UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended June 30, 2022

OR

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

Commission File Number: 814-00646

APOLLO INVESTMENT CORPORATION

(Exact name of Registrant as specified in its charter)

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

(212) 515-3450

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

(Do not check if a smaller reporting company)

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

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

APOLLO INVESTMENT CORPORATION

Table of Contents

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

PART I. FINANCIAL INFORMATION

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

Item 1. Financial Statements

APOLLO INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

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

See notes to financial statements.

1

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

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

See notes to financial statements.

2

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)

(In thousands, except share data)

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

See notes to financial statements.

3

APOLLO INVESTMENT CORPORATION

STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

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

See notes to financial statements.

4

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company	First Lien Secured Debt	L+625, 1.00% Floor	12/30/26	$	30,760	$	22,344	$	22,298	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+575	12/30/26	1,962		128		128		(9)(21)(23) (25)
KL Charlie Co-Invest, L.P.	Common Equity - Common Stock	N/A	N/A	218,978 Shares		219		269		(9)(13)
						22,691		22,695
Hero Digital
HRO (Hero Digital) Holdings, LLC	First Lien Secured Debt	L+600, 1.00% Floor	11/18/28	27,137		19,052		19,140		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	P+500	11/18/26	2,553		806		819		(9)(20)(21) (23)(25)
HRO Holdings I LP	Common Equity - Common Stock	N/A	N/A	213 Shares		213		207		(9)(13)(24)
						20,071		20,166
		Total Advertising, Printing & Publishing				$	42,762	$	42,861
Aerospace & Defense
Erickson Inc
Erickson Inc	First Lien Secured Debt - Revolver	SOFR+800, 1.00% Floor	05/20/24	$	33,000	$	26,096	$	25,811	(9)(20)(21) (23)(31)
		Total Aerospace & Defense				$	26,096	$	25,811
Automotive
Club Car Wash
Club Car Wash Operating, LLC	First Lien Secured Debt	L+600, 1.00% Floor	06/16/27	$	29,872	$	25,014	$	25,011	(9)(21)(23) (26)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	06/16/27	2,438		(36)		(37)		(8)(9)(21) (23)
						24,978		24,974
Crowne Automotive
Vari-Form Group, LLC	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	5,860		893		264		(9)(14)
Vari-Form Inc.	First Lien Secured Debt	11.00% (7.00% Cash plus 4.00% PIK)	02/02/23	2,110		391		95		(9)(14)
						1,284		359
K&N Parent, Inc.
K&N Parent, Inc.	Second Lien Secured Debt	L+875, 1.00% Floor	10/21/24	23,765		23,621		19,546		(28)
Truck-Lite Co., LLC
TL Lighting Holdings, LLC	Common Equity - Equity	N/A	N/A	350 Shares		350		379		(9)(13)
Truck-Lite Co., LLC	First Lien Secured Debt	SOFR+625, 1.00% Floor	12/14/26	31,899		31,387		31,262		(9)(33)
	First Lien Secured Debt - Revolver	SOFR+625, 1.00% Floor	12/13/24	3,052		(11)		(34)		(8)(9)(20) (21)(23)
						31,726		31,607
		Total Automotive				$	81,609	$	76,486
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)	First Lien Secured Debt - Revolver	10.00%	10/31/23	$	275,177	$	275,000	$	275,000	(20)(23)
	Common Equity - Membership Interests	N/A	N/A	N/A		35,800		9,395		(13)(24)
						310,800		284,395
Primeflight
PrimeFlight Aviation Services, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	05/09/24	17,322		17,162		17,235		(9)(26)(28)
		Total Aviation and Consumer Transport				$	327,962	$	301,630

See notes to financial statements.

5

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/30/27	$	30,885	$	30,287	$	30,422	(9)(29)
	First Lien Secured Debt - Revolver	L+650, 1.00% Floor	07/30/26	1,613		547		552		(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	P+550	07/30/26	1,268		1,244		1,249		(9)(21)(23) (25)
						32,078		32,223
Bolthouse Farms
Wm. Bolthouse Farms, Inc.	Common Equity - Equity Interests	N/A	N/A	1,000,000 Shares		1,000		1,090		(13)
Hive
FCP-Hive Holdings, LLC	Preferred Equity - Preferred Equity	N/A	N/A	589 Shares		448		488		(9)(13)(24)
	Common Equity - Common Stock	N/A	N/A	589 Shares		3		—		(9)(13)(24)
Hive Intermediate, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/22/27	17,080		16,790		16,824		(9)(26)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/22/27	2,326		(40)		(35)		(8)(9)(21) (23)
						17,201		17,277
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.	Common Equity - Membership Interests	N/A	N/A	490,000 Shares		90		928
Rise Baking
Ultimate Baked Goods Midco LLC	First Lien Secured Debt	L+625, 1.00% Floor	08/13/27	26,623		26,048		25,864		(9)(26)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	08/13/27	3,243		1,876		1,854		(9)(20)(21) (23)(26)
						27,924		27,718
Turkey Hill
IC Holdings LLC	Common Equity - Series A Units	N/A	N/A	169 Shares		169		141		(9)(13)
THLP CO. LLC	First Lien Secured Debt	L+600 Cash plus 2.00% PIK, 1.00% Floor	05/31/25	25,228		24,961		24,723		(9)(28)
	First Lien Secured Debt - Revolver	L+600 Cash plus 2.00% PIK, 1.00% Floor	05/31/24	4,493		1,886		1,829		(9)(20)(21) (23)(28)
						27,016		26,693
		Total Beverage, Food & Tobacco				$	105,309	$	105,929
Business Services
Access Information
Access CIG, LLC	Second Lien Secured Debt	L+775, 0.00% Floor	02/27/26	$	15,900	$	15,833	$	15,582	(28)
AlpineX
Alpinex Opco, LLC	First Lien Secured Debt	L+575, 1.00% Floor	12/27/27	11,915		11,692		11,683		(9)(28)
	First Lien Secured Debt	L+600, 1.00% Floor	12/27/27	4,468		1,687		1,655		(9)(21)(23) (26)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/27/27	1,117		426		425		(9)(21)(23) (28)
						13,805		13,763
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.	Second Lien Secured Debt	8.00%	08/28/25	21,429		18,093		6,109		(14)
AML Rightsource
Gabriel Partners, LLC	First Lien Secured Debt	L+600, 1.00% Floor	09/21/26	31,372		30,843		31,106		(9)(29)
	First Lien Secured Debt - Revolver	P+500	09/21/26	665		120		128		(9)(21)(23) (25)
						30,963		31,234

See notes to financial statements.

6

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
Continuum
Continuum Global Solutions, LLC	Preferred Equity - Preferred Equity	N/A	N/A	775 Shares	78	78	(9)(13)
Electro Rent Corporation
Electro Rent Corporation	Second Lien Secured Debt	L+900, 1.00% Floor	01/31/25	34,235	33,839	33,978	(9)(28)
Elo Touch
TGG TS Acquisition Company	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	12/14/23	1,750	—	(25)	(8)(21)(23)
Ensemble Health
EHL Merger Sub, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	08/01/24	4,155	(160)	(128)	(8)(21)(23)
IRP
Precision Refrigeration & Air Conditioning LLC	First Lien Secured Debt	SOFR+600, 1.00% Floor	03/08/28	8,161	8,005	7,957	(9)(32)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	03/08/27	1,705	(32)	(43)	(8)(9)(21) (23)
SMC IR Holdings, LLC	Common Equity - Common Stock	N/A	N/A	114 Shares	114	114	(9)(13)(24)
					8,087	8,028
Jacent
Jacent Strategic Merchandising	First Lien Secured Debt	L+675, 1.00% Floor	04/23/24	22,116	21,993	21,226	(9)(28)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	04/23/24	3,500	3,475	3,355	(9)(21)(23) (28)
	Common Equity - Common Stock	N/A	N/A	5,000 Shares	500	—	(9)(13)
JSM Equity Investors, L.P.	Preferred Equity - Class P Partnership Units	N/A	N/A	114 Shares	11	11	(9)(13)
					25,979	24,592
Jones & Frank
JF Acquisition, LLC	First Lien Secured Debt	L+600, 1.00% Floor	07/31/26	13,167	13,032	12,802	(9)(26)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/31/26	1,569	737	710	(9)(21)(23) (28)
					13,769	13,512
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)	First Lien Secured Debt	L+700, 1.00% Floor	12/29/22	13,363	13,303	13,363	(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	12/29/22	476	279	280	(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	P+600	12/29/22	24	24	24	(9)(23)(25)
					13,606	13,667
PSE
Graffiti Buyer, Inc.	First Lien Secured Debt	L+575, 1.00% Floor	08/10/27	8,405	5,672	5,582	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	08/10/27	1,263	391	388	(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+475	08/10/27	44	44	37	(9)(23)(25)
Graffiti Parent, LP	Common Equity - Common Stock	N/A	N/A	2,439 Shares	244	206	(9)(13)(24)
					6,351	6,213
PSI Services, LLC
Lifelong Learner Holdings, LLC	First Lien Secured Debt	L+575, 1.00% Floor	10/19/26	33,887	33,464	32,112	(9)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	10/20/25	2,985	2,949	2,851	(9)(21)(23) (28)
					36,413	34,963

See notes to financial statements.

7

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Soliant
Soliant Health, Inc.	Common Equity - Membership Interests	N/A	N/A	300 Shares		300		1,018		(9)
Trench Plate
Trench Plate Rental Co.	First Lien Secured Debt	SOFR+550, 1.00% Floor	12/03/26	18,182		17,914		17,909		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+550, 1.00% Floor	12/03/26	1,818		155		155		(9)(20)(21) (23)(32)
Trench Safety Solutions Holdings, LLC	Common Equity - Common Stock	N/A	N/A	331 Shares		50		50		(9)(24)
						18,119		18,114
US Legal Support
US Legal Support Investment Holdings, LLC	Common Equity - Series A-1 Units	N/A	N/A	631,972 Shares		632		923		(9)(13)
USLS Acquisition, Inc.	First Lien Secured Debt	SOFR+565, 1.00% Floor	12/02/24	23,941		23,731		23,540		(9)(32)
	First Lien Secured Debt - Revolver	SOFR+565, 1.00% Floor	12/02/24	1,608		373		374		(9)(20)(21) (23)(31)(32)
						24,736		24,837
Wilson Language Training
Owl Acquisition, LLC	First Lien Secured Debt	SOFR+575, 1.00% Floor	02/04/28	9,900		9,712		9,702		(9)(33)
Owl Parent Holdings, LLC	Common Equity - Common Stock	N/A	N/A	100 Shares		100		115		(9)(13)(24)
						9,812		9,817
		Total Business Services				$	269,623	$	255,352
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)	Common Equity - Common Equity / Interest	N/A	N/A	2,491 Shares		$	78,729	$	40,607	(13)(16)(24)
Westfall Technik, Inc.
Westfall Technik, Inc.	First Lien Secured Debt	L+600, 1.00% Floor	09/13/24	15,576		15,458		15,098		(9)(28)
	First Lien Secured Debt	L+625, 1.00% Floor	09/13/24	5,624		5,550		5,451		(9)(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	09/13/24	2,019		2,003		1,957		(9)(23)(28)
						23,011		22,506
		Total Chemicals, Plastics & Rubber				$	101,740	$	63,113
Construction & Building
Englert
Gutter Buyer, Inc.	First Lien Secured Debt	L+625, 1.00% Floor	03/06/25	$	29,119	$	28,829	$	28,707	(9)(26)
	First Lien Secured Debt - Revolver	P+525	03/06/24	2,727		1,340		1,322		(9)(20)(21) (23)(25)
Gutter Holdings, LP	Common Equity - Common Stock	N/A	N/A	500 Shares		500		1,095		(9)
		Total Construction & Building				$	30,669	$	31,124
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	03/10/25	$	1,505	$	378	$	399	(21)(23)(26)
KDC
KDC US Holdings	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	12/21/23	6,020		796		344		(10)(20)(21) (23)(26)

See notes to financial statements.

8

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)	First Lien Secured Debt	L+500, 1.00% Floor	09/30/25	2,978		2,978		2,765		(17)(28)
	First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	1,095		1,095		1,008		(17)(28)
	Common Equity - Common Stock	N/A	N/A	1,000,032 Shares		1,000		769		(2)(13)(17) (24)
GSC Technologies Inc. (4)	First Lien Secured Debt	L+500 Cash plus 5.00% PIK, 1.00% Floor	09/30/25	201		201		185		(17)(28)
						5,274		4,727
Liqui-Box
Liqui-Box Holdings, Inc.	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	02/26/25	2,051		881		875		(20)(21)(23) (28)
	First Lien Secured Debt - Revolver	P+350	02/26/25	1,509		1,501		1,498		(23)(25)
						2,382		2,373
NSi Industries
Wildcat BuyerCo, Inc.	First Lien Secured Debt	SOFR+5.90%, 1.00% Floor	02/27/26	17,233		15,530		15,696		(23)(32)
	First Lien Secured Debt - Revolver	SOFR+575, 1.00% Floor	02/27/26	725		77		75		(20)(21)(23) (32)
Wildcat Parent LP	Common Equity - Common Stock	N/A	N/A	1,070 Shares		107		166		(13)
						15,714		15,937
Sorenson Holdings, LLC
Sorenson Holdings, LLC	Common Equity - Membership Interests	N/A	N/A	587 Shares		—		352		(10)(13)
		Total Consumer Goods – Durable				$	24,544	$	24,132
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC	First Lien Secured Debt - Revolver	L+450, 1.00% Floor	05/31/24	$	2,219	$	(22)	$	—	(9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.	First Lien Secured Debt	L+700, 1.00% Floor	02/01/25	24,550		24,231		23,656		(9)(26)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	02/01/24	3,462		(33)		(130)		(8)(9)(21) (23)
	Preferred Equity - Preferred Equity	N/A	N/A	491,405 Shares		492		64		(9)(13)(24)
						24,690		23,590
LashCo
Lash OpCo, LLC	First Lien Secured Debt	L+700, 1.00% Floor	03/18/26	43,358		42,552		42,730		(9)(28)
	First Lien Secured Debt - Revolver	L+700, 1.00% Floor	09/18/25	1,612		553		574		(9)(21)(23) (29)
						43,105		43,304
Paladone
Paladone Group Bidco Limited	First Lien Secured Debt	L+575, 1.00% Floor	11/12/27	7,972		5,964		5,967		(9)(17)(21) (23)(28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	£	353	(9)		(7)		(8)(9)(17) (21)(23)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	11/12/27	1,412		(25)		(22)		(8)(9)(17) (21)(23)
Paladone Group Holdings Limited	Common Equity - Common Stock	N/A	N/A	94,151 Shares		94		118		(9)(13)(17) (24)
						6,024		6,056

See notes to financial statements.

9

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLC	Common Equity - Common Stock	N/A	N/A	10,854 Shares		2,041		1,666		(13)(16)(17) (24)
Sequential Avia Holdings LLC	First Lien Secured Debt	L+500, 1.00% Floor	11/12/26	1,611		1,610		1,609		(17)(29)
Sequential Brands Group, Inc.	Second Lien Secured Debt	8.75%	02/07/24	1,293		—		239		(14)(17)
Swisstech IP CO, LLC	First Lien Secured Debt	6.00% PIK	11/29/24	268		6		268		(17)
						3,657		3,782
		Total Consumer Goods – Non-durable				$	77,454	$	76,732
Consumer Services
Activ
Activ Software Holdings, LLC	First Lien Secured Debt	L+650, 1.00% Floor	05/04/27	$	29,792	$	29,305	$	29,059	(9)(30)
	First Lien Secured Debt - Revolver	L+625, 1.00% Floor	05/04/27	2,407		(39)		(59)		(8)(9)(21) (23)
						29,266		29,000
Bird
Bird US Opco, LLC	First Lien Secured Debt	L+750, 1.00% Floor	10/12/24	42,849		34,163		34,934		(9)(23)(26)
Clarus Commerce
Marlin DTC-LS Midco 2, LLC	First Lien Secured Debt	L+650, 1.00% Floor	07/01/25	21,632		21,351		21,472		(28)
	First Lien Secured Debt - Revolver	L+600, 1.00% Floor	07/01/25	685		9		(5)		(8)(21)(23)
						21,360		21,467
First Heritage
First Heritage Credit, LLC	First Lien Secured Debt	L+475, 0.00% Floor	08/31/22	26,250		22,506		22,487		(9)(21)(23) (26)
	First Lien Secured Debt - Revolver	L+550, 0.00% Floor	08/31/22	3,750		3,221		3,220		(9)(21)(23) (26)
						25,727		25,707
Go Car Wash
Go Car Wash Management Corp.	First Lien Secured Debt	SOFR+575, 1.00% Floor	12/31/26	26,421		10,744		10,552		(9)(21)(23) (31)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/31/26	417		(3)		(8)		(8)(9)(21) (23)
						10,741		10,544
Lending Point
LendingPoint LLC	First Lien Secured Debt	L+1050, 1.00% Floor	12/30/25	32,500		20,182		20,300		(9)(21)(23) (28)
	First Lien Secured Debt	L+575, 1.00% Floor	12/30/25	4,167		2,571		2,575		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 1.00% Floor	12/30/25	8,333		6,879		6,887		(9)(21)(23) (28)
						29,632		29,762
Only About Children
Nemo (BC) Bidco Pty Ltd	First Lien Secured Debt	BBSW+675, 1.00% Floor	04/06/24	A$	7,000	4,952		4,653		(17)(21)(23) (34)
Renovo
HomeRenew Buyer, Inc.	First Lien Secured Debt	SOFR+665, 1.00% Floor	11/23/27	18,021		12,630		12,569		(9)(21)(23) (32)
	First Lien Secured Debt - Revolver	SOFR+665, 1.00% Floor	11/23/27	1,958		(38)		(39)		(8)(9)(21) (23)
						12,592		12,530

See notes to financial statements.

10

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
The Club Company
Eldrickco Limited	First Lien Secured Debt	SON+625, 0.50% Floor	11/26/25	£	15,027	13,974		13,148		(9)(17)(21) (23)(27)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	11/26/25	£	356	411		425		(9)(17)(23) (27)
	First Lien Secured Debt - Revolver	SON+625, 0.50% Floor	05/26/25	£	345	1		(7)		(8)(9)(17) (21)(23)
						14,386		13,566
US Auto
U.S. Auto Finance, Inc.	First Lien Secured Debt	SOFR+525, 1.00% Floor	04/17/25	17,300		11,541		11,427		(9)(21)(23) (31)
	First Lien Secured Debt - Revolver	SOFR+600, 1.00% Floor	04/17/25	13,333		(5)		—		(9)(21)(23)
						11,536		11,427
		Total Consumer Services				$	194,355	$	193,590
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation	First Lien Secured Debt - Revolver	L+550, 1.00% Floor	06/11/24	$	2,273	$	(20)	$	(22)	(8)(9)(21) (23)
Peer Advisors, LLC	First Lien Secured Debt	L+550, 1.00% Floor	06/11/24	17,386		17,230		17,218		(9)(26)
						17,210		17,196
Golden Bear
Golden Bear 2016-R, LLC (4)	Structured Products and Other - Membership Interests	N/A	09/20/42	N/A		16,998		8,957		(3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC	First Lien Secured Debt - Revolver	L+650, 0.00% Floor	01/24/24	9,113		598		598		(9)(21)(23) (26)
Spectrum Automotive
Shelby 2021 Holdings Corp.	First Lien Secured Debt	L+575, 0.75% Floor	06/29/28	14,457		12,714		12,678		(9)(21)(23) (28)
	First Lien Secured Debt - Revolver	L+575, 0.75% Floor	06/29/27	420		(5)		(6)		(8)(9)(21) (23)
						12,709		12,672
Ten-X, LLC
Ten-X, LLC	First Lien Secured Debt - Revolver	L+325, 0.00% Floor	09/29/22	4,680		(22)		(39)		(8)(21)(23)
	Total Diversified Investment Vehicles, Banking, Finance, Real Estate					$	47,493	$	39,384
Education
NFA Group
SSCP Spring Bidco Limited	First Lien Secured Debt	SON+600, 0.50% Floor	07/30/25	£	30,000	$	36,331	$	36,205	(9)(17)(27)
		Total Education				$	36,331	$	36,205
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC (4)	Preferred Equity - Preferred Stock	N/A	N/A	534,375 Shares		$	534	$	288	(15)(17)(24)
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)	Preferred Equity - Series E Preferred Stock	N/A	N/A	441,576 Shares		1,902		4,425		(13)(17)(24)
	Preferred Equity - Series B Preferred Stock	N/A	N/A	1,505,868 Shares		8,343		—		(13)(24)
	Preferred Equity - Series D Preferred Stock	N/A	N/A	436,689 Shares		5,568		—		(13)(24)
Renew JV LLC (4)	Common Equity - Membership Interests	N/A	N/A	443,844 Shares		444		574		(13)(17)(24)
						16,791		5,287

See notes to financial statements.

11

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)		Cost (35)		Fair Value (1)(36)
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited	First Lien Secured Debt	4.00%	03/08/23	£	5,562	7,230		1,837		(14)(17)
	Preferred Equity - Preferred Stock	N/A	N/A	4,286 Shares		5,623		—		(2)(13)(17)
	Common Equity - Ordinary Shares	N/A	N/A	2,825 Shares		4		—		(2)(13)(17)
						12,857		1,837
		Total Energy – Electricity				$	29,648	$	7,124
Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)	Second Lien Secured Debt	10.00% PIK	03/31/23	$	3,959	$	3,094	$	3,959
	Common Equity - Common Stock	N/A	N/A	10,000,000 Shares		30,077		714		(13)(24)
						33,171		4,673
Pelican
Pelican Energy, LLC (4)	Common Equity - Membership Interests	N/A	N/A	1,444 Shares		13,063		630		(13)(16)(17) (24)
Spotted Hawk
SHD Oil & Gas, LLC (5)	First Lien Secured Debt - Tranche C Note	12.00%	03/31/23	24,728		24,729		25,470
	Common Equity - Series C Units	N/A	N/A	50,952,525 Shares		44,065		7,985		(13)(16)(24)
	Common Equity - Series A Units	N/A	N/A	7,600,000 Shares		1,411		—		(13)(16)(24)
						70,205		33,455
		Total Energy – Oil & Gas				$	116,439	$	38,758
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC	First Lien Secured Debt	L+500, 1.00% Floor	10/31/26	$	14,497	$	8,162	$	8,249	(9)(21)(23) (29)
	First Lien Secured Debt - Revolver	L+500, 1.00% Floor	10/31/26	2,049		(25)		(7)		(8)(9)(21) (23)
		Total Environmental Industries				$	8,137	$	8,242
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.	First Lien Secured Debt	L+575, 1.50% Floor	07/02/26	$	5,000	$	4,980	$	4,938	(9)(26)
Akoya
Akoya Biosciences, Inc.	First Lien Secured Debt	SOFR+635, 1.61% Floor	10/27/25	15,750		12,751		12,711		(9)(23)(31)
Analogic
Analogic Corporation	First Lien Secured Debt	L+525, 1.00% Floor	06/22/24	17,804		17,643		17,493		(9)(28)
	First Lien Secured Debt - Revolver	L+525, 1.00% Floor	06/22/23	1,826		1,034		1,012		(9)(21)(23) (28)
						18,677		18,505
Cato Research
LS Clinical Services Holdings, Inc.	First Lien Secured Debt	L+675, 1.00% Floor	12/16/27	13,059		12,756		12,746		(9)(26)
	First Lien Secured Debt - Revolver	L+675, 1.00% Floor	12/16/26	1,875		(42)		(45)		(8)(9)(21) (23)
						12,714		12,701

See notes to financial statements.

12

APOLLO INVESTMENT CORPORATION

SCHEDULE OF INVESTMENTS (Unaudited)

June 30, 2022

(In thousands, except share data)

Industry / Company	Investment Type	Interest Rate	Maturity Date	Par/Shares (12)	Cost (35)	Fair Value (1)(36)
Cerus
Cerus Corporation	First Lien Secured Debt	L+545, 1.80% Floor	03/01/24	16,500	16,472	16,665	(9)(17)(26)
	First Lien Secured Debt - Revolver	L+375, 1.80% Floor	03/01/24	1,500	1,022	1,024	(9)(17)(21) (23)(26)
					17,494	17,689
Compass Health
Roscoe Medical, Inc	First Lien Secured Debt	SOFR+625, 1.00% Floor	09/30/24	7,582	7,309	7,278	(9)(31)
	First Lien Secured Debt - Revolver	SOFR+636, 1.00% Floor	09/30/24	1,393	1,341	1,337	(9)(23)(31)
					8,650	8,615
Emmes Corporation
Emmes Blocker, Inc.	Common Equity - Common Stock	N/A	N/A	306 Shares	306	1,449	(9)(13)
The Emmes Company, LLC	First Lien Secured Debt	L+500, 1.00% Floor