumer Services
Activ
Activ Software Holdings, LLC	First Lien Secured Debt	L+625, 1.00% Floor	05/04/27	$	29,943	$	29,399	$	29,479	(9)(30)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(43)		(37)		(8)(9)(21) (23)
						29,356		29,442
Bird
Bird US Opco, LLC	First Lien Secured Debt	L+750, 1.00% Floor	10/12/24	50,000		15,615		16,203		(9)(23)(26)
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	22,214		21,877		22,038		(29)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		8		(5)		(8)(21)(23)
						21,885		22,033
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	04/02/22	26,250		19,492		19,474		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 0.00% Floor	04/02/22	3,750		2,458		2,459		(9)(21)(23) (26)
						21,950		21,933
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	L+575, 1.00% Floor	12/31/26	11,465		8,114		8,089		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(6)		(8)(9)(21) (23)
						8,111		8,083
Lending Point
LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	17,500		13,411		13,452		(9)(21)(23) (28)
	First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		3,155		3,169		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		6,590		6,617		(9)(21)(23) (28)
						23,156		23,238
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+675, 1.00% Floor	04/06/24	A$	7,000	4,945		4,763		(17)(21)(23) (33)
Paper Source
Papershop Holdco Inc.	First Lien Secured Debt	L+700, 1.00% Floor	05/27/26	10,607		10,509		10,501		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	05/27/26	1,705		1,365		1,364		(9)(21)(23) (26)(28)
	First Lien Secured Debt - Revolver	P+600	05/27/26	1,377		1,364		1,363		(9)(23)(34)
						13,238		13,228
The Club Company
Eldrickco Limited	First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,083	14,021		14,436		(9)(17)(21) (23)(31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		465		(9)(17)(23) (31)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	—		(9)		(8)(9)(17) (21)(23)(31)
						14,432		14,892
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	L+525, 1.00% Floor	04/17/24	20,000		4,623		4,556		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	04/17/24	13,333		10,995		10,976		(9)(21)(23) (28)
						15,618		15,532
		Total Consumer Services				$	168,306	$	169,347

See notes to financial statements.

10

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(25)	$	(24)	(8)(9)(21) (23)
Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,670		17,468		17,487		(9)(26)
						17,443		17,463
Flock Financial, LLC
Flock SPV I, LLC	First Lien Secured Debt	L+650, 1.00% Floor	12/31/22	14,667		11,997		12,000		(9)(17)(21) (23)(26)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	12/31/22	5,333		(28)		—		(9)(17)(21) (23)
						11,969		12,000
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,987		10,821		(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		1,640		1,640		(9)(21)(23) (27)
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	14,521		12,219		12,263		(9)(21)(23) (26)(27)(28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(6)		(4)		(8)(9)(21) (23)
						12,213		12,259
Ten-X, LLC
Ten-X, LLC	First Lien Secured Debt - Revolver	P+225	09/29/22	4,680		4,617		4,572		(23)(34)
	Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	64,869	$	58,755
Education
NFA Group
SSCP Spring Bidco Limited	First Lien Secured Debt	GBPL+600, 0.50% Floor	07/30/25	£	30,000	$	36,295	$	40,407	(9)(17)(32)
		Total Education				$	36,295	$	40,407
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	$	417	(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		4,984		(13)(17)(25)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	513,215 Shares		513		635		(13)(17)(25)
						16,860		6,036
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,231		1,791		(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A	4,286 Shares		5,623		—		(2)(13)(17)
	Common Equity - Ordinary Shares	N/A	N/A	2,825 Shares		4		—		(2)(13)(17)
						12,858		1,791
		Total Energy – Electricity				$	29,718	$	7,827

See notes to financial statements.

11

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
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	$	11,556	$	10,980	$	6,116	(14)
	Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,078		—		(13)(25)
						41,058		6,116
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(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 A Units	N/A	N/A	7,600,000 Shares		1,412		—		(13)(16)(25)
	Common Equity - Series C Units	N/A	N/A	50,952,525 Shares		44,065		2,839		(13)(16)(25)
						70,205		28,309
		Total Energy – Oil & Gas				$	124,326	$	35,055
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC	First Lien Secured Debt	L+525, 1.00% Floor	10/31/25	$	15,590	$	9,229	$	9,223	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	10/31/25	2,049		(27)		(22)		(8)(9)(21) (23)
		Total Environmental Industries				$	9,202	$	9,201
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,975	$	4,975	(9)(26)
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt	L+635, 1.50% Floor	10/27/25	9,750		9,771		9,750		(9)(26)
AmeriVet
Amerivet Partners Management, Inc.	First Lien Secured Debt	L+475, 1.00% Floor	06/05/24	33,617		33,202		33,265		(9)(27)
	First Lien Secured Debt - Revolver	L+475, 1.00% Floor	06/05/24	806		(8)		(9)		(8)(9)(21) (23)
AmeriVet Partners Parent LP	Common Equity - Class D Partnership Units	N/A	N/A	13 Shares		125		299		(9)(13)
						33,319		33,555
Analogic
Analogic Corporation	First Lien Secured Debt	L+525, 1.00% Floor	06/22/24	17,896		17,707		17,627		(9)(26)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	06/22/23	1,826		1,030		1,016		(9)(21)(23) (26)
						18,737		18,643
CARE Fertility
Royton Bidco Limited	First Lien Secured Debt	SON+525, 0.50% Floor	05/09/25	£	19,766	22,335		23,473		(9)(17)(21) (23)(31)
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt	L+675, 1.00% Floor	12/16/27	13,125		12,800		12,797		(9)(28)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	12/16/26	1,875		(46)		(47)		(8)(9)(21) (23)
						12,754		12,750

See notes to financial statements.

12

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

December 31, 2021