10-Q 1 ainv2022q310-q.htm 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2021
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 814-00646
APOLLO INVESTMENT CORPORATION
(Exact name of Registrant as specified in its charter)
Maryland52-2439556
(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 classTrading symbol(s)Name of each exchange on which registered
Common Stock, $0.001 par valueAINVNASDAQ 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 filerxAccelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
(Do not check if a smaller reporting company)
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ¨  No x
The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 2, 2022 was 63,647,240




APOLLO INVESTMENT CORPORATION
Table of Contents
Page
PART I. FINANCIAL INFORMATION
Item 1.
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I. FINANCIAL INFORMATION
In this report, the terms the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” and “our” refer to Apollo Investment Corporation unless the context specifically states otherwise.
Item 1. Financial Statements

APOLLO INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share and per share data)
December 31, 2021March 31, 2021
(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,017,543 and $1,871,073, respectively)$1,994,935 $1,844,627 
Non-controlled/affiliated investments (cost — $130,890 and $133,428, respectively)67,345 50,874 
Controlled investments (cost — $643,917 and $711,898, respectively)532,563 553,650 
Cash and cash equivalents22,367 50,180 
Foreign currencies (cost — $12,024 and $4,462, respectively)
12,100 4,444 
Receivable for investments sold851 1,351 
Interest receivable12,185 13,135 
Dividends receivable4,751 3,793 
Deferred financing costs18,187 21,528 
Prepaid expenses and other assets932 907 
Total Assets$2,666,216 $2,544,489 
Liabilities
Debt$1,587,376 $1,465,371 
Distributions payable22,999 23,493 
Management and performance-based incentive fees payable14,568 8,666 
Interest payable9,363 2,096 
Accrued administrative services expense416 794 
Other liabilities and accrued expenses7,218 7,739 
Total Liabilities$1,641,940 $1,508,159 
Commitments and contingencies (Note 8)
Net Assets$1,024,276 $1,036,330 
Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 63,707,845 and 65,259,176 shares issued and outstanding, respectively)$63 $65 
Capital in excess of par value2,079,530 2,099,876 
Accumulated under-distributed (over-distributed) earnings(1,055,317)(1,063,611)
Net Assets$1,024,276 $1,036,330 
Net Asset Value Per Share$16.08 $15.88 
See notes to financial statements.
1

APOLLO INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)$42,466 $44,097 $121,560 $137,273 
Dividend income161 753 558 753 
PIK interest income629 1,627 2,421 4,025 
Other income1,575 1,246 3,756 1,792 
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)49 61 143 73 
Dividend income310 323 959 1,000 
PIK interest income19 — 53 — 
Other income— — — — 
Controlled investments:
Interest income (excluding PIK interest income)9,430 6,257 25,928 18,589 
Dividend income— — 2,059 1,691 
PIK interest income334 — 977 728 
Other income— — — — 
Total Investment Income$54,973 $54,364 $158,414 $165,924 
Expenses
Management fees$9,232 $8,957 $27,203 $27,743 
Performance-based incentive fees5,367 — 10,638 — 
Interest and other debt expenses14,133 13,213 40,740 42,450 
Administrative services expense1,441 1,201 4,426 3,590 
Other general and administrative expenses2,410 2,813 6,742 8,036 
Total expenses32,583 26,184 89,749 81,819 
Management and performance-based incentive fees waived— — — — 
Performance-based incentive fee offset(31)— (178)— 
Expense reimbursements(77)(77)(229)(286)
Net Expenses$32,475 $26,107 $89,342 $81,533 
Net Investment Income$22,498 $28,257 $69,072 $84,391 
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments$(582)$(6,196)$2,221 $(14,235)
Non-controlled/affiliated investments— (632)541 (4,285)
Controlled investments— — (65,300)— 
Foreign currency transactions(59)117 (2,808)393 
Net realized gains (losses)(641)(6,711)(65,346)(18,127)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments(1,771)25,716 3,839 57,965 
Non-controlled/affiliated investments1,575 5,193 19,008 2,187 
Controlled investments(901)(10,447)46,894 (39,465)
Foreign currency translations(219)(8,842)4,658 (17,502)
Net change in unrealized gains (losses)(1,316)11,620 74,399 3,185 
Net Realized and Change in Unrealized Gains (Losses)$(1,957)$4,909 $9,053 $(14,942)
Net Increase (Decrease) in Net Assets Resulting from Operations$20,541 $33,166 $78,125 $69,449 
Earnings (Loss) Per Share — Basic$0.32 $0.51 $1.21 $1.06 

See notes to financial statements.

2


APOLLO INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(In thousands, except share data)
Three Months Ended December 31,Nine Months Ended December 31,
2021202020212020
Operations
Net investment income$22,498 $28,257 $69,072 $84,391 
Net realized gains (losses)(641)(6,711)(65,346)(18,127)
Net change in unrealized gains (losses)(1,316)11,620 74,399 3,185 
Net Increase (Decrease) in Net Assets Resulting from Operations$20,541 $33,166 $78,125 $69,449 
Distributions to Stockholders
Distribution of net investment income$(22,999)$(23,493)$(69,849)$(76,353)
Distribution of return of capital— — — — 
Net Decrease in Net Assets Resulting from Distributions to Stockholders$(22,999)$(23,493)$(69,849)$(76,353)
Capital Share Transactions
Repurchase of common stock$(12,399)$— $(20,330)$— 
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions$(12,399)$— $(20,330)$— 
Net Assets
Net increase (decrease) in net assets during the period$(14,857)$9,673 $(12,054)$(6,904)
Net assets at beginning of period1,039,133 1,007,738 1,036,330 1,024,315 
Net Assets at End of Period$1,024,276 $1,017,411 $1,024,276 $1,017,411 
Capital Share Activity
Shares repurchased during the period(954,806)— (1,551,331)— 
Shares issued and outstanding at beginning of period64,662,651 65,259,176 65,259,176 65,259,176 
Shares Issued and Outstanding at End of Period63,707,845 65,259,176 63,707,845 65,259,176 

See notes to financial statements.

3


APOLLO INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Nine Months Ended December 31,
20212020
Operating Activities
Net increase (decrease) in net assets resulting from operations$78,125 $69,449 
Net realized (gains) losses65,346 18,127 
Net change in unrealized (gains) losses(74,399)(3,185)
Net amortization of premiums and accretion of discounts on investments(6,868)(8,699)
Accretion of discount on notes533 447 
Amortization of deferred financing costs3,883 3,798 
Increase in gains/(losses) from foreign currency transactions(2,802)408 
PIK interest and dividends capitalized(3,715)(4,901)
Changes in operating assets and liabilities:
Purchases of investments(920,807)(400,822)
Proceeds from sales and repayments of investments793,394 720,614 
Decrease (increase) in interest receivable950 4,511 
Decrease (increase) in dividends receivable(958)1,550 
Decrease (increase) in prepaid expenses and other assets(25)(534)
Increase (decrease) in management and performance-based incentive fees payable5,902 (1,332)
Increase (decrease) in interest payable7,267 3,482 
Increase (decrease) in accrued administrative services expense(378)(293)
Increase (decrease) in other liabilities and accrued expenses(521)838 
Net Cash Used in/Provided by Operating Activities$(55,073)$403,458 
Financing Activities
Issuances of debt$430,005 $80,481 
Payments of debt(304,177)(381,823)
Financing costs paid and deferred(333)(10,171)
Repurchase of common stock(20,330)— 
Distributions paid(70,343)(82,227)
Net Cash Used in/Provided by Financing Activities$34,822 $(393,740)
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period$(20,251)$9,718 
Effect of foreign exchange rate changes on cash and cash equivalents94 780 
Cash, cash equivalents and foreign currencies at beginning of period54,624 43,676 
Cash, Cash Equivalents and Foreign Currencies at the End of Period$34,467 $54,174 
Supplemental Disclosure of Cash Flow Information
Cash interest paid$29,057 $34,755 
Non-Cash Activity
PIK income$3,451 $4,753 

See notes to financial statements.

4

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition CompanyFirst Lien Secured DebtL+625, 1.00% Floor12/30/26$30,875 $22,411 $22,566 (9)(21)(23)
(26)(28)
First Lien Secured Debt - RevolverL+625, 1.00% Floor12/30/262,190(18)(22)(8)(9)(21)
(23)
KL Charlie Co-Invest, L.P.Common Equity - Common StockN/AN/A218,978 Shares219 344 (9)(13)
22,612 22,888 
Hero Digital
HRO (Hero Digital) Holdings, LLCFirst Lien Secured DebtL+600, 1.00% Floor11/18/2827,23419,111 19,303 (9)(21)(23)
(26)
First Lien Secured Debt - RevolverL+600, 1.00% Floor11/18/262,553(50)(26)(8)(9)(20)
(21)(23)
HRO Holdings I LPCommon Equity - Common StockN/AN/A213 Shares213 213 (9)(13)(25)
19,274 19,490 
Total Advertising, Printing & Publishing$41,886 $42,378 
Aerospace & Defense
Erickson Inc
Erickson IncFirst Lien Secured Debt - RevolverL+750, 1.50% Floor04/28/22$32,250 $20,722 $20,446 (9)(20)(21)
(23)(28)
First Lien Secured Debt - Revolver13.50%04/28/223,7503,750 3,713 (9)(23)
Total Aerospace & Defense$24,472 $24,159 
Automotive
Club Car Wash
Club Car Wash Operating, LLCFirst Lien Secured DebtL+650, 1.00% Floor06/16/27$29,982 $20,400 $20,493 (9)(21)(23)
(29)
First Lien Secured Debt - RevolverL+650, 1.00% Floor06/16/272,4382,398 2,406 (9)(23)(29)
22,798 22,899 
Crowne Automotive
Vari-Form Group, LLCFirst Lien Secured Debt11.00% (7.00% Cash plus 4.00% PIK)02/02/235,860893 293 (9)(14)
Vari-Form Inc.First Lien Secured Debt11.00% (7.00% Cash plus 4.00% PIK)02/02/232,110391 105 (9)(14)
1,284 398 
K&N Parent, Inc.
K&N Parent, Inc.Second Lien Secured DebtL+875, 1.00% Floor10/21/2423,76523,583 21,507 (28)
Truck-Lite Co., LLC
TL Lighting Holdings, LLCCommon Equity - EquityN/AN/A350 Shares350 406 (9)(13)
Truck-Lite Co., LLCFirst Lien Secured DebtL+625, 1.00% Floor12/14/2631,36329,709 29,602 (9)(21)(23)
(27)(28)
First Lien Secured Debt - RevolverL+625, 1.00% Floor12/13/243,052(29)(35)(8)(9)(20)
(21)(23)
30,030 29,973 
Total Automotive$77,695 $74,777 
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)First Lien Secured Debt - Revolver10.00%10/31/23$275,177 $275,000 $275,000 (20)(23)
Common Equity - Membership InterestsN/AN/AN/A35,800 43,241 (25)
310,800 318,241 
Primeflight
PrimeFlight Aviation Services, Inc.First Lien Secured DebtL+625, 1.00% Floor05/09/2417,38417,186 17,281 (9)(26)
Total Aviation and Consumer Transport$327,986 $335,522 

See notes to financial statements.

5

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
Beverage, Food & Tobacco
Berner Foods
Berner Food & Beverage, LLCFirst Lien Secured DebtL+650, 1.00% Floor07/30/27$31,041 $30,375 $30,886 (9)(29)
First Lien Secured Debt - RevolverL+650, 1.00% Floor07/30/262,247529 565 (9)(21)(23)
(29)
First Lien Secured Debt - RevolverP+55007/30/26634621 631 (9)(23)(34)
31,525 32,082 
Bolthouse Farms
Wm. Bolthouse Farms, Inc.Common Equity - Common StockN/AN/A1,000,000 Shares1,001 990 (13)
Hive
FCP-Hive Holdings, LLCPreferred Equity - Preferred EquityN/AN/A589 Shares448 475 (9)(13)(25)
Common Equity - Common StockN/AN/A589 Shares50 (9)(13)(25)
Hive Intermediate, LLCFirst Lien Secured DebtL+600, 1.00% Floor09/22/2717,16616,849 16,995 (9)(26)
First Lien Secured Debt - RevolverL+600, 1.00% Floor09/22/272,326422 442 (9)(21)(23)
(26)
17,722 17,962 
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.Common Equity - Membership InterestsN/AN/A1,000,000 Shares1,005 1,000 
Rise Baking
Ultimate Baked Goods Midco LLCFirst Lien Secured DebtL+625, 1.00% Floor08/13/2726,75726,121 26,096 (9)(29)
First Lien Secured Debt - RevolverL+625, 1.00% Floor08/13/273,2431,626 1,623 (9)(20)(21)
(23)(28)(29)
27,747 27,719 
TNT Crust LLC
TNT Crust LLCFirst Lien Secured DebtL+675, 1.00% Floor11/06/2321,65521,406 21,113 (9)(28)
First Lien Secured Debt - RevolverL+675 Cash plus 1.00% PIK, 1.00% Floor11/06/233,2523,069 3,011 (9)(21)(23)
(28)(29)
Common Equity - Series A UnitsN/AN/A244 Shares30 136 (9)(13)
24,505 24,260 
Turkey Hill
IC Holdings LLCCommon Equity - Series A UnitsN/AN/A169 Shares169 273 (9)(13)
THLP CO. LLCFirst Lien Secured DebtL+600, 1.00% Floor05/31/2525,12424,811 24,369 (9)(26)
First Lien Secured Debt - RevolverP+50005/31/244,4942,878 2,787 (9)(20)(21)
(23)(34)
27,858 27,429 
Total Beverage, Food & Tobacco$131,363 $131,442 
Business Services
Access Information
Access CIG, LLCSecond Lien Secured DebtL+775, 0.00% Floor02/27/26$15,900 $15,820 $15,764 (26)
AlpineX
Alpinex Opco, LLCFirst Lien Secured DebtL+600, 1.00% Floor12/27/2716,38311,633 11,632 (9)(21)(23)
(28)
First Lien Secured Debt - RevolverL+600, 1.00% Floor12/27/271,117(22)(22)(8)(9)(21)
(23)
11,611 11,610 
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.Second Lien Secured Debt9.00%08/28/2521,42919,069 5,657 (14)

See notes to financial statements.

6

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
AML Rightsource
Gabriel Partners, LLCFirst Lien Secured DebtL+600, 1.00% Floor09/21/2631,53130,951 31,291 (9)(29)
First Lien Secured Debt - RevolverL+625, 1.00% Floor09/21/26665(14)(5)(8)(9)(21)
(23)
30,937 31,286 
Claritas
Claritas, LLCFirst Lien Secured DebtL+575, 1.00% Floor12/21/233,6713,656 3,635 (9)(26)
First Lien Secured Debt - RevolverL+575, 1.00% Floor12/21/231,03173 67 (9)(21)(23)
(26)
3,729 3,702 
Continuum
Continuum Global Solutions, LLCFirst Lien Secured Debt - RevolverL+550, 1.00% Floor10/29/2420,00011,728 11,463 (9)(21)(23)
(26)
Preferred Equity - Preferred EquityN/AN/A775 Shares78 78 (9)(13)
11,806 11,541 
Electro Rent Corporation
Electro Rent CorporationSecond Lien Secured DebtL+900, 1.00% Floor01/31/2534,23533,764 34,064 (9)(28)
Elo Touch
TGG TS Acquisition CompanyFirst Lien Secured Debt - RevolverL+650, 0.00% Floor12/14/231,750250 216 (21)(23)(26)
Ensemble Health
EHL Merger Sub, LLCFirst Lien Secured Debt - RevolverL+325, 0.00% Floor08/01/244,155(198)(119)(8)(21)(23)
Jacent
Jacent Strategic MerchandisingFirst Lien Secured DebtL+625, 1.00% Floor04/23/2422,14221,983 21,743 (9)(28)(29)
First Lien Secured Debt - RevolverL+625, 1.00% Floor04/23/243,5003,469 3,430 (9)(21)(23)
(28)(29)
Common Equity - Common StockN/AN/A5,000 Shares500 144 (9)(13)
JSM Equity Investors, L.P.Preferred Equity - Class P Partnership UnitsN/AN/A114 Shares11 11 (9)(13)
25,963 25,328 
Jones & Frank
JF Acquisition, LLCFirst Lien Secured DebtL+550, 1.00% Floor07/31/2413,23413,094 13,083 (9)(28)(30)
First Lien Secured Debt - RevolverL+550, 1.00% Floor07/31/241,5691,427 1,426 (9)(21)(23)
(28)(30)
14,521 14,509 
MAKS
Trident Bidco LimitedFirst Lien Secured DebtL+550, 1.00% Floor11/08/2533,68833,033 33,677 (9)(17)(29)
Naviga
Naviga Inc. (fka Newscycle Solutions, Inc.)First Lien Secured DebtL+700, 1.00% Floor12/29/2212,21312,130 12,183 (9)(28)
First Lien Secured Debt - RevolverL+700, 1.00% Floor12/29/22500277 279 (9)(21)(23)
(26)
12,407 12,462 
PSE
Graffiti Buyer, Inc.First Lien Secured DebtL+575, 1.00% Floor08/10/278,4355,686 5,653 (9)(21)(23)
(28)
First Lien Secured Debt - RevolverL+575, 1.00% Floor08/10/271,307215 213 (9)(21)(23)
(27)
Graffiti Parent, LPCommon Equity - Common StockN/AN/A2,439 Shares244 241 (9)(13)(25)
6,145 6,107 

See notes to financial statements.

7

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
PSI Services, LLC
Lifelong Learner Holdings, LLCFirst Lien Secured DebtL+575, 1.00% Floor10/19/2634,06233,587 32,430 (9)(28)(29)
First Lien Secured Debt - RevolverL+575, 1.00% Floor10/20/252,9852,945 2,861 (9)(21)(23)
(28)
36,532 35,291 
Soliant
Soliant Health, Inc.Common Equity - Membership InterestsN/AN/A300 Shares300 863 (9)
US Legal Support
US Legal Support Investment Holdings, LLCCommon Equity - Series A-1 UnitsN/AN/A631,972 Shares632 986 (9)(13)
USLS Acquisition, Inc.First Lien Secured DebtL+550, 1.00% Floor12/02/2424,06423,827 23,616 (9)(28)
First Lien Secured Debt - RevolverL+550, 1.00% Floor12/02/241,501200 186 (9)(20)(21)
(23)(28)
First Lien Secured Debt - RevolverP+475, 1.00% Floor12/02/24107106 105 (9)(23)(34)
24,765 24,893 
Total Business Services$280,454 $266,851 
Chemicals, Plastics & Rubber
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
Carbonfree Chemicals Holdings LLC (4)Common Equity - Common Equity / InterestN/AN/A2,354 Shares$46,295 $44,990 (3)(13)(16)
(25)
Carbonfree Chemicals SA LLC (4)Common Equity - Class B UnitsN/AN/A3,152 Shares32,434 — (3)(13)(16)
(25)
78,729 44,990 
Westfall Technik, Inc.
Westfall Technik, Inc.First Lien Secured DebtL+575, 1.00% Floor09/13/24$15,656 15,504 15,300 (9)(28)
First Lien Secured DebtL+625, 1.00% Floor09/13/245,6535,561 5,558 (9)(28)
First Lien Secured Debt - RevolverL+575, 1.00% Floor09/13/242,0192,001 1,973 (9)(23)(28)
23,066 22,831 
Total Chemicals, Plastics & Rubber$101,795 $67,821 
Construction & Building
Englert
Gutter Buyer, Inc.First Lien Secured DebtL+575, 1.00% Floor03/06/25$28,466 $28,140 $28,147 (9)(26)
First Lien Secured Debt - RevolverP+47503/06/242,727380 371 (9)(20)(21)
(23)(34)
Gutter Holdings, LPCommon Equity - Common StockN/AN/A500 Shares500 1,049 (9)
Total Construction & Building$29,020 $29,567 
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLCFirst Lien Secured Debt - RevolverL+450, 1.00% Floor03/10/25$1,505 $(87)$(54)(8)(21)(23)
KDC
KDC US HoldingsFirst Lien Secured Debt - RevolverL+325, 0.00% Floor12/21/236,0204,909 4,838 (20)(21)(23)
(26)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)First Lien Secured DebtL+500, 1.00% Floor09/30/252,9782,978 2,795 (17)(28)
First Lien Secured DebtL+500 PIK, 1.00% Floor09/30/251,0621,062 991 (17)(28)
Common Equity - Common StockN/AN/A1,000,032 Shares1,000 886 (13)(17)(19)
(25)
GSC Technologies Inc. (4)First Lien Secured DebtL+500 Cash plus 5.00% PIK, 1.00% Floor09/30/25211211 196 (17)(28)
5,251 4,868 

See notes to financial statements.

8

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
Liqui-Box
Liqui-Box Holdings, Inc.First Lien Secured Debt - RevolverL+450, 1.00% Floor02/26/253,2041,640 1,658 (20)(21)(23)
(28)
First Lien Secured Debt - RevolverP+350, 1.00% Floor02/26/25356354 356 (23)(34)
1,994 2,014 
NSi Industries
Wildcat BuyerCo, Inc.First Lien Secured DebtL+575, 1.00% Floor02/27/2615,77112,789 12,890 (21)(23)(28)
First Lien Secured Debt - RevolverL+575, 1.00% Floor02/27/26725(11)(17)(8)(21)(23)
Wildcat Parent LPCommon Equity - Common StockN/AN/A1,070 Shares107 160 (13)
12,885 13,033 
Sorenson Holdings, LLC
Sorenson Holdings, LLCCommon Equity - Membership InterestsN/AN/A587 Shares— 390 (10)(13)
Total Consumer Goods – Durable$24,952 $25,089 
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLCFirst Lien Secured Debt - RevolverL+500, 1.00% Floor05/31/24$2,219 $(28)$— (9)(21)(23)
Dan Dee
Project Comfort Buyer, Inc.First Lien Secured DebtL+700, 1.00% Floor02/01/2525,24324,852 24,304 (9)(28)
First Lien Secured Debt - RevolverL+700, 1.00% Floor02/01/243,4621,111 1,019 (9)(21)(23)
(26)
Preferred Equity - Preferred EquityN/AN/A461,538 Shares462 55 (9)(13)
26,425 25,378 
LashCo
Lash OpCo, LLCFirst Lien Secured DebtL+700, 1.00% Floor03/18/2634,95030,481 30,414 (9)(21)(23)
(26)
First Lien Secured DebtP+60003/18/2610,1469,942 9,918 (9)(34)
First Lien Secured Debt - RevolverL+700, 1.00% Floor09/18/251,612(50)(36)(8)(9)(21)
(23)
40,373 40,296 
Olaplex
Olaplex, Inc.First Lien Secured DebtL+625, 1.00% Floor01/08/2612,06311,898 12,184 (9)(26)
First Lien Secured Debt - RevolverL+650, 1.00% Floor01/08/252,300(28)— (9)(21)(23)
11,870 12,184 
Paladone
Paladone Group Bidco LimitedFirst Lien Secured DebtL+575, 1.00% Floor11/12/278,0035,981 6,038 (9)(17)(23)
(28)
First Lien Secured Debt - RevolverL+575, 1.00% Floor11/12/27£353 (9)(5)(8)(9)(17)
(21)(23)
First Lien Secured Debt - RevolverL+575, 1.00% Floor11/12/271,412255 268 (9)(17)(21)
(23)(28)
Paladone Group Holdings LimitedCommon Equity - Common StockN/AN/A94,151 Shares94 94 (9)(13)(17)
(25)
6,321 6,395 
Sequential Brands Group, Inc.
Gainline Galaxy Holdings LLCCommon Equity - Common StockN/AN/A10,854 Shares2,041 2,033 (13)(16)(17)
(25)
Sequential Avia Holdings LLCSecond Lien Secured DebtL+500, 1.00% Floor11/12/261,7171,715 1,717 (17)(26)
Sequential Brands Group, Inc.First Lien Secured DebtL+500, 1.00% Floor01/28/2244846 46 (17)(21)(23)
(26)
Second Lien Secured Debt8.75%02/07/241,293236 241 (14)(17)
4,038 4,037 
Total Consumer Goods – Non-durable$88,999 $88,290 

See notes to financial statements.

9

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
Consumer Services
Activ
Activ Software Holdings, LLCFirst Lien Secured DebtL+625, 1.00% Floor05/04/27$29,943 $29,399 $29,479 (9)(30)
First Lien Secured Debt - RevolverL+625, 1.00% Floor05/04/272,407(43)(37)(8)(9)(21)
(23)
29,356 29,442 
Bird
Bird US Opco, LLCFirst Lien Secured DebtL+750, 1.00% Floor10/12/2450,00015,615 16,203 (9)(23)(26)
Clarus Commerce
Marlin DTC-LS Midco 2, LLCFirst Lien Secured DebtL+650, 1.00% Floor07/01/2522,21421,877 22,038 (29)
First Lien Secured Debt - RevolverL+600, 1.00% Floor07/01/25685(5)(8)(21)(23)
21,885 22,033 
First Heritage
First Heritage Credit, LLCFirst Lien Secured DebtL+475, 0.00% Floor04/02/2226,25019,492 19,474 (9)(21)(23)
(26)
First Lien Secured Debt - RevolverL+550, 0.00% Floor04/02/223,7502,458 2,459 (9)(21)(23)
(26)
21,950 21,933 
Go Car Wash
Go Car Wash Management Corp.First Lien Secured DebtL+575, 1.00% Floor12/31/2611,4658,114 8,089 (9)(21)(23)
(26)
First Lien Secured Debt - RevolverL+575, 1.00% Floor12/31/26417(3)(6)(8)(9)(21)
(23)
8,111 8,083 
Lending Point
LendingPoint LLCFirst Lien Secured DebtL+1050, 1.00% Floor12/30/2517,50013,411 13,452 (9)(21)(23)
(28)
First Lien Secured DebtL+575, 1.00% Floor12/30/254,1673,155 3,169 (9)(21)(23)
(28)
First Lien Secured Debt - RevolverL+575, 1.00% Floor12/30/258,3336,590 6,617 (9)(21)(23)
(28)
23,156 23,238 
Only About Children
Nemo (BC) Bidco Pty LtdFirst Lien Secured DebtBBSW+675, 1.00% Floor04/06/24A$7,000 4,945 4,763 (17)(21)(23)
(33)
Paper Source
Papershop Holdco Inc.First Lien Secured DebtL+700, 1.00% Floor05/27/2610,60710,509 10,501 (9)(28)
First Lien Secured Debt - RevolverL+700, 1.00% Floor05/27/261,7051,365 1,364 (9)(21)(23)
(26)(28)
First Lien Secured Debt - RevolverP+60005/27/261,3771,364 1,363 (9)(23)(34)
13,238 13,228 
The Club Company
Eldrickco LimitedFirst Lien Secured DebtSON+625, 0.50% Floor11/26/25£15,083 14,021 14,436 (9)(17)(21)
(23)(31)
First Lien Secured Debt - RevolverSON+625, 0.50% Floor11/26/25£356 411 465 (9)(17)(23)
(31)
First Lien Secured Debt - RevolverSON+625, 0.50% Floor05/26/25£345 — (9)(8)(9)(17)
(21)(23)(31)
14,432 14,892 
US Auto
U.S. Auto Finance, Inc.First Lien Secured DebtL+525, 1.00% Floor04/17/2420,0004,623 4,556 (9)(21)(23)
(28)
First Lien Secured Debt - RevolverL+600, 1.00% Floor04/17/2413,33310,995 10,976 (9)(21)(23)
(28)
15,618 15,532 
Total Consumer Services$168,306 $169,347 

See notes to financial statements.

10

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link CorporationFirst Lien Secured Debt - RevolverL+550, 1.00% Floor06/11/24$2,273 $(25)$(24)(8)(9)(21)
(23)
Peer Advisors, LLCFirst Lien Secured DebtL+550, 1.00% Floor06/11/2417,67017,468 17,487 (9)(26)
17,443 17,463 
Flock Financial, LLC
Flock SPV I, LLCFirst Lien Secured DebtL+650, 1.00% Floor12/31/2214,66711,997 12,000 (9)(17)(21)
(23)(26)
First Lien Secured Debt - RevolverL+650, 1.00% Floor12/31/225,333(28)— (9)(17)(21)
(23)
11,969 12,000 
Golden Bear
Golden Bear 2016-R, LLC (4)Structured Products and Other - Membership InterestsN/A09/20/42N/A16,987 10,821 (3)(17)
Purchasing Power, LLC
Purchasing Power Funding I, LLCFirst Lien Secured Debt - RevolverL+650, 0.00% Floor01/24/249,1131,640 1,640 (9)(21)(23)
(27)
Spectrum Automotive
Shelby 2021 Holdings Corp.First Lien Secured DebtL+575, 0.75% Floor06/29/2814,52112,219 12,263 (9)(21)(23)
(26)(27)(28)
First Lien Secured Debt - RevolverL+575, 0.75% Floor06/29/27420(6)(4)(8)(9)(21)
(23)
12,213 12,259 
Ten-X, LLC
Ten-X, LLCFirst Lien Secured Debt - RevolverP+22509/29/224,6804,617 4,572 (23)(34)
Total Diversified Investment Vehicles, Banking, Finance, Real Estate$64,869 $58,755 
Education
NFA Group
SSCP Spring Bidco LimitedFirst Lien Secured DebtGBPL+600, 0.50% Floor07/30/25£30,000 $36,295 $40,407 (9)(17)(32)
Total Education$36,295 $40,407 
Energy – Electricity
Renew Financial LLC (f/k/a Renewable Funding, LLC)
AIC SPV Holdings II, LLC (4)Preferred Equity - Preferred StockN/AN/A534,375 Shares$534 $417 (15)(17)(25)
Renew Financial LLC (f/k/a Renewable Funding, LLC) (4)Preferred Equity - Series B Preferred StockN/AN/A1,505,868 Shares8,343 — (13)(25)
Preferred Equity - Series D Preferred StockN/AN/A436,689 Shares5,568 — (13)(25)
Preferred Equity - Series E Preferred StockN/AN/A441,576 Shares1,902 4,984 (13)(17)(25)
Renew JV LLC (4)Common Equity - Membership InterestsN/AN/A513,215 Shares513 635 (13)(17)(25)
16,860 6,036 
Solarplicity Group Limited (f/k/a AMP Solar UK)
Solarplicity UK Holdings LimitedFirst Lien Secured Debt4.00%03/08/23£5,562 7,231 1,791 (14)(17)
Preferred Equity - Preferred StockN/AN/A4,286 Shares5,623 — (2)(13)(17)
Common Equity - Ordinary SharesN/AN/A2,825 Shares— (2)(13)(17)
12,858 1,791 
Total Energy – Electricity$29,718 $7,827 

See notes to financial statements.

11

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2021
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest RateMaturity DatePar/Shares (12)Cost (35)Fair Value (1)(36)
Energy – Oil & Gas
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) (5)Second Lien Secured Debt10.00% PIK03/31/23$11,556 $10,980 $6,116 (14)
Common Equity - Common StockN/AN/A10,000,000 Shares30,078 — (13)(25)
41,058 6,116 
Pelican
Pelican Energy, LLC (4)Common Equity - Membership InterestsN/AN/A1,444 Shares13,063 630 (13)(16)(17)
(25)
Spotted Hawk
SHD Oil & Gas, LLC (5)First Lien Secured Debt - Tranche C Note12.00%06/30/2224,72824,728 25,470 
Common Equity - Series A UnitsN/AN/A7,600,000 Shares1,412 — (13)(16)(25)
Common Equity - Series C UnitsN/AN/A50,952,525 Shares44,065 2,839 (13)(16)(25)
70,205 28,309 
Total Energy – Oil & Gas$124,326 $35,055 
Environmental Industries
Ortega National Parks
Ortega National Parks, LLCFirst Lien Secured DebtL+525, 1.00% Floor10/31/25$15,590 $9,229 $9,223 (9)(21)(23)
(29)
First Lien Secured Debt - RevolverL+525, 1.00% Floor10/31/252,049(27)(22)(8)(9)(21)
(23)
Total Environmental Industries$9,202 $9,201 
Healthcare & Pharmaceuticals
83bar
83Bar, Inc.First Lien Secured DebtL+575, 1.50% Floor07/02/26$5,000 $4,975 $4,975 (9)(26)
Akoya
Akoya Biosciences, Inc.First Lien Secured DebtL+635, 1.50% Floor10/27/259,7509,771 9,750 (9)(26)
AmeriVet
Amerivet Partners Management, Inc.First Lien Secured DebtL+475, 1.00% Floor06/05/2433,61733,202 33,265 (9)(27)
First Lien Secured Debt - RevolverL+475, 1.00% Floor06/05/24806(8)(9)(8)(9)(21)
(23)
AmeriVet Partners Parent LPCommon Equity - Class D Partnership UnitsN/AN/A13 Shares125 299 (9)(13)
33,319 33,555 
Analogic
Analogic CorporationFirst Lien Secured DebtL+525, 1.00% Floor06/22/2417,89617,707 17,627 (9)(26)