Quarterly Report (10-q)
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.
1
1
2
3
4
5
31
60
87
Item 2.
88
Item 3.
104
Item 4.
106
PART II. OTHER INFORMATION
Item 1.
107
Item 1A.
107
Item 2.
108
Item 3.
111
Item 4.
111
Item 5.
111
Item 6.
112
113


Table of Contents
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.
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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.

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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.

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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.

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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.

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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.

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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.

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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
Table of Contents
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
Table of Contents
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
Table of Contents
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
Table of Contents
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  (9)(29)
First Lien Secured Debt L+525, 1.00% Floor 10/31/25 6,596  340  197  (9)(23)(29)
First Lien Secured Debt - Revolver L+525, 1.00% Floor 10/31/25 1,366  (29) (41) (8)(9)(21)
(23)
Total Environmental Industries $ 9,186  $ 8,881 

See notes to financial statements.

12
Table of Contents
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)
Healthcare & Pharmaceuticals
83bar
83Bar, Inc. First Lien Secured Debt L+575, 1.50% Floor 07/02/26 $ 5,000  $ 4,976  $ 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)
First Lien Secured Debt L+635, 1.50% Floor 10/27/25 1,500  (7) —  (9)(23)
9,764  9,750 
AmeriVet
Amerivet Partners Management, Inc. First Lien Secured Debt L+475, 1.00% Floor 06/05/24 25,580  25,284  25,037  (9)(29)
First Lien Secured Debt L+475, 1.00% Floor 06/05/24 8,116  7,957  7,944  (9)(26)(27)
(28)(29)
First Lien Secured Debt - Revolver L+475, 1.00% Floor 06/05/24 806  (9) (17) (8)(9)(21)
(23)
AmeriVet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125  234  (9)(13)
33,357  33,198 
Analogic
Analogic Corporation First Lien Secured Debt L+525, 1.00% Floor 06/22/24 17,941  17,735  17,672  (9)(26)
First Lien Secured Debt - Revolver L+525, 1.00% Floor 06/22/23 1,826  (16) (27) (8)(9)(21)
(23)
17,719  17,645 
BK Medical
BK Medical Holding Company, Inc. First Lien Secured Debt L+525, 1.00% Floor 06/22/24 7,195  7,150  7,195  (9)(26)
First Lien Secured Debt - Revolver L+525, 1.00% Floor 06/22/24 783  (4) —  (9)(21)(23)
7,146  7,195 
CARE Fertility
Royton Bidco Limited First Lien Secured Debt GBPL+625, 0.50% Floor 05/09/25 £ 15,354  19,651  20,529  (9)(17)(31)
First Lien Secured Debt GBPL+625, 0.50% Floor 05/09/25 £ 4,412  2,655  2,847  (9)(17)(21)
(23)(31)
22,306  23,376 
Cerus
Cerus Corporation First Lien Secured Debt L+545, 1.80% Floor 03/01/24 16,500  16,457  16,830  (9)(17)(26)
First Lien Secured Debt L+545, 1.80% Floor 03/01/24 4,500  (11) —  (9)(17)(23)
First Lien Secured Debt - Revolver L+375, 1.80% Floor 03/01/24 1,000  181  183  (9)(17)(21)
(23)(26)
16,627  17,013 
Dohmen Life Science Services
LSCS Holdings, Inc Second Lien Secured Debt L+825, 0.00% Floor 03/16/26 19,818  19,556  19,654  (29)
Eating Recovery Center
ERC Finance, LLC First Lien Secured Debt L+600, 1.00% Floor 04/22/24 25,871  25,433  25,418  (9)(28)
First Lien Secured Debt L+600, 1.00% Floor 04/22/24 2,333  (7) (41) (8)(9)(21)
(23)
First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/22/24 1,667  249  249  (9)(20)(21)
(23)(28)
25,675  25,626 
Emmes Corporation
Emmes Blocker, Inc. Common Equity - Common Stock N/A N/A 306 Shares 306  742  (9)(13)
The Emmes Company, LLC First Lien Secured Debt L+500, 1.00% Floor 03/03/25 15,967  15,809  15,647  (9)(29)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 03/03/25 2,449  (21) (49) (8)(9)(21)
(23)
16,094  16,340 

See notes to financial statements.

13
Table of Contents
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)
EmpiRx
EmpiRx Health LLC First Lien Secured Debt L+550, 1.00% Floor 08/05/27 9,091  8,912  9,000  (9)(28)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/05/27 909  (18) (9) (8)(9)(21)
(23)
8,894  8,991 
Genesis Healthcare, Inc.
Genesis Healthcare, Inc. First Lien Secured Debt L+1100, 1.00% Floor 03/06/23 6,087  —  (49) (8)(9)(21)
(23)
First Lien Secured Debt - Revolver L+600, 0.50% Floor 03/06/23 85,870  (212) (756) (8)(9)(21)
(23)
(212) (805)
Gossamer
GB001, Inc. First Lien Secured Debt L+700, 2.00% Floor 01/01/25 6,000  6,002  6,060  (9)(17)(26)
First Lien Secured Debt L+700, 2.00% Floor 01/01/25 24,000  (139) —  (9)(17)(23)
5,863  6,060 
Health & Safety Institute
HSI HALO Acquisition, Inc. First Lien Secured Debt L+575, 1.00% Floor 08/31/26 8,935  8,849  8,803  (9)(28)
First Lien Secured Debt - Revolver L+575, 1.00% Floor 09/01/25 813  130  127  (9)(21)(23)
(26)
Common Equity - Common Stock N/A N/A 500 Shares 500  533  (9)(13)
9,479  9,463 
IMA Group
IMA Group Management Company, LLC First Lien Secured Debt L+550, 1.00% Floor 05/30/24 6,445  6,392  6,382  (28)
First Lien Secured Debt L+550, 1.00% Floor 05/30/24 6,275  474  523  (21)(23)
(28)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 05/30/24 289  259  257  (21)(23)
(28)
7,125  7,162 
Kindeva
Kindeva Drug Delivery L.P. First Lien Secured Debt L+600, 1.00% Floor 05/01/26 9,458  9,281  9,324  (9)(28)
First Lien Secured Debt - Revolver L+600, 1.00% Floor 05/01/25 167  70  70  (9)(21)(23)
(26)
9,351  9,394 
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133  211  (9)(13)
Kure Pain Holdings, Inc. First Lien Secured Debt L+550, 1.00% Floor 08/27/24 21,769  21,575  21,504  (9)(26)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/27/24 2,654  (28) (34) (8)(9)(21)
(23)
21,680  21,681 
Mannkind Corporation
Mannkind Corporation First Lien Secured Debt L+675, 1.00% Floor 08/01/25 13,867  13,782  14,091  (9)(26)
First Lien Secured Debt L+675, 1.00% Floor 08/01/25 30,000  (25) —  (9)(23)
Warrants N/A N/A 444,936 Shares 76  1,653  (9)(13)
13,833  15,744 
Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC First Lien Secured Debt L+550, 1.00% Floor 11/22/23 22,438  22,235  22,438  (9)(28)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 11/22/22 1,558  (9) —  (9)(21)(23)
22,226  22,438 

See notes to financial statements.

14
Table of Contents
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)
Medical Guardian
Medical Guardian, LLC First Lien Secured Debt L+750, 1.00% Floor 12/31/24 28,400  28,023  28,349  (9)(26)
First Lien Secured Debt L+800, 1.00% Floor 12/31/24 5,714  (107) (10) (8)(9)(21)
(23)
First Lien Secured Debt - Revolver L+825, 1.00% Floor 12/31/24 5,714  (74) (10) (8)(9)(21)
(23)
27,842  28,329 
Midwest Vision
Midwest Vision Partners Management, LLC First Lien Secured Debt L+625, 1.00% Floor 01/12/27 5,676  5,575  5,619  (9)(28)
First Lien Secured Debt L+625, 1.00% Floor 01/12/27 3,663  3,423  3,452  (9)(23)(28)
First Lien Secured Debt - Revolver L+625, 1.00% Floor 01/12/27 612  (11) (6) (8)(9)(21)
(23)
8,987  9,065 
Orchard
Orchard Therapeutics PLC First Lien Secured Debt L+595, 1.00% Floor 05/28/26 11,000  10,961  11,005  (9)(17)(26)
First Lien Secured Debt L+595, 1.00% Floor 05/28/26 22,333  (71) —  (9)(17)(23)
10,890  11,005 
Ovation Fertility
FPG Services, LLC First Lien Secured Debt L+550, 1.00% Floor 06/13/25 13,831  13,631  13,796  (9)(28)
First Lien Secured Debt L+550, 1.00% Floor 06/13/25 5,274  530  555  (9)(21)(23)
(28)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 06/13/24 2,105  (23) (5) (8)(9)(21)
(23)
14,138  14,346 
Paragon 28
Paragon 28, Inc. First Lien Secured Debt L+600, 1.00% Floor 05/01/26 10,000  2,490  2,450  (9)(23)(26)
First Lien Secured Debt - Revolver L+300, 1.00% Floor 05/01/26 2,000  1,598  1,597  (9)(21)(23)
(26)
4,088  4,047 
Partner Therapeutics, Inc
Partner Therapeutics, Inc First Lien Secured Debt L+665, 1.00% Floor 01/01/23 10,000  9,956  9,875  (9)(26)
First Lien Secured Debt - Revolver L+375, 1.00% Floor 04/01/26 1,000  177  177  (9)(21)(23)
(26)
Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333  348  (9)(13)
Warrants N/A N/A 33,333 Shares 135  103  (9)(13)
10,601  10,503 
PHS
PHS Buyer, Inc. First Lien Secured Debt L+525, 1.00% Floor 01/31/25 10,203  10,073  9,948  (9)(28)
First Lien Secured Debt - Revolver L+525, 1.00% Floor 01/31/25 2,000  (30) (50) (8)(9)(21)
(23)
10,043  9,898 
Radius Health
Radius Health, Inc. First Lien Secured Debt L+575, 2.00% Floor 06/01/24 29,000  28,682  28,739  (9)(17)(26)
First Lien Secured Debt L+575, 2.00% Floor 06/01/24 4,833  —  (44) (8)(9)(17)
(23)
First Lien Secured Debt - Revolver L+350, 2.00% Floor 06/01/24 1,000  (2) (1) (8)(9)(17)
(21)(23)
28,680  28,694 

See notes to financial statements.

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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)
RHA Health Services
Pace Health Companies, LLC First Lien Secured Debt L+450, 1.00% Floor 08/02/24 489  484  489  (9)(28)
First Lien Secured Debt L+450, 1.00% Floor 08/02/24 3,982  3,357  3,401  (9)(23)(28)
First Lien Secured Debt - Revolver L+450, 1.00% Floor 08/02/24 500  3  (1) (8)(9)(20)
(21)(23)
3,844  3,889 
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc. First Lien Secured Debt L+565, 1.50% Floor 09/01/24 6,000  6,017  6,058  (9)(26)
RiteDose Holdings I, Inc.
RiteDose Holdings I, Inc. First Lien Secured Debt L+650, 1.00% Floor 09/13/23 12,627  12,491  12,627  (9)(28)
First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/13/23 2,000  (21) —  (9)(21)(23)
12,470  12,627 
Unchained Labs
Unchained Labs, LLC First Lien Secured Debt L+550, 1.00% Floor 08/09/27 1,931  1,893  1,911  (9)(26)
First Lien Secured Debt L+550, 1.00% Floor 08/09/27 4,839  (46) (48) (8)(9)(21) (23)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 08/09/27 726  (14) (7) (8)(9)(21)
(23)
1,833  1,856 
Total Healthcare & Pharmaceuticals $ 410,892  $ 415,217 
High Tech Industries
Acronis AG
ACRONIS AG First Lien Secured Debt L+585, 1.50% Floor 12/18/24 $ 21,000  $ 20,928  $ 21,000  (9)(17)(26)
American Megatrends
AMI US Holdings Inc. First Lien Secured Debt L+550, 1.00% Floor 04/01/25 21,541  21,285  21,541  (9)(26)
First Lien Secured Debt - Revolver L+550, 0.00% Floor 04/01/24 2,907  1,134  1,163  (9)(21)(23)
(26)
22,419  22,704 
Calero Holdings, Inc.
Telesoft Holdings, LLC First Lien Secured Debt L+575, 1.00% Floor 12/16/25 22,386  22,022  22,203  (28)
First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/16/25 2,273  (36) (19) (8)(21)(23)
21,986  22,184 
ChyronHego Corporation
ChyronHego Corporation (5) First Lien Secured Debt L+350 Cash plus 1.50% PIK, 1.00% Floor 12/31/22 84,634  82,790  82,941  (28)
First Lien Secured Debt - Revolver L+500, 1.00% Floor 12/31/22 6,000  5,956  5,836  (21)(23)
(28)
Preferred Equity - Preferred Equity N/A N/A 7,800 Shares 6,000  6,464  (13)(25)
94,746  95,241 
Dairy.com
Momentx Corporation First Lien Secured Debt L+550, 1.00% Floor 06/24/27 13,709  13,442  13,454  (9)(28)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 06/24/27 1,257  (24) (23) (8)(9)(21)
(23)
13,418  13,431 
Digital.ai
Digital.ai Software Holdings, Inc. First Lien Secured Debt L+700, 1.00% Floor 02/10/27 22,468  21,862  22,151  (9)(28)
First Lien Secured Debt - Revolver L+700, 1.00% Floor 02/10/27 2,419  338  369  (9)(21)(23)
(28)
22,200  22,520 

See notes to financial statements.

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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)
GoHealth
Norvax, LLC First Lien Secured Debt - Revolver L+650, 1.00% Floor 09/13/24 3,182  351  398  (9)(21)(23)
(28)
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc. First Lien Secured Debt L+525, 1.00% Floor 06/06/25 14,513  14,357  13,611  (28)
Magnitude Software
New Amsterdam Software BidCo LLC First Lien Secured Debt L+475, 1.00% Floor 05/01/26 6,761  6,671  6,693  (9)(28)
First Lien Secured Debt E+475, 1.00% Floor 05/01/26 € 727  804  833  (9)(35)
7,475  7,526 
Modern Campus
Destiny Solutions U.S., Inc. First Lien Secured Debt L+575, 1.00% Floor 06/08/26 15,733  15,391  15,308  (26)(28)
First Lien Secured Debt L+575, 1.00% Floor 06/08/26 4,267  (92) (115) (8)(21)(23)
RMCF IV CIV XXXV, L.P. Common Equity - Common Stock N/A N/A 482 Shares 1,000  1,309  (13)(25)
16,299  16,502 
MYCOM
Magnate Holding Corp. First Lien Secured Debt L+625, 0.50% Floor 12/16/24 18,833  18,701  17,057  (9)(17)(28)
First Lien Secured Debt - Revolver L+625, 0.50% Floor 12/14/23 3,089  3,068  2,798  (9)(17)(23)
(28)
21,769  19,855 
New Era Technology, Inc.
New Era Technology, Inc. First Lien Secured Debt L+625, 1.00% Floor 10/31/26 14,561  14,288  14,270  (9)(28)
First Lien Secured Debt L+625, 1.00% Floor 10/31/26 9,340  5,045  4,993  (9)(21)(23)
(28)
First Lien Secured Debt - Revolver L+625, 1.00% Floor 10/30/26 1,049  (20) (21) (8)(9)(21)
(23)
19,313  19,242 
Pro Vigil
Pro-Vigil Holding Company, LLC First Lien Secured Debt L+850, 1.00% Floor 01/11/25 7,960  7,761  7,850  (9)(26)
First Lien Secured Debt L+850, 1.00% Floor 01/11/25 1,999  916  904  (9)(21)(23)
(26)
8,677  8,754 
Schlesinger Group
Schlesinger Global, LLC First Lien Secured Debt L+600 Cash plus 1.00% PIK, 1.00% Floor 07/12/25 9,862  9,690  9,725  (9)(28)
Simeio
Simeio Group Holdings, Inc. First Lien Secured Debt L+550, 1.00% Floor 02/02/26 8,524  8,431  8,379  (9)(26)
First Lien Secured Debt L+525, 1.00% Floor 02/02/26 4,615  (25) (84) (8)(9)(21) (23)
First Lien Secured Debt - Revolver L+525, 1.00% Floor 02/02/26 1,731  (19) (30) (8)(9)(21)
(23)
8,387  8,265 
Sirsi Corporation
Sirsi Corporation First Lien Secured Debt L+475, 1.00% Floor 03/15/24 5,971  5,925  5,896  (9)(28)
First Lien Secured Debt - Revolver L+475, 1.00% Floor 03/15/24 429  (3) (5) (8)(9)(21)
(23)
5,922  5,891 
Sontiq, Inc.
Sontiq, Inc. First Lien Secured Debt L+750, 1.00% Floor 03/01/26 14,096  13,848  13,890  (9)(28)
First Lien Secured Debt - Revolver L+750, 1.00% Floor 03/01/26 833  (8) (12) (8)(9)(21)
(23)
13,840  13,878 

See notes to financial statements.

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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)
Springbrook
Springbrook Holding Company, LLC First Lien Secured Debt L+550, 1.00% Floor 12/23/26 9,274  9,151  9,174  (28)
First Lien Secured Debt L+550, 1.00% Floor 12/23/26 4,090  1,562  1,558  (21)(23)
(28)
First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/23/26 1,463  (19) (16) (8)(21)(23)
10,694  10,716 
Tax Slayer
MEP-TS Midco, LLC First Lien Secured Debt L+600, 1.00% Floor 12/31/26 13,447  13,203  13,312  (9)(28)(29)
First Lien Secured Debt - Revolver L+600, 1.00% Floor 12/31/26 1,452  (25) (15) (8)(9)(21)
(23)
13,178  13,297 
Telnyx
Telnyx LLC First Lien Secured Debt L+625, 1.50% Floor 10/21/25 5,250  5,226  5,277  (9)(26)
First Lien Secured Debt L+625, 1.50% Floor 10/21/25 3,333  (27) —  (9)(23)
5,199  5,277 
UpStack
Upstack Holdco Inc. First Lien Secured Debt L+600, 1.00% Floor 08/20/27 12,000  11,674  11,670  (9)(29)
First Lien Secured Debt L+600, 1.00% Floor 08/20/27 15,000  (199) (206) (8)(9)(21)
(23)
First Lien Secured Debt - Revolver L+600, 1.00% Floor 08/20/27 3,000  (81) (83) (8)(9)(20)
(21)(23)
11,394  11,381 
Total High Tech Industries $ 362,242  $ 361,398 
Hotel, Gaming, Leisure, Restaurants
Taco Cabana
YTC Enterprises, LLC First Lien Secured Debt L+625, 1.00% Floor 08/16/26 $ 9,992  $ 9,871  $ 9,867  (9)(26)
Total Hotel, Gaming, Leisure, Restaurants $ 9,871  $ 9,867 
Insurance
High Street Insurance
High Street Buyer, Inc. First Lien Secured Debt L+600, 0.75% Floor 04/14/28 $ 16,484  $ 16,174  $ 16,154  (9)(29)
First Lien Secured Debt L+600, 0.75% Floor 04/14/28 13,771  10,073  9,998  (9)(23)(26)
First Lien Secured Debt - Revolver L+600, 0.75% Floor 04/16/27 2,203  (41) (44) (8)(9)(21)
(23)
26,206  26,108 
PGM Holdings Corporation
Turbo Buyer, Inc. First Lien Secured Debt L+575, 1.00% Floor 12/02/25 19,327  18,988  19,005  (9)(28)
First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/02/25 923  (16) (15) (8)(9)(21)
(23)
18,972  18,990 
Relation Insurance
AQ Sunshine, Inc. First Lien Secured Debt L+600, 1.00% Floor 04/15/25 27,434  26,982  27,417  (9)(28)
First Lien Secured Debt L+600, 1.00% Floor 04/15/25 2,996  (56) (20) (8)(9)(21)
(23)
First Lien Secured Debt - Revolver L+600, 1.00% Floor 04/15/24 1,369  350  365  (9)(20)(21)
(23)(28)
27,276  27,762 
Total Insurance $ 72,454  $ 72,860 

See notes to financial statements.

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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)
Manufacturing, Capital Equipment
AVAD, LLC
AVAD, LLC First Lien Secured Debt - Revolver L+400, 1.00% Floor 10/02/23 $ 2,060  $ 902  $ —  (9)(23)(26)
Surf Opco, LLC First Lien Secured Debt - Revolver L+400, 1.00% Floor 03/17/26 16,667  10,646  10,646  (9)(20)(21)
(23)(26)
Preferred Equity - Class P-1 Preferred N/A N/A 33,333 Shares 3,333  6,667  (9)(13)
(16)(25)
Preferred Equity - Class P-2 Preferred N/A N/A 85,164 Shares 8,516  3,195  (9)(13)
(16)(25)
Common Equity - Class A-1 Common N/A N/A 3,333 Shares —  210  (9)(13)
(16)(25)
23,397  20,718 
Kauffman
Kauffman Holdco, LLC Common Equity - Common Stock N/A N/A 250,000 Shares 250  55  (9)(13)
Kauffman Intermediate, LLC First Lien Secured Debt L+650, 1.00% Floor 05/08/25 16,414  16,215  15,932  (9)(28)
First Lien Secured Debt - Revolver L+650, 1.00% Floor 05/08/25 1,243  75  88  (9)(20)(21)
(23)(26)
16,540  16,075 
MedPlast Holdings Inc.
Viant Medical Holdings, Inc. (fka MedPlast Holdings, Inc.) Second Lien Secured Debt L+775, 0.00% Floor 07/02/26 8,000  7,952  7,546  (26)
Total Manufacturing, Capital Equipment $ 47,889  $ 44,339 
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc. First Lien Secured Debt L+700 Cash plus 2.00% PIK, 1.00% Floor 08/16/24 $ 27,774  $ 27,471  $ 27,255  (9)(28)(29)
First Lien Secured Debt - Revolver L+700 Cash plus 2.00% PIK, 1.00% Floor 08/16/24 3,078  3,043  3,039  (9)(23)
(28)
30,514  30,294 
Nitro World Entertainment
NWE OPCO LP First Lien Secured Debt L+650, 2.00% Floor 12/19/22 4,695  4,685  4,695  (9)(26)
Sonar Entertainment
Sonar Entertainment, Inc. First Lien Secured Debt L+760, 1.25% Floor 11/15/21 3,611  3,607  2,954  (9)(26)
First Lien Secured Debt - Revolver L+760, 1.25% Floor 11/15/21 2,142  2,099  1,752  (9)(23)(26)
5,706  4,706 
Total Media – Diversified & Production $ 40,905  $ 39,695 
Retail
IPS
SI Holdings, Inc. First Lien Secured Debt L+600, 1.00% Floor 07/25/25 $ 31,165  $ 30,750  $ 30,619  (9)(28)
First Lien Secured Debt - Revolver L+600, 1.00% Floor 07/25/24 3,413  815  812  (9)(21)(23)
(28)
Total Retail $ 31,565  $ 31,431 
Telecommunications
IPC Corporation
IPC Corporation First Lien Secured Debt P+400, 0.00% Floor 08/15/21 $ 10,000  $ 9,995  $ 10,000  (9)(11)(19)
(34)
IPC Information Systems UK Holdings Limited First Lien Secured Debt L+650, 1.50% Floor 10/07/21 1,405  1,405  1,405  (9)(17)(28)
11,400  11,405 
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc. Second Lien Secured Debt L+825, 1.00% Floor 11/01/25 12,878  12,808  11,590  (28)
Total Telecommunications $ 24,208  $ 22,995 

See notes to financial statements.

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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)
Transportation – Cargo, Distribution
Beacon Mobility
Beacon Mobility Corp. First Lien Secured Debt L+550, 1.00% Floor 05/22/24 $ 14,023  $ 10,222  $ 10,229  (9)(21)(23)
(28)
First Lien Secured Debt - Revolver L+550, 1.00% Floor 05/22/24 957  (17) (17) (8)(9)(21)
(23)
10,205  10,212 
Dynamic Product Tankers (Prime), LLC
Dynamic Product Tankers, LLC (5) Unsecured Debt L+500, 0.00% Floor 07/31/24 22,000  22,000  22,000  (17)(29)
Common Equity - Class A Units N/A N/A N/A 49,806  16,125  (13)(17)
(24)(25)
71,806  38,125 
Heniff and Superior
Heniff Holdco, LLC First Lien Secured Debt L+575, 1.00% Floor 12/03/26 30,609  30,105  29,556  (9)(28)
First Lien Secured Debt - Revolver L+575, 1.00% Floor 12/03/24 3,925  1,389  1,354  (9)(20)(21)
(23)(28)
31,494  30,910 
MSEA Tankers LLC
MSEA Tankers LLC (5) Common Equity - Class A Units N/A N/A N/A 53,739  50,604  (17)(18)(25)
Total Transportation – Cargo, Distribution $ 167,244  $ 129,851 
Wholesale
Banner Solutions
Banner Buyer, LLC First Lien Secured Debt L+575, 1.00% Floor 10/31/25 $ 12,360  $ 12,211  $ 12,262  (9)(26)
First Lien Secured Debt L+575, 1.00% Floor 10/31/25 5,468  2,953  2,973  (9)(21)(23) (26)
First Lien Secured Debt - Revolver L+575, 1.00% Floor 10/31/25 1,935  104  114  (9)(21)(23)
(26)
Banner Parent Holdings, Inc. Common Equity - Common Stock N/A N/A 6,125 Shares 613  604  (9)(13)
Total Wholesale $ 15,881  $ 15,953 
Total Investments before Cash Equivalents $ 2,808,718  $ 2,612,308 
J.P. Morgan U.S. Government Money Market Fund $ 23,556  $ 23,556  $ 23,556  (22)
Total Investments after Cash Equivalents $ 2,832,274  $ 2,635,864  (6)(7)
____________________

(1)Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (See Note 2 to the financial statements).
(2)Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments.
(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of September 30, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation, and 27% equity ownership interest in Carbonfree Chemicals SA LLC.






See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
(4)Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2021 and September 30, 2021 along with transactions during the six months ended September 30, 2021 in these affiliated investments are as follows:
Name of Issuer Fair Value at March 31, 2021 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at September 30, 2021 Net Realized Gains (Losses) Interest/Dividend/Other Income
1244311 B.C. Ltd., Common Stock $ 1,719  $ —  $ —  $ (623) $ 1,096  $ —  $ — 
1244311 B.C. Ltd., Term Loan 3,822  30  (15) (53) 3,784  —  122 
9357-5991 Quebec Inc., Term Loan —  —  (215) —  —  215  — 
AIC SPV Holdings II, LLC, Preferred Equity 498  —  —  (59) 439  —  54 
Carbonfree Chemicals Holdings LLC, Common Stock 25,424  904  —  18,906  45,234  —  — 
Carbonfree Chemicals SA LLC, Class B Units —  —  —  —  —  —  — 
Golden Bear 2016-R, LLC, Membership Interests 11,289  25  —  (519) 10,795  —  595 
GSC Technologies Inc., Term Loan —  216  —  (14) 202  —  5 
KLO Acquisition LLC, Term Loan —  —  (327) 1  —  326  — 
Pelican Energy, LLC, Common Stock 2,170  —  —  —  2,170  —  — 
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock 42  —  —  (42) —  —  — 
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock 28  —  —  (28) —  —  — 
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock 5,106  —  —  (112) 4,994  —  — 
Renew JV LLC, Membership Interests 776  —  (123) (24) 629  —  — 
$ 50,874  $ 1,175  $ (680) $ 17,433  $ 69,343  $ 541  $ 776 
____________________
● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
(5)Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of March 31, 2021 and September 30, 2021 along with transactions during the six months ended September 30, 2021 in these controlled investments are as follows:
Name of Issuer Fair Value at March 31, 2021 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Losses Fair Value at September 30, 2021 Net Realized Losses Interest/Dividend/Other Income
Majority Owned Company
ChyronHego Corporation, Preferred Equity $ 6,151  $ 1  $ —  $ 312  $ 6,464  $ —  $ — 
ChyronHego Corporation, Revolver 2,226  3,550  —  60  5,836  —  98 
ChyronHego Corporation, Term Loan 81,676  642  504  119  82,941  —  3,284 
Dynamic Product Tankers, LLC, Common Stock 25,528  —  —  (9,403) 16,125  —  — 
Dynamic Product Tankers, LLC, Unsecured Term Loan 22,000  —  —  —  22,000  —  569 
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock —  —  —  —  —  —  — 
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Term Loan 8,111  —  (998) 18,736  4,922  (20,927) — 
Merx Aviation Finance, LLC, Letter of Credit —  —  —  —  —  —  — 
Merx Aviation Finance, LLC, Membership Interests 125,061  —  (84,500) (741) 39,820  —  — 
Merx Aviation Finance, LLC, Revolver 190,500  84,500  —  —  275,000  —  11,681 
MSEA Tankers LLC, Class A Units 57,028  —  (3,922) (2,502) 50,604  2,059 
Controlled Company
SHD Oil & Gas, LLC, Series C Units —  44,065  —  (37,325) 6,740  —  — 
SHD Oil & Gas, LLC, Series A Units —  —  —  —  —  —  — 
SHD Oil & Gas, LLC, Tranche A Note 9,899  —  (44,065) 34,159  —  7 
SHD Oil & Gas, LLC, Tranche B Note —  —  —  44,380  —  (44,380) — 
SHD Oil & Gas, LLC, Tranche C Note 25,470  —  —  —  25,470  —  1,509 
$ 553,650  $ 132,758  $ (132,981) $ 47,795  $ 535,922  $ (65,300) $ 19,200 
____________________
● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
■ Gross reductions includes decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
    As of September 30, 2021, the Company had a 85%, 96%, 100%, 98% and 38% equity ownership interest in Dynamic Product Tankers, LLC; Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.









See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
(6)Aggregate gross unrealized gain and loss for federal income tax purposes is $57,927 and $274,993, respectively. Net unrealized loss is $217,066 based on a tax cost of $2,852,930.
(7)Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 6 to the financial statements). As such, these securities are not available as collateral to our general creditors.
(8)The negative fair value is the result of the commitment being valued below par.
(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the financial statements for discussion of the exemptive order from the SEC.)
(10)Other than the investments noted by this footnote, the fair value of the Company’s investments are determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).
(11)The maturity date for this investment was August 15, 2021. The investment’s principal and accrued interest was paid down subsequent September 30, 2021.
(12)Par amount is denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), Canadian Dollar (“C$”) and Australian Dollar (“A$”).
(13)Non-income producing security.
(14)Non-accrual status (See Note 2 to the financial statements).
(15)The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company owns preferred shares representing 14.25% economic interest.
(16)AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC and AP Surf Investments, LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC.
(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2021, non-qualifying assets represented approximately 14.11% of the total assets of the Company.
(18)As of September 30, 2021, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.
(19)Denoted security is currently accruing additional penalty interest above the stated rate.
(20)As of September 30, 2021, there were letters of credit issued and outstanding through the Company under this first lien senior secured revolving loan
(21)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and unused fee rate
(22)This security is included in the Cash and Cash Equivalents on the Statements of Assets and Liabilities.


See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
(23)As of September 30, 2021, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 8 to the financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.
Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
A&V Holdings Midco, LLC $ 1,505  $ —  $ —  $ 1,505 
Activ Software Holdings, LLC 2,407  —  —  2,407 
Akoya Biosciences, Inc. 1,500  —  —  1,500 
Amerivet Partners Management, Inc. 806  —  —  806 
AMI US Holdings Inc. 2,907  1,163  —  1,744 
Analogic Corporation 1,826  —  —  1,826 
AQ Sunshine, Inc. 4,365  365  30  3,970 
AVAD, LLC 2,060  2,060  —  — 
Banner Buyer, LLC 4,387  129  —  4,258 
Beacon Mobility Corp. 4,502  —  —  4,502 
Berner Food & Beverage, LLC 2,881  576  —  2,305 
Big Buyer, LLC 2,806  —  —  2,806 
Bird US Opco, LLC 10,400  —  —  10,400 
BK Medical Holding Company, Inc. 783  —  —  783 
CC SAG Holdings Corp. 3,566  —  —  3,566 
Cerus Corporation 5,500  181  —  5,319 
ChyronHego Corporation 6,000  5,956  —  44 
Claritas, LLC 1,031  77  —  954 
Club Car Wash Operating, LLC 14,463  —  —  14,463 
Compu-Link Corporation 2,273  —  —  2,273 
Continuum Global Solutions, LLC 20,000  3,027  —  16,973 
Destiny Solutions U.S., Inc. 4,267  —  —  4,267 
Digital.ai Software Holdings, Inc. 2,419  403  —  2,016 
EHL Merger Sub, LLC 4,155  —  —  4,155 
Eldrickco Limited* 5,766  465  —  5,301 
EmpiRx Health LLC 909  —  —  909 
ERC Finance, LLC 4,000  278  376  3,346 
Erickson Inc 36,000  30,311  1,513  4,176 
First Heritage Credit, LLC 12,000  1,946  —  10,054 
Flock SPV I, LLC 8,000  —  —  8,000 
Florida Food Products, LLC 1,712  342  —  1,370 
FPG Services, LLC 6,811  —  —  6,811 
Gabriel Partners, LLC 665  —  —  665 
GB001, Inc. 24,000  —  —  24,000 
Genesis Healthcare, Inc. 91,957  —  —  91,957 
Go Car Wash Management Corp. 3,725  292  —  3,433 
Graffiti Buyer, Inc. 3,920  —  —  3,920 
Gutter Buyer, Inc. 2,727  —  53  2,674 
Heniff Holdco, LLC 3,925  1,439  355  2,131 
High Street Buyer, Inc. 5,701  —  —  5,701 
Hive Intermediate, LLC 2,326  465  —  1,861 
HSI HALO Acquisition, Inc. 813  135  —  678 
IMA Group Management Company, LLC 5,978  260  —  5,718 
Jacent Strategic Merchandising 3,500  2,567  —  933 
JF Acquisition, LLC 1,569  941  —  628 
Kauffman Intermediate, LLC 1,243  124  155  964 
KDC US Holdings 6,020  4,892  40  1,088 
Kindeva Drug Delivery L.P. 167  73  —  94 
KL Charlie Acquisition Company 3,066  —  —  3,066 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
Kure Pain Holdings, Inc. 2,654  —  —  2,654 
Lash OpCo, LLC 1,503  241  —  1,262 
LendingPoint LLC 15,431  5,140  —  10,291 
Lifelong Learner Holdings, LLC 5,373  2,982  —  2,391 
Liqui-Box Holdings, Inc. 3,560  3,394  78  88 
Magnate Holding Corp. 3,089  3,089  —  — 
Mannkind Corporation 30,000  —  —  30,000 
Margaux Acquisition Inc. 1,601  229  —  1,372 
Margaux UK Finance Limited* 729  —  —  729 
Marlin DTC-LS Midco 2, LLC 685  —  —  685 
Maxor National Pharmacy Services, LLC 1,558  —  —  1,558 
Medical Guardian, LLC 11,429  —  —  11,429 
MEP-TS Midco, LLC 1,452  —  —  1,452 
Merx Aviation Finance, LLC 275,177  275,000  177  — 
Midwest Vision Partners Management, LLC 786  —  —  786 
Momentx Corporation 1,257  —  —  1,257 
Naviga Inc. (fka Newscycle Solutions, Inc.) 500  280  —  220 
Nemo (BC) Bidco Pty Ltd* 168  —  —  168 
New Era Technology, Inc. 5,210  —  —  5,210 
Norvax, LLC 3,182  398  —  2,784 
NW Entertainment, Inc. 3,000  3,000  —  — 
Olaplex, Inc. 2,300  —  —  2,300 
Orchard Therapeutics PLC 22,333  —  —  22,333 
Ortega National Parks, LLC 7,568  —  —  7,568 
Pace Health Companies, LLC 1,075  —  105  970 
Papershop Holdco Inc. 3,082  1,792  —  1,290 
Paragon 28, Inc. 9,500  1,607  —  7,893 
Partner Therapeutics, Inc 1,000  179  —  821 
PHS Buyer, Inc. 2,000  —  —  2,000 
Project Comfort Buyer, Inc. 3,462  1,154  —  2,308 
Protein For Pets Opco, LLC 2,219  —  —  2,219 
Pro-Vigil Holding Company, LLC 1,067  —  —  1,067 
Purchasing Power Funding I, LLC 9,113  —  —  9,113 
Radius Health, Inc. 5,833  —  —  5,833 
RiteDose Holdings I, Inc. 2,000  —  —  2,000 
Royton Bidco Limited* 3,051  —  —  3,051 
Sequential Brands Group, Inc. 402  —  —  402 
SI Holdings, Inc. 3,413  853  —  2,560 
Simeio Group Holdings, Inc. 6,346  —  —  6,346 
Simplifi Holdings, Inc. 2,400  —  —  2,400 
Sirsi Corporation 429  —  —  429 
Sonar Entertainment, Inc. 2,142  2,142  —  — 
Sontiq, Inc. 833  —  —  833 
Springbrook Holding Company, LLC 3,951  —  —  3,951 
Surf Opco, LLC 16,667  10,646  333  5,688 
Telesoft Holdings, LLC 2,273  —  —  2,273 
Telnyx LLC 3,333  —  —  3,333 
Ten-X, LLC 4,680  4,680  —  — 
TGG TS Acquisition Company 1,750  —  —  1,750 
The Emmes Company, LLC 2,449  —  —  2,449 
THLP CO. LLC 4,494  449  79  3,966 
TNT Crust LLC 3,252  1,951  —  1,301 
Truck-Lite Co., LLC 3,052  —  105  2,947 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
Name of Issuer Total Commitment Drawn Commitment Letters of Credit ** Undrawn Commitment
Turbo Buyer, Inc. 923  —  —  923 
U.S. Auto Finance, Inc. 28,733  4,535  —  24,198 
Ultimate Baked Goods Midco LLC 3,243  527  318  2,398 
Unchained Labs, LLC 5,565  —  —  5,565 
Upstack Holdco Inc. 18,000  —  110  17,890 
USLS Acquisition, Inc. 1,608  —  100  1,508 
Westfall Technik, Inc. 2,019  1,885  —  134 
Wildcat BuyerCo, Inc. 2,754  —  —  2,754 
Total Commitments $ 911,967  $ 384,620  $ 3,927  $ 523,420 
____________________
* These investments are in a foreign currency and the total commitment has been converted to USD using the September 30, 2021 exchange rate.
** For all letters of credit issued and outstanding on September 30, 2021, $799 will expire in 2021 and $3,128 will expire in 2022.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
(24)As of September 30, 2021, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting. The units entitle the Company to appoint three out of five managers to the board of managers.
(25)Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of September 30, 2021, the aggregate fair value of these securities is $186,726 or 18% of the Company's net assets. The acquisition dates of the restricted securities are as follows:
Issuer Investment Type Acquisition Date
1244311 B.C. Ltd. Common Equity - Common Stock 9/30/2020
AIC SPV Holdings II, LLC Preferred Equity - Preferred Stock 6/1/2017
Carbonfree Chemicals Holdings LLC Common Equity - Common Equity / Interest 11/19/2019
Carbonfree Chemicals SA LLC Common Equity - Class B Units 11/19/2019
ChyronHego Corporation Preferred Equity - Preferred Equity 12/29/2020
Dynamic Product Tankers, LLC Common Equity - Class A Units 4/3/2015
FCP-Hive Holdings, LLC Common Equity - Common Stock 9/22/2021
FCP-Hive Holdings, LLC Preferred Equity - Preferred Stock 9/22/2021
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) Common Equity - Common Stock 3/29/2016
Graffiti Parent, LP Common Equity - Common Stock 8/10/2021
KL Charlie Co-Invest, L.P. Common Equity - Common Stock 12/29/2020
Merx Aviation Finance, LLC Common Equity - Membership Interests 5/22/2013
MSEA Tankers LLC Common Equity - Class A Units 12/12/2014
Pelican Energy, LLC Common Equity - Membership Interests 2/16/2016
Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series E Preferred Stock 12/23/2020
Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series D Preferred Stock 10/1/2015
Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series B Preferred Stock 4/9/2014
Renew JV LLC Common Equity - Membership Interests 3/20/2017
RMCF IV CIV XXXV, L.P. Common Equity/Partnership Interests 6/8/2021
SHD Oil & Gas, LLC Common Equity - Series A Units 11/18/2016
SHD Oil & Gas, LLC Common Equity - Series C Units 9/30/2021
Surf Opco, LLC Preferred Equity - Class P-1 Preferred 3/17/2021
Surf Opco, LLC Preferred Equity - Class P-2 Preferred 3/17/2021
Surf Opco, LLC Preferred Equity - Class A-1 Preferred 3/17/2021
(26)The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2021 was 0.08%
(27)The interest rate on these loans is subject to 2 months LIBOR, which as of September 30, 2021 was 0.11%
(28)The interest rate on these loans is subject to 3 months LIBOR, which as of September 30, 2021 was 0.13%
(29)The interest rate on these loans is subject to 6 months LIBOR, which as of September 30, 2021 was 0.16%
(30)The interest rate on these loans is subject to 12 months LIBOR, which as of September 30, 2021 was 0.24%
(31)The interest rate on these loans is subject to 3 months GBP LIBOR, which as of September 30, 2021 was 0.08%
(32)The interest rate on these loans is subject to 6 months GBP LIBOR, which as of September 30, 2021 was 0.17%
(33)The interest rate on these loans is subject to 3 months BBSW, which as of September 30, 2021 was (0.03)%
(34)The interest rate on these loans is subject to Prime, which as of September 30, 2021 was 3.25%
(35)The interest rate on these loans is subject to 3 months EURIBOR, which as of September 30, 2021 was (0.55)%

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
(36)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of September 30, 2021:
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Non-Controlled/Non-Affiliated Investments
Advertising, Printing & Publishing $ 59,376  $ —  $ —  $ —  $ —  $ 219  $ —  $ 59,595 
Aerospace & Defense 30,255  —  —  —  —  —  —  30,255 
Automotive 46,639  23,573  —  —  —  350  —  70,562 
Aviation and Consumer Transport 17,202  —  —  —  —  —  —  17,202 
Beverage, Food & Tobacco 148,644  —  —  —  448  2,207  —  151,299 
Business Services 218,121  77,591  —  —  89  1,676  —  297,477 
Chemicals, Plastics & Rubber 22,965  —  —  —  —  —  —  22,965 
Construction & Building 28,158  —  —  —  —  500  —  28,658 
Consumer Goods – Durable 14,943  —  —  —  —  107  —  15,050 
Consumer Goods – Non-durable 104,373  12,606  —  —  462  —  —  117,441 
Consumer Services 150,909  —  —  —  —  —  —  150,909 
Diversified Investment Vehicles, Banking, Finance, Real Estate 45,182  —  —  —  —  —  —  45,182 
Education 36,255  —  —  —  —  —  —  36,255 
Energy – Electricity 7,357  —  —  —  5,623  4  —  12,984 
Environmental Industries 9,186  —  —  —  —  —  —  9,186 
Healthcare & Pharmaceuticals 389,728  19,556  —  —  333  1,064  211  410,892 
High Tech Industries 266,496  —  —  —  —  1,000  —  267,496 
Hotel, Gaming, Leisure, Restaurants 9,871  —  —  —  —  —  —  9,871 
Insurance 72,454  —  —  —  —  —  —  72,454 
Manufacturing, Capital Equipment 27,837  7,952  —  —  11,850  250  —  47,889 
Media – Diversified & Production 40,905  —  —  —  —  —  —  40,905 
Retail 31,565  —  —  —  —  —  —  31,565 
Telecommunications 11,400  12,808  —  —  —  —  —  24,208 
Transportation – Cargo, Distribution 41,699  —  —  —  —  —  —  41,699 
Wholesale 15,268  —  —  —  —  613  —  15,881 
Total Non-Controlled/
Non-Affiliated Investments 		$ 1,846,788  $ 154,086  $ —  $ —  $ 18,805  $ 7,990  $ 211  $ 2,027,880 
Non-Controlled/Affiliated Investments
Chemicals, Plastics & Rubber $ —  $ —  $ —  $ —  $ —  $ 78,729  $ —  $ 78,729 
Consumer Goods – Durable 4,240  —  —  —  —  1,000  —  5,240 
Diversified Investment Vehicles, Banking, Finance, Real Estate —  —  —  16,837  —  —  —  16,837 
Energy – Electricity —  —  —  —  16,347  548  —  16,895 
Energy – Oil & Gas —  —  —  —  —  16,764  —  16,764 
Total Non-Controlled/Affiliated Investments $ 4,240  $ —  $ —  $ 16,837  $ 16,347  $ 97,041  $ —  $ 134,465 
Controlled Investments
Aviation and Consumer Transport $ 275,000  $ —  $ —  $ —  $ —  $ 35,800  $ —  $ 310,800 
Energy – Oil & Gas 24,727  15,000  —  —  —  75,555  —  115,282 
High Tech Industries 88,746  —  —  —  6,000  —  94,746 
Transportation – Cargo, Distribution —  —  22,000  —  —  103,545  —  125,545 
Total Controlled Investments $ 388,473  $ 15,000  $ 22,000  $ —  $ 6,000  $ 214,900  $ —  $ 646,373 
Total $ 2,239,501  $ 169,086  $ 22,000  $ 16,837  $ 41,152  $ 319,931  $ 211  $ 2,808,718 


See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
(37)The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of September 30, 2021:
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total % of Net Assets
Non-Controlled / Non-Affiliated Investments
Advertising, Printing & Publishing $ 60,048  $ —  $ —  $ —  $ —  $ 335  $ —  $ 60,383  5.8  %
Aerospace & Defense 29,843  —  —  —  —  —  —  29,843  2.9  %
Automotive 46,184  22,220  —  —  —  382  —  68,786  6.6  %
Aviation and Consumer Transport 17,267  —  —  —  —  —  —  17,267  1.7  %
Beverage, Food & Tobacco 149,167  —  —  —  448  2,700  —  152,315  14.7  %
Business Services 217,755  67,674  —  —  89  1,911  —  287,429  27.7  %
Chemicals, Plastics & Rubber 22,724  —  —  —  —  —  —  22,724  2.2  %
Construction & Building 27,917  —  —  —  —  1,105  —  29,022  2.8  %
Consumer Goods – Durable 15,227  —  —  —  —  573  —  15,800  1.5  %
Consumer Goods – Non-durable 104,353  11,545  —  —  258  —  —  116,156  11.2  %
Consumer Services 151,177  —  —  —  —  —  —  151,177  14.5  %
Diversified Investment Vehicles, Banking, Finance, Real Estate 45,235  —  —  —  —  —  —  45,235  4.3  %
Education 40,223  —  —  —  —  —  —  40,223  3.9  %
Energy – Electricity 2,166  —  —  —  —  —  —  2,166  0.2  %
Environmental Industries 8,881  —  —  —  —  —  —  8,881  0.9  %
Healthcare & Pharmaceuticals 391,738  19,654  —  —  348  1,720  1,757  415,217  40.0  %
High Tech Industries 264,848  —  —  —  —  1,309  —  266,157  25.6  %
Hotel, Gaming, Leisure, Restaurants 9,867  —  —  —  —  —  —  9,867  0.9  %
Insurance 72,860  —  —  —  —  —  —  72,860  7.0  %
Manufacturing, Capital Equipment 26,666  7,546  —  —  9,862  265  —  44,339  4.3  %
Media – Diversified & Production 39,695  —  —  —  —  —  —  39,695  3.8  %
Retail 31,431  —  —  —  —  —  —  31,431  3.0  %
Telecommunications 11,405  11,590  —  —  —  —  —  22,995  2.2  %
Transportation – Cargo, Distribution 41,122  —  —  —  —  —  —  41,122  4.0  %
Wholesale 15,349  —  —  —  —  604  —  15,953  1.5  %
Total Non-Controlled / Non-Affiliated Investments $ 1,843,148  $ 140,229  $ —  $ —  $ 11,005  $ 10,904  $ 1,757  $ 2,007,043  193.2  %
% of Net Assets 177.4  % 13.5  % —  % —  % 1.1  % 1.0  % 0.2  % 193.2  %
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber $ —  $ —  $ —  $ —  $ —  $ 45,234  $ —  $ 45,234  4.3  %
Consumer Goods – Durable 3,986  —  —  —  —  1,096  —  5,082  0.5  %
Diversified Investment Vehicles, Banking, Finance, Real Estate —  —  —  10,794  —  —  —  10,794  1.0  %
Energy – Electricity —  —  —  —  5,434  629  —  6,063  0.6  %
Energy – Oil & Gas —  —  —  —  —  2,170  —  2,170  0.2  %
Total Non-Controlled / Affiliated Investments $ 3,986  $ —  $ —  $ 10,794  $ 5,434  $ 49,129  $ —  $ 69,343  6.6  %
% of Net Assets 0.4  % —  % —  % 1.0  % 0.5  % 4.7  % —  % 6.6  %
Controlled Investments
Aviation and Consumer Transport $ 275,000  $ —  $ —  $ —  $ —  $ 39,820  $ —  $ 314,820  30.3  %
Energy – Oil & Gas 25,470  4,922  —  —  —  6,740  —  37,132  3.6  %
High Tech Industries 88,777  —  —  —  6,464  —  —  95,241  9.2  %
Transportation – Cargo, Distribution —  —  22,000  —  —  66,729  —  88,729  8.5  %
Total Controlled Investments $ 389,247  $ 4,922  $ 22,000  $ —  $ 6,464  $ 113,289  $ —  $ 535,922  51.6  %
% of Net Assets 37.5  % 0.5  % 2.1  % —  % 0.6  % 10.9  % —  % 51.6  %
Total $ 2,236,381  $ 145,151  $ 22,000  $ 10,794  $ 22,903  $ 173,322  $ 1,757  $ 2,612,308  251.4  %
% of Net Assets 215.3  % 14.0  % 2.1  % 1.0  % 2.2  % 16.6  % 0.2  % 251.4  %

See notes to financial statements.

29
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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
(In thousands, except share data)
Industry Classification Percentage of Total Investments (at Fair Value) as of September 30, 2021
Healthcare & Pharmaceuticals 15.9%
High Tech Industries 13.8%
Aviation and Consumer Transport 12.7%
Business Services 11.0%
Beverage, Food & Tobacco 5.8%
Consumer Services 5.8%
Transportation – Cargo, Distribution 5.0%
Consumer Goods – Non-durable 4.5%
Insurance 2.8%
Automotive 2.7%
Chemicals, Plastics & Rubber 2.6%
Advertising, Printing & Publishing 2.3%
Diversified Investment Vehicles, Banking, Finance, Real Estate 2.1%
Manufacturing, Capital Equipment 1.7%
Education 1.6%
Media – Diversified & Production 1.5%
Energy – Oil & Gas 1.5%
Retail 1.2%
Aerospace & Defense 1.1%
Construction & Building 1.1%
Telecommunications 0.9%
Consumer Goods – Durable 0.8%
Wholesale 0.6%
Hotel, Gaming, Leisure, Restaurants 0.4%
Environmental Industries 0.3%
Energy – Electricity 0.3%
Total Investments 100.0%

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition Company First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/30/26 $ 18,653  $ 18,292  $ 18,467  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/30/26 2,190 (29) (22) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/26 4,380 (29) (44) (8)(9)
(21)(23)
KL Charlie Co-Invest, L.P. Common Equity - Common Stock N/A N/A 218,978 Shares 219  239  (9)(13)
(25)
18,453  18,640 
Simplifi Holdings, Inc.
Simplifi Holdings, Inc. First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 08/02/25 38,440 37,919  37,867  (9)
First Lien Secured Debt - Revolver 8.50% (P+525) 08/02/25 1,440 1,440  1,418  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/25 960 (40) (14) (8)(9)
(21)(23)
39,319  39,271 
Total Advertising, Printing & Publishing $ 57,772  $ 57,911 
Aerospace & Defense
Erickson Inc
Erickson Inc First Lien Secured Debt - Revolver 9.00% (3M L+750, 1.50% Floor) 04/28/22 $ 30,469  $ 30,469  $ 30,012  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/28/22 4,091 (101) (61) (8)(9)
(21)(23)
First Lien Secured Debt - Letters of Credit 7.50% 04/23/21 - 11/23/22 1,440 —  (21) (8)(9)
(23)
Total Aerospace & Defense $ 30,368  $ 29,930 
Automotive
Crowne Automotive
Vari-Form Group, LLC First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 $ 5,860  $ 901  $ 293  (9)(14)
Vari-Form Inc. First Lien Secured Debt 11.00% (7.00% Cash plus 4.00% PIK) 02/02/23 2,110 391  105  (9)(14)
1,292  398 
K&N Parent, Inc.
K&N Parent, Inc. Second Lien Secured Debt 9.75% (3M L+875, 1.00% Floor) 10/21/24 23,765 23,549  21,982 
Truck-Lite Co., LLC
TL Lighting Holdings, LLC Common Equity - Equity N/A N/A 350 Shares 350  345  (9)(13)
Truck-Lite Co., LLC First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 12/14/26 28,585 28,029  28,088  (9)
First Lien Secured Debt - Revolver 7.25% (3M L+625, 1.00% Floor) 12/13/24 1,526 1,526  1,508  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/13/24 1,432 (53) (17) (8)(9) (21)(23)
First Lien Secured Debt - Letters of Credit 6.25% 11/30/21 - 12/21/21 94 —  (1) (8)(9) (23)
29,852  29,923 
Total Automotive $ 54,693  $ 52,303 

See notes to financial statements.

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Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5) First Lien Secured Debt - Revolver 10.00% 10/31/23 $ 190,500  $ 190,500  $ 190,500  (23)
First Lien Secured Debt - Letter of Credit 2.25% 07/13/21 177 —  —  (23)
Common Equity - Membership Interests N/A N/A N/A 120,300  125,061  (25)
310,800  315,561 
Primeflight
PrimeFlight Aviation Services, Inc. First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 05/09/24 17,478 17,229  17,088  (9)
Total Aviation and Consumer Transport $ 328,029  $ 332,649 
Beverage, Food & Tobacco
Bolthouse Farms
Wm. Bolthouse Farms, Inc. Common Equity - Common Stock N/A N/A 1,000,000 Shares $ 1,001  $ 1,070  (13)
Eagle Foods
Eagle Foods Family Group, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 06/14/24 23,458 23,317  23,224  (9)
First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 06/14/23 750 750  742  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/14/23 3,000 (19) (30) (8)(9)
(21)(23)
24,048  23,936 
Florida Food Products, Inc.
Florida Food Products, Inc. First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/08/25 22,705 22,345  22,592  (9)
First Lien Secured Debt 8.25% (3M L+725, 1.00% Floor) 09/08/25 2,977 2,795  2,977  (9)
Florida Food Products, LLC First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 09/06/23 479 479  477  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/06/23 1,233 (21) (6) (8)(9)
(21)(23)
25,598  26,040 
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P. Common Equity - Membership Interests N/A N/A 1,000,000 Shares 1,005  1,275  (13)
TNT Crust LLC
TNT Crust LLC First Lien Secured Debt 7.75% (3M L+675, 1.00% Floor) 11/06/23 20,473 20,223  20,166  (9)
First Lien Secured Debt - Revolver 7.75% (3M L+675, 1.00% Floor) 11/06/23 325 325  320  (9)(23)
First Lien Secured Debt - Revolver 7.75% (1M L+675, 1.00% Floor) 11/06/23 813 813  801  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/06/23 2,114 (36) (32) (8)(9)
(21)(23)
Common Equity - Series A Units N/A N/A 244 Shares 30  276  (9)(13)
21,355  21,531 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Turkey Hill
IC Holdings LLC Common Equity - Series A Units N/A N/A 169 Shares 169  351  (9)(13)
THLP CO. LLC First Lien Secured Debt 7.00% (12M L+600, 1.00% Floor) 05/30/25 2,787 2,763  2,759  (9)
First Lien Secured Debt 8.25% (P+500) 05/30/25 1 1  1  (9)
First Lien Secured Debt 7.00% (2M L+600, 1.00% Floor) 05/30/25 19,562 19,290  19,366  (9)
First Lien Secured Debt - Revolver 8.25% (P+500) 05/31/24 2,360 2,360  2,336  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 2,135 (57) (21) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/30/25 2,809 (39) (28) (8)(9)
(21)(23)
24,487  24,764 
Total Beverage, Food & Tobacco $ 97,494  $ 98,616 
Business Services
Access Information
Access CIG, LLC Second Lien Secured Debt 7.87% (1M L+775) 02/27/26 $ 15,900  $ 15,807  $ 15,709 
Ambrosia Buyer Corp.
Ambrosia Buyer Corp. Second Lien Secured Debt 9.00% 08/28/25 21,429 20,536  12,795  (14)
AML Rightsource
Gabriel Partners, LLC First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 09/21/26 10,176 9,945  9,971  (9)
First Lien Secured Debt - Revolver 7.25% (6M L+625, 1.00% Floor) 09/21/26 443 443  435  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/21/26 222 (15) (4) (8)(9)
(21)(23)
10,373  10,402 
Claritas
Claritas, LLC First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 12/21/23 3,746 3,724  3,708  (9)
First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 12/21/23 129 129  128  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/21/23 902 (6) (9) (8)(9)
(21)(23)
3,847  3,827 
Continuum
Continuum Global Solutions, LLC First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 02/15/22 5,317 5,317  5,224  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/15/22 14,683 (142) (257) (8)(9)
(21)(23)
Preferred Equity - Preferred Equity N/A N/A 775 Shares 78  78  (9)(13)
5,253  5,045 
Education Personnel
Arthur Bidco Limited First Lien Secured Debt 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 4,035  5,162  5,309  (9)(17)
First Lien Secured Debt - Revolver 6.00% (1M GBPL+550, 0.50% Floor) 08/31/24 £ 1,471  1,881  1,933  (9)(17)
(23)
7,043  7,242 
Electro Rent Corporation
Electro Rent Corporation Second Lien Secured Debt 10.00% (3M L+900, 1.00% Floor) 01/31/25 34,235 33,672  33,722  (9)

See notes to financial statements.

33
Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Elo Touch
TGG TS Acquisition Company First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/14/23 1,750 —  (33) (8)(21)
(23)
Ensemble Health
EHL Merger Sub, LLC First Lien Secured Debt - Unfunded Revolver 0.25% Unfunded 08/01/24 4,155 (254) (140) (8)(21)
(23)
Jacent
Jacent Strategic Merchandising First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 04/23/24 22,352 22,146  21,896  (9)
First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 04/23/24 2,567 2,567  2,514  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/23/24 933 (32) (19) (8)(9)
(21)(23)
Common Equity - Common Stock N/A N/A 5,000 Shares 500  313  (9)(13)
JSM Equity Investors, L.P. Preferred Equity - Class P Partnership Units N/A N/A 114 Shares 11  11  (9)(13)
(25)
25,192  24,715 
Jones & Frank
JF Acquisition, LLC First Lien Secured Debt 6.50% (12M L+550, 1.00% Floor) 07/31/24 13,139 12,963  12,965  (9)
First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 07/31/24 169 167  167  (9)
First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 07/31/24 628 628  619  (9)(23)
First Lien Secured Debt - Revolver 6.50% (12M L+550, 1.00% Floor) 07/31/24 628 628  619  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/31/24 314 (21) (4) (8)(9)
(21)(23)
14,365  14,366 
MAKS
Trident Bidco Limited First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 11/08/25 34,562 33,765  34,013  (9)(17)
McLarens
Margaux Acquisition Inc. First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/19/24 23,054 22,766  22,876  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 1,601 (20) (12) (8)(9)
(21)(23)
Margaux UK Finance Limited First Lien Secured Debt 6.75% (3M GBPL+575, 1.00% Floor) 12/19/24 £ 7,183  8,965  9,835  (9)(17)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/19/24 £ 541  (8) (6) (8)(9)
(17)(21)(23)
31,703  32,693 
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.) First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 12/29/22 11,024 10,910  10,914  (9)
First Lien Secured Debt - Revolver 8.00% (1M L+700, 1.00% Floor) 12/29/22 240 240  238  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/29/22 260 (4) (3) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/29/22 1,282 (15) (13) (8)(9)
(21)(23)
11,131  11,136 
PSI Services, LLC
Lifelong Learner Holdings, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 10/19/26 32,536 32,005  31,420  (9)
First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 10/20/25 1,039 1,039  1,009  (9)(23)

See notes to financial statements.

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Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/20/25 1,946 (45) (57) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 10/19/26 2,388 (19) (82) (8)(9)
(21)(23)
32,980  32,290 
RA Outdoors, LLC (Active Outdoors)
RA Outdoors, LLC First Lien Secured Debt 5.75% (6M L+475, 1.00% Floor) 09/11/24 6,525 6,461  6,460  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/09/22 1,200 (7) —  (9)(21)
(23)
Second Lien Secured Debt 9.75% (6M L+875, 1.00% Floor) 09/11/25 31,950 31,504  31,311  (9)
37,958  37,771 
Soliant
Soliant Health, Inc. Common Equity - Membership Interests N/A N/A 300 Shares 300  374  (9)(13)
Soliant Holdings, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 12/31/26 16,274 16,007  16,274  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 1,936 (29) —  (9)(21) (23)
16,278  16,648 
Transplace Holdings, Inc.
Transplace Holdings, Inc. Second Lien Secured Debt 9.75% (3M L+875, 1.00% Floor) 10/06/25 8,599 8,476  8,513 
US Legal Support
US Legal Support Investment Holdings, LLC Common Equity - Series A-1 Units N/A N/A 631,972 Shares 632  474  (9)(13)
USLS Acquisition, Inc. First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/02/24 24,250 23,948  22,785  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/02/24 1,508 (20) (93) (8)(9)
(21)(23)
First Lien Secured Debt - Letters of Credit 5.75% 05/23/21 - 12/31/21 100 —  (6) (8)(9)
(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/02/24 670 (7) (24) (8)(9)
(21)(23)
24,553  23,136 
Total Business Services $ 332,678  $ 323,850 
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 2,288 Shares $ 45,391  $ 25,424  (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)
77,825  25,424 
Niacet Corporation
Hare Bidco, Inc. Second Lien Secured Debt 9.75% (1M E+875, 1.00% Floor) 08/01/24 € 11,351  12,165  13,307 
Westfall Technik, Inc.
Westfall Technik, Inc. First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 09/13/24 15,777 15,588  15,355  (9)
First Lien Secured Debt - Revolver 7.25% (1M L+625, 1.00% Floor) 09/13/24 1,750 1,750  1,702  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/24 269 (23) (7) (8)(9)
(21)(23)
17,315  17,050 
Total Chemicals, Plastics & Rubber $ 107,305  $ 55,781 

See notes to financial statements.

35
Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Construction & Building
Englert
Gutter Buyer, Inc. First Lien Secured Debt 7.25% (1M L+625, 1.00% Floor) 03/06/25 $ 28,629  $ 28,267  $ 28,022  (9)
First Lien Secured Debt - Revolver 8.50% (P+525) 03/06/24 409 409  401  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/06/24 2,279 (40) (43) (8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit 6.25% 07/01/21 39 —  (1) (8)(9)
(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 03/06/25 55 (33) (1) (8)(9)
(21)(23)
Gutter Holdings, LP Common Equity - Common Stock N/A N/A 500 Shares 500  1,128  (9)(13)
Total Construction & Building $ 29,103  $ 29,506 
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLC First Lien Secured Debt 6.38% (3M L+538, 1.00% Floor) 03/10/27 $ 10,854  $ 10,514  $ 10,550 
First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/10/25 1,505 (107) (89) (8)(21)
(23)
10,407  10,461 
KDC
KDC US Holdings First Lien Secured Debt - Revolver 3.11% (1M L+300) 12/21/23 2,696 2,696  2,635  (23)
First Lien Secured Debt - Unfunded Revolver 0.38% Unfunded 12/21/23 3,270 —  (74) (8)(21)
(23)
First Lien Secured Debt - Letter of Credit 3.00% 11/06/21 - 03/16/22 50 —  (1) (8)(23)
First Lien Secured Debt - Letters of Credit 3.00% 02/05/22 £ 4  —  —  (23)
2,696  2,560 
KLO Holdings, LLC
1244311 B.C. Ltd. (4) First Lien Secured Debt 6.00% (1M L+500, 1.00% Floor) 09/25/25 2,993 2,993  2,857  (17)
First Lien Secured Debt 6.00% (3M L+500 PIK, 1.00% Floor) 09/25/25 1,016 1,016  965  (17)
Common Equity - Common Stock N/A N/A 1,000,032 Shares 1,000  1,719  (2)(13)
(17)(25)
9357-5991 Quebec Inc. (4) First Lien Secured Debt 11.25% (3M L+775 Cash plus 2.00% PIK) 04/07/22 3,945 —  —  (14)
5,009  5,541 
Liqui-Box
Liqui-Box Holdings, Inc. First Lien Secured Debt - Revolver 5.50% (3M L+450, 1.00% Floor) 02/26/25 1,661 1,661  1,660  (23)
First Lien Secured Debt - Revolver 6.75% (P+350) 02/26/25 190 190  190  (23)
First Lien Secured Debt - Revolver 5.50% (1M L+450, 1.00% Floor) 02/26/25 475 475  474  (23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/26/25 1,161 (28) (1) (8)(21)
(23)
First Lien Secured Debt - Letter of Credit 4.50% 06/30/21 € 42  —  —  (23)
First Lien Secured Debt - Letters of Credit 4.50% 09/27/21 - 12/31/24 32 —  —  (23)
2,298  2,323 

See notes to financial statements.

36
Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
NSi Industries
Wildcat BuyerCo, Inc. First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 02/27/26 7,174 6,878  7,074 
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/27/26 717 (13) (10) (8)(21)
(23)
First Lien Secured Debt - Letter of Credit 5.25% 08/30/21 8 —  —  (23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 02/27/26 2,029 (29) (28) (8)(21)
(23)
Wildcat Parent LP Common Equity - Common Stock N/A N/A 1,070 Shares 107  141  (13)
6,943  7,177 
Sorenson Holdings, LLC
Sorenson Holdings, LLC Common Equity - Membership Interests N/A N/A 587 Shares —  484  (10)(13)
Total Consumer Goods – Durable $ 27,353  $ 28,546 
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLC First Lien Secured Debt 5.50% (3M L+450, 1.00% Floor) 11/28/25 $ 11,487  $ 11,322  $ 11,429  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/31/24 2,219 (37) (11) (8)(9)
(21)(23)
11,285  11,418 
Beauty Industry Group (BIG)
BIG Buyer, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 11/20/23 19,428 19,121  19,247  (9)
First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 11/20/23 722 722  708  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/20/23 1,083 (29) (22) (8)(9)
(21)(23)
19,814  19,933 
Dan Dee
Project Comfort Buyer, Inc. First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/01/25 22,435 22,003  21,457  (9)
First Lien Secured Debt 8.00% (12M L+700, 1.00% Floor) 02/01/25 3,848 3,789  3,680  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/01/24 3,462 (59) (161) (8)(9)
(21)(23)
Preferred Equity - Preferred Equity N/A N/A 461,538 Shares 462  212  (9)(13)
26,195  25,188 
LashCo
Lash OpCo, LLC First Lien Secured Debt 9.25% (P+600) 03/18/26 10,223 9,988  9,943  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/18/25 697 (16) (19) (8)(9)
(21)(23)
9,972  9,924 
Olaplex
Olaplex, Inc. First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 01/08/26 12,300 12,104  12,210  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/08/25 2,300 (35) (19) (8)(9)
(21)(23)
12,069  12,191 
Sequential Brands Group, Inc.
Sequential Brands Group, Inc. Second Lien Secured Debt 9.75% (1M L+875, 1.00% Floor) 02/07/24 12,837 12,777  10,536  (17)
Total Consumer Goods – Non-durable $ 92,112  $ 89,190 

See notes to financial statements.

37
Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Consumer Services
Clarus Commerce
Marlin DTC-LS Midco 2, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 07/01/25 $ 19,127  $ 18,817  $ 18,744 
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 685 (8) (14) (8)(21)
(23)
18,809  18,730 
First Heritage
First Heritage Credit, LLC First Lien Secured Debt 4.87% (1M L+475) 04/02/22 18,000 17,945  17,883  (9)
First Lien Secured Debt - Revolver 5.62% (1M L+550) 04/02/22 747 747  743  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/02/22 3,003 (13) (18) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 04/02/22 8,250 (33) (54) (8)(9)
(21)(23)
18,646  18,554 
Go Car Wash
Go Car Wash Management Corp. First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 12/31/26 1,838 1,808  1,796  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 417 (5) (9) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/26 2,742 (17) (62) (8)(9)
(21)(23)
1,786  1,725 
Lending Point
LendingPoint LLC First Lien Secured Debt 11.50% (3M L+1050, 1.00% Floor) 12/30/25 11,375 11,267  11,253  (9)
First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/30/25 1,000 991  989  (9)(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/30/25 6,125 (58) (66) (8)(9)
(21)(23)
12,200  12,176 
Nutrisystem
Nutrisystem, Inc. First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 12/08/25 8,800 8,634  8,663 
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/08/25 200 (4) (3) (8)(21)
(23)
8,630  8,660 
Only About Children
Nemo (BC) Bidco Pty Ltd First Lien Secured Debt 7.75% (1M BBSW+675, 1.00% Floor) 04/06/24 A$ 6,768  4,938  4,949  (17)
First Lien Secured Debt - Unfunded Delayed Draw 3.04% Unfunded 04/06/24 A$ 232  (6) (7) (8)(17)
(21)(23)
4,932  4,942 
Paper Source
Paper Source, Inc. First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 05/22/24 11,322 11,179  8,831  (9)
First Lien Secured Debt 11.00% (1M L+1000, 1.00% Floor) 06/30/21 1,691 1,691  1,691  (9)
First Lien Secured Debt 13.00% (3M L+1200, 1.00% Floor) 02/26/21 556 556  434  (9)(11)
First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 05/22/24 3,082 3,044  2,404  (9)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/30/21 1,597 (75) —  (9)(21) (23)
Preferred Equity - Preferred Equity N/A N/A 658 Shares —  —  (9)(13) (25)
Common Equity - Class A Common Stock N/A N/A 20,548 Shares —  —  (9)(13) (25)
16,395  13,360 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Pinstripe Holdings, LLC
Pinstripe Holdings, LLC First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 01/17/25 6,860 6,773  6,798 
The Club Company
Eldrickco Limited First Lien Secured Debt 6.75% (6M GBPL+625 PIK, 0.50% Floor) 11/21/25 £ 10,976  13,797  14,336  (9)(17)
First Lien Secured Debt - Revolver 6.75% (6M GBPL+625 PIK, 0.50% Floor) 05/21/25 £ 356  410  464  (9)(17)
(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.93% Unfunded 11/21/25 £ 3,934  (85) (253) (8)(9)
(17)(21)(23)
14,122  14,547 
US Auto
U.S. Auto Finance, Inc. First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 04/17/24 11,842 11,875  11,810  (9)
First Lien Secured Debt - Revolver 7.00% (3M L+600, 1.00% Floor) 04/17/24 6,734 6,734  6,715  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/17/24 6,600 (36) (18) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 04/17/24 8,222 (21) —  (9)(21)
(23)
18,552  18,507 
Total Consumer Services $ 120,845  $ 117,999 
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link Corporation First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/11/24 $ 2,273  $ (33) $ (27) (8)(9)
(21)(23)
Peer Advisors, LLC First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 06/11/24 19,034 18,759  18,809  (9)
18,726  18,782 
Exeter Property Group, LLC
Exeter Property Group, LLC First Lien Secured Debt 4.62% (1M L+450) 08/28/24 4,550 4,508  4,550  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/28/24 192 (2) —  (9)(21)
(23)
4,506  4,550 
Flock Financial, LLC
Flock SPV I, LLC First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 08/30/22 14,533 14,505  14,388  (9)(17)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/30/22 1,333 (5) (13) (8)(9)
(17)(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 08/30/22 4,133 (38) (41) (8)(9)
(17)(21)(23)
14,462  14,334 
Golden Bear
Golden Bear 2016-R, LLC (4) Structured Products and Other - Membership Interests 09/20/42 N/A 16,812  11,289  (3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLC First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 01/24/24 8,383 8,384  8,334  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.40% Unfunded 01/24/24 729 —  (4) (8)(9)
(21)(23)
8,384  8,330 
Ten-X, LLC
Ten-X, LLC First Lien Secured Debt - Revolver 3.36% (1M L+325) 09/29/22 4,680 4,554  4,485  (23)
Total Diversified Investment Vehicles, Banking, Finance, Real Estate $ 67,444  $ 61,770 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Education
NFA Group
SSCP Spring Bidco Limited First Lien Secured Debt 6.75% (6M GPBL+625, 0.50% Floor) 07/30/25 £ 30,000  $ 36,161  $ 41,159  (9)(17)
Total Education $ 36,161  $ 41,159 
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC (4) Preferred Equity - Preferred Stock N/A N/A 143 Shares $ 534  $ 498  (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  42  (13)(25)
Preferred Equity - Series D Preferred Stock N/A N/A 436,689 Shares 5,568  28  (13)(25)
Preferred Equity - Series E Preferred Stock N/A N/A 441,576 Shares 1,902  5,106  (13)(17)
(25)
Renew JV LLC (4) Common Equity - Membership Interests N/A N/A 671,194 Shares 671  776  (13)(17)
(25)
17,018  6,450 
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings Limited First Lien Secured Debt 4.00% 03/08/23 £ 5,562  7,637  2,534  (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)
13,264  2,534 
Total Energy – Electricity $ 30,282  $ 8,984 
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 03/29/21 $ 41,121  $ 36,926  $ 8,111  (11)(14)
Common Equity - Common Stock N/A N/A 5,000,000 Shares 30,078  —  (13)(25)
67,004  8,111 
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 A Note 14.00% (8.00% Cash plus 6.00%
PIK) 		07/31/21 47,511 44,059  9,899  (14)
First Lien Secured Debt - Tranche B Note 14.00% PIK 07/31/21 89,434 44,380  —  (14)
First Lien Secured Debt - Tranche C Note 12.00% 07/31/21 24,728 24,728  25,470 
Common Equity - Series A Units N/A N/A 7,600,000 Shares 1,411  —  (13)(16)
(25)
114,578  35,369 
Total Energy – Oil & Gas $ 198,346  $ 45,650 
Environmental Industries
Ortega National Parks
Ortega National Parks, LLC First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 10/31/25 $ 11,603  $ 11,429  $ 11,132  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/25 1,366 (31) (55) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/31/25 6,202 (51) (252) (8)(9)
(21)(23)
Total Environmental Industries $ 11,347  $ 10,825 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Healthcare & Pharmaceuticals
Akoya
Akoya Biosciences, Inc. First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 10/27/25 $ 9,750  $ 9,746  $ 9,735  (9)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/27/25 1,500 (7) (2) (8)(9)
(21)(23)
9,739  9,733 
AmeriVet
Amerivet Partners Management, Inc. First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/05/24 1,517 1,500  1,514  (9)
First Lien Secured Debt 6.25% (6M L+525, 1.00% Floor) 06/05/24 26,883 26,509  26,827  (9)
First Lien Secured Debt 6.25% (2M L+525, 1.00% Floor) 06/05/24 912 901  911  (9)
First Lien Secured Debt - Revolver 7.50% (P+425) 06/05/24 524 524  523  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/05/24 282 (11) (1) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 06/05/24 4,519 (72) (9) (8)(9)
(21)(23)
Amerivet Partners Parent LP Common Equity - Class D Partnership Units N/A N/A 13 Shares 125  192  (9)(13)
29,476  29,957 
Analogic
Analogic Corporation First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 06/22/24 18,033 17,789  17,762  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/22/23 1,826 (20) (27) (8)(9)
(21)(23)
17,769  17,735 
BioClinica Holding I, LP
BioClinica Holding I, LP Second Lien Secured Debt 9.25% (1M L+825, 1.00% Floor) 10/21/24 24,612 24,359  24,501 
BK Medical
BK Medical Holding Company, Inc. First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 06/22/24 7,231 7,179  7,187  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/22/24 783 (5) (2) (8)(9)
(21)(23)
7,174  7,185 
CARE Fertility
Royton Bidco Limited First Lien Secured Debt 6.75% (6M GBPL+625, 0.50% Floor) 05/09/25 £ 15,510  19,796  21,093  (9)(17)
First Lien Secured Debt 6.75% (1M GBPL+625, 0.50% Floor) 05/09/25 £ 2,147  2,701  2,920  (9)(17)
First Lien Secured Debt - Unfunded Delayed Draw 2.19% Unfunded 05/09/25 £ 2,265  (59) (45) (8)(9)
(17)(21)(23)
22,438  23,968 
Cerus
Cerus Corporation First Lien Secured Debt 7.25% (1M L+545, 1.80% Floor) 03/01/24 16,500 16,452  16,830  (9)(17)
First Lien Secured Debt - Revolver 5.55% (1M L+375, 1.80% Floor) 03/01/24 125 125  127  (9)(17)
(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/01/24 875 (1) —  (9)(17)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 03/01/24 4,500 (13) —  (9)(17)
(21)(23)
16,563  16,957 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Dohmen Life Science Services
LSCS Holdings, Inc Second Lien Secured Debt 8.51% (6M L+825) 03/16/26 19,818 19,530  19,285 
Emmes Corporation
Emmes Blocker, Inc. Common Equity - Common Stock N/A N/A 306 Shares 306  475  (9)(13)
The Emmes Company, LLC First Lien Secured Debt 6.00% (6M L+500, 1.00% Floor) 03/03/25 12,000 11,882  11,760  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/03/25 2,449 (24) (49) (8)(9)
(21)(23)
12,164  12,186 
Genesis Healthcare, Inc.
Genesis Healthcare, Inc. First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/08/23 85,870 (305) (1,511) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 2.00% Unfunded 03/06/23 6,087 —  (91) (8)(9)
(21)(23)
(305) (1,602)
Gossamer
GB001, Inc. First Lien Secured Debt 9.00% (1M L+700, 2.00% Floor) 01/01/25 6,000 5,995  6,120  (9)(17)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 01/01/25 24,000 (156) —  (9)(17)
(21)(23)
5,839  6,120 
Health & Safety Institute
HSI Halo Acquisition, Inc. First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 08/31/26 8,981 8,886  8,852  (9)
First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 08/30/25 135 135  134  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/30/25 677 (6) (7) (8)(9)
(21)(23)
Common Equity - Common Stock N/A N/A 500 Shares 500  517  (9)(13)
9,515  9,496 
IMA Group
IMA Group Management Company, LLC First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 05/30/24 458 454  439 
First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 05/30/24 4,616 4,587  4,432 
First Lien Secured Debt - Revolver 6.50% (1M L+550, 1.00% Floor) 05/30/24 289 287  277  (23)
5,328  5,148 
Kindeva
Kindeva Drug Delivery L.P. First Lien Secured Debt 7.00% (3M L+600, 1.00% Floor) 05/01/26 1,820 1,781  1,804  (9)
First Lien Secured Debt - Revolver 7.00% (1M L+600, 1.00% Floor) 05/01/25 50 50  50  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/01/25 117 (3) (1) (8)(9)
(21)(23)
1,828  1,853 
KureSmart
Clearway Corporation (f/k/a NP/Clearway Holdings, Inc.) Common Equity - Common Stock N/A N/A 133 Shares 133  162  (9)(13)
Kure Pain Holdings, Inc. First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 08/27/24 21,880 21,656  21,493  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/27/24 2,654 (27) (47) (8)(9)
(21)(23)
21,762  21,608 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Lanai Holdings III, Inc. (Patterson Medical)
Lanai Holdings III, Inc. Second Lien Secured Debt 11.50% (1M L+1050 PIK, 1.00% Floor) 08/28/23 19,564 19,385  19,079 
Mannkind Corporation
Mannkind Corporation First Lien Secured Debt 8.75% (1M L+675, 2.00% Floor) 08/01/24 17,333 17,218  17,888  (9)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/01/24 8,667 (29) —  (9)(21)
(23)
Warrants N/A N/A 444,936 Shares 76  1,492  (9)(13)
17,265  19,380 
Maxor National Pharmacy Services, LLC
Maxor National Pharmacy Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 11/22/23 23,638 23,379  23,590  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/22/22 1,558 (13) (1) (8)(9)
(21)(23)
23,366  23,589 
Medical Guardian
Medical Guardian, LLC First Lien Secured Debt 8.75% (1M L+825, 0.50% Floor) 12/31/24 28,571 28,142  28,374  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/24 5,714 (86) (39) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.50% Unfunded 12/31/24 5,714 (114) (39) (8)(9)
(21)(23)
27,942  28,296 
Midwest Vision
Midwest Vision Partners Management, LLC First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 01/12/27 5,704 5,594  5,647  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/12/27 612 (12) (6) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 01/12/27 3,670 (35) (37) (8)(9)
(21)(23)
5,547  5,604 
Orchard
Orchard Therapeutics plc First Lien Secured Debt 7.00% (1M L+600, 1.00% Floor) 05/24/24 8,333 8,307  8,400  (9)(17)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 05/24/24 16,667 (53) —  (9)(17)
(21)(23)
8,254  8,400 
Ovation Fertility
FPG Services, LLC First Lien Secured Debt 6.50% (3M L+550, 1.00% Floor) 06/13/25 13,901 13,713  13,762  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/13/24 2,105 (27) (21) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/13/25 3,768 (37) (38) (8)(9)
(21)(23)
13,649  13,703 
Partner Therapeutics, Inc
Partner Therapeutics, Inc First Lien Secured Debt 7.65% (1M L+665, 1.00% Floor) 01/01/23 10,000 9,934  9,975  (9)
Preferred Equity - Preferred Equity N/A N/A 55,556 Shares 333  416  (9)(13)
Warrants N/A N/A 33,333 Shares 135  103  (9)(13)
10,402  10,494 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
PHS
PHS Buyer, Inc. First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 01/31/25 10,203 10,055  9,947  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/31/25 2,000 (29) (50) (8)(9)
(21)(23)
10,026  9,897 
Radius Health
Radius Health, Inc. First Lien Secured Debt 7.75% (1M L+575, 2.00% Floor) 06/01/24 29,000 28,636  28,623  (9)(17)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 06/01/24 1,000 (2) (1) (8)(9)
(17)(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 06/01/24 4,833 —  —  (9)(17)
(21)(23)
28,634  28,622 
RHA Health Services
Pace Health Companies, LLC First Lien Secured Debt 5.50% (3M L+450, 1.00% Floor) 08/02/24 3,914 3,874  3,902  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 08/02/24 395 (7) (1) (8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit 4.50% 12/10/21 105 —  —  (9)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 08/02/24 575 (27) (2) (8)(9)
(21)(23)
3,840  3,899 
Rigel Pharmaceuticals
Rigel Pharmaceuticals, Inc. First Lien Secured Debt 7.15% (1M L+565, 1.50% Floor) 09/01/24 6,000 6,012  6,049  (9)
RiteDose Holdings I, Inc.
RiteDose Holdings I, Inc. First Lien Secured Debt 7.50% (1M L+650, 1.00% Floor) 09/13/23 13,333 13,155  13,333  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/23 2,000 (27) —  (9)(21)
(23)
13,128  13,333 
Total Healthcare & Pharmaceuticals $ 390,629  $ 394,475 
High Tech Industries
Acronis AG
Acronis AG First Lien Secured Debt 7.85% (1M L+635, 1.50% Floor) 12/18/24 $ 21,000  $ 20,922  $ 20,895  (9)(17)
American Megatrends
AMI US Holdings Inc. First Lien Secured Debt 6.50% (1M L+550, 1.00% Floor) 04/01/25 21,651 21,362  21,833  (9)
First Lien Secured Debt - Revolver 5.61% (1M L+550) 04/01/24 2,093 2,093  2,093  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/01/24 814 (35) —  (9)(21)
(23)
23,420  23,926 
Calero Holdings, Inc.
Telesoft Holdings, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/16/25 22,500 22,101  22,104 
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/16/25 2,273 (40) (40) (8)(21)
(23)
22,061  22,064 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
ChyronHego Corporation
ChyronHego Corporation (5) First Lien Secured Debt 6.00% (3M L+350 Cash plus 1.50% PIK, 1.00% Floor) 12/31/22 84,202 81,644  81,676 
First Lien Secured Debt - Revolver 6.00% (3M L+500, 1.00% Floor) 12/31/22 2,406 2,406  2,334  (23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/22 3,594 —  (108) (8)(21)
(23)
Preferred Equity - Preferred Equity N/A N/A 7,800 Shares 6,000  6,151  (13)(25)
90,050  90,053 
Digital.ai
Digital.ai Software Holdings, Inc. First Lien Secured Debt 8.00% (3M L+700, 1.00% Floor) 02/10/27 22,581 21,919  22,242  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 02/10/27 2,419 (71) (36) (8)(9)
(21)(23)
21,848  22,206 
GoHealth
Norvax, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 09/15/25 31,341 30,753  31,654  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 09/13/24 3,182 (55) —  (9)(21)
(23)
30,698  31,654 
International Cruise & Excursion Gallery, Inc.
International Cruise & Excursion Gallery, Inc. First Lien Secured Debt 6.25% (3M L+525, 1.00% Floor) 06/06/25 14,587 14,411  13,350 
LabVantage Solutions
LabVantage Solutions Inc. First Lien Secured Debt 8.50% (1M L+750, 1.00% Floor) 09/30/21 7,256 7,236  7,256 
LabVantage Solutions Limited First Lien Secured Debt 8.50% (1M E+750, 1.00% Floor) 09/30/21 € 8,053  8,642  9,465  (17)
15,878  16,721 
Magnitude Software
New Amsterdam Software BidCo LLC First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 05/01/26 6,796 6,697  6,694  (9)
First Lien Secured Debt 6.00% (3M E+500, 1.00% Floor) 05/01/26 € 730  807  845  (9)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 05/01/26 2,250 (16) (34) (8)(9)
(21)(23)
7,488  7,505 
MYCOM
Magnate Holding Corp. First Lien Secured Debt 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/16/24 18,112 17,959  15,575  (9)(17)
First Lien Secured Debt - Revolver 7.75% (3M L+625 Cash plus 1% PIK, 0.50% Floor) 12/14/23 2,970 2,970  2,554  (9)(17)
(23)
First Lien Secured Debt - Unfunded Revolver 2.19% Unfunded 12/14/23 221 (27) (31) (8)(9)
(17)(21)(23)
First Lien Secured Debt - Letter of Credit 6.25% 04/22/21 140 —  (20) (8)(9)
(17)(23)
20,902  18,078 
Omnitracs, LLC
Omnitracs, LLC First Lien Secured Debt - Unfunded Revolver 0.375% Unfunded 03/23/23 3,750 (133) (263) (8)(21)
(23)
Pro Vigil
Pro-Vigil Holding Company, LLC First Lien Secured Debt 9.50% (1M L+850, 1.00% Floor) 01/13/25 8,000 7,774  7,760  (9)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 01/13/25 2,000 (33) (60) (8)(9)
(21)(23)
7,741  7,700 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Schlesinger Group
Schlesinger Global, LLC First Lien Secured Debt 8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor) 07/12/25 9,066 8,885  8,857  (9)
First Lien Secured Debt 8.00% (3M L+600 Cash plus 1.00% PIK, 1.00% Floor) 07/12/25 841 825  822  (9)
9,710  9,679 
Simeio
Simeio Group Holdings, Inc. First Lien Secured Debt 6.25% (1M L+525, 1.00% Floor) 01/30/26 8,567 8,464  8,422  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 01/30/26 1,731 (21) (29) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 01/30/26 4,615 (28) (83) (8)(9)
(21)(23)
8,415  8,310 
Sirsi Corporation
Sirsi Corporation First Lien Secured Debt 5.75% (1M L+475, 1.00% Floor) 03/15/24 6,459 6,401  6,362  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/15/24 429 (4) (6) (8)(9)
(21)(23)
6,397  6,356 
Sontiq, Inc.
Sontiq, Inc. First Lien Secured Debt 8.50% (3M L+750, 1.00% Floor) 03/02/26 14,167 13,888  13,883  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/02/26 833 (14) (17) (8)(9)
(21)(23)
13,874  13,866 
Springbrook
Springbrook Holding Company, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/23/26 9,755 9,618  9,613 
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/23/26 1,463 (21) (21) (8)(21)
(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 12/23/26 3,659 (29) (53) (8)(21)
(23)
9,568  9,539 
Tax Slayer
MEP-TS Midco, LLC First Lien Secured Debt 7.50% (6M L+650, 1.00% Floor) 12/31/26 13,514 13,256  13,379  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/31/26 1,452 (28) (15) (8)(9)
(21)(23)
13,228  13,364 
Telnyx
Telnyx LLC First Lien Secured Debt 7.75% (1M L+625, 1.50% Floor) 10/21/25 5,250 5,216  5,250  (9)
First Lien Secured Debt - Unfunded Delayed Draw 0.00% Unfunded 10/21/25 4,750 (43) —  (9)(21)
(23)
5,173  5,250 
Total High Tech Industries $ 341,651  $ 340,253 
Insurance
PGM Holdings Corporation
Turbo Buyer, Inc. First Lien Secured Debt 6.50% (6M L+550, 1.00% Floor) 12/02/25 $ 13,912  $ 13,638  $ 13,786  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/02/25 923 (18) (8) (8)(9)
(21)(23)
13,620  13,778 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Relation Insurance
AQ Sunshine, Inc. First Lien Secured Debt 7.25% (3M L+625, 1.00% Floor) 04/15/25 2,617 2,580  2,619  (9)
First Lien Secured Debt 7.25% (6M L+625, 1.00% Floor) 04/15/25 18,524 18,273  18,542  (9)
First Lien Secured Debt - Revolver 7.25% (6M L+625, 1.00% Floor) 04/15/24 471 471  472  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 04/15/24 668 (14) —  (9)(21)
(23)
First Lien Secured Debt - Letter of Credit 6.25% 04/30/21 38 —  —  (9)(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 04/15/25 4,611 (186) —  (9)(21)
(23)
21,124  21,633 
Total Insurance $ 34,744  $ 35,411 
Manufacturing, Capital Equipment
AVAD, LLC
AVAD Canada Ltd. First Lien Secured Debt - Revolver N/A 10/02/23 $ 284  $ 274  $ 283  (9)(23)
AVAD, LLC First Lien Secured Debt - Revolver N/A 10/02/23 3,744 2,537  1,639  (9)(23)
Surf Opco, LLC First Lien Secured Debt - Revolver 5.00% (1M L+400, 1.00% Floor) 03/16/26 1,667 1,667  1,667  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 03/16/26 15,000 —  —  (9)(21) (23)
Preferred Equity - Class P-1 Preferred N/A N/A 33,333 Shares 3,333  6,667  (9)(16)
(25)
Preferred Equity - Class P-2 Preferred N/A N/A 85,164 Shares 8,516  3,328  (9)(16)
(25)
Common Equity - Class A-1 Common N/A N/A 3,333 Shares —  215  (9)(16)
(25)
16,327  13,799 
Kauffman
Kauffman Holdco, LLC Common Equity - Common Stock N/A N/A 250,000 Shares 250  51  (9)(13)
Kauffman Intermediate, LLC First Lien Secured Debt 7.50% (3M L+650, 1.00% Floor) 05/08/25 16,665 16,436  15,960  (9)
First Lien Secured Debt - Revolver 7.50% (1M L+650, 1.00% Floor) 05/08/25 78 78  74  (9)(23)
First Lien Secured Debt - Revolver 7.50% (3M L+650, 1.00% Floor) 05/08/25 388 388  372  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 05/08/25 1,165 (35) (49) (8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit 6.50% 07/25/21 155 —  (7) (8)(9)
(23)
17,117  16,401 
MedPlast Holdings Inc.
MedPlast Holdings Inc. Second Lien Secured Debt 7.86% (1M L+775) 07/02/26 8,000 7,947  7,619 
Total Manufacturing, Capital Equipment $ 41,391  $ 37,819 
Media – Diversified & Production
New Wave Entertainment
NW Entertainment, Inc. First Lien Secured Debt 10.00% (3M L+700 Cash plus 2.00% PIK, 1.00% Floor) 08/16/24 $ 26,450  $ 26,101  $ 25,130  (9)(19)
First Lien Secured Debt - Revolver 8.00% (3M L+700, 1.00% Floor) 08/16/24 3,061 3,021  2,909  (9)(19)
(23)
29,122  28,039 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
Nitro World Entertainment
NWE OPCO LP First Lien Secured Debt 8.50% (1M L+650, 2.00% Floor) 12/19/22 4,815 4,801  4,790  (9)
Sonar Entertainment
Sonar Entertainment, Inc. First Lien Secured Debt 8.85% (1M L+760, 1.25% Floor) 11/15/21 6,849 6,824  5,651  (9)(19)
First Lien Secured Debt - Revolver 8.85% (1M L+760, 1.25% Floor) 11/15/21 3,304 3,304  2,726  (9)(19)
(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 11/15/21 19,527 (83) —  (9)(21)
(23)
10,045  8,377 
Total Media – Diversified & Production $ 43,968  $ 41,206 
Retail
IPS
SI Holdings, Inc. First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 07/25/25 $ 31,324  $ 30,862  $ 30,757  (9)
First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 07/25/24 853 853  842  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/25/24 2,560 (45) (34) (8)(9)
(21)(23)
31,670  31,565 
Rapid Displays
Rapid Displays Acquisition Corporation First Lien Secured Debt 6.00% (3M L+500, 1.00% Floor) 07/01/25 10,305 10,161  10,305  (9)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 07/01/25 2,308 (16) —  (9)(21)
(23)
First Lien Secured Debt - Unfunded Delayed Draw 1.00% Unfunded 07/01/25 1,154 (12) —  (9)(21)
(23)
10,133  10,305 
Total Retail $ 41,803  $ 41,870 
Telecommunications
IPC Corporation
IPC Corporation First Lien Secured Debt 5.21% (3M L+500) 08/06/21 $ 10,000  $ 9,989  $ 9,301  (9)
IPC Information Systems UK Holdings Limited First Lien Secured Debt 8.00% (3M L+650, 1.50% Floor) 08/06/21 1,405 1,393  1,360  (9)(17)
11,382  10,661 
Securus Technologies Holdings, Inc.
Securus Technologies Holdings, Inc. Second Lien Secured Debt 9.25% (6M L+825, 1.00% Floor) 11/01/25 12,878 12,804  11,139 
Total Telecommunications $ 24,186  $ 21,800 
Transportation – Cargo, Distribution
Dynamic Product Tankers (Prime), LLC
Dynamic Product Tankers, LLC (5) Unsecured Debt 5.31% (6M L+500) 07/31/24 $ 22,000  $ 22,000  $ 22,000  (17)
Common Equity - Class A Units N/A N/A N/A 49,806  25,528  (13)(17)
(24)(25)
71,806  47,528 
Heniff and Superior
Heniff Holdco, LLC First Lien Secured Debt 6.75% (3M L+575, 1.00% Floor) 12/03/26 30,764 30,242  30,023  (9)
First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 12/03/24 2,518 2,518  2,480  (9)(23)
First Lien Secured Debt - Revolver 6.75% (3M L+575, 1.00% Floor) 12/03/24 1,047 1,047  1,030  (9)(23)

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry / Company Investment Type Interest Rate (20) Maturity
Date 		Par / Shares (12) Cost (28) Fair
Value (1)(29)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 12/03/24 5 (58) —  (9)(21)
(23)
First Lien Secured Debt - Letter of Credit 5.75% 02/06/22 355 —  (5) (8)(9)
(23)
33,749  33,528 
MSEA Tankers LLC
MSEA Tankers LLC (5) Common Equity - Class A Units N/A N/A N/A 57,660  57,028  (17)(18)
(25)
Total Transportation – Cargo, Distribution $ 163,215  $ 138,084 
Wholesale
Banner Solutions
Banner Buyer, LLC First Lien Secured Debt 6.75% (1M L+575, 1.00% Floor) 10/31/25 $ 396  $ 393  $ 393  (9)
First Lien Secured Debt 6.75% (12M L+575, 1.00% Floor) 10/31/25 12,414 12,247  12,314  (9)
First Lien Secured Debt - Revolver 6.75% (1M L+575, 1.00% Floor) 10/31/25 387 387  384  (9)(23)
First Lien Secured Debt - Unfunded Revolver 0.50% Unfunded 10/31/25 1,548 (26) (12) (8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw 0.75% Unfunded 10/31/25 5,097 (37) (41) (8)(9)
(21)(23)
Banner Parent Holdings, Inc Common Equity - Common Stock N/A N/A 5,164 Shares 516  526  (9)(13)
Total Wholesale $ 13,480  $ 13,564 
Total Investments before Cash Equivalents $2,716,399 $2,449,151
J.P. Morgan U.S. Government Money Market Fund $50,180 $50,180 $50,180 (22)
Total Investments after Cash Equivalents $2,766,579 $2,499,331 (6)(7)
____________________
(1)Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (See Note 2 to the financial statements).
(2)Preferred and ordinary shares in Solarplicity UK Holdings Limited are GBP denominated equity investments. Common shares in 1244311 B.C. Ltd. are CAD denominated equity investments.
(3)Denotes investments in which the Company owns greater than 25% of the equity, where the governing documents of each entity preclude the Company from exercising a controlling influence over the management or policies of such entity. The Company does not have the right to elect or appoint more than 25% of the directors or another party has the right to elect or appoint more directors than the Company and has the right to appoint certain members of senior management. Therefore, the Company has determined that these entities are not controlled affiliates. As of March 31, 2021, we had a 100% equity ownership interest in Golden Bear 2016-R, LLC, a collateralized loan obligation and 31% ownership in Carbonfree Chemicals SA LLC.












See notes to financial statements.

49
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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
(4)Denotes investments in which we are an “Affiliated Person,” as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2020 and March 31, 2021 along with transactions during the year ended March 31, 2021 in these affiliated investments are as follows:

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at March 31, 2021 Net Realized Gains (Losses) Interest/Dividend/Other Income
1244311 B.C. Ltd., Common Stock $ —  $ 1,000  $ —  $ 719  $ 1,719  $ —  $ — 
1244311 B.C. Ltd., Term Loan —  1,016  —  (51) 965  —  31 
1244311 B.C. Ltd., Term Loan —  3,000  (7) (136) 2,857  —  91 
KLO Acquisition LLC, Term Loan —  30  (4,838) 4,808  —  (4,808) — 
9357-5991 Quebec Inc., Term Loan —  2,118  (8,653) 6,535  —  (3,653) — 
AIC SPV Holdings II, LLC, Preferred Stock 442  —  —  56  498  —  102 
AMP Solar Group, Inc., Class A Common Unit 8,736  —  (10,000) 1,264  —  4,176  — 
Carbonfree Caustic SPE LLC, Term Loan 13,111  —  (13,111) —  —  —  — 
Carbonfree Chemicals Holdings LLC, Common Equity / Interest 15,105  14,541  (36) (4,186) 25,424  —  — 
Carbonfree Chemicals SA LLC, Class B Units —  17,057  (26) (17,031) —  —  — 
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC), Term Loan 4,389  —  (17,057) 12,668  —  —  11 
Golden Bear 2016-R, LLC, Membership Interests 9,748  83  —  1,458  11,289  —  1,206 
Pelican Energy, LLC, Membership Interests 2,411  —  (58) (183) 2,170  —  — 
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series B Preferred Stock 3,284  —  —  (3,242) 42  —  — 
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series D Preferred Stock 2,101  —  —  (2,073) 28  —  — 
Renew Financial LLC (f/k/a Renewable Funding, LLC), Series E Preferred Stock —  1,902  —  3,204  5,106  —  — 
Renew JV LLC, Membership Interests 914  —  (222) 84  776  —  — 
$ 60,241  $ 40,747  $ (54,008) $ 3,894  $ 50,874  $ (4,285) $ 1,441 
____________________
● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
(5)Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of March 31, 2020 and March 31, 2021 along with transactions during the year ended March 31, 2021 in these controlled investments are as follows:

Name of Issuer Fair Value at March 31, 2020 Gross Additions ● Gross Reductions ■ Net Change in Unrealized Gains (Losses) Fair Value at March 31, 2021 Net Realized Gains (Losses) Interest/Dividend/Other Income
Majority Owned Company
ChyronHego Corporation, Preferred Equity $ —  $ 6,000  $ —  $ 151  $ 6,151  $ —  $ — 
ChyronHego Corporation, Term Loan —  81,644  —  32  81,676  —  429 
ChyronHego Corporation, Revolver —  2,406  —  (180) 2,226  —  1,161 
Dynamic Product Tankers, LLC, Class A Units 36,457  —  —  (10,928) 25,528  —  — 
Dynamic Product Tankers, LLC, First Lien Term Loan 42,000  130  (42,000) (130) —  —  1,391 
Dynamic Product Tankers, LLC, Unsecured Debt —  22,000  —  —  22,000  —  738 
Dynamic Product Tankers, LLC, Letters of Credit —  —  —  —  —  —  — 
Merx Aviation Finance, LLC, Membership Interests 28,447  105,300  —  (8,686) 125,061  —  — 
Merx Aviation Finance, LLC, Revolver 305,300  10,500  (125,300) —  190,500  —  19,796 
Merx Aviation Finance, LLC, Letters of Credit —  —  —  —  —  —  — 
MSEA Tankers LLC, Class A Units 59,735  —  (4,289) 1,582  57,028  —  1,691 
Controlled Company
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Second Lien Term Loan 14,711  —  —  (6,600) 8,111  —  — 
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.), Common Stock —  —  —  —  —  —  — 
SHD Oil & Gas, LLC, Series A Units —  —  —  —  —  —  — 
SHD Oil & Gas, LLC, Tranche A Note 22,495  —  (939) (11,656) 9,899  —  — 
SHD Oil & Gas, LLC, Tranche B Note —  —  —  —  —  —  — 
SHD Oil & Gas, LLC, Tranche C Note 24,720  728  —  22  25,470  —  3,153 
$ 533,865  $ 228,708  $ (172,528) $ (36,393) $ 553,650  $ —  $ 28,359 

____________________
● Gross additions includes increases in the basis of investments resulting from new portfolio investments, payment-in-kind interest or dividends, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
■ Gross reductions include decreases in the basis of investments resulting from principal collections related to investment repayments or sales, the amortization of premiums, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
    As of March 31, 2021, the Company had a 78%, 85%, 47%, 100%, 98% and 38% equity ownership interest in ChyronHego Corporation, Dynamic Product Tankers, LLC; Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.); Merx Aviation Finance, LLC; MSEA Tankers, LLC; and SHD Oil & Gas, LLC (f/k/a Spotted Hawk Development LLC), respectively.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)

(6)Aggregate gross unrealized gain and loss for federal income tax purposes is $62,170 and $391,419, respectively. Net unrealized loss is $329,249 based on a tax cost of $2,828,580.
(7)Substantially all securities are pledged as collateral to our multi-currency revolving credit facility (the “Senior Secured Facility” as defined in Note 8 to the financial statements). As such, these securities are not available as collateral to our general creditors.
(8)The negative fair value is the result of the commitment being valued below par.
(9)These are co-investments made with the Company’s affiliates in accordance with the terms of the exemptive order the Company received from the Securities and Exchange Commission (the “SEC”) permitting us to do so. (See Note 3 to the financial statements for discussion of the exemptive order from the SEC.)
(10)Other than the investments noted by this footnote, the fair value of the Company’s investments is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 2 to the financial statements for more information regarding ASC 820, Fair Value Measurements (“ASC 820”).
(11)The maturity date for these investments are expected to be extended past March 31, 2021. The final terms of the extension are still under negotiation between the Company and the respective portfolio company.
(12)Par amount is denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), Canadian Dollar (“C$”), and Australian Dollar (“A$”) .
(13)Non-income producing security.
(14)Non-accrual status (See Note 2 to the financial statements).
(15)The underlying investments of AIC SPV Holdings II, LLC is a securitization in which the Company has a 14.25% ownership interest in the residual tranche.
(16)AIC Spotted Hawk Holdings, LLC, AIC SHD Holdings, LLC, AIC Pelican Holdings, LLC and AP Surf Investments, LLC are wholly-owned special purpose vehicles which only hold investments of the underlying portfolio companies and have no other significant assets or liabilities. AIC Spotted Hawk Holdings, LLC holds equity and debt investments in SHD Oil & Gas, LLC. AIC SHD Holdings LLC holds equity investments in SHD Oil & Gas, LLC. and equity investments in both Carbonfree Chemicals Holdings, LLC and Carbonfree Chemicals SA, LLC. AIC Pelican Holdings, LLC holds an equity investment in Pelican Energy, LLC. AP Surf Investments, LLC holds equity investments in Surf Opco, LLC.
(17)Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2021, non-qualifying assets represented approximately 15.98% of the total assets of the Company.
(18)As of March 31, 2021, MSEA Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-2 units which are identical except that Class A-1 unit is voting and Class A-2 unit is non-voting. The units entitle the Company to appoint two out of three managers to the board of managers.
(19)Denoted security is currently accruing additional penalty interest above the stated rate.
(20)Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread. The borrower has an option to choose the benchmark rate, such as the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate (“EURIBOR”), the federal funds rate or the prime rate. The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to 30-day, 60-day, 90-day or 180-day LIBOR rates (1M L, 2M L, 3M L or 6M L, respectively), EURIBOR loans are typically indexed to 90-day EURIBOR rates (3M E), Bank Bill Swap rates are typically index to 90-day Bank Bill Swap rates (3M BBSW), GBP LIBOR loans are typically indexed to 90-day GBP LIBOR rates (3M GBP L) and EUR LIBOR loans are typically indexed to 90-day EUR LIBOR rates (3M E L) at the borrower’s option. LIBOR and EURIBOR loans may be subject to interest floors. As of March 31, 2021, rates for 1M L, 2M L, 3M L, 6M L, 1M E, 3M E, 1M BBSW, 3M BBSW, 1M GBP L, 3M GBP L, and Prime are 0.11%, 0.13%, 0.19%, 0.21%, (0.56%), (0.54%), 0.01%, 0.04%, 0.05%, 0.09% and 3.25%, respectively.
(21)The rates associated with these undrawn committed revolvers and delayed draw term loans represent rates for commitment and unused fees.
(22)This security is included in the Cash and Cash Equivalents on the Statements of Assets and Liabilities.

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
(23)As of March 31, 2021, the Company had the following commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and letters of credit and there can be no assurance that such conditions will be satisfied. See Note 10 to the financial statements for further information on revolving and delayed draw loan commitments, including commitments to issue letters of credit, related to certain portfolio companies.
Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment
A&V Holdings Midco, LLC $ 1,505  $ —  $ —  $ 1,505 
Akoya Biosciences, Inc. 1,500  —  —  1,500 
Amerivet Partners Management, Inc. 5,325  524  —  4,801 
AMI US Holdings Inc. 2,907  2,093  —  814 
Analogic Corporation 1,826  —  —  1,826 
AQ Sunshine, Inc. 5,787  471  38  5,278 
Arthur Bidco Limited* 2,029  2,029  —  — 
AVAD Canada Ltd. 284  284  —  — 
AVAD, LLC 3,744  3,744  —  — 
Banner Buyer, LLC 7,032  387  —  6,645 
BIG Buyer, LLC 1,805  722  —  1,083 
BK Medical Holding Company, Inc. 783  —  —  783 
Cerus Corporation 5,500  125  —  5,375 
ChyronHego Corporation 6,000  2,406  —  3,594 
Claritas, LLC 1,031  129  —  902 
Compu-Link Corporation 2,273  —  —  2,273 
Continuum Global Solutions, LLC 20,000  5,317  —  14,683 
Eagle Foods Family Group, LLC 3,750  750  —  3,000 
EHL Merger Sub, LLC 4,155  —  —  4,155 
Eldrickco Limited* 5,919  491  —  5,428 
Erickson Inc 36,000  30,469  1,440  4,091 
Exeter Property Group, LLC 192  —  —  192 
First Heritage Credit, LLC 12,000  747  —  11,253 
Flock SPV I, LLC 5,467  —  —  5,467 
Florida Food Products, LLC 1,712  479  —  1,233 
FPG Services, LLC 5,874  —  —  5,874 
Gabriel Partners, LLC 665  443  —  222 
GB001, Inc. 24,000  —  —  24,000 
Genesis Healthcare, Inc. 91,957  —  —  91,957 
Go Car Wash Management Corp. 3,158  —  —  3,158 
Gutter Buyer, Inc. 2,782  409  39  2,334 
Heniff Holdco, LLC 3,925  3,565  355  5 
HSI Halo Acquisition, Inc. 812  135  —  677 
IMA Group Management Company, LLC 289  289  —  — 
Jacent Strategic Merchandising 3,500  2,567  —  933 
JF Acquisition, LLC 1,569  1,255  —  314 
Kauffman Intermediate, LLC 1,786  466  155  1,165 
KDC US Holdings* 6,021  2,696  55  3,270 
Kindeva Drug Delivery L.P. 167  50  —  117 
KL Charlie Acquisition Company 6,569  —  —  6,569 
Kure Pain Holdings, Inc. 2,654  —  —  2,654 
Lash OpCo, LLC 697  —  —  697 
LendingPoint LLC 7,125  1,000  —  6,125 
Lifelong Learner Holdings, LLC 5,373  1,039  —  4,334 
Liqui-Box Holdings, Inc.* 3,568  2,326  81  1,161 
Magnate Holding Corp. 3,331  2,970  140  221 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment
Mannkind Corporation 8,667  —  —  8,667 
Margaux Acquisition Inc. 1,601  —  —  1,601 
Margaux UK Finance Limited* 747  —  —  747 
Marlin DTC-LS Midco 2, LLC 685  —  —  685 
Maxor National Pharmacy Services, LLC 1,558  —  —  1,558 
Medical Guardian, LLC 11,429  —  —  11,429 
MEP-TS Midco, LLC 1,452  —  —  1,452 
Merx Aviation Finance, LLC 190,677  190,500  177  — 
Nemo (BC) Bidco Pty Ltd* 177  —  —  177 
New Amsterdam Software BidCo LLC 2,250  —  —  2,250 
Norvax, LLC 3,182  —  —  3,182 
Nutrisystem, Inc. 200  —  —  200 
NW Entertainment, Inc. 3,061  3,061  —  — 
Olaplex, Inc. 2,300  —  —  2,300 
Omnitracs, LLC 3,750  —  —  3,750 
Orchard Therapeutics plc 16,667  —  —  16,667 
Ortega National Parks, LLC 7,568  —  —  7,568 
Pace Health Companies, LLC 1,075  —  105  970 
Paper Source, Inc. 4,679  3,082  —  1,597 
PHS Buyer, Inc. 2,000  —  —  2,000 
Project Comfort Buyer, Inc. 3,462  —  —  3,462 
Protein For Pets Opco, LLC 2,219  —  —  2,219 
Purchasing Power Funding I, LLC 9,113  8,384  —  729 
RA Outdoors, LLC 1,200  —  —  1,200 
Radius Health, Inc. 5,833  —  —  5,833 
Rapid Displays Acquisition Corporation 3,462  —  —  3,462 
RiteDose Holdings I, Inc. 2,000  —  —  2,000 
Royton Bidco Limited* 3,125  —  —  3,125 
SI Holdings, Inc. 3,413  853  —  2,560 
Simeio Group Holdings, Inc. 6,346  —  —  6,346 
Simplifi Holdings, Inc. 2,400  1,440  —  960 
Sirsi Corporation 429  —  —  429 
Soliant Holdings, LLC 1,936  —  —  1,936 
Sonar Entertainment, Inc. 22,831  3,304  —  19,527 
Springbrook Holding Company, LLC 5,122  —  —  5,122 
Telesoft Holdings, LLC 2,273  —  —  2,273 
Telnyx LLC 4,750  —  —  4,750 
Ten-X, LLC 4,680  4,680  —  — 
TGG TS Acquisition Company 1,750  —  —  1,750 
The Emmes Company, LLC 2,449  —  —  2,449 
THLP CO. LLC 7,304  2,360  —  4,944 
TNT Crust LLC 3,252  1,138  —  2,114 
Truck-Lite Co., LLC 3,052  1,526  94  1,432 
Turbo Buyer, Inc. 923  —  —  923 
U.S. Auto Finance, Inc. 21,556  6,734  —  14,822 
USLS Acquisition, Inc. 2,278  —  100  2,178 
Westfall Technik, Inc. 2,019  1,750  —  269 
Wildcat BuyerCo, Inc. 2,754  —  8  2,746 
Naviga Inc. (fka Newscycle Solutions, Inc.) 1,782  240  —  1,542 
Surf Opco, LLC 16,667  1,667  —  15,000 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Portfolio Company Total Commitment Drawn Commitment Letters of Credit Undrawn Commitment
Digital.ai Software Holdings, Inc. 2,419  —  —  2,419 
Midwest Vision Partners Management, LLC 4,281  —  —  4,281 
Pro-Vigil Holding Company, LLC 2,000  —  —  2,000 
Sontiq, Inc. 833  —  —  833 
Total Commitments $ 737,986  $ 301,096  $ 2,787  $ 434,103 
____________________
* These investments are in a foreign currency and the total commitment has been converted to USD using the March 31, 2021 exchange rate.
(24)As of March 31, 2021, Dynamic Product Tankers, LLC had various classes of limited liability interests outstanding of which the Company holds Class A-1 and Class A-3 units which are identical except that Class A-1 unit is voting and Class A-3 unit is non-voting. The units entitle the Company to appoint three out of five managers to the board of managers.
(25)Securities that are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2021, the aggregate fair value of these securities is $259,991 or 25% of the Company's net assets. The acquisition dates of the restricted securities are as follows:
Issuer Investment Type Acquisition Date
1244311 B.C. Ltd. Common Equity - Common Stock 9/30/2020
AIC SPV Holdings II, LLC Preferred Equity - Preferred Stock 6/1/2017
Carbonfree Chemicals Holdings LLC Common Equity - Common Equity / Interest 11/19/2019
Carbonfree Chemicals SA LLC Common Equity - Class B Units 11/19/2019
ChyronHego Corporation Preferred Equity - Preferred Equity 12/29/2020
Dynamic Product Tankers, LLC Common Equity - Class A Units 4/3/2015
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) Common Equity - Common Stock 3/29/2016
JSM Equity Investors, L.P. Preferred Equity - Class P Partnership Units 6/30/2020
KL Charlie Co-Invest, L.P. Common Equity - Common Stock 12/29/2020
Merx Aviation Finance, LLC Common Equity - Membership Interests 5/22/2013
MSEA Tankers LLC Common Equity - Class A Units 12/12/2014
Paper Source, Inc. Preferred Equity - Preferred Equity 9/11/2020
Paper Source, Inc. Common Equity - Class A Common Stock 10/30/2020
Pelican Energy, LLC Common Equity - Membership Interests 2/16/2016
Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series E Preferred Stock 12/23/2020
Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series D Preferred Stock 10/1/2015
Renew Financial LLC (f/k/a Renewable Funding, LLC) Preferred Equity - Series B Preferred Stock 4/9/2014
Renew JV LLC Common Equity - Membership Interests 3/20/2017
SHD Oil & Gas, LLC Common Equity - Series A Units 11/18/2016
Surf Opco, LLC Preferred Equity - Class P-1 Preferred 3/17/2021
Surf Opco, LLC Preferred Equity - Class P-2 Preferred 3/17/2021
Surf Opco, LLC Common Equity - Class A-1 Common 3/17/2021

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
(26)The following shows the composition of the Company’s portfolio at cost by control designation, investment type and industry as of March 31, 2021:
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Non-Controlled / Non-Affiliated Investments
 Advertising, Printing & Publishing $ 57,553  $ —  $ —  $ —  $ —  $ 219  $ —  $ 57,772 
 Aerospace & Defense 30,368  —  —  —  —  —  —  30,368 
 Automotive 30,794  23,549  —  —  —  350  —  54,693 
 Aviation and Consumer Transport 17,229  —  —  —  —  —  —  17,229 
 Beverage, Food & Tobacco 95,289  —  —  —  —  2,205  97,494 
 Business Services 221,162  109,995  —  —  89  1,432  —  332,678 
 Chemicals, Plastics & Rubber 17,315  12,165  —  —  —  —  —  29,480 
 Construction & Building 28,603  —  —  —  —  500  —  29,103 
 Consumer Goods – Durable 22,237  —  —  —  —  107  —  22,344 
 Consumer Goods – Non-Durable 78,873  12,777  —  —  462  —  —  92,112 
 Consumer Services 120,845  —  —  —  —  —  —  120,845 
 Diversified Investment Vehicles, Banking, Finance, Real Estate 50,632  —  —  —  —  —  —  50,632 
 Education 36,161  —  —  —  —  —  —  36,161 
 Energy – Electricity 7,637  —  —  —  5,623  4  —  13,264 
 Environmental Industries 11,347  —  —  —  —  —  —  11,347 
 Healthcare & Pharmaceuticals 325,747  63,274  —  —  333  1,064  211  390,629 
 High Tech Industries 251,601  —  —  —  —  —  —  251,601 
 Insurance 34,744  —  —  —  —  —  —  34,744 
 Manufacturing, Capital Equipment 21,345  7,947  —  —  11,849  250  —  41,391 
 Media – Diversified & Production 43,968  —  —  —  —  —  —  43,968 
 Retail 41,803  —  —  —  —  —  —  41,803 
 Telecommunications 11,382  12,804  —  —  —  —  —  24,186 
 Transportation – Cargo, Distribution 33,749  —  —  —  —  —  —  33,749 
Wholesale 12,964  —  —  —  —  516  —  13,480 
Total Non-Controlled / Non-Affiliated Investments $ 1,603,348  $ 242,511  $ —  $ —  $ 18,356  $ 6,647  $ 211  $ 1,871,073 
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber $ —  $ —  $ —  $ —  $ —  $ 77,825  $ —  $ 77,825 
Consumer Goods – Durable 4,009  —  —  —  —  1,000  —  5,009 
Diversified Investment Vehicles, Banking, Finance, Real Estate —  —  —  16,812  —  —  —  16,812 
Energy – Electricity —  —  —  —  16,347  671  —  17,018 
Energy – Oil & Gas —  —  —  —  —  16,764  —  16,764 
Manufacturing, Capital Equipment —  —  —  —  —  —  —  — 
Total Non-Controlled / Affiliated Investments $ 4,009  $ —  $ —  $ 16,812  $ 16,347  $ 96,260  $ —  $ 133,428 
Controlled Investments
Aviation and Consumer Transport $ 190,500  $ —  $ —  $ —  $ —  $ 120,300  $ —  $ 310,800 
Energy – Oil & Gas 113,167  36,926  —  —  —  31,489  —  181,582 
High Tech Industries 84,050  —  —  —  6,000  —  —  90,050 
Transportation – Cargo, Distribution —  —  22,000  —  —  107,466  —  129,466 
Total Controlled Investments $ 387,717  $ 36,926  $ 22,000  $ —  $ 6,000  $ 259,255  $ —  $ 711,898 
Total $ 1,995,074  $ 279,437  $ 22,000  $ 16,812  $ 40,703  $ 362,162  $ 211  $ 2,716,399 

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
(27) The following shows the composition of the Company’s portfolio at fair value by control designation, investment type and industry as of March 31,2021:
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total % of Net Assets
Non-Controlled / Non-Affiliated Investments
 Advertising, Printing & Publishing $ 57,672  $ —  $ —  $ —  $ —  $ 239  $ —  $ 57,911  5.6  %
 Aerospace & Defense 29,930  —  —  —  —  —  —  29,930  3.0  %
 Automotive 29,976  21,982  —  —  —  345  —  52,303  5.0  %
 Aviation and Consumer Transport 17,088  —  —  —  —  —  —  17,088  1.6  %
 Beverage, Food & Tobacco 95,644  —  —  —  —  2,972  —  98,616  9.6  %
 Business Services 220,550  102,050  —  —  89  1,161  —  323,850  31.2  %
 Chemicals, Plastics & Rubber 17,050  13,307  —  —  —  —  —  30,357  3.0  %
 Construction & Building 28,378  —  —  —  —  1,128  —  29,506  2.8  %
 Consumer Goods – Durable 22,380  —  —  —  —  625  —  23,005  2.2  %
 Consumer Goods – Non-durable 78,442  10,536  —  —  212  —  —  89,190  8.6  %
 Consumer Services 117,999  —  —  —  —  —  —  117,999  11.4  %
 Diversified Investment Vehicles, Banking, Finance, Real Estate 50,481  —  —  —  —  —  —  50,481  4.9  %
 Education 41,159  —  —  —  —  —  —  41,159  4.0  %
 Energy – Electricity 2,534  —  —  —  —  —  —  2,534  0.2  %
 Environmental Industries 10,825  —  —  —  —  —  —  10,825  1.0  %
 Healthcare & Pharmaceuticals 328,253  62,865  —  —  416  1,346  1,595  394,475  38.1  %
 High Tech Industries 250,200  —  —  —  —  —  —  250,200  24.1  %
 Insurance 35,411  —  —  —  —  —  —  35,411  3.4  %
 Manufacturing, Capital Equipment 19,939  7,619  —  —  9,995  266  —  37,819  3.6  %
 Media – Diversified & Production 41,206  —  —  —  —  —  —  41,206  4.0  %
 Retail 41,870  —  —  —  —  —  —  41,870  4.0  %
 Telecommunications 10,661  11,139  —  —  —  —  —  21,800  2.1  %
 Transportation – Cargo, Distribution 33,528  —  —  —  —  —  —  33,528  3.2  %
 Wholesale 13,038  —  —  —  —  526  —  13,564  1.3  %
Total Non-Controlled / Non-Affiliated Investments $ 1,594,214  $ 229,498  $ —  $ —  $ 10,712  $ 8,608  $ 1,595  $ 1,844,627  177.9  %
% of Net Assets 153.8  % 22.1  % —  % —  % 1.0  % 0.8  % 0.2  % 177.9  %
Non-Controlled / Affiliated Investments
Chemicals, Plastics & Rubber $ —  $ —  $ —  $ —  $ —  $ 25,424  $ —  $ 25,424  2.5  %
Consumer Goods – Durable 3,822  —  —  —  —  1,719  —  5,541  0.5  %
Diversified Investment Vehicles, Banking, Finance, Real Estate —  —  —  11,289  —  —  —  11,289  1.1  %
Energy – Electricity —  —  —  —  5,674  776  —  6,450  0.6  %
Energy – Oil & Gas —  —  —  —  —  2,170  —  2,170  0.2  %
Manufacturing, Capital Equipment —  —  —  —  —  —  —  —  —  %
Total Non-Controlled / Affiliated Investments $ 3,822  $ —  $ —  $ 11,289  $ 5,674  $ 30,089  $ —  $ 50,874  4.9  %
% of Net Assets 0.4  % —  % —  % 1.1  % 0.5  % 2.9  % —  % 4.9  %

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry First Lien - Secured Debt Second Lien - Secured Debt Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total % of Net Assets
Controlled Investments
Aviation and Consumer Transport $ 190,500  $ —  $ —  $ —  $ —  $ 125,061  $ —  $ 315,561  30.4  %
Energy – Oil & Gas 35,369  8,111  —  —  —  —  —  43,480  4.2  %
High Tech Industries 83,902  —  —  —  6,151  —  —  90,053  8.7  %
Transportation – Cargo, Distribution —  —  22,000  —  —  82,556  —  104,556  10.1  %
Total Controlled Investments $ 309,771  $ 8,111  $ 22,000  $ —  $ 6,151  $ 207,617  $ —  $ 553,650  53.4  %
% of Net Assets 29.9  % 0.8  % 2.1  % —  % 0.6  % 20.0  % —  % 53.4  %
Total $ 1,907,807  $ 237,609  $ 22,000  $ 11,289  $ 22,537  $ 246,314  $ 1,595  $ 2,449,151  236.2  %
% of Net Assets 184.1  % 22.9  % 2.1  % 1.1  % 2.1  % 23.7  % 0.2  % 236.2  %

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2021
(In thousands, except share data)
Industry Classification Percentage of Total Investments (at Fair Value) as of March 31, 2021
Healthcare & Pharmaceuticals 16.1%
High Tech Industries 13.9%
Aviation and Consumer Transport 13.6%
Business Services 13.2%
Transportation – Cargo, Distribution 5.6%
Consumer Services 4.8%
Beverage, Food & Tobacco 4.0%
Consumer Goods – Non-durable 3.6%
Diversified Investment Vehicles, Banking, Finance, Real Estate 2.5%
Advertising, Printing & Publishing 2.4%
Chemicals, Plastics & Rubber 2.3%
Automotive 2.1%
Energy – Oil & Gas 1.9%
Retail 1.7%
Media – Diversified & Production 1.7%
Education 1.7%
Manufacturing, Capital Equipment 1.5%
Insurance 1.5%
Aerospace & Defense 1.2%
Construction & Building 1.2%
Consumer Goods – Durable 1.2%
Telecommunications 0.9%
Wholesale 0.6%
Environmental Industries 0.4%
Energy – Electricity 0.4%
Total Investments 100.0%

See notes to financial statements.

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APOLLO INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited)
(In thousands, except share and per share data)

Note 1. Organization
Apollo Investment Corporation (the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” or “our”), a Maryland corporation incorporated on February 2, 2004, is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We commenced operations on April 8, 2004 receiving net proceeds of $870,000 from our initial public offering by selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through September 30, 2021, we have raised approximately $2,210,067 in net proceeds from additional offerings of common stock and repurchased common stock for $231,004.
Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of and provides investment advisory services to the Company.
Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.
Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. We may also invest in the securities of public companies and in structured products and other investments such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Our portfolio is comprised primarily of investments in debt, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $250 million. Our portfolio may include equity interests such as common stock, preferred stock, warrants and/or options.
Note 2. Significant Accounting Policies
The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.
Basis of Presentation
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the requirements on Form 10-Q, ASC 946, Financial Services — Investment Companies (“ASC 946”), and Articles 6, 10 and 12 of Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the financial statements for the periods presented, have been included.
Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us.
These financial statements should be read in conjunction with the audited financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended March 31, 2021.

Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, gains and losses during the reported periods. Changes in the economic environment, financial markets, credit worthiness of our portfolio companies, the global outbreak of a novel coronavirus (COVID-19) during 2020 and 2021 and any other parameters used in determining these estimates could cause actual results to differ materially.

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APOLLO INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Cash and Cash Equivalents
The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements, and other high-quality, short-term debt securities would qualify as cash equivalents.
Cash and cash equivalents are carried at cost which approximates fair value. Cash equivalents held as of September 30, 2021 was $23,556. Cash equivalents held as of March 31, 2021 was $50,180.
Collateral on Option Contracts
Collateral on option contracts represents restricted cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with Accounting Standards Update No. 2016-18, Statement of Cash Flows: Restricted Cash, the Statements of Cash Flows outline the changes in cash, including both restricted and unrestricted cash, cash equivalents and foreign currencies. As of September 30, 2021 and March 31, 2021 the Company did not hold any derivative contracts.
Investment Transactions
Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains and losses related to that instrument. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Statements of Assets and Liabilities.
Fair Value Measurements
The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.
ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:
Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.
Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.
Level 3: Unobservable inputs for the asset or liability.
In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may differ materially from the values that would be received upon an actual disposition of such investments.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Investment Valuation Process
Under procedures established by our Board of Directors, we value investments, including certain secured debt, unsecured debt and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are unavailable or are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case such investments shall be valued at fair value as determined in good faith by or under the direction of our Board of Directors including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of our Board of Directors. Such determination of fair values may involve subjective judgments and estimates.
With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Board of Directors has approved a multi-step valuation process each quarter, as described below:
1.Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser who are responsible for the portfolio investment.
2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.
3.Independent valuation firms are engaged by our Board of Directors to conduct independent appraisals by reviewing our Investment Adviser’s preliminary valuations and then making their own independent assessment.
4.The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser and the valuation prepared by the independent valuation firms and responds, if warranted, to the valuation recommendation of the independent valuation firms.
5.The Board of Directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our Investment Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.
6.For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides an independent assessment of value. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process. During the six months ended September 30, 2021, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.
Derivative Instruments
The Company recognizes all derivative instruments as assets or liabilities at fair value in its financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings.
Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives.
Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Investment Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.
As of September 30, 2021 and March 31, 2021, the Company did not hold any derivative contracts.
Offsetting Assets and Liabilities
The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.

As of September 30, 2021 and March 31, 2021, the Company did not hold any derivative contracts.

Valuation of Other Financial Assets and Financial Liabilities

ASC 825, Financial Instruments, permits an entity to choose, at specified election dates, to measure certain assets and liabilities at fair value (the “Fair Value Option”). We have not elected the Fair Value Option to report selected financial assets and financial liabilities. Debt issued by the Company is reported at amortized cost (see Note 6 to the financial statements). The carrying value of all other financial assets and liabilities approximates fair value due to their short maturities or their close proximity of the originations to the measurement date.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Realized Gains or Losses
Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.
Investment Income Recognition
The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.
Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.
Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.
The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pool of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are and will be payable solely from the cash flows from such assets. As such, any unforeseen event in these underlying pools of assets might impact the expected recovery of principal and future accrual of income.
Expenses
Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.
Financing Costs
The Company records expenses related to shelf filings and applicable offering costs as deferred financing costs in the Statements of Assets and Liabilities. To the extent such expenses relate to equity offerings, these expenses are charged as a reduction of capital upon utilization, in accordance with ASC 946-20-25, or charged to expense if no offering is completed.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The Company records origination and other expenses related to its debt obligations as deferred financing costs. The deferred financing cost for all outstanding debt is presented as a direct deduction from the carrying amount of the related debt liability, except that incurred under the Senior Secured Facility (as defined in Note 6 to the financial statements), which the Company presents as an asset on the Statements of Assets and Liabilities. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation which approximates the effective yield method. In the event that we modify or extinguish our debt before maturity, the Company follows the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For modifications to or exchanges of our Senior Secured Facility (as defined in Note 6 to the financial statements), any unamortized deferred financing costs relating to lenders who are not part of the new lending group are expensed. For extinguishments of our senior secured notes and senior unsecured notes, any unamortized deferred financing costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment.
Foreign Currency Translations
The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including without limitation: foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
Dividends and Distributions
Dividends and distributions to common stockholders are recorded as of the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter. Net realized capital gains, if any, are generally distributed or deemed distributed at least annually. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Share Repurchases
In connection with the Company’s share repurchase program, the cost of shares repurchased is charged to net assets on the trade date.
Federal and State Income Taxes
We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its stockholders at least 90% of its investment company taxable income as defined by the Code, for each year. The Company (among other requirements) has made and intends to continue to make the requisite distributions to its stockholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions paid to stockholders through September 30, 2021 may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending March 31, 2022. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividend and distributions and other permanent book and tax difference are reclassified to paid-in capital.
If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years.
We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. As of September 30, 2021, there were no uncertain tax positions and no amounts accrued for interest or penalties. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal. Our tax returns for each of our federal tax years since 2018 remain subject to examination by the Internal Revenue Service.
Retroactive Adjustments for Common Stock Reverse Split
The Company’s Board of Directors approved a one-for-three reverse stock split of the Company’s common stock on October 30, 2018, which was effective as of close of business as of November 30, 2018 (the “Reverse Stock Split”). All common share and common per share amounts in the financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split.

Recent Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities through December 31, 2022. The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s financial statements.
SEC Disclosure Update and Simplification
In December 2020, the SEC adopted Rule 2a-5. The rule establishes a consistent, principles-based framework for boards of directors to use in creating their own specific processes in order to determine fair values in good faith. The effective date for compliance with Rule 2a-5 is September 8, 2022. The Company is evaluating the potential impact that the rule will have on the Company’s financial statements.
Note 3. Related Party Agreements and Transactions
Investment Advisory Agreement with AIM
The Company has an investment advisory management agreement with the Investment Adviser (the “Investment Advisory Agreement”) under which AIM receives a fee from the Company, consisting of two components — a base management fee and a performance-based incentive fee.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Base Management Fee
Effective April 1, 2018, the base management fee is calculated initially at an annual rate of 1.50% (0.375% per quarter) of the lesser of (i) the average of the value of the Company’s gross assets, net of average of any payable for investments (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters and (ii) the average monthly value (measured as of the last day of each month) of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) during the most recently completed calendar quarter; provided, however, in each case, the base management fee is calculated at an annual rate of 1.00% (0.250% per quarter) of the average of the value of the Company’s gross assets (excluding cash or cash equivalents but including other assets purchased with borrowed amounts) that exceeds the product of (A) 200% and (B) the value of the Company’s net asset value at the end of the prior calendar quarter. The base management fee will be payable quarterly in arrears. The value of the Company’s gross assets shall be calculated in accordance with the Company's valuation policies.
Performance-based Incentive Fee
The incentive fee (the “Incentive Fee”) consists of two components that are determined independent of each other, with the result that one component may be payable even if the other is not. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:
A. Incentive Fee based on Income
Beginning January 1, 2019, the incentive fee on pre-incentive fee net investment income will be determined and paid quarterly in arrears by calculating the amount by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters beginning with the calendar quarter that commences on or after April 1, 2018 (the “trailing twelve quarters”) exceeds (y) the preferred return amount in respect of the trailing twelve quarters.
The preferred return amount will be determined on a quarterly basis, and will be calculated by summing the amounts obtained by multiplying 1.75% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters. The preferred return amount will be calculated after making appropriate adjustments to the Company’s net asset value at the beginning of each applicable calendar quarter for Company capital issuances and distributions during the applicable calendar quarter.
The amount of the Incentive Fee on Income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the incentive fee on pre-incentive fee net investment income, so calculated less the aggregate incentive fee on pre-incentive fee net investment income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters comprising the relevant trailing twelve quarters.
The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:
(1) no incentive fee in any calendar quarter in which our pre-incentive fee net investment income for the trailing twelve quarters does not exceed the preferred return amount.
(2) 100% of our pre-incentive fee net investment income for the trailing twelve quarters, if any, that exceeds the preferred return amount but is less than or equal to an amount (the “catch-up amount”) determined by multiplying 2.1875% by the Company’s net asset value at the beginning of each applicable calendar quarter comprising the relevant trailing twelve quarters.
(3) for any quarter in which the Company’s pre-incentive fee net investment income for the trailing twelve quarters exceeds the catch-up amount, the incentive fee shall equal 20% of the amount of the Company’s pre-incentive fee net investment income for such trailing twelve quarters.
The Incentive Fee on Income as calculated is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 20% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant trailing twelve quarters less (b) the aggregate Incentive Fees on Income that were paid to the Investment Adviser (excluding waivers, if any) in the preceding eleven calendar quarters (or portion thereof) comprising the relevant trailing twelve quarters.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant trailing twelve quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the trailing twelve quarters less (y) any Net Capital Loss, since April 1, 2018, in respect of the trailing twelve quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no Incentive Fee on Income to the Investment Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter.
“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.
B. Incentive Fee Based on Cumulative Net Realized Gains

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

For accounting purposes only, we are required under GAAP to accrue a theoretical capital gains incentive fee based upon net realized capital gains and unrealized capital gain and loss on investments held at the end of each period. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital gain and loss is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. There was no accrual for theoretical capital gains incentive fee for the three and six months ended September 30, 2021 and 2020. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Investment Adviser will be consistent with the Advisers Act and formula reflected in the investment advisory management agreement which specifically excludes consideration of unrealized capital gain.
For the three and six months ended September 30, 2021, the Company recognized $9,158 and $17,972 respectively, of management fees, and $5,271 and $5,271, respectively, of incentive fees before impact of waived fees. For the three and six months ended September 30, 2020, the Company recognized $9,262 and $18,786 respectively, of management fees, and $0 and $0, respectively, of incentive fees before impact of waived fees. For the three and six months ended September 30, 2021 and 2020, no management fees were waived (as not applicable) and no incentive fees were waived.
As of September 30, 2021 and March 31, 2021, management and performance-based incentive fees payable were $14,282 and $8,666, respectively.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Fee Offset

On January 16, 2019, the Company and AIM entered into a fee offset agreement in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. The Company will receive an offsetting credit against total incentive fees otherwise due to AIM under the investment advisory management agreement. The amount offset will initially be 20% of the management fee revenue earned and incentive fee revenue realized by AIM and its affiliates in connection with managing aircraft assets on related insurance balance sheets (“New Balance Sheet Investments”), new aircraft managed account capital (“New Managed Accounts”) and new dedicated aircraft funds (“New Aircraft Funds”). Once the aggregate capital raised by the New Aircraft Funds or New Managed Accounts and capital invested by the New Balance Sheet Investments exceeds $3 billion cumulatively, the fee offset will step down to 10% of the amount of incremental management fee revenue earned and incentive fee revenue realized by AIM and its affiliates. The fee offset will be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period will also be used to offset incentive fees payable to AIM by the Company. The offset will be limited to the amount of incentive fee payable by the Company to AIM and any unapplied fee offset which exceeds the incentive fees payable in a given quarter will carry forward to be credited against the incentive fees payable by the Company in subsequent quarters.

For the three and six months ended September 30, 2021, the performance-based incentive fee offset was $147 & $147. For three and six months ended September 30, 2020, there was no performance-based incentive fee offset.
Administration Agreement with AIA
The Company has also entered into an administration agreement with the Administrator (the “Administration Agreement”) under which AIA provides administrative services for the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator and requested to be reimbursed by the Administrator in performing its obligations under the Administration Agreement. The expenses include rent and the Company’s allocable portion of compensation and other related expenses for its Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs. For the three and six months ended September 30, 2021, the Company recognized administrative services expense under the Administration Agreement of $1,715 and $2,985, respectively. For the three and six months ended September 30, 2020, the Company recognized administrative services expense under the Administration Agreement of $1,201 and $2,389, respectively. There was no payable to AIA and its affiliates for expenses paid on our behalf as of September 30, 2021 and March 31, 2021.
Administrative Service Expense Reimbursement
Merx Aviation Finance, LLC (“Merx”), a wholly-owned portfolio company of the Company, has entered into an administration agreement with the Administrator (the “Merx Administration Agreement”) under which AIA provides administrative services to Merx and several Merx managed entities. For the three and six months ended September 30, 2021, the Company recognized administrative service expense reimbursements of $75 and $150, respectively, under the Merx Administration Agreement. For the three and six months ended September 30, 2020, the Company recognized administrative service expense reimbursements of $76 and $150, respectively.
Debt Expense Reimbursements
The Company has also entered into debt expense reimbursement agreements with Merx and several other portfolio companies which will reimburse the Company for reasonable out-of-pocket expenses incurred, including any interest, fees or other amounts incurred by the Company in connection with letters of credit issued on their behalf. For the three and six months ended September 30, 2021, the Company recognized debt expense reimbursements of $1 and $2, respectively, under the debt expense reimbursement agreements. For the three and six months ended September 30, 2020, the Company recognized debt expense reimbursements of $24 and $60, respectively, under the debt expense reimbursement agreements.

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APOLLO INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Co-Investment Activity
We may co-invest on a concurrent basis with affiliates of ours, subject to compliance with applicable regulations and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. On March 29, 2016, we received an exemptive order from the SEC (the “Order”) permitting us greater flexibility to negotiate the terms of co-investment transactions with certain of our affiliates, including investment funds managed by AIM or its affiliates, subject to the conditions included therein. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.
As of September 30, 2021, the Company’s co-investment holdings were 68% of the portfolio or $1,766,039, measured at fair value. On a cost basis, 63% of the portfolio or $1,762,540 were co-investments. As of March 31, 2021, the Company’s co-investment holdings were 63% of the portfolio or $1,542,275, measured at fair value. On a cost basis, 57% of the portfolio or $1,545,567 were co-investments.
Merx Aviation
Effective January 16, 2019, Mr. Gary Rothschild, President and Chief Executive Officer of Merx, became an employee of Apollo Management Holdings, L.P. ("AMH"), an affiliate of the Company’s investment adviser. Mr. Rothschild also retained his role as the President and Chief Executive Officer of Merx.
Effective January 16, 2019, Merx entered into a series of service arrangements with affiliates of AGM. Under a servicing agreement with Apollo Capital Management, L.P. (“ACM”), Merx serves as technical servicer to aircraft clients of ACM and its affiliates. Under a research support agreement with ACM, Merx employees assist ACM with technical due-diligence and underwriting of new aircraft-related investment opportunities. Under a technical support agreement, Merx and AMH share the services of Mr. Gary Rothschild, who is the President and Chief Executive Officer of Merx and an employee of AMH.
On April 1, 2020, $105,300 of the Merx first lien secured revolver held by the Company was converted into common equity. In addition, the interest rate on the revolver was lowered from 12% to 10%.
On July 1, 2021, $84,500 of the Merx common equity held by the Company was converted into the Merx first lien secured revolver. The balance of the Merx revolver as of September 30, 2021 was $275,000.
Note 4. Earnings Per Share
The following table sets forth the computation of earnings (loss) per share (“EPS”), pursuant to ASC 260-10, for the three and six months ended September 30, 2021 and 2020:
  Three Months Ended September 30, Six Months Ended September 30,
  2021 2020 2021 2020
Basic Earnings (Loss) Per Share
Net increase (decrease) in net assets resulting from operations $ 25,441  $ 33,289  $ 57,584  $ 36,283 
Weighted average shares outstanding 65,031,131  65,259,176  65,115,530  65,259,176 
Basic earnings (loss) per share
$ 0.39  $ 0.51  $ 0.88  $ 0.56 
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Note 5. Investments
Fair Value Measurement and Disclosures
The following table shows the composition of our investment as of September 30, 2021, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
  Fair Value Hierarchy
Cost Fair Value Level 1 Level 2 Level 3
First Lien Secured Debt $ 2,239,501  $ 2,236,381  $ —  $ —  $ 2,236,381 
Second Lien Secured Debt 169,086  145,151  —  —  145,151 
Unsecured Debt 22,000  22,000  —  —  22,000 
Structured Products and Other 16,837  10,794  —  —  10,794 
Preferred Equity 41,152  22,903  —  —  22,903 
Common Equity/Interests 319,931  173,322  —  411  172,911 
Warrants 211  1,757  —  —  1,757 
Total Investments before Cash Equivalents $ 2,808,718  $ 2,612,308  $ —  $ 411  $ 2,611,897 
Money Market Fund $ 23,556  $ 23,556  $ 23,556  $ —  $ — 
Total Cash Equivalents $ 23,556  $ 23,556  $ 23,556  $ —  $ — 
Total Investments after Cash Equivalents $ 2,832,274  $ 2,635,864  $ 23,556  $ 411  $ 2,611,897 
The following table shows the composition of our investments as of March 31, 2021, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820:
  Fair Value Hierarchy
Cost Fair Value Level 1 Level 2 Level 3
First Lien Secured Debt $ 1,995,074  $ 1,907,807  $ —  $ —  $ 1,907,807 
Second Lien Secured Debt 279,437  237,609  —  —  237,609 
Unsecured Debt 22,000  22,000  —  —  22,000 
Structured Products and Other 16,812  11,289  —  —  11,289 
Preferred Equity 40,703  22,537  —  —  22,537 
Common Equity/Interests 362,162  246,314  —  484  245,830 
Warrants 211  1,595  —  —  1,595 
Total Investments before Cash Equivalents $ 2,716,399  $ 2,449,151  $ —  $ 484  $ 2,448,667 
Money Market Fund $ 50,180  $ 50,180  $ 50,180  $ —  $ — 
Total Cash Equivalents $ 50,180  $ 50,180  $ 50,180  $ —  $ — 
Total Investments after Cash Equivalents $ 2,766,579  $ 2,499,331  $ 50,180  $ 484  $ 2,448,667 
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2021:
  First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of June 30, 2021 $ 2,000,093  $ 175,938  $ 22,000  $ 11,675  $ 22,279  $ 247,787  $ 1,851  $ 2,481,623 
Net realized gains (losses) (42,724) (19,805) —  —  —  —  —  (62,529)
Net change in unrealized gains (losses) 76,199  23,643  —  (906) 175  (34,602) (94) 64,415 
Net amortization on investments 2,592  334  —  —  —  —  —  2,926 
Purchases, including capitalized PIK (3) 374,815  —  —  25  449  44,312  —  419,601 
Sales (3) (174,594) (34,959) —  —  —  (84,586) —  (294,139)
Transfers out of Level 3 (1) —  —  —  —  —  —  —  — 
Transfers into Level 3 (1) —  —  —  —  —  —  —  — 
Fair value as of September 30, 2021 $ 2,236,381  $ 145,151  $ 22,000  $ 10,794  $ 22,903  $ 172,911  $ 1,757  $ 2,611,897 
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2021 $ 2,025  $ 5,155  $ —  $ (898) $ 175  $ (1,336) $ (94) $ 5,027 
The following table shows changes in the fair value of our Level 3 investments during the six months ended September 30, 2021:
First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of March 31, 2021 $ 1,907,807  $ 237,609  $ 22,000  $ 11,289  $ 22,537  $ 245,830  $ 1,595  $ 2,448,667 
Net realized gains (losses) (42,444) (19,805) —  —  —  —  —  (62,249)
Net change in unrealized gains (losses) 84,476  17,891  —  (520) (82) (30,685) 162  71,242 
Net amortization on investments 6,949  1,645  —  —  —  —  —  8,594 
Purchases, including capitalized PIK (3) 669,328  487  —  25  448  46,312  —  716,600 
Sales (3) (379,017) (92,676) —  —  —  (88,546) —  (560,239)
Transfers out of Level 3 (1) (10,718) —  —  —  —  —  —  (10,718)
Transfers into Level 3 (1) —  —  —  —  —  —  —  — 
Fair value as of September 30, 2021 $ 2,236,381  $ 145,151  $ 22,000  $ 10,794  $ 22,903  $ 172,911  $ 1,757  $ 2,611,897 
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2021 $ 5,046  $ 1,352  $ —  $ (512) $ (82) $ 3,699  $ 162  $ 9,665 
____________________
(1)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.
(2)Includes unfunded commitments measured at fair value of $(4,933).
(3)Includes reorganizations and restructuring of investments.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The following table shows changes in the fair value of our Level 3 investments during the three months ended September 30, 2020:
First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of June 30, 2020 $ 2,093,720  $ 309,111  $ —  $ 9,815  $ 8,720  $ 249,031  $ 217  $ 2,670,614 
Net realized gains (losses) (3,334) 224  —  —  (14) 62  —  (3,062)
Net change in unrealized gains (losses) 41,943  2,120  —  (576) (541) (27,176) 48  15,818 
Net amortization on investments 2,677  231  —  —  —  —  —  2,908 
Purchases, including capitalized PIK (3) 93,679  477  22,000  26  —  32,603  —  148,785 
Sales (3) (229,920) (17,614) —  —  (142) (1,279) —  (248,955)
Transfers out of Level 3 (1) —  —  —  —  —  —  —  — 
Transfers into Level 3 (1) —  —  —  —  —  —  —  — 
Fair value as of September 30, 2020 $ 1,998,765  $ 294,549  $ 22,000  $ 9,265  $ 8,023  $ 253,241  $ 265  $ 2,586,108 
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020 $ 12,800  $ 1,766  $ —  $ (576) $ (542) $ (27,177) $ 47  $ (13,682)

The following table shows changes in the fair value of our Level 3 investments during the six months ended September 30, 2020:
First Lien Secured Debt (2) Second Lien Secured Debt (2) Unsecured Debt Structured Products and Other Preferred Equity Common Equity/Interests Warrants Total
Fair value as of March 31, 2020 $ 2,265,800  $ 343,420  $ —  $ 9,748  $ 7,968  $ 157,943  $ 136  $ 2,785,015 
Net realized gains (losses) (10,667) (1,023) —  —  (14) 62  (48) (11,690)
Net change in unrealized gains (losses) 39,917  485  —  (509) 200  (40,103) 177  167 
Net amortization on investments 5,370  487  —  —  —  —  —  5,857 
Purchases, including capitalized PIK (3) 232,786  850  22,000  26  11  137,910  —  393,583 
Sales (3) (534,441) (49,670) —  —  (142) (2,571) —  (586,824)
Transfers out of Level 3 (1) —  —  —  —  —  —  —  — 
Transfers into Level 3 (1) —  —  —  —  —  —  —  — 
Fair value as of September 30, 2020 $ 1,998,765  $ 294,549  $ 22,000  $ 9,265  $ 8,023  $ 253,241  $ 265  $ 2,586,108 
Net change in unrealized gains (losses) on Level 3 investments still held as of September 30, 2020 $ 6,898  $ (1,289) $ —  $ (508) $ 199  $ (40,103) $ 128  $ (34,675)
____________________
(1)Transfers out of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into Level 3 are due to a decrease in the quantity and reliability of broker quotes obtained as assessed by the Investment Adviser. Transfers are assumed to have occurred at the end of the periods. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
(2)Includes unfunded commitments measured at fair value of $(8,432).
(3)Includes reorganizations and restructuring of investments.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2021 and March 31, 2021. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.
The unobservable inputs used in the fair value measurement of our Level 3 investments as of September 30, 2021 were as follows:
    Quantitative Information about Level 3 Fair Value Measurements
Asset Category Fair Value Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)
First Lien Secured Debt
$ 275,000  Discounted Cash Flow Discount Rate 12.0% 12.0% 12.0%
Residual Value Residual Value N/A N/A N/A
19,855  Recovery Analysis Recoverable Amount N/A N/A N/A
Market Comparable Technique Comparable Multiple 1.5x 1.5x 1.5x
129,511  Recent Transaction Recent Transaction N/A N/A N/A
25,470  Recovery Analysis Commodity Price $63.50 $68.70 $66.17
398  Recovery Analysis Recoverable Amount N/A N/A N/A
4,706  Recovery Analysis Sale Proceeds N/A N/A N/A
1,781,441  Yield Analysis Discount Rate 3.7% 39.3% 8.3%
Second Lien Secured Debt
9,272  Market Comparable Technique Comparable Multiple 12.9x 12.9x 12.9x
4,922  Recovery Analysis Recoverable Amount $66.50 $72.00 $69.25
Recent Transaction Recent Transaction N/A N/A N/A
11,545  Recovery Analysis Sale Proceeds N/A N/A N/A
119,412  Yield Analysis Discount Rate 9.3% 13.6% 11.1%
Unsecured Debt 22,000  Discounted Cash Flow Discount Rate 15.8% 15.8% 15.8%
Residual Value Residual Value N/A N/A N/A
Structured Products and Other 10,794  Discounted Cash Flow Discount Rate 8.5% 8.5% 8.5%
Preferred Equity
440  Discounted Cash Flow Discount Rate 8.8% 8.8% 8.8%
16,943  Market Comparable Technique Comparable Multiple 1.9x 9.8x 9.4x
4,994  Option Pricing Model Expected Volatility 75.0% 75.0% 75.0%
448  Recent Transaction Recent Transaction N/A N/A N/A
78  Residual Value Residual Value N/A N/A N/A
—  Yield Analysis Discount Rate 39.3% 39.3% 39.3%
Common Equity/Interests
629  Discounted Cash Flow Discount Rate 8.8% 39.3% 8.8%
106,549  Discounted Cash Flow Discount Rate 1.5% 15.8% 5.7%
Residual Value Residual Value N/A N/A N/A
11,132  Market Comparable Technique Comparable Multiple 6.8x 15.5x 10.5x
45,481  Recent Transaction Recent Transaction N/A N/A N/A
8,910  Recovery Analysis Commodity Price $63.50 $68.70 $66.17
—  Recovery Analysis Recoverable Amount N/A N/A N/A
210  Market Comparable Technique Comparable Multiple 9.8x 9.8x 9.8x
Option Pricing Model Expected Volatility 35.0% 35.0% 35.0%
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
    Quantitative Information about Level 3 Fair Value Measurements
Asset Category Fair Value Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)
Warrants
1,757  Option Pricing Model Expected Volatility 60.0% 90.0% 88.2%
Total Level 3 Investments $ 2,611,897 
___________________
(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.

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APOLLO INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The unobservable inputs used in the fair value measurement of our Level 3 investments as of March 31, 2021 were as follows:
    Quantitative Information about Level 3 Fair Value Measurements
Asset Category Fair Value Valuation Techniques/Methodologies Unobservable Input Range Weighted Average (1)
First Lien Secured Debt $ 190,500  Discounted Cash Flow Discount Rate 7.5% 12.0% 12.0%
Residual Value Residual Value N/A N/A N/A
31,438  Recovery Analysis Recoverable Amount N/A N/A N/A
Market Comparable Technique Comparable Multiple 0.7x 1.4x 1.1x
44,998  Recent Transaction Recent Transaction N/A N/A N/A
35,369  Recovery Analysis Commodity Price 54.00 60.16 59.86
398  Recovery Analysis Recoverable Amount N/A N/A N/A
8,376  Recovery Analysis Sale Proceeds N/A N/A N/A
1,596,728  Yield Analysis Discount Rate 4.1% 32.3% 8.5%
Second Lien Secured Debt 12,795  Market Comparable Approach Comparable Multiple 6.3x 6.3x 6.3x
8,111  Recovery Analysis Commodity Price 57.00 62.33 61.13
10,536  Recovery Analysis Sale Proceeds N/A N/A N/A
206,167  Yield Analysis Discount Rate 9.3% 14.9% 11.5%
Unsecured Debt 22,000  Discounted Cash Flow Discount Rate 16.0% 16.0% 16.0%
Residual Value Residual Value N/A N/A N/A
Structured Products and Other 11,289  Discounted Cash Flow Discount Rate 9.0% 9.0% 9.0%
Preferred Equity 498  Discounted Cash Flow Discount Rate 9.0% 9.0% 9.0%
16,863  Market Comparable Technique Comparable Multiple 0.7x 13.2x 8.7x
5,176  Option Pricing Model Expected Volatility 101.0% 101.0% 101.0%
—  Yield Analysis Discount Rate 32.3% 32.3% 0.0%
Common Equity/Interests 2,053  Discounted Cash Flow Discount Rate 9.0% 32.3% 19.3%
207,617  Discounted Cash Flow Discount Rate 7.5% 16.0% 10.2%
Residual Value Residual Value N/A N/A N/A
7,977  Market Comparable Technique Comparable Multiple 0.7x 16.5x 9.9x
215  Option Pricing Model Expected Volatility 35.0% 35.0% 35.0%
374  Recent Transaction Recent Transaction N/A N/A N/A
2,170  Recovery Analysis Commodity Price 54.00 62.33 60.08
25,424  Recovery Analysis Implied Illiquidity Discount 18.5% 18.5% 18.5%
Recovery Analysis Transaction Price N/A N/A N/A
Warrants 1,595  Option Pricing Model Expected Volatility 65.0% 90.0% 88.4%
Total Level 3 Investments $ 2,448,667 
____________________
(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. For the commodity price unobservable input, the weighted average price is an undiscounted price based upon the estimated production level from the underlying reserves.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.
Investment Transactions
For the three and six months ended September 30, 2021, purchases of investments on a trade date basis were $290,095 and $585,308, respectively. For the three and six months ended September 30, 2020, purchases of investments on a trade date basis were $105,865 and $243,754, respectively.
For the three and six months ended September 30, 2021, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $176,280 and $442,387, respectively. For the three and six months ended September 30, 2020, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $208,969 and $441,828, respectively.
PIK Income
The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. During the three and six months ended September 30, 2021, PIK income earned was $933 and $2,468, respectively. During the three and six months ended September 30, 2020, PIK income earned was $925 and $2,801, respectively.
The following table shows the change in capitalized PIK balance for the three and six months ended September 30, 2021 and 2020:
Three Months Ended September 30, Six Months Ended September 30,
2021 2020 2021 2020
PIK balance at beginning of period $ 43,733  $ 39,016  $ 41,947  $ 37,481 
PIK income capitalized 941  1,423  2,727  3,033 
Adjustments due to investments exited or written off (7,037) —  (7,037) — 
PIK income received in cash —  —  —  (75)
PIK balance at end of period $ 37,637  $ 40,439  $ 37,637  $ 40,439 


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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Dividend Income on CLOs
The Company holds structured products and other investments. The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. During the three and six months ended September 30, 2021, dividend income from structured products was $338 and $649, respectively. During the three and six months ended September 30, 2020, dividend income from structured products was $331 and $676, respectively.
Investments on Non-Accrual Status
As of September 30, 2021, 2.0% of total investments at amortized cost, or 1.1% of total investments at fair value, were on non-accrual status. As of March 31, 2021, 5.7% of total investments at amortized cost, or 1.4% of total investments at fair value, were on non-accrual status.
Unconsolidated Significant Subsidiary
The following unconsolidated subsidiary is considered a significant subsidiary under SEC Regulation S-X Rule 10-01(b)(1) as of September 30, 2021. Accordingly, summarized, unaudited, comparative financial information is presented below for the unconsolidated significant subsidiary.

Merx Aviation Finance, LLC

Merx Aviation Finance, LLC and its subsidiaries are principally engaged in acquiring and leasing commercial aircraft to airlines. Its focus is on current generation aircraft, held either domestically or internationally. Merx may acquire fleets of aircraft primarily through securitized, non-recourse debt or individual aircraft. Merx may outsource its aircraft servicing requirements to third parties that have the global staff and expertise necessary to complete such tasks. The following table shows unaudited summarized financial information for Merx Aviation:
Six Months Ended September 30,
2021 2020
Net revenue $ 109,141  $ 111,758 
Net operating income 37,412  (1,391)
Earnings (loss) before taxes 5,438  (36,985)
Net profit (loss) 6,995  (35,893)
Net profit (loss) after taxes attributable to non-controlling interests (2,470) (528)
Net profit (loss) after taxes attributable to Merx Aviation 9,465  (35,365)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Note 6. Debt and Foreign Currency Transactions and Translations
On April 4, 2018, the Company’s Board of Directors, including a “required majority” (as defined in Section 57(o) of the Investment Company Act of 1940, as amended) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the Investment Company Act of 1940. As a result, effective on April 4, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150% (i.e., the revised regulatory leverage limitation permits BDCs to double the amount of borrowings, such that we would be able to borrow up to two dollars for every dollar we have in assets less all liabilities and indebtedness not represented by senior securities issued by us).

The Company’s outstanding debt obligations as of September 30, 2021 were as follows:
Date Issued/Amended Total Aggregate Principal Amount Committed Principal Amount Outstanding Fair Value Final Maturity Date
Senior Secured Facility 12/22/2020 $ 1,810,000  ** $ 1,128,067  * $ 1,136,287  (1) 12/22/2025
2025 Notes 3/3/2015 350,000  350,000  365,724  (2) 3/3/2025
2026 Notes 7/16/2021 125,000  125,000  127,051  (2) 7/16/2026
Total Debt Obligations $ 2,285,000  $ 1,603,067  $ 1,629,062 
Deferred Financing Costs and Debt Discount $ (5,275)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,597,792 
____________________
*Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.
** Lender commitments will remain $1,810,000 through November 19, 2022 and will then decrease to $1,705,000 thereafter
(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2021. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of September 30, 2021. The valuation is based on broker quoted prices.
The Company’s outstanding debt obligations as of March 31, 2021 were as follows:
  Date Issued/Amended Total Aggregate Principal Amount Committed Principal Amount Outstanding Fair Value Final Maturity Date
Senior Secured Facility 12/22/2020 $ 1,810,000  ** $ 1,119,186  * $ 1,139,765  (1) 12/22/2025
2025 Notes 3/3/2015 350,000  350,000  357,763  (2) 3/3/2025
Total Debt Obligations $ 2,160,000  $ 1,469,186  $ 1,497,528 
Deferred Financing Costs and Debt Discount $ (3,815)
Total Debt Obligations, net of Deferred Financing Cost and Debt Discount $ 1,465,371 
____________________
*Includes foreign currency debt obligations as outlined in Foreign Currency Transactions and Translations within this note to the financial statements.
** Lender commitments will remain $1,810,000 through November 19, 2022 and will then decrease to $1,705,000 thereafter
(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2021. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
(2)The fair value of these debt obligations would be categorized as Level 2 under ASC 820 as of March 31, 2021. The valuation is based on broker quoted prices.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Senior Secured Facility
On December 22, 2020, the Company amended and restated its senior secured, multi-currency, revolving credit facility (the “Senior Secured Facility”), previously amended and restated as of November 19, 2018. Lender commitments in the amended and restated agreement will remain $1,810,000 through November 19, 2022 and will decrease to $1,705,000 thereafter. The amended and restated agreement extended the final maturity date through December 22, 2025, and includes an accordion provision which allows the Company to increase the total commitments under the existing revolving facility up to an aggregate principal amount of $2,715,000 from new or existing lenders on the same terms and conditions as the existing commitments. The Senior Secured Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents. Commencing December 22, 2024, the Company is required to repay, in twelve consecutive monthly installments of equal size, the outstanding amount under the Senior Secured Facility as of December 22, 2024. In addition, the stated interest rate on the facility remains as a formula-based calculation based on a minimum borrowing base, resulting in a stated interest rate, depending on the type of borrowing, of (a) either LIBOR plus 1.75% per annum or LIBOR plus 2.00% per annum, or (b) either Alternate Base Rate plus 0.75% per annum or Alternate Base Rate plus 1% per annum. As of September 30, 2021, the stated interest rate on the facility was LIBOR plus 2.00%. The Company is required to pay a commitment fee of 0.375% per annum on any unused portion of the Senior Secured Facility and participation fees and fronting fees of up to 2.25% per annum on the letters of credit issued.

The Senior Secured Facility contains affirmative and restrictive covenants, events of default and other customary provisions for similar debt facilities, including: (a) periodic financial reporting requirements, (b) maintaining minimum stockholders’ equity of the greater of (i) 30% of the total assets of the Company and its consolidated subsidiaries as of the last day of any fiscal quarter and (ii) the sum of (A) $705,000 plus (B) 25% of the net proceeds from the sale of equity interests in the Company after the closing date of the Senior Secured Facility, (c) maintaining a ratio of total assets, less total liabilities (other than indebtedness) to total indebtedness, in each case of the Company and its consolidated subsidiaries, of not less than 1.5:1.0, (d) limitations on the incurrence of additional indebtedness, including a requirement to meet a certain minimum liquidity threshold before the Company can incur such additional debt, (e) limitations on liens, (f) limitations on investments (other than in the ordinary course of the Company’s business), (g) limitations on mergers and disposition of assets (other than in the normal course of the Company’s business activities), (h) limitations on the creation or existence of agreements that permit liens on properties of the Company’s consolidated subsidiaries and (i) limitations on the repurchase or redemption of certain unsecured debt and debt securities. In addition to the asset coverage ratio described in clause (c) of the preceding sentence, borrowings under the Senior Secured Facility (and the incurrence of certain other permitted debt) are subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. The advance rate applicable to any specific type of asset in the Company’s portfolio will also depend on the relevant asset coverage ratio as of the date of determination. Borrowings under the Senior Secured Facility will also continue to be subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended.
The Senior Secured Facility also provides for the issuance of letters of credit up to an aggregate amount of $150,000. As of September 30, 2021 and March 31, 2021, the Company had $177 and $177, respectively, in standby letters of credit issued through the Senior Secured Facility. The amount available for borrowing under the Senior Secured Facility is reduced by any standby letters of credit issued through the Senior Secured Facility. Under GAAP, these letters of credit are considered commitments because no funding has been made and as such are not considered a liability. These letters of credit are not senior securities because they are not in the form of a typical financial guarantee and the portfolio companies are obligated to refund any drawn amounts. The available remaining capacity under the Senior Secured Facility was $681,756 and $690,637 as of September 30, 2021 and March 31, 2021, respectively. Terms used in this disclosure have the meanings set forth in the Senior Secured Facility agreement.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Senior Unsecured Notes
2025 Notes
On March 3, 2015, the Company issued $350,000 aggregate principal amount of senior unsecured notes for net proceeds of $343,650 (the “2025 Notes”). The 2025 Notes will mature on March 3, 2025. Interest on the 2025 Notes is due semi-annually on March 3 and September 3, at an annual rate of 5.25%, commencing on September 3, 2015. The 2025 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.
2026 Notes
On July 16, 2021, the Company issued $125,000 aggregate principal amount of general unsecured notes for net proceeds of $122,965 (the “2026 Notes”). The 2026 Notes will mature on July 16, 2026. Interest on the 2026 Notes is due semi-annually on January 16 and July 16, at an annual rate of 4.50%, commencing on January 16, 2022. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness.
The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the three and six months ended September 30, 2021 and 2020:
Three Months Ended September 30, Six Months Ended September 30,
2021 2020 2021 2020
Average debt outstanding $ 1,539,062  $ 1,664,934  $ 1,499,635  $ 1,728,597 
Maximum amount of debt outstanding 1,608,285  1,757,608  1,608,285  1,818,920 
Weighted average annualized interest cost (1) 3.20% 2.96% 3.14% 3.04%
Annualized amortized debt issuance cost 0.40% 0.34% 0.40% 0.32%
Total annualized interest cost 3.60% 3.30% 3.54% 3.36%
____________________
(1)Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Commitment fees for the three and six months ended September 30, 2021 were $689 and $1,349 respectively. Commitment fees for the three and six months ended September 30, 2020 were $467 and $806, respectively.

Foreign Currency Transactions and Translations
The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of September 30, 2021:
Original Principal Amount (Local) Original Principal Amount (USD) Principal Amount Outstanding Unrealized Gain/(Loss) Reset Date
British Pound £ 68,000  84,420  91,623  (7,203) 10/29/2021
Australian Dollar A$ 6,200  4,543  4,481  62  10/29/2021
$ 88,963  $ 96,104  $ (7,141)
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
The Company had the following foreign-denominated debt outstanding on the Senior Secured Facility as of March 31, 2021:
Original Principal Amount (Local) Original Principal Amount (USD) Principal Amount Outstanding Unrealized
Gain/(Loss) 		Reset Date
Euro € 15,900  17,392  18,687  (1,295) 4/30/2021
British Pound £ 77,000  95,593  106,237  (10,644) 4/30/2021
Australian Dollar A$ 6,300  4,617  4,799  (182) 4/30/2021
$ 117,602  $ 129,723  $ (12,121)
As of September 30, 2021 and March 31, 2021, the Company was in compliance with all debt covenants for all outstanding debt obligations.
Note 7. Stockholders’ Equity
There were no equity offerings of common stock during the three and six months ended September 30, 2021 and March 31, 2021.
The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the Securities Exchange Act of 1934 (the “1934 Act”) (the “Repurchase Plans”):
Date of Agreement/Amendment Maximum Cost of Shares That May Be Repurchased Cost of Shares Repurchased Remaining Cost of Shares That May Be Repurchased
August 6, 2015 $ 50,000  $ 50,000  $ — 
December 14, 2015 50,000  50,000  — 
September 14, 2016 50,000  50,000  — 
October 30, 2018 50,000  50,000  — 
February 6, 2019 50,000  31,003  18,997 
Total as of September 30, 2021 $ 250,000  $ 231,003  $ 18,997 
The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.

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APOLLO INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):
Effective Date Termination Date Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015 November 5, 2015 $ 5,000 
January 1, 2016 February 5, 2016 10,000 
April 1, 2016 May 19, 2016 5,000 
July 1, 2016 August 5, 2016 15,000 
September 30, 2016 November 8, 2016 20,000 
January 4, 2017 February 6, 2017 10,000 
March 31, 2017 May 19, 2017 10,000 
June 30, 2017 August 7, 2017 10,000 
October 2, 2017 November 6, 2017 10,000 
January 3, 2018 February 8, 2018 10,000 
June 18, 2018 August 9, 2018 10,000 
September 17, 2018 October 31, 2018 10,000 
December 12, 2018 February 7, 2019 10,000 
February 25, 2019 May 17, 2019 25,000 
March 18, 2019 May 17, 2019 10,000 
June 4, 2019 August 7, 2019 25,000 
June 17, 2019 August 7, 2019 20,000 
September 16, 2019 November 6, 2019 20,000 
December 6, 2019 February 5, 2020 25,000 
December 16, 2019 February 5, 2020 15,000 
March 12, 2020 March 19, 2020 20,000 
March 30, 2021 May 21, 2021 10,000 
June 16, 2021 November 5, 2021 10,000 
During the six months ended September 30, 2021, the Company repurchased 596,525 shares at a weighted average price per share of $13.30, inclusive of commissions, for a total cost of $7,931. This represents a discount of approximately 16.85% of the average net asset value per share for the six months ended September 30, 2021.
During the six months ended September 30, 2020, the Company did not repurchase shares.

Since the inception of the Repurchase Plans through September 30, 2021, the Company repurchased 14,251,103 shares at a weighted average price per share of $16.21, inclusive of commissions, for a total cost of $231,003. Including fractional shares, the company has repurchased 14,251,133 shares at a weighted average price per share of $16.21, inclusive of commissions for a total cost of $231,004.
On July 22, 2019, the Board of Directors approved Articles of Amendment which amended the Company’s charter to reduce the amount of authorized capital stock from 400,000,000 shares, par value $0.001 per share, to 130,000,000 shares, par value $0.001 per share. The Articles of Amendment were accepted for record by the Department of Assessments and Taxation of the State of Maryland on July 22, 2019 and immediately became effective.

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APOLLO INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Note 8. Commitments and Contingencies
The Company has various commitments to fund various revolving and delayed draw senior secured and subordinated loans, including commitments to issue letters of credit through a financial intermediary on behalf of certain portfolio companies. As of September 30, 2021 and March 31, 2021, the Company had the following unfunded commitments to its portfolio companies:
September 30, 2021 March 31, 2021
Unfunded revolver obligations and bridge loan commitments (1) $ 297,989  $ 261,854 
Standby letters of credit issued and outstanding (2)
3,927  2,787 
Unfunded delayed draw loan commitments (3) 258,531  172,249 
Total Unfunded Commitments (4) $ 560,447  $ 436,890 
__________________
(1)The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of September 30, 2021 and March 31, 2021, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. As of September 30, 2021 and March 31, 2021, the bridge loan commitments included in the balances were $33,100 and $0, respectively.
(2)For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s Statements of Assets and Liabilities as such letters of credit are considered in the valuation of the investments in the portfolio company.
(3)The Company’s commitment to fund delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.
(4)The Company also had an unfunded revolver commitment to its fully controlled affiliate Merx Aviation Finance, LLC of $25,000 and $109,500 as of September 30, 2021 and March 31, 2021, respectively. Given the Company’s controlling interest, the timing and the amount of the funding has not been determined.

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APOLLO INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
Note 9. Financial Highlights
The following is a schedule of financial highlights for the six months ended September 30, 2021 and 2020.
Six Months Ended September 30, 2021 Six Months Ended September 30, 2020
(Unaudited) (Unaudited)
Per Share Data*
Net asset value at beginning of period $ 15.88  $ 15.70 
Net investment income (1) 0.72  0.86 
Net realized and change in unrealized gains (losses) (1) 0.17  (0.30)
Net increase in net assets resulting from operations 0.88  0.56 
Distribution of net investment income (2) (0.72) (0.81)
Distribution of return of capital (2) —  — 
Accretion due to share repurchases 0.02  — 
Net asset value at end of period $ 16.07  $ 15.44 
Per share market value at end of period $ 12.97  $ 8.27 
Total return (3) (0.37) % 33.90  %
Shares outstanding at end of period 64,662,651  65,259,176 
Weighted average shares outstanding 65,115,530  65,259,176 
Ratio/Supplemental Data
Net assets at end of period (in millions) $ 1,039.1  $ 1,007.7 
Annualized ratio of operating expenses to average net assets (4)(5) 5.81  % 5.18  %
Annualized ratio of interest and other debt expenses to average net assets (5) 5.10  % 5.76  %
Annualized ratio of total expenses to average net assets (4)(5) 10.91  % 10.94  %
Annualized ratio of net investment income to average net assets (5) 8.94  % 11.09  %
Average debt outstanding (in millions) $ 1,499.6  $ 1,728.6 
Average debt per share $ 23.03  $ 26.49 
Annualized portfolio turnover rate (5) 35.04  % 18.12  %
Asset coverage per unit (6) $ 1,648  $ 1,628 
____________________
*Totals may not foot due to rounding.
(1)Financial highlights are based on the weighted average number of shares outstanding for the period presented.
(2)The tax character of distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Although the tax character of distributions paid to stockholders through September 30, 2021 may include return of capital, the exact amount cannot be determined at this point. Per share amounts are based on actual rate per share.
(3)Total return is based on the change in market price per share during the respective periods. Total return also takes into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. Total return does not reflect sales load.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
(In thousands, except share and per share data)
(4)The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (See Note 3 to the financial statements). For the six months ended September 30, 2021, the annualized ratio of operating expenses to average net assets and the annualized ratio of total expenses to average net assets would be 5.86% and 10.97%, respectively, without the voluntary fee waivers. For the six months ended September 30, 2020 the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be 5.21% and 10.99%, respectively, without the voluntary fee waivers.
(5)Annualized for the six months ended September 30, 2021 and September 30, 2020.
(6)The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit.
Note 10. Subsequent Events
Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements other than those disclosed below.
During the period from October 1, 2021 through November 3, 2021, the Company repurchased 308,005 shares at a weighted average price per share of $13.30, inclusive of commissions, for a total cost of $4,095, leaving a maximum of $14,902 available for future purchases under the Repurchase Plans.
On November 4, 2021, the Company’s Board of Directors (the “Board”) declared a distribution of $0.31 per share, payable on January 6, 2022 to stockholders of record as of December 20, 2021. On November 4, 2021, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on January 6, 2022 to stockholders of record as of December 20, 2021. Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board may declare a quarterly supplemental distribution in an amount to be determined each quarter. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.
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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Apollo Investment Corporation
Results of Review of Interim Financial Statements

We have reviewed the accompanying statement of assets and liabilities, including the schedule of investments, of Apollo Investment Corporation (the “Company”) as of September 30, 2021, and the related statements of operations and of changes in net assets for the three-month and six-month periods ended September 30, 2021 and 2020, and the statements of cash flows for the six-month periods ended September 30, 2021 and 2020, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the statement of assets and liabilities, including the schedule of investments, of the Company as of March 31, 2021, and the related statements of operations, of changes in net assets and of cash flows for the year then ended (not presented herein), and in our report dated May 20, 2021, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying statement of assets and liabilities, including the schedule of investments, as of March 31, 2021, is fairly stated, in all material respects, in relation to the statement of assets and liabilities, including the schedule of investments, from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP
New York, New York
November 4, 2021
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the notes thereto contained elsewhere in this report. Some of the statements in this report constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained herein involve risks and uncertainties, including statements as to:
•our future operating results;
•our business prospects and the prospects of our portfolio companies;
•the impact of investments that we expect to make;
•our contractual arrangements and relationships with third parties;
•the dependence of our future success on the general economy and its impact on the industries in which we invest;
•the ability of our portfolio companies to achieve their objectives;
•our expected financings and investments;
•the adequacy of our cash resources and working capital;
•the current and future effects of the COVID-19 pandemic on us and our portfolio companies; and
•the timing of cash flows, if any, from the operations of our portfolio companies.
We generally use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason, including any factors set forth in “Risk Factors” and elsewhere in this report.
We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the Securities and Exchange Commission (“SEC”), including any annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Overview
Apollo Investment Corporation (the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” or “our”) was incorporated under the Maryland General Corporation Law in February 2004. We have elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). As such, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. In addition, for federal income tax purposes we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to this election and assuming we qualify as a RIC, we generally do not have to pay corporate-level federal income taxes on any income we distribute to our stockholders. We commenced operations on April 8, 2004 upon completion of our initial public offering that raised $870 million in net proceeds from selling 62 million shares of common stock at a price of $15.00 per share (20.7 million shares at a price of $45.00 per share adjusted for the one-for-three reverse stock split). Since then, and through September 30, 2021, we have raised approximately $2.21 billion in net proceeds from additional offerings of common stock and we have repurchased common stock for $231.0 million.

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Apollo Investment Management, L.P. (the “Investment Adviser” or “AIM”) is our investment adviser and an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries (“AGM”). The Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of, and provides investment advisory services to the Company. AGM and other affiliates manage other funds that may have investment mandates that are similar, in whole or in part, with ours. AIM and its affiliates may determine that an investment is appropriate both for us and for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, AIM may determine that we should invest on a side-by-side basis with one or more other funds. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. Certain types of negotiated co-investments may be made only in accordance with the terms of the exemptive order (the “Order”) we received from the SEC permitting us to do so. Under the terms of the Order, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must be able to reach certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our stockholders and is consistent with our Board of Directors’ approved criteria. In certain situations where co-investment with one or more funds managed by AIM or its affiliates is not covered by the Order, the personnel of AIM or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on allocation policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The Order is subject to certain terms and conditions so there can be no assurance that we will be permitted to co-invest with certain of our affiliates other than in the circumstances currently permitted by regulatory guidance and the Order.
Apollo Investment Administration, LLC (the “Administrator” or “AIA”), an affiliate of AGM, provides, among other things, administrative services and facilities for the Company. In addition to furnishing us with office facilities, equipment, and clerical, bookkeeping and recordkeeping services, AIA also oversees our financial records as well as prepares our reports to stockholders and reports filed with the SEC. AIA also performs the calculation and publication of our net asset value, the payment of our expenses and oversees the performance of various third-party service providers and the preparation and filing of our tax returns. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance.
COVID-19 Developments
There is an ongoing global outbreak of COVID-19, which has spread to over 200 countries and territories, including the United States, and has spread to every state in the United States. The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19, including new variants, have continued to be identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential businesses. Such actions have created disruption in global supply chains, and adversely impacted many industries. The outbreak has had a continued adverse impact on economic and market conditions and has triggered a period of global economic slowdown.
Although vaccines have been widely distributed in the U.S., certain U.S. states are planning on reopening and we believe the economy is beginning to rebound in certain respects, the uncertainty surrounding the COVID-19 pandemic, including uncertainty regarding new variants of COVID-19 and acceptance of vaccines and other factors have and may continue to contribute to significant volatility in the global markets. COVID-19 and the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our performance, financial condition, results of operations and ability to pay distributions.
LIBOR Developments
On July 27, 2017, the U.K Financial Conduct Authority (“FCA”) announced that it would phase out LIBOR as a benchmark by the end of 2021 and the FCA has indicated that market participants should not rely on LIBOR being available after 2021. On March 5, 2021, the administrator of LIBOR announced a delay in the phase out of the majority of the USD LIBOR publications until June 30, 2023, with the remainder of LIBOR publications to still end on December 31, 2021. This announcement has been confirmed by the Alternative Reference Rates Committee (ARRC) of the Federal Reserve Bank of New York as constituting a “benchmark transition event” and establishing “benchmark replacement dates” in ARRC standard LIBOR transition provisions that exist in many U.S. law contracts using LIBOR.


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The publication of all EUR and CHF LIBOR settings, the Spot Next/Overnight, 1 week, 2 month and 12 month JPY and GBP LIBOR settings, and the 1 week and 2 months USD LIBOR settings will cease after December 31, 2021. The publication of the overnight, 1 month, 3 month, 6 month, and 12 months USD LIBOR settings will cease after June 30, 2023. The FCA plans to consult the market on creating “synthetic” 1 month, 3 month and 6 month rates for GBP and JPY LIBOR, to be published for a limited time.
The New York State legislation was signed into law to aid “tough legacy” LIBOR contracts. Other legislative solutions are being pursued at the Federal level, in the U.K. and in Europe. The U.S. Federal banking agencies have also issued guidance encouraging banking and global organizations to cease reference to USD LIBOR as soon as practicable and, in any event, by December 31, 2021. The E.U. Benchmarks Regulation imposed conditions under which only compliant benchmarks may be used in new contracts after 2021.
The ARRC has identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by the U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. However, the COVID-19 pandemic may adversely impact the timing of many firms’ transition planning, and we continue to assess the potential impact of the COVID-19 pandemic on our transition plans. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, it is not possible at this time to predict the effect of any such changes, any establishment of alternative reference rates, whether the COVID-19 pandemic will have further effect on LIBOR transition timelines or plans, or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere.
The discontinuation of LIBOR could have a significant impact on our business. We anticipate significant operational challenges for the transition away from LIBOR, including, but not limited to, amending existing loan agreements with borrowers on investments that may have not been modified with fallback language and adding effective fallback language to new agreements in the event that LIBOR is discontinued before maturity.
Beyond these challenges, we anticipate there may be additional risks to our current processes and information systems that we will need to identify and evaluate. Due to the uncertainty of the replacement for LIBOR, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined. In addition, any further changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market value of any LIBOR-linked securities, loans and other financial obligations or extensions of credit held by or due to us and could have a material adverse effect on our business, financial condition and results of operations.
Investments
Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. We may also invest in the securities of public companies and in structured products and other investments such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Our portfolio is comprised primarily of investments in debt, including secured and unsecured debt of private middle-market companies that, in the case of senior secured loans, generally are not broadly syndicated and whose aggregate tranche size is typically less than $250 million. Our portfolio also includes equity interests such as common stock, preferred stock, warrants or options.
Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the competitive environment for the types of investments we make and, more recently, market disruptions due to COVID-19. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of September 30, 2021, non-qualifying assets represented approximately 14.1% of the total assets of the Company.




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Revenue
We generate revenue primarily in the form of interest and dividend income from the securities we hold and capital gains, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of mezzanine or senior secured loans, generally have a stated term of five to ten years and bear interest at a fixed rate or a floating rate usually determined on the basis of a benchmark, such as the LIBOR, EURIBOR, the federal funds rate, or the prime rate. Interest on debt securities is generally payable quarterly or semiannually and while U.S. subordinated debt and corporate notes typically accrue interest at fixed rates, some of our investments may include zero coupon and/or step-up bonds that accrue income on a constant yield to call or maturity basis. In addition, some of our investments provide for payment-in-kind (“PIK”) interest or dividends. Such amounts of accrued PIK interest or dividends are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. We may also generate revenue in the form of commitment, origination, structuring fees, fees for providing managerial assistance and, if applicable, consulting fees, etc.
Expenses
For all investment professionals of AIM and their staff, when and to the extent engaged in providing investment advisory and management services to us, the compensation and routine overhead expenses of that personnel which is allocable to those services are provided and paid for by AIM. We bear all other costs and expenses of our operations and transactions, including those relating to:
•investment advisory and management fees;
•expenses incurred by AIM payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;
•calculation of our net asset value (including the cost and expenses of any independent valuation firm);
•direct costs and expenses of administration, including independent registered public accounting and legal costs;
•costs of preparing and filing reports or other documents with the SEC;
•interest payable on debt, if any, incurred to finance our investments;
•offerings of our common stock and other securities;
•registration and listing fees;
•fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;
•transfer agent and custodial fees;
•taxes;
•independent directors’ fees and expenses;
•marketing and distribution-related expenses;
•the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;
•our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•organizational costs; and
•all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the administration agreement, including rent and our allocable portion of the cost of our Chief Financial Officer, Chief Legal Officer and Chief Compliance Officer and their respective staffs.
We expect our general and administrative operating expenses related to our ongoing operations to increase moderately in dollar terms. During periods of asset growth, we generally expect our general and administrative operating expenses to decline as a percentage of our total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities, among others, may also increase or reduce overall operating expenses based on portfolio performance, interest rate benchmarks, and offerings of our securities relative to comparative periods, among other factors.
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Portfolio and Investment Activity
Our portfolio and investment activity during the three and six months ended September 30, 2021 and 2020 was as follows:
Three Months Ended September 30, Six Months Ended September 30,
(in millions)* 2021 2020 2021 2020
Investments made in portfolio companies $ 290.1  $ 105.9  $ 585.3  $ 243.8 
Investments sold (10.7) (14.2) (10.7) (83.3)
Net activity before repaid investments 279.4  91.7  574.6  160.5 
Investments repaid (165.6) (194.8) (431.7) (358.6)
Net investment activity $ 113.8  $ (103.1) $ 142.9  $ (198.1)
Portfolio companies at beginning of period 140  149  135  152 
Number of new portfolio companies 9  2  20  3 
Number of exited portfolio companies (5) (4) (11) (8)
Portfolio companies at end of period 144  147  144  147 
Number of investments made in existing portfolio companies 48  29  59  49 
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*Totals may not foot due to rounding.
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Our portfolio composition and weighted average yields as of September 30, 2021 and March 31, 2021 were as follows:
September 30, 2021 March 31, 2021
Portfolio composition, at fair value:
First lien secured debt 85  % 78  %
Second lien secured debt 6  % 10  %
   Total secured debt 91  % 88  %
Unsecured debt 1  % 1  %
Structured products and other 0  % 0  %
Preferred equity 1  % 1  %
Common equity/interests and warrants 7  % 10  %
Weighted average yields, at amortized cost (1):
First lien secured debt (2) 7.9  % 7.8  %
Second lien secured debt (2) 9.5  % 9.9  %
Secured debt portfolio (2) 7.9  % 8.0  %
Unsecured debt portfolio (2) 5.2  % 5.3  %
Total debt portfolio (2) 7.9  % 8.0  %
Total portfolio (3) 6.9  % 6.5  %
Interest rate type, at fair value (4):
Fixed rate amount —  — 
Floating rate amount $2.1   billion $1.9   billion
Fixed rate, as percentage of total —  — 
Floating rate, as percentage of total 100  % 100  %
Interest rate type, at amortized cost (4):
Fixed rate amount —  — 
Floating rate amount $2.1   billion $1.9   billion
Fixed rate, as percentage of total —  — 
Floating rate, as percentage of total 100  % 100  %
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(1)An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses.
(2)Exclusive of investments on non-accrual status.
(3)Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.
(4)The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status.
Since the initial public offering of Apollo Investment in April 2004 and through September 30, 2021, invested capital totaled $22.4 billion in 572 portfolio companies. Over the same period, Apollo Investment completed transactions with more than 100 different financial sponsors.
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Critical Accounting Policies
Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, gains and losses. Changes in the economic environment, financial markets, credit worthiness of portfolio companies and any other parameters used in determining such estimates could cause actual results to differ materially. In addition to the discussion below, our critical accounting policies are further described in the notes to the financial statements.
Fair Value Measurements
The Company follows guidance in ASC 820, Fair Value Measurement (“ASC 820”), where fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities.
ASC 820 classifies the inputs used to measure these fair values into the following hierarchy:
Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date.
Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.
Level 3: Unobservable inputs for the asset or liability.
In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may differ materially from the values that would be received upon an actual disposition of such investments.
As of September 30, 2021, $2.61 billion or 99.98% of the Company’s investments were classified as Level 3. The high proportion of Level 3 investments relative to our total investments is directly related to our investment philosophy and target portfolio, which consists primarily of long-term secured debt, as well as unsecured and mezzanine positions of private middle-market companies. A fundamental difference exists between our investments and those of comparable publicly traded fixed income investments, namely high-yield bonds, and this difference affects the valuation of our private investments relative to comparable publicly traded instruments.
Senior secured loans, or senior loans, are higher in the capital structure than high-yield bonds, and are typically secured by assets of the borrowing company. This improves their recovery prospects in the event of default and affords senior loans a structural advantage over high-yield bonds. Many of the Company’s investments are also privately negotiated and contain covenant protections that limit the issuer to take actions that could harm us as a creditor. High-yield bonds typically do not contain such covenants.
Given the structural advantages of capital seniority and covenant protection, the valuation of our private debt portfolio is driven more by investment specific credit factors than movements in the broader debt capital markets. Each security is evaluated individually and as indicated below, we value our private investments based upon a multi-step valuation process, including valuation recommendations from independent valuation firms.
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Investment Valuation Process
Under procedures established by our Board of Directors, we value investments, including certain secured debt, unsecured debt, and other debt securities with maturities greater than 60 days, for which market quotations are readily available, at such market quotations (unless they are deemed not to represent fair value). We attempt to obtain market quotations from at least two brokers or dealers (if available, otherwise from a principal market maker, primary market dealer or other independent pricing service). We utilize mid-market pricing as a practical expedient for fair value unless a different point within the range is more representative. If and when market quotations are deemed not to represent fair value, we typically utilize independent third party valuation firms to assist us in determining fair value. Accordingly, such investments go through our multi-step valuation process as described below. In each case, our independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of our Investment Adviser, does not represent fair value. In this case, such investments shall be valued at fair value as determined in good faith by or under the direction of our Board of Directors, including using market quotations where available. Investments that are not publicly traded or whose market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of our Board of Directors. Such determination of fair values may involve subjective judgments and estimates.
With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, our Board of Directors has approved a multi-step valuation process each quarter, as described below:
1.Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser who are responsible for the portfolio investment.
2.Preliminary valuation conclusions are then documented and discussed with senior management of our Investment Adviser.
3.Independent valuation firms are engaged by our Board of Directors to conduct independent appraisals by reviewing our Investment Adviser’s preliminary valuations and then making their own independent assessment.
4.The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser and the valuation prepared by the independent valuation firms and responds, if warranted, to the valuation recommendation of the independent valuation firms.
5.The Board of Directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our Investment Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors.
6.For Level 3 investments entered into within the current quarter, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment.
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Investments determined by these valuation procedures which have a fair value of less than $1 million during the prior fiscal quarter may be valued based on inputs identified by the Investment Adviser without the necessity of obtaining valuation from an independent valuation firm, if once annually an independent valuation firm using the procedures described herein provides a valuation. Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, seniority of investment in the investee company’s capital structure, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, our principal market (as the reporting entity) and enterprise values, among other factors. When readily available, broker quotations and/or quotations provided by pricing services are considered in the valuation process of independent valuation firms. During the six months ended September 30, 2021, there were no significant changes to the Company’s valuation techniques and related inputs considered in the valuation process.
Investment Income Recognition
The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual PIK interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. Certain PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point the Company believes PIK is not expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized.
Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment.
Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, administrative fees, management fees, bridge fees, and structuring fees which are recorded when earned.
The Company records as dividend income the accretable yield from its beneficial interests in structured products such as CLOs based upon a number of cash flow assumptions that are subject to uncertainties and contingencies. Such assumptions include the rate and timing of principal and interest receipts (which may be subject to prepayments and defaults) of the underlying pools of assets. These assumptions are updated on at least a quarterly basis to reflect changes related to a particular security, actual historical data, and market changes. A structured product investment typically has an underlying pool of assets. Payments on structured product investments are payable solely from the cash flows from such assets. As such any unforeseen event in these underlying pools of assets might impact the expected recovery and future accrual of income.
Expenses
Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis.
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Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses)
We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized gains or losses previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized gain (loss) reflects the net change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized gains or losses.
Within the context of these critical accounting policies, we are not currently aware of any reasonably likely events or circumstances that would result in materially different amounts being reported.
Results of Operations
Operating results for the three and six months ended September 30, 2021 and 2020 were as follows:
Three Months Ended September 30, Six Months Ended September 30,
(in millions)* 2021 2020 2021 2020
Investment Income







Interest income (excluding Payment-in-kind (“PIK”) interest income) $ 48.2  $ 52.6  $ 95.7  $ 105.8 
Dividend income 2.7  1.2  3.1  2.4 
PIK interest income 0.9  0.9  2.5  2.8 
Other income 1.0  0.2  2.2  0.5 
Total investment income $ 52.9  $ 54.9  $ 103.4  $ 111.4 
Expenses
Management and performance-based incentive fees $ 14.3  $ 9.3  $ 23.1  $ 18.8 
Interest and other debt expenses, net of reimbursements 13.9  13.8  26.6  29.2 
Administrative services expense, net of reimbursements 1.6  1.1  2.8  2.2 
Other general and administrative expenses 1.8  2.8  4.3  5.2 
Net Expenses $ 31.7  $ 27.0  $ 56.9  $ 55.4 
Net Investment Income $ 21.2  $ 27.9  $ 46.6  $ 56.1 
Net Realized and Change in Unrealized Gains (Losses)




Net realized gains (losses) $ (64.8) $ (3.0) $ (64.7) $ (11.4)
Net change in unrealized gains (losses) 69.0  8.4  75.7  (8.4)
Net Realized and Change in Unrealized Gains (Losses) $ 4.2  $ 5.4  $ 11.0  $ (19.9)
Net Increase in Net Assets Resulting from Operations $ 25.4  $ 33.3  $ 57.6  $ 36.3 
Net Investment Income on Per Average Share Basis (1) $ 0.33  $ 0.43  $ 0.72  $ 0.86 
Earnings per share — basic (1) $ 0.39  $ 0.51  $ 0.88  $ 0.56 
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*Totals may not foot due to rounding.
(1)Based on the weighted average number of shares outstanding for the period presented.
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Total Investment Income
For the three months ended September 30, 2021 as compared to the three months ended September 30, 2020
The decrease in total investment income for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was primarily driven by the decrease in total interest income (including PIK) of $4.3 million. The decrease in total interest income (including PIK) was primarily due to a decrease in the yield from second lien secured debt. The $1.5 million increase in dividend income was due to a increase in dividends received from MSEA Tankers LLC. Furthermore, there was a increase in other income of $0.8 million due to higher amendment fees and bridge fees.
For the six months ended September 30, 2021 as compared to the six months ended September 30, 2020
The decrease in total investment income for the six months ended September 30, 2021 compared to the six months ended September 30, 2020 was primarily driven by the decrease in total interest income (including PIK) of $10.5 million. The decrease in total interest income (including PIK) was primarily due to a decrease in the yield from second lien secured debt. This was partially offset by an increase in prepayment fees and income recognized from the acceleration of discount, premium, or deferred fees on repaid investments, which totaled $2.3 million for the six months ended September 30, 2020 and $4.8 million for the for the six months ended September 30, 2021. The $0.7 million increase in dividend income was primarily due to a increase in dividends received from MSEA Tankers LLC. Furthermore, there was an increase in other income of $1.6 million due to higher amendment fees and bridge fees.
Net Expenses
For the three months ended September 30, 2021 as compared to the three months ended September 30, 2020
The increase in net expenses for the three months ended September 30, 2021 compared to the three months ended September 30, 2020 was primarily due to the increase in management and performance-based incentive fees. The increase of $5.0 million in management and performance-based incentive fees was due to an increase in performance based incentive fees and an increase in the investment portfolio. Furthermore, there was an increase in interest and other debt expenses which was attributed to an increase in total annualized cost of debt from 3.30% for the three months ended September 30, 2020 to 3.60% for the three months ended September 30, 2021. This was partially offset by a decrease in the average debt outstanding and net leverage from $1.66 billion and 1.56x, respectively during the three months ended September 30, 2020, to $1.54 billion and 1.51x, respectively during the three months ended September 30, 2021.
For the six months ended September 30, 2021 as compared to the six months ended September 30, 2020
The increase in net expenses for the six months ended September 30, 2021 compared to the six months ended September 30, 2020 was primarily due to the increase in management and performance-based incentive fees. The increase of $4.3 million in management and performance-based incentive fees was due to an increase in performance based incentive fees and an increase in the investment portfolio. Furthermore there was a decrease in interest and other debt expenses, which was attributed to a decrease in the average debt outstanding and net leverage, from $1.73 billion and 1.56x, respectively during the six months ended September 30, 2020, to $1.50 billion and 1.51x, respectively during the six months ended September 30, 2021. This was partially offset by an increase in the total annualized cost of debt from 3.36% for the six months ended September 30, 2020 to 3.54% for the six months ended September 30, 2021.



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Net Realized Gains (Losses)
For the three months ended September 30, 2021 as compared to the three months ended September 30, 2020
During the three months ended September 30, 2021, we recognized gross realized gains of $3.1 million and gross realized losses of $67.9 million, resulting in net realized losses of $64.8 million. Significant realized gains (losses) for the three months ended September 30, 2021 are summarized below:
(in millions) Net Realized Gain (Loss)
Niacet Corporation $ 1.1 
Spotted Hawk (44.4)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (20.9)

During the three months ended September 30, 2020, we recognized gross realized gains of $0.7 million and gross realized losses of $3.7 million, resulting in net realized losses of $3.0 million. Significant realized gains (losses) for the three months ended September 30, 2020 are summarized below:
(in millions) Net Realized Gain (Loss)
KLO Holdings, LLC $ (3.7)

For the six months ended September 30, 2021 as compared to the six months ended September 30, 2020
During the six months ended September 30, 2021, we recognized gross realized gains of $3.4 million and gross realized losses of $68.1 million, resulting in net realized losses of $64.7 million. Significant realized gains (losses) for the six months ended September 30, 2021 are summarized below:
(in millions) Net Realized Gain (Loss)
Niacet Corporation $ 1.1 
Spotted Hawk (44.4)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (20.9)


During the six months ended September 30, 2020, we recognized gross realized gains of $0.9 million and gross realized losses of $12.3 million, resulting in net realized losses of $11.4 million. Significant realized gains (losses) for the six months ended September 30, 2020 are summarized below:
(in millions) Net Realized Gain (Loss)
ZPower, LLC $ (6.1)
KLO Holdings, LLC (3.7)

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Net Change in Unrealized Gains (Losses)
For the three months ended September 30, 2021 as compared to the three months ended September 30, 2020
During the three months ended September 30, 2021, we recognized gross unrealized gains of $81.8 million and gross unrealized losses of $12.8 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $69.0 million. Significant changes in unrealized gains (losses) for the three months ended September 30, 2021 are summarized below:
(in millions) Net Change in Unrealized Gain (Loss)
Spotted Hawk $ 40.1 
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) 22.7 
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) 9.1 
Sequential Brands Group, Inc. 1.2 
Dynamic Product Tankers (Prime), LLC (4.0)
MSEA Tankers LLC (2.3)
Niacet Corporation (1.3)
NFA Group (1.1)

During the three months ended September 30, 2020, we recognized gross unrealized gains of $34.3 million and gross unrealized losses of $26.0 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $8.4 million. Significant changes in unrealized gains (losses) for the three months ended September 30, 2020 are summarized below:
(in millions) Net Change in Unrealized Gain (Loss)
KLO Holdings, LLC $ 6.3 
NFA Group 1.9 
CARE Fertility 1.1 
PIB Group 1.1 
GoHealth 1.0 
ProPharma 1.0 
Merx Aviation Finance, LLC (5.9)
Spotted Hawk (4.7)
Paper Source (1.7)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (1.2)
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For the six months ended September 30, 2021 as compared to the six months ended September 30, 2020
During the six months ended September 30, 2021, we recognized gross unrealized gains of $97.3 million and gross unrealized losses of $21.6 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized gains of $75.7 million. Significant changes in unrealized gains (losses) for the six months ended September 30, 2021 are summarized below:
(in millions) Net Change in Unrealized Gain (Loss)
Spotted Hawk $ 41.2 
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) 18.9 
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) 18.7 
Paper Source 3.0 
Sequential Brands Group, Inc. 1.2 
US Legal Support 1.1 
Dynamic Product Tankers (Prime), LLC (9.4)
Ambrosia Buyer Corp. (2.5)
MSEA Tankers LLC (2.5)
Niacet Corporation (1.1)
NFA Group (1.0)

During the six months ended September 30, 2020, we recognized gross unrealized gains of $55.3 million and gross unrealized losses of $63.7 million, including the impact of transferring unrealized to realized gains (losses), resulting in net change in unrealized losses of $8.4 million. Significant changes in unrealized gains (losses) for the six months ended September 30, 2020 are summarized below:
(in millions) Net Change in Unrealized Gain (Loss)
KLO Holdings, LLC $ 6.4 
ZPower, LLC 4.8 
NFA Group 2.3 
CT Technologies Intermediate Holdings, Inc 1.8 
PIB Group 1.5 
McLarens 1.4 
Arlington 1.4 
CARE Fertility 1.3 
GoHealth 1.3 
ProPharma 1.2 
Merx Aviation Finance, LLC (10.2)
Dynamic Product Tankers (Prime), LLC (9.5)
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) (9.1)
Spotted Hawk (5.2)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (4.4)
ChyronHego Corporation (2.5)
Paper Source (2.5)
Garden Fresh (2.4)
Solarplicity Group Limited (f/k/a AMP Solar UK) (1.4)
Learfield Communications (1.2)
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Liquidity and Capital Resources
The Company’s liquidity and capital resources are generated and generally available through periodic follow-on equity and debt offerings, our Senior Secured Facility (as defined in Note 6 to the financial statements), our senior secured notes, our senior unsecured notes, investments in special purpose entities in which we hold and finance particular investments on a non-recourse basis, as well as from cash flows from operations, investment sales of liquid assets and repayments of senior and subordinated loans and income earned from investments.
We believe that our current cash and cash equivalents on hand, our short-term investments, our available borrowing capacity under our Senior Secured Facility and our anticipated cash flows from operations will be adequate to meet our cash needs for our daily operations for at least the next twelve months. This "Liquidity and Capital Resources" section should be read in conjunction with "COVID-19 Developments" section above.
Cash Equivalents
The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the financial statements.) At the end of each fiscal quarter, we consider taking proactive steps utilizing cash equivalents with the objective of enhancing our investment flexibility during the following quarter, pursuant to Section 55 of the 1940 Act. More specifically, we may purchase U.S. Treasury bills from time-to-time on the last business day of the quarter and typically close out that position on the following business day, settling the sale transaction on a net cash basis with the purchase, subsequent to quarter end. Apollo Investment may also utilize repurchase agreements or other balance sheet transactions, including drawing down on our Senior Secured Facility, as we deem appropriate. The amount of these transactions or such drawn cash for this purpose is excluded from total assets for purposes of computing the asset base upon which the management fee is determined.
Debt
See Note 6 to the financial statements for information on the Company’s debt.
The following table shows the contractual maturities of our debt obligations as of September 30, 2021:
Payments Due by Period
(in millions) Total Less than 1 Year 1 to 3 Years 3 to 5 Years More than 5 Years
Senior Secured Facility (1) $ 1,128.1  $ —  $ —  $ 1,128.1  $ — 
2025 Notes 350.0  —  —  350.0  — 
2026 Notes 125.0  —  —  125.0  — 
Total Debt Obligations $ 1,603.1  $ —  $ —  $ 1,603.1  $ — 
____________________
(1)As of September 30, 2021, aggregate lender commitments under the Senior Secured Facility totaled $1.81 billion and $681.8 million of unused capacity. As of September 30, 2021, there were $0.2 million of letters of credit issued under the Senior Secured Facility as shown as part of total commitments in Note 8 to the financial statements.
Stockholders’ Equity
See Note 7 to the financial statements for information on the Company’s public offerings and share repurchase plans.
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Distributions
Distributions paid to stockholders during the three and six months ended September 30, 2021 totaled $23.4 million ($0.36 per share) and $46.9 million ($0.72 per share), respectively. Distributions paid to stockholders during the three and six months ended September 30, 2020 totaled $29.3 million ($0.45 per share) and $58.7 million ($0.90 per share), respectively. For income tax purposes, distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. Although the tax character of distributions paid to stockholders through September 30, 2021 may include return of capital, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file our tax return for the tax year ended March 31, 2022. Tax characteristics of all distributions will be reported to stockholders on Form 1099 after the end of the calendar year. Our quarterly distributions, if any, will be determined by our Board of Directors.
To maintain our RIC status, we must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. Although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment. Currently, we have substantial net capital loss carryforwards and consequently do not expect to generate cumulative net capital gains in the foreseeable future.
We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, then stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends.
We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, due to the asset coverage test applicable to us as a BDC, we may in the future be limited in our ability to make distributions. Also, our revolving credit facility may limit our ability to declare dividends if we default under certain provisions or fail to satisfy certain other conditions. If we do not distribute a certain percentage of our income annually, we may suffer adverse tax consequences, including possible loss of the tax benefits available to us as a RIC. In addition, in accordance with GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as contractual PIK, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may not be able to meet the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC.
With respect to the distributions to stockholders, income from origination, structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income and accordingly, distributed to stockholders.
PIK Income
For the three and six months ended September 30, 2021, PIK income totaled $0.9 million and $2.5 million on total investment income of $52.9 million and $103.4 million respectively. For the three and six months ended September 30, 2020, PIK income totaled $0.9 million and $2.8 million on total investment income of $54.9 million and $111.6 million respectively. In order to maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders annually in the form of distributions, even though the Company has not yet collected the cash. See Note 5 to the financial statements for more information on the Company’s PIK income.
Related Party Transactions
See Note 3 to the financial statements for information on the Company’s related party transactions.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates and the valuations of our investment portfolio. Uncertainty with respect to the economic effects of the COVID-19 outbreak has introduced significant volatility in the financial markets, and the effects of this volatility could materially impact our market risks, including those listed below. For additional information concerning the COVID-19 pandemic and its potential impact on our business and our operating results, see Part II - Other information, Item 1A. Risk Factors.
Investment valuation risk
Because there is not a readily available market value for most of the investments in our portfolio, we value all of our portfolio investments at fair value as determined in good faith by our board of directors based on, among other things, the input of our management and audit committee and independent valuation firms that have been engaged at the direction of our board of directors to assist in the valuation of each portfolio investment without a readily available market quotation (with certain de minimis exceptions). Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and “—Fair Value Measurements” as well as Notes 2 and 5 to our financial statements for the three and six months ended September 30, 2021, for more information relating to our investment valuation.

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

As of September 30, 2021, all of our debt portfolio investments bore interest at variable rates, which generally are LIBOR-based (or based on an equivalent applicable currency rate) and typically have durations of one to six months after which they reset to current market interest rates, and many of which are subject to certain floors. Further, our Senior Secured Facility bears interest at LIBOR rates with no interest rate floors, while the 2025 Notes bears interest at a fixed rate. On July 27, 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. Please see Part 1 of our annual report on Form 10-k for the year ended March 31, 2021, “Item 1A. Risk Factors—Risks Relating to the Current Environment—Uncertainty relating to the LIBOR calculation process may adversely affect the value of our portfolio of the LIBOR-indexed, floating-rate debt securities in our portfolio or the cost of our borrowings”

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


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The following table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for variable rate instruments) to our loan portfolio and outstanding debt as of September 30, 2021, assuming no changes in our investment and borrowing structure:
Basis Point Change
Net Investment Income Net Investment Income Per Share
Up 200 basis points $ 1.6   million $ 0.024 
Up 100 basis points (5.5)  million (0.084)
Up 50 basis points (3.7)  million (0.057)
Down 25 basis points 0.8   million 0.012 
We may hedge against interest rate fluctuations from time-to-time by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio of investments.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As of September 30, 2021 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.
Changes in Internal Control Over Financial Reporting
Management has not identified any change in the Company’s internal control over financial reporting that occurred during the second fiscal quarter of 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we do not expect that the resolution of these matters if they arise would materially affect our business, financial condition or results of operations, resolution will be subject to various uncertainties and could result in the expenditure of significant financial and managerial resources.
On May 20, 2013, the Company was named as a defendant in a complaint by the bankruptcy trustee of DSI Renal Holdings and related companies (“DSI”). The complaint alleges, among other things, that the Company participated in a “fraudulent conveyance” involving a restructuring and subsequent sale of DSI in 2010 and 2011 and aided and abetted a breach of fiduciary duty. The complaint seeks, jointly and severally from all defendants, (1) damages of approximately $425 million plus interest, of which the Company’s share would be approximately $41 million plus interest, and the return of 9,000 shares of common stock of DSI obtained by the Company in the restructuring and sale and (2) punitive damages. On May 6, 2014, District Court Judge Andrews transferred the case to the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) to proceed as an adversary proceeding. On July 20, 2017, the Bankruptcy Court granted in part and denied in part the Company’s (and other defendants’) motion to dismiss the complaint.
Discovery concluded, and on April 30, 2019, defendants (including the Company) filed motions for partial summary judgment. On February 4, 2020, the Bankruptcy Court granted defendants’ summary judgment motion to cap exposure on fraudulent transfer claims at the amount of creditor claims in the estate; it denied as premature that motion with respect to common law claims. Defendants moved to reconsider that decision, which motion was denied. On March 30, 2020, the Bankruptcy Court granted two additional summary judgment motions relevant to the Company. With respect to the first motion, the court held that the trustee could not recover from defendants value that was never property of the debtor. With respect to the second motion, the Bankruptcy Court held that the trustee could not recover from defendants payments that were made on account of debt. On December 2, 2020, the Bankruptcy Court granted certain defendants’ motion for summary judgment on aiding and abetting breach of fiduciary duty, dismissing those claims against the Company. Claims of actual and constructive fraudulent transfer under the federal Bankruptcy Code and Delaware state law remained pending against the Company and its co‑defendants. The trustee appealed that decision, as well as other summary judgment decisions. On January 12, 2021, following a status conference, District Court Judge Andrews withdrew his reference of the adversary proceeding to the bankruptcy court and scheduled a trial in April 2022. Judge Andrews held that Defendants could brief the issues of whether (1) the claims adjudication process should precede trial, and (2) the trustee is entitled to a jury trial. Those issues were fully briefed, but were not decided.
On November 27, 2019, Healthclaim Recovery LLC ("Healthclaim") (an entity formed by the adversary proceeding defendants, including the Company) filed objections to two creditors' claims. On January 9, 2020, the two creditors whose claims Healthclaim objected to and the Trustee filed motions to stay the Court's consideration of Healthclaim's objections. On February 25, 2020, the Bankruptcy Court heard oral argument on the motions to stay and granted the creditors’ and Trustee’s motions and stayed consideration of Healthclaim’s objections. On June 21, 2021, following the settlement discussed below, Healthclaim withdrew its objections with prejudice. On September 15, 2021, Healthclaim was dissolved by unanimous written consent of its members.

Following a mediation on April 6-8, 2021, the parties executed a global settlement agreement on April 8, 2021 to settle all the claims in the litigation. On April 8, 2021, the parties notified the Bankruptcy Court and District Court that the parties had agreed to settle the claims in the litigation and that a settlement agreement would be submitted to the Bankruptcy Court for approval, and requested that the litigation in the adversary proceeding and related appeals pending in the District Court be held in abeyance pending that process. On April 13, 2021, the Trustee filed a motion in the Bankruptcy Court for approval of the settlement agreement. The Bankruptcy Court approved that motion on May 3, 2021. The Company made its settlement payment to the trustee on June 15, 2021. On June 23, 2021, the parties filed joint stipulations to dismiss the adversary proceeding and bankruptcy appeals with prejudice, and Judge Andrews so-ordered the stipulations the same day. This matter is now finally concluded.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended March 31, 2021, which could materially affect our business, financial condition and/or operating results. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Unregistered Sales of Equity Securities
None.
Issuer Purchases of Equity Securities
The Company adopted the following plans, approved by the Board of Directors, for the purpose of repurchasing its common stock in accordance with applicable rules specified in the 1934 Act (the “Repurchase Plans”):
Date of Agreement/Amendment Maximum Cost of Shares That May Be Repurchased Cost of Shares Repurchased Remaining Cost of Shares That May Be Repurchased
August 6, 2015 $ 50.0   million $ 50.0   million $ — 
December 14, 2015 50.0   million 50.0   million — 
September 14, 2016 50.0   million 50.0   million — 
October 30, 2018 50.0   million 50.0   million — 
February 6, 2019 50.0   million 31.0   million 19.0   million
Total as of September 30, 2021 $ 250.0   million $ 231.0   million $ 19.0   million
The Repurchase Plans were designed to allow the Company to repurchase its shares both during its open window periods and at times when it otherwise might be prevented from doing so under applicable insider trading laws or because of self-imposed trading blackout periods. A broker selected by the Company will have the authority under the terms and limitations specified in an agreement with the Company to repurchase shares on the Company’s behalf in accordance with the terms of the Repurchase Plans. Repurchases are subject to SEC regulations as well as certain price, market volume and timing constraints specified in the Repurchase Plans. Pursuant to the Repurchase Plans, the Company may from time to time repurchase a portion of its shares of common stock and the Company is hereby notifying stockholders of its intention as required by applicable securities laws.




























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Under the Repurchase Plans described above, the Company allocated the following amounts to be repurchased in accordance with SEC Rule 10b5-1 (the “10b5-1 Repurchase Plans”):
Effective Date Termination Date Amount Allocated to 10b5-1 Repurchase Plans
September 15, 2015 November 5, 2015 $ 5.0   million
January 1, 2016 February 5, 2016 10.0   million
April 1, 2016 May 19, 2016 5.0   million
July 1, 2016 August 5, 2016 15.0   million
September 30, 2016 November 8, 2016 20.0   million
January 4, 2017 February 6, 2017 10.0   million
March 31, 2017 May 19, 2017 10.0   million
June 30, 2017 August 7, 2017 10.0   million
October 2, 2017 November 6, 2017 10.0   million
January 3, 2018 February 8, 2018 10.0   million
June 18, 2018 August 9, 2018 10.0   million
September 17, 2018 October 31, 2018 10.0   million
December 12, 2018 February 7, 2019 10.0   million
February 25, 2019 May 17, 2019 25.0   million
March 18, 2019 May 17, 2019 10.0   million
June 4, 2019 August 7, 2019 25.0   million
June 17, 2019 August 7, 2019 20.0   million
September 16, 2019 November 6, 2019 20.0   million
December 6, 2019 February 5, 2020 25.0   million
December 16, 2019 February 5, 2020 15.0   million
March 12, 2020 March 19, 2020 20.0   million
March 30, 2021 May 21, 2021 10.0   million
June 16, 2021 November 5, 2021 10.0   million
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The following table presents information with respect to the Company’s purchases of its common stock since adoption of the Repurchase Plans through September 30, 2021:
Month Total Number of Shares Purchased Average Price Paid Per Share* Total Number of Shares Purchased as Part of Publicly Announced Plans Maximum Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans
August 2015 510,000  $ 19.71  510,000  $ 40.0   million
September 2015 603,466  18.46  603,466  28.8   million
November 2015 1,116,666  18.10  1,116,666  8.6   million
December 2015 627,443  17.58  627,443  47.6   million
January 2016 670,708  14.91  670,708  37.6   million
June 2016 362,933  16.73  362,933  31.5   million
July 2016 16,491  16.53  16,491  31.2   million
August 2016 596,294  17.67  596,294  20.7   million
September 2016 411,523  18.13  411,523  63.2   million
October 2016 527,417  17.82  527,417  53.8   million
November 2016 239,289  17.45  239,289  49.6   million
August 2017 33,333  17.96  33,333  49.0   million
September 2017 186,767  17.98  186,767  45.7   million
October 2017 144,867  17.96  144,867  43.1   million
November 2017 64,500  17.79  64,500  41.9   million
December 2017 50,100  17.89  50,100  41.0   million
January 2018 577,386  17.32  577,386  31.0   million
February 2018 70,567  16.23  70,567  29.9   million
May 2018 263,667  17.12  263,667  25.4   million
June 2018 198,601  16.94  198,601  22.0   million
July 2018 8,867  16.75  8,867  21.9   million
August 2018 502,767  17.11  502,767  13.3   million
September 2018 444,467  16.54  444,467  5.9   million
October 2018 160,800  16.46  160,800  53.3   million
November 2018 595,672  15.81  595,672  43.9   million
December 2018 741,389  13.49  741,359  33.9   million
February 2019 19,392  15.16  19,392  83.6   million
March 2019 291,426  15.40  291,426  79.1   million
April 2019 44,534  15.23  44,534  78.4   million
May 2019 298,026  15.93  298,026  73.6   million
June 2019 607,073  15.97  607,073  63.9   million
July 2019 89,610  16.10  89,610  62.5   million
August 2019 758,020  16.15  758,020  50.3   million
September 2019 32,371  16.26  32,371  49.7   million
October 2019 495,464  15.65  495,464  42.0   million
November 2019 6,147  15.91  6,147  41.9   million
March 2020 1,286,565  11.62  1,286,565  26.9   million
May 2021 145,572  13.92  145,572  24.9   million
July 2021 44,418  13.46  44,418  24.3   million
August 2021 45,675  13.32  45,675  23.7   million
September 2021 360,860  13.02  360,860  19.0   million
Total 14,251,133  $ 16.21  14,251,103 
________________
* The average price per share is inclusive of commissions.



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Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
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Item 6. Exhibits
(a)    Exhibits
3.1(a)
3.1(b)
3.1(c)
3.1(d)
3.2
31.1
31.2
32.1
_________________________
*Filed herewith.
(1)Incorporated by reference from the Registrant’s pre-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, as Form N-2, filed on June 20, 2005.
(2)Incorporated by reference from the Registrant’s post-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2, filed on August 14, 2006.
(3)Incorporated by reference to Exhibit 3.2 as applicable, to the Registrant’s Form 8-K, filed on May 18, 2018.
(4)Incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on December 3, 2018.
(5)Incorporated by reference to Exhibit 3.1 to the Registrant’s Form 8-K, filed on July 22, 2019.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 4, 2021.
APOLLO INVESTMENT CORPORATION
By:
/s/ HOWARD WIDRA
Howard Widra
Chief Executive Officer
By:
/s/ GREGORY W. HUNT
Gregory W. Hunt
Chief Financial Officer and Treasurer
By:
/s/ AMIT JOSHI
Amit Joshi
Chief Accounting Officer and Assistant Treasurer

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