Company Quick10K Filing
Quick10K
Apollo Investment
10-Q 2019-06-30 Quarter: 2019-06-30
10-K 2019-03-31 Annual: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-K 2018-03-31 Annual: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-K 2017-03-31 Annual: 2017-03-31
10-Q 2016-12-31 Quarter: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-K 2016-03-31 Annual: 2016-03-31
10-Q 2015-12-31 Quarter: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-K 2015-03-31 Annual: 2015-03-31
10-Q 2014-12-31 Quarter: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-K 2014-03-31 Annual: 2014-03-31
10-Q 2013-12-31 Quarter: 2013-12-31
8-K 2019-09-30 Officers
8-K 2019-08-09 Shareholder Vote
8-K 2019-08-06 Other Events, Exhibits
8-K 2019-07-22 Amend Bylaw
8-K 2019-07-12 Other Events
8-K 2019-05-31 Other Events
8-K 2019-05-16 Earnings, Exhibits
8-K 2019-03-01 Other Events
8-K 2019-02-06 Earnings, Other Events, Exhibits
8-K 2019-01-16 Other Events
8-K 2018-12-03 Amend Bylaw, Other Events, Exhibits
8-K 2018-11-20 Enter Agreement, Other Events, Exhibits
8-K 2018-10-30 Earnings, Other Events, Exhibits
8-K 2018-08-09 Enter Agreement, Shareholder Vote, Exhibits
8-K 2018-08-08 Other Events, Exhibits
8-K 2018-04-04 Other Events
APOP Cellect Biotechnology 65
AQB Aquabounty Technologies 63
FPF Futures Portfolio Fund 0
PBY Pep Boys Manny Moe & Jack 0
PNNT Pennantpark Investment 0
FDUS Fidus Investment 0
RCG Renn Fund 0
AIQ Alliance Healthcare Services 0
SAF Safeco 0
OFS OFS Capital 0
AINV 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Organization
Note 2. Significant Accounting Policies
Note 3. Related Party Agreements and Transactions
Note 4. Earnings per Share
Note 5. Investments
Note 6. Derivative Instruments
Note 7. Offsetting Assets and Liabilities
Note 8. Debt and Foreign Currency Transactions and Translations
Note 9. Stockholders' Equity
Note 10. Commitments and Contingencies
Note 11. Financial Highlights
Note 12. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ainv2020q110-qex311.htm
EX-31.2 ainv2020q110-qex312.htm
EX-32.1 ainv2020q110-qex321.htm

Apollo Investment Earnings 2019-06-30

AINV 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 ainv2020q110-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 June 30, 2019
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
6.875% Senior Notes due 2043
 
AIY
 
New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x  No ¨
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ¨  No ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
¨
(Do not check if a smaller reporting company)
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ¨  No x
The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of August 5, 2019 was 67,791,343.

 



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)


June 30, 2019
 
March 31, 2019

(Unaudited)
 

Assets

 

Investments at fair value:


 


Non-controlled/non-affiliated investments (cost — $1,927,308 and $1,654,322, respectively)
$
1,896,346

 
$
1,627,406

Non-controlled/affiliated investments (cost — $66,238 and $67,072, respectively)
49,756

 
49,681

Controlled investments (cost — $689,577 and $736,717, respectively)
674,210

 
731,045

Cash and cash equivalents
29,210

 
36,280

Foreign currencies (cost — $1,353 and $4,963, respectively)
1,360

 
4,909

Receivable for investments sold
684

 
336

Interest receivable
25,693

 
24,280

Dividends receivable
4,067

 
3,748

Deferred financing costs
18,836

 
19,776

Prepaid expenses and other assets
268

 
336

Total Assets
$
2,700,430

 
$
2,497,797



 

Liabilities

 

Debt
$
1,349,598

 
$
1,128,686

Payable for investments purchased

 
677

Distributions payable
30,624

 
31,040

Management and performance-based incentive fees payable
9,539

 
8,880

Interest payable
10,404

 
5,818

Accrued administrative services expense
2,295

 
2,983

Other liabilities and accrued expenses
7,260

 
7,086

Total Liabilities
$
1,409,720

 
$
1,185,170

Commitments and contingencies (Note 10)


 


Net Assets
$
1,290,710

 
$
1,312,627



 

Net Assets

 

Common stock, $0.001 par value (400,000,000 shares authorized; 67,927,353 and 68,876,986 shares issued and outstanding, respectively)
$
68

 
$
69

Capital in excess of par value
2,140,715

 
2,155,836

Accumulated under-distributed (over-distributed) earnings
(850,073
)
 
(843,278
)
Net Assets
$
1,290,710

 
$
1,312,627




 


Net Asset Value Per Share
$
19.00

 
$
19.06


See notes to financial statements.
1


APOLLO INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)

Three Months Ended June 30,

2019

2018
Investment Income



Non-controlled/non-affiliated investments:



Interest income (excluding Payment-in-kind (“PIK”) interest income)
$
47,004


$
39,443

Dividend income
62



PIK interest income
4,706


1,250

Other income
937


1,403

Non-controlled/affiliated investments:



Interest income (excluding PIK interest income)



Dividend income
319


312

PIK interest income



Other income



Controlled investments:



Interest income (excluding PIK interest income)
12,638


14,490

Dividend income


5,265

PIK interest income
850


1,428

Other income



Total Investment Income
$
66,516


$
63,591

Expenses



Management fees
$
9,539


$
8,873

Performance-based incentive fees


7,423

Interest and other debt expenses
17,511


13,576

Administrative services expense
1,725


1,638

Other general and administrative expenses
3,305


2,533

Total expenses
32,080


34,043

Management and performance-based incentive fees waived


(1,856
)
Expense reimbursements
(98
)

(144
)
Net Expenses
$
31,982


$
32,043

Net Investment Income
$
34,534


$
31,548

Net Realized and Change in Unrealized Gains (Losses)



Net realized gains (losses):



Non-controlled/non-affiliated investments
$
(9
)

$
(9,946
)
Non-controlled/affiliated investments
1,089



Controlled investments



Option contracts


(13,209
)
Foreign currency transactions
202


(28
)
Net realized gains (losses)
1,282


(23,183
)
Net change in unrealized gains (losses):



Non-controlled/non-affiliated investments
(4,046
)

(5,123
)
Non-controlled/affiliated investments
910


(865
)
Controlled investments
(9,696
)

8,579

Option contracts


(567
)
Foreign currency translations
845


2,861

Net change in unrealized gains (losses)
(11,987
)

4,885

Net Realized and Change in Unrealized Gains (Losses)
$
(10,705
)

$
(18,298
)
Net Increase (Decrease) in Net Assets Resulting from Operations
$
23,829


$
13,250

Earnings Per Share — Basic
$
0.35


$
0.18


See notes to financial statements.
2


APOLLO INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(In thousands, except share data)

 
Three Months Ended June 30,
 
2019
 
2018
Operations
 
 
 
Net investment income
$
34,534

 
$
31,548

Net realized gains (losses)
1,282

 
(23,183
)
Net change in unrealized gains (losses)
(11,987
)
 
4,885

Net Increase in Net Assets Resulting from Operations
$
23,829

 
$
13,250

 
 
 
 
Distributions to Stockholders
 
 
 
Distribution of net investment income
$
(30,624
)
 
$
(32,293
)
Distribution of return of capital

 

Net Decrease in Net Assets Resulting from Distributions to Stockholders
$
(30,624
)
 
$
(32,293
)
 
 
 
 
Capital Share Transactions
 
 
 
Repurchase of common stock
$
(15,122
)
 
$
(7,877
)
Net Decrease in Net Assets Resulting from Capital Share Transactions
$
(15,122
)
 
$
(7,877
)
 
 
 
 
Net Assets
 
 
 
Net decrease in net assets during the period
$
(21,917
)
 
$
(26,920
)
Net assets at beginning of period
1,312,627

 
1,418,086

Net Assets at End of Period
$
1,290,710

 
$
1,391,166

 
 
 
 
Capital Share Activity
 
 
 
Shares repurchased during the period
(949,633
)
 
(462,267
)
Shares issued and outstanding at beginning of period
68,876,986

 
72,104,032

Shares Issued and Outstanding at End of Period
67,927,353

 
71,641,765


See notes to financial statements.
3


APOLLO INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)

 
Three Months Ended June 30,
 
2019
 
2018
Operating Activities
 
 
 
Net increase in net assets resulting from operations
$
23,829

 
$
13,250

Net realized (gains) losses
(1,282
)
 
23,183

Net change in unrealized (gains) losses
11,987

 
(4,885
)
Net amortization of premiums and accretion of discounts on investments
(2,125
)
 
(1,536
)
Accretion of discount on notes
148

 
148

Amortization of deferred financing costs
1,266

 
1,165

Increase in gains/(losses) from foreign currency transactions
201

 
(28
)
PIK interest and dividends capitalized
(4,883
)
 
(1,983
)
Changes in operating assets and liabilities:
 
 
 
Purchases of investments
(435,936
)
 
(389,324
)
Proceeds from sales and repayments of investments
217,988

 
94,019

Purchases of option contracts

 
(13,277
)
Proceeds from option contracts

 
288

Net settlement of option contracts

 
2,265

Decrease (increase) in interest receivable
(1,402
)
 
(1,142
)
Decrease (increase) in dividends receivable
(319
)
 
(5,265
)
Decrease (increase) in prepaid expenses and other assets
68

 
(382
)
Increase (decrease) in management and performance-based incentive fees payable
659

 
921

Increase (decrease) in interest payable
4,586

 
4,874

Increase (decrease) in accrued administrative services expense
(688
)
 
(932
)
Increase (decrease) in other liabilities and accrued expenses
174

 
107

Net Cash Used in Operating Activities
$
(185,729
)
 
$
(278,534
)
Financing Activities
 
 
 
Issuances of debt
$
333,892

 
$
328,918

Payments of debt
(112,497
)
 
(13,500
)
Financing costs paid and deferred
(184
)
 

Repurchase of common stock
(15,122
)
 
(7,877
)
Distributions paid
(31,040
)
 
(32,447
)
Net Cash Provided by Financing Activities
$
175,049

 
$
275,094

 
 
 
 
Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts
 
 
 
Net increase (decrease) in cash, cash equivalents, foreign currencies and collateral on option contracts during the period
$
(10,680
)
 
$
(3,440
)
Effect of foreign exchange rate changes on cash and cash equivalents
61

 
(14
)
Cash, cash equivalents, foreign currencies and collateral on option contracts at beginning of period
41,189

 
20,349

Cash, Cash Equivalents, Foreign Currencies and Collateral on Option Contracts at the End of Period
$
30,570

 
$
16,895

 
 
 
 
Supplemental Disclosure of Cash Flow Information
 
 
 
Cash interest paid
$
11,528

 
$
7,437

 
 
 
 
Non-Cash Activity
 
 
 
PIK income
$
5,556

 
$
2,678


See notes to financial statements.
4

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (29)
 
 Fair
Value (1) (30)
 

Advertising, Printing & Publishing
 
 
 
 
 
 
A-L Parent LLC
 
Second Lien Secured Debt
 
9.66% (1M L+725, 1.00% Floor)
 
12/02/24
 
$
5,536

 
$
5,498

 
$
5,501

 
(10)
Simplifi Holdings, Inc.
 
First Lien Secured Debt
 
7.40% (1M L+500, 1.00% Floor)
 
09/28/22
 
24,691

 
24,317

 
24,444

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
09/28/22
 
2,400

 
(47
)
 
(24
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
24,270

 
24,420

 
 
Total Advertising, Printing & Publishing
 
 
$
29,768

 
$
29,921

 
 
Aerospace & Defense
 
 
 
 
 
 
Erickson Inc
 
First Lien Secured Debt - Revolver
 
9.82% (3M L+750, 1.00% Floor)
 
04/28/22
 
$
30,313

 
$
30,313

 
$
29,782

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
04/28/22
 
8,251

 
(318
)
 
(144
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Letters of Credit
 
7.50%
 
7/15/19 - 10/01/20
 
6,436

 

 
(113
)
 
(8)(9)(23)
 
 
 
 
 
 
 
 
 
 
29,995

 
29,525

 
 
ILC Dover LP
 
Second Lien Secured Debt
 
10.70% (6M L+850, 1.00% Floor)
 
06/28/24
 
20,000

 
19,652

 
19,650

 
 
PAE Holding Corporation
 
Second Lien Secured Debt
 
11.83% (3M L+950, 1.00% Floor)
 
10/20/23
 
28,097

 
27,570

 
27,745

 
(10)
Total Aerospace & Defense
 
 
$
77,217

 
$
76,920

 
 
 Automotive
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accelerate Parent Corp.
 
Common Equity/Interests - Common Stock
 
N/A
 
N/A
 
1,664,046 Shares

 
$
1,714

 
$

 
(13)(28)
Arlington Industries Group Limited
 
First Lien Secured Debt
 
5.97% (1M GBP L+525, 0.50% Floor)
 
03/29/24
 
£
1,300

 
1,637

 
1,622

 
(9)(17)
 
 
First Lien Secured Debt
 
5.97% (1M GBP L+525, 0.50% Floor)
 
03/29/24
 
£
6,780

 
8,629

 
8,461

 
(9)(17)
 
 
First Lien Secured Debt
 
5.25% (1M E L+525, 0.50% Floor)
 
03/29/24
 
3,297

 
3,693

 
3,682

 
(9)(17)
 
 
First Lien Secured Debt - Revolver
 
5.97% (1M GBP L+525, 0.50% Floor)
 
03/29/24
 
£
687

 
871

 
858

 
(9)(17)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
1.25% Unfunded
 
03/29/24
 
£
1,104

 
(68
)
 
(27
)
 
(8)(9)(17)(21)(23)
 
 
First Lien Secured Debt - Revolver
 
5.25% (1M E L+525, 0.50% Floor)
 
03/29/24
 
1,027

 
1,155

 
1,147

 
(9)(17)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
03/29/24
 
£
1,300

 
(33
)
 
(32
)
 
(8)(9)(17)(21)(23)
 
 
 
 
 
 
 
 
 
 
15,884

 
15,711

 
 
Crowne Automotive
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vari-Form Group, LLC
 
First Lien Secured Debt
 
L+11.00% (7.00% Cash plus 4.00% PIK)
 
02/02/23
 
$
5,860

 
5,382

 
938

 
(9)(13)(14)
Vari-Form Inc.
 
First Lien Secured Debt
 
L+11.00% (7.00% Cash plus 4.00% PIK)
 
02/02/23
 
2,446

 
2,604

 
391

 
(9)(13)(14)
 
 
7,986

 
1,329

 
 
K&N Parent, Inc.
 
Second Lien Secured Debt
 
11.15% (1M L+875, 1.00% Floor)
 
10/21/24
 
23,765

 
23,444

 
23,289

 
(10)
Total Automotive
 
 
$
49,028

 
$
40,329

 
 
Aviation and Consumer Transport
 
 
 
 
 
 
 
 
 
 
Merx Aviation Finance, LLC (5)
 
First Lien Secured Debt - Revolver
 
12.00%
 
10/31/23
 
$
325,200

 
$
325,200

 
$
325,200

 
(23)
 
 
First Lien Secured Debt - Letter of Credit
 
2.25%
 
07/13/19
 
177

 

 

 
(23)
 
 
Common Equity/Interests - Membership Interests
 
N/A
 
N/A
 
N/A

 
15,000

 
55,715

 

Total Aviation and Consumer Transport
 
 
$
340,200

 
$
380,915

 
 

See notes to financial statements.
5

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (29)
 
 Fair
Value (1) (30)
 

Beverage, Food & Tobacco
 
 
 
 
 
 
 
 
 
 
Eagle Foods Family Group, LLC
 
First Lien Secured Debt
 
9.12% (6M L+650, 1.00% Floor)
 
06/14/24
 
$
24,333

 
$
24,107

 
$
23,968

 
(9)
 
 
First Lien Secured Debt
 
8.82% (3M L+650, 1.00% Floor)
 
06/14/24
 
417

 
413

 
410

 
(9)
 
 
First Lien Secured Debt - Revolver
 
9.12% (6M L+650, 1.00% Floor)
 
06/14/23
 
917

 
917

 
903

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
06/14/23
 
2,833

 
(33
)
 
(43
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
25,404

 
25,238

 
 
Florida Food Group
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida Food Products, Inc.
 
First Lien Secured Debt
 
9.15% (1M L+675, 1.00% Floor)
 
09/08/25
 
23,113

 
22,602

 
22,882

 
(9)
Florida Food Products, LLC
 
First Lien Secured Debt - Revolver
 
9.15% (1M L+675, 1.00% Floor)
 
09/06/23
 
1,473

 
1,473

 
1,458

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
09/06/23
 
240

 
(36
)
 
(2
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
1,437

 
1,456

 
 
IC Holdings LLC
 
Common Equity - Series A Units
 
N/A
 
N/A
 
169 Shares

 
169

 
169

 
(9)(13)
THLP CO. LLC
 
First Lien Secured Debt
 
7.90% (1M L+550, 1.00% Floor)
 
05/30/25
 
19,562

 
19,176

 
19,171

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
05/31/24
 
4,494

 
(88
)
 
(90
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
05/30/25
 
5,618

 
(54
)
 
(112
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
19,034

 
18,969

 
 
TNT Crust LLC
 
First Lien Secured Debt
 
8.65% (1M L+625, 1.00% Floor)
 
11/06/23
 
9,060

 
8,903

 
8,879

 
(9)
 
 
First Lien Secured Debt
 
7.63% (1M L+525, 1.00% Floor)
 
11/06/23
 
10,403

 
10,196

 
10,195

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
11/06/23
 
3,252

 
(61
)
 
(65
)
 
(8)(9)(21)(23)
 
 
Common Equity - Series A Units
 
N/A
 
N/A
 
244 Shares

 
30

 
321

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
19,068

 
19,330

 
 
Wm. Bolthouse Farms, Inc.
 
Common Equity - Common Stock
 
N/A
 
N/A
 
1,000,000 Shares

 
1,000

 
1,000

 
(13)
Total Beverage, Food & Tobacco
 
 
$
88,714

 
$
89,044

 
 
Business Services
 
 
 
 
 
 
 
 
 
 
Access CIG, LLC
 
Second Lien Secured Debt
 
10.07% (3M L+775)
 
02/27/26
 
$
15,900

 
$
15,776

 
$
15,811

 
(10)
Aero Operating LLC
 
First Lien Secured Debt
 
9.65% (1M L+725, 1.00% Floor)
 
12/29/22
 
36,803

 
36,140

 
36,435

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
1.00% Unfunded
 
12/29/22
 
3,773

 
(84
)
 
(38
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Letters of Credit
 
L+400
 
04/30/20 - 06/21/20
 
1,039

 

 
(10
)
 
(8)(9)(23)
 
 
 
 
 
 
 
 
 
 
36,056

 
36,387

 
 
Ambrosia Buyer Corp.
 
Second Lien Secured Debt
 
10.20% (6M L+800, 1.00% Floor)
 
08/28/25
 
21,429

 
21,016

 
20,885

 
 
Claritas, LLC
 
First Lien Secured Debt
 
8.33% (1M L+600, 1.00% Floor)
 
12/21/23
 
3,919

 
3,883

 
3,880

 
(9)
 
 
First Lien Secured Debt - Revolver
 
8.40% (1M 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

 
(10
)
 
(9
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
4,002

 
3,999

 
 
Continuum Global Solutions, LLC
 
First Lien Secured Debt - Revolver
 
7.90% (1M L+550, 1.00% Floor)
 
02/15/22
 
941

 
941

 
922

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
02/15/22
 
9,829

 
(189
)
 
(197
)
 
(8)(9)(21)(23)

See notes to financial statements.
6

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (29)
 
 Fair
Value (1) (30)
 

 
 
Preferred Equity - Preferred Equity
 
N/A
 
N/A
 
620 Shares

 
62

 
62

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
814

 
787

 
 
CT Technologies Intermediate Holdings, Inc
 
First Lien Secured Debt
 
6.65% (1M L+425, 1.00% Floor)
 
12/01/21
 
4,449

 
3,896

 
3,804

 
(9)(10)
 
 
Second Lien Secured Debt
 
11.40% (1M L+900, 1.00% Floor)
 
12/01/22
 
31,253

 
30,677

 
28,128

 
(9)
 
 
 
 
 
 
 
 
 
 
34,573

 
31,932

 
 
Education Personnel
 
First Lien Secured Debt
 
5.55% (3M GBP L+475, 0.50% Floor)
 
08/31/24
 
£
4,118

 
5,225

 
5,192

 
(9)(17)
 
 
First Lien Secured Debt - Revolver
 
5.55% (3M GBP L+475, 0.50% Floor)
 
08/31/24
 
£
1,471

 
1,866

 
1,854

 
(9)(17)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.66% Unfunded
 
08/31/24
 
£
4,412

 

 

 
(9)(17)(21)(23)
 
 
 
 
 
 
 
 
 
 
7,091

 
7,046

 
 
Electro Rent Corporation
 
Second Lien Secured Debt
 
11.52% (2M L+900, 1.00% Floor)
 
01/31/25
 
34,235

 
33,456

 
33,551

 
(9)
Jacent Strategic Merchandising
 
First Lien Secured Debt
 
8.33% (3M L+575, 1.00% Floor)
 
04/23/24
 
22,750

 
22,422

 
22,750

 
(9)
 
 
First Lien Secured Debt - Revolver
 
8.08% (3M L+575, 1.00% Floor)
 
04/23/24
 
467

 
467

 
467

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
04/23/24
 
3,033

 
(51
)
 

 
(9)(21)(23)
 
 
Common Equity/Interests - Membership Interests
 
N/A
 
N/A
 
5,000 Shares

 
500

 
500

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
23,338

 
23,717

 
 
McLarens Global Ltd.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Margaux Acquisition Inc.
 
First Lien Secured Debt
 
8.32% (3M L+600, 1.00% Floor)
 
12/19/24
 
18,943

 
18,623

 
18,754

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/19/24
 
1,601

 
(29
)
 
(16
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
12/19/24
 
4,461

 
(106
)
 
(45
)
 
(8)(9)(21)(23)
Margaux UK Finance Limited
 
First Lien Secured Debt
 
7.00% (3M GBP L+600, 1.00% Floor)
 
12/19/24
 
£
5,940

 
7,369

 
7,485

 
(9)(17)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/19/24
 
£
541

 
(12
)
 
(7
)
 
(8)(9)(17)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
12/19/24
 
£
1,353

 
(31
)
 
(17
)
 
(8)(9)(17)(21)(23)
 
 
 
 
 
 
 
 
 
 
25,814

 
26,154

 
 
Ministry Brands, LLC
 
Second Lien Secured Debt
 
11.58% (3M L+925, 1.00% Floor)
 
6/2/2023
 
10,000

 
9,908

 
10,050

 
 
Newscycle Solutions, Inc.
 
First Lien Secured Debt
 
9.40% (1M L+700, 1.00% Floor)
 
12/29/22
 
16,427

 
16,140

 
16,263

 
(9)
 
 
First Lien Secured Debt - Revolver
 
9.40% (1M L+700, 1.00% Floor)
 
12/29/22
 
320

 
320

 
317

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/29/22
 
180

 
(9
)
 
(2
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
16,451

 
16,578

 
 
PSI Services, LLC
 
First Lien Secured Debt
 
7.40% (1M L+500, 1.00% Floor)
 
01/20/23
 
4,563

 
4,495

 
4,540

 
(9)
 
 
First Lien Secured Debt - Revolver
 
10.50% (P+500, 1.00% Floor)
 
01/20/22
 
278

 
278

 
277

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
01/20/22
 
£
47

 

 

 
(8)(9)(21)(23)

See notes to financial statements.
7

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (29)
 
 Fair
Value (1) (30)
 

 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
01/20/22
 
119

 
(5
)
 
(1
)
 
(8)(9)(21)(23)
 
 
Second Lien Secured Debt
 
11.40% (1M L+900, 1.00% Floor)
 
01/20/24
 
37,893

 
37,154

 
37,926

 
(9)
 
 
 
 
 
 
 
 
 
 
41,922

 
42,742

 
 
RA Outdoors, LLC
 
First Lien Secured Debt
 
7.15% (1M L+475, 1.00% Floor)
 
09/11/24
 
7,120

 
7,014

 
6,942

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
09/09/22
 
1,176

 
(15
)
 
(24
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Letter of Credit
 
4.75%
 
08/28/19
 
24

 

 

 
(8)(9)(23)
 
 
Second Lien Secured Debt
 
11.15% (1M L+875, 1.00% Floor)
 
09/11/25
 
34,200

 
33,536

 
33,174

 
(9)
 
 
 
 
 
 
 
 
 
 
40,535

 
40,092

 
 
STG-Fairway Acquisitions, Inc.
 
Second Lien Secured Debt
 
11.65% (1M L+925, 1.00% Floor)
 
06/30/23
 
15,000

 
14,811

 
14,400

 
 
TGG TS Acquisition Company
 
First Lien Secured Debt - Revolver
 
8.90% (1M L+650)
 
12/14/23
 
290

 
290

 
283

 
(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/14/23
 
1,460

 

 
(37
)
 
(8)(21)(23)
 
 
 
 
 
 
 
 
 
 
290

 
246

 
 
Transplace Holdings, Inc.
 
Second Lien Secured Debt
 
11.15% (1M L+875, 1.00% Floor)
 
10/06/25
 
8,599

 
8,429

 
8,427

 
(10)
U.S. Legal Support
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USLS Acquisition, Inc.
 
First Lien Secured Debt
 
8.19% (3M L+575, 1.00% Floor)
 
12/02/24
 
19,999

 
19,638

 
19,616

 
(9)
 
 
First Lien Secured Debt
 
8.08% (3M L+575, 1.00% Floor)
 
12/02/24
 
1,738

 
1,721

 
1,704

 
(9)
 
 
First Lien Secured Debt - Revolver
 
8.08% (3M L+575)
 
12/02/24
 
536

 
536

 
526

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/02/24
 
986

 
(29
)
 
(19
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.50% Unfunded
 
12/02/24
 
2,948

 
(42
)
 
(53
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Letter of Credit
 
5.75%
 
10/15/19 - 06/06/20
 
86

 

 
(1
)
 
(8)(9)(23)
US Legal Support Investment Holdings, LLC
 
Common Equity/Interests - Series A-1 Units
 
N/A
 
N/A
 
631,972 Shares

 
632

 
684

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
22,456

 
22,457

 
 
Vertafore, Inc.
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
06/30/23
 
14,576

 
(1,381
)
 
(1,676
)
 
(8)(21)(23)
 
 
First Lien Secured Debt - Letter of Credit
 
3.25%
 
01/17/20
 
424

 

 
(49
)
 
(8)(23)
 
 
 
 
 
 
 
 
 
 
(1,381
)
 
(1,725
)
 
 
Total Business Services
 
 
$
355,357

 
$
353,536

 
 
Chemicals, Plastics & Rubber
 
 
 
 
 
 
 
 
 
 
Carbon Free Chemicals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carbonfree Caustic SPE LLC
 
First Lien Secured Debt
 
5.00%
 
12/31/21
 
$
11,200

 
$
11,200

 
$
11,200

 
 
Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC)
 
First Lien Secured Debt
 
5.22% PIK
 
12/31/21
 
50,305

 
50,305

 
43,732

 
 
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.00% Unfunded
 
12/31/21
 
1,911

 

 

 
(21)(23)
 
 
Common Equity/Interests - Membership Interests
 
N/A
 
N/A
 
9,000,000 Shares

 
9,000

 

 
(13)
 
 
 
 
 
 
 
 
 
 
70,505

 
54,932

 
 

See notes to financial statements.
8

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (29)
 
 Fair
Value (1) (30)
 

Hare Bidco, Inc.
 
Second Lien Secured Debt
 
9.75% (3M E+875)
 
08/01/24
 
13,574

 
14,475

 
15,304

 
 
Westfall Technik, Inc.
 
First Lien Secured Debt
 
7.83% (3M L+550, 1.00% Floor)
 
09/13/24
 
15,132

 
14,953

 
14,981

 
(9)
 
 
First Lien Secured Debt - Revolver
 
8.04% (3M L+550, 1.00% Floor)
 
09/13/24
 
1,077

 
1,077

 
1,066

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
09/13/24
 
942

 
(35
)
 
(9
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
09/13/24
 
13,774

 
(225
)
 
(138
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
15,770

 
15,900

 
 
Total Chemical, Plastics & Rubber
 
 
$
100,750

 
$
86,136

 
 
Construction & Building
 
 
 
 
 
 
 
 
 
 
Englert
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gutter Buyer, Inc.
 
First Lien Secured Debt
 
8.66% (1M L+625, 1.00% Floor)
 
03/06/25
 
$
23,864

 
$
23,298

 
$
23,276

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
03/06/24
 
2,727

 
(64
)
 
(67
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
03/06/25
 
3,409

 
(48
)
 
(50
)
 
(8)(9)(21)(23)
Gutter Holdings, LP
 
Common Equity/Interests - Membership Interests
 
N/A
 
N/A
 
500 Shares

 
500

 
551

 
(9)(13)
Total Construction & Building
 
 
$
23,686

 
$
23,710

 
 
Consumer Goods – Durable
 
 
 
 
 
 
 
 
 
 
Hayward Industries, Inc.
 
Second Lien Secured Debt
 
10.65% (1M L+825)
 
08/04/25
 
$
21,919

 
$
21,661

 
$
21,590

 
 
KDC US Holdings
 
First Lien Secured Debt - Revolver
 
7.75% (P+225)
 
12/21/23
 
1,445

 
1,445

 
1,323

 
(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.25% Unfunded
 
12/21/23
 
4,471

 

 
(376
)
 
(8)(21)(23)
 
 
First Lien Secured Debt - Letters of Credit
 
3.25%
 
12/31/19 - 03/08/20
 
104

 

 
(9
)
 
(8)(23)
 
 
 
 
 
 
 
 
 
 
1,445

 
938

 
 
KLO Holdings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9357-5991 Quebec Inc.
 
First Lien Secured Debt
 
10.25% (1M L+775)
 
04/07/22
 
8,763

 
8,702

 
7,447

 
(13)(14)
KLO Acquisition LLC
 
First Lien Secured Debt
 
10.25% (1M L+775)
 
04/07/22
 
5,073

 
5,038

 
4,311

 
(13)(14)
 
 
 
 
 
 
 
 
 
 
13,740

 
11,758

 
 
Project Comfort Buyer, Inc.
 
First Lien Secured Debt
 
9.81% (6M L+700, 1.00% Floor)
 
02/03/25
 
23,621

 
22,960

 
23,384

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
02/01/24
 
3,462

 
(95
)
 
(35
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.50% Unfunded
 
02/03/25
 
2,308

 
(32
)
 
(23
)
 
(8)(9)(21)(23)
 
 
Preferred Equity - Preferred Equity
 
N/A
 
N/A
 
461,538 Shares

 
462

 
508

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
23,295

 
23,834

 
 
Sorenson Holdings, LLC
 
Common Equity/Interests - Membership Interests
 
N/A
 
N/A
 
587 Shares

 

 
477

 
(10)(13)
Total Consumer Goods - Durable
 
 
$
60,141

 
$
58,597

 
 
Consumer Goods – Non-durable
 
 
 
 
 
 
 
 
 
 
ABG Intermediate Holdings 2, LLC
 
Second Lien Secured Debt
 
10.15% (1M L+775, 1.00% Floor)
 
09/29/25
 
$
7,229

 
$
7,205

 
$
7,162

 
(10)
BIG Buyer, LLC
 
First Lien Secured Debt
 
8.90% (1M L+650, 1.00% Floor)
 
11/20/23
 
29,190

 
28,419

 
28,898

 
(9)
 
 
First Lien Secured Debt - Revolver
 
8.90% (1M L+650, 1.00% Floor)
 
11/20/23
 
361

 
361

 
357

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
11/20/23
 
1,444

 
(48
)
 
(14
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
28,732

 
29,241

 
 

See notes to financial statements.
9

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
June 30, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (29)
 
 Fair
Value (1) (30)
 

Lion Cashmere Midco Limited
 
First Lien Secured Debt