Company Quick10K Filing
Apollo Investment
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 0 $0
10-Q 2019-11-05 Quarter: 2019-09-30
10-Q 2019-08-06 Quarter: 2019-06-30
10-K 2019-05-16 Annual: 2019-03-31
10-Q 2019-02-06 Quarter: 2018-12-31
10-Q 2018-10-30 Quarter: 2018-09-30
10-Q 2018-08-08 Quarter: 2018-06-30
10-K 2018-05-18 Annual: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-Q 2017-11-03 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-K 2017-05-18 Annual: 2017-03-31
10-Q 2017-02-06 Quarter: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-K 2016-05-19 Annual: 2016-03-31
10-Q 2016-02-09 Quarter: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-K 2015-05-19 Annual: 2015-03-31
10-Q 2015-02-05 Quarter: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-K 2014-05-20 Annual: 2014-03-31
10-Q 2014-02-06 Quarter: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-08 Quarter: 2013-06-30
10-K 2013-05-23 Annual: 2013-03-31
10-Q 2013-02-06 Quarter: 2012-12-31
10-Q 2012-11-08 Quarter: 2012-09-30
10-Q 2012-08-08 Quarter: 2012-06-30
10-K 2012-05-23 Annual: 2012-03-31
10-Q 2012-02-08 Quarter: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-03 Quarter: 2011-06-30
10-K 2011-05-31 Annual: 2011-03-31
10-Q 2011-02-03 Quarter: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-09-30
10-Q 2010-08-04 Quarter: 2010-06-30
10-K 2010-05-26 Annual: 2010-03-31
10-Q 2010-02-08 Quarter: 2009-12-31
8-K 2020-01-03 Officers
8-K 2019-12-02 Officers
8-K 2019-11-05 Earnings, Exhibits
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 2018-05-18 Enter Agreement, Officers, Amend Bylaw, Exhibits
8-K 2018-04-04 Other Events
8-K 2018-02-07 Other Events, Exhibits
AINV 2019-09-30
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 ainv2020q210-qex311.htm
EX-31.2 ainv2020q210-qex312.htm
EX-32.1 ainv2020q210-qex321.htm

Apollo Investment Earnings 2019-09-30

AINV 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
MKD
PLL
SRL
MMD
PBB
HCXY
MCI
HQL
SLRC
CMFNL

10-Q 1 ainv2020q210-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 September 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

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 4, 2019 was 66,545,741.
 




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)


September 30, 2019

March 31, 2019

(Unaudited)


Assets



Investments at fair value:





Non-controlled/non-affiliated investments (cost — $2,159,801 and $1,654,322, respectively)
$
2,121,375


$
1,627,406

Non-controlled/affiliated investments (cost — $67,304 and $67,072, respectively)
49,164


49,681

Controlled investments (cost — $662,657 and $736,717, respectively)
634,221


731,045

Cash and cash equivalents
31,637


36,280

Foreign currencies (cost — $4,860 and $4,963, respectively)
4,801


4,909

Receivable for investments sold
269


336

Interest receivable
28,692


24,280

Dividends receivable
4,381


3,748

Deferred financing costs
17,693


19,776

Prepaid expenses and other assets
729


336

Total Assets
$
2,892,962


$
2,497,797





Liabilities



Debt
$
1,584,128


$
1,128,686

Payable for investments purchased


677

Distributions payable
30,171


31,040

Management and performance-based incentive fees payable
12,101


8,880

Interest payable
3,666


5,818

Accrued administrative services expense
2,354


2,983

Other liabilities and accrued expenses
7,150


7,086

Total Liabilities
$
1,639,570


$
1,185,170

Commitments and contingencies (Note 10)





Net Assets
$
1,253,392


$
1,312,627





Net Assets



Common stock, $0.001 par value (130,000,000 and 400,000,000 shares authorized; 67,047,352 and 68,876,986 shares issued and outstanding, respectively)
$
67


$
69

Capital in excess of par value
2,126,502


2,155,836

Accumulated under-distributed (over-distributed) earnings
(873,177
)

(843,278
)
Net Assets
$
1,253,392


$
1,312,627







Net Asset Value Per Share
$
18.69


$
19.06


See notes to financial statements.
1


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

Three Months Ended September 30,

Six Months Ended September 30,

2019

2018

2019

2018
Investment Income







Non-controlled/non-affiliated investments:







Interest income (excluding Payment-in-kind (“PIK”) interest income)
$
51,489


$
44,586


$
98,493


$
84,029

Dividend income
5




66



PIK interest income
732


816


5,438


2,066

Other income
2,185


1,810


3,122


3,213

Non-controlled/affiliated investments:







Interest income (excluding PIK interest income)







Dividend income
313


295


632


607

PIK interest income







Other income







Controlled investments:







Interest income (excluding PIK interest income)
12,271


15,075


24,910


29,565

Dividend income
2,451


1,985


2,451


7,250

PIK interest income
872


1,467


1,722


2,895

Other income







Total Investment Income
$
70,318


$
66,034


$
136,834


$
129,625

Expenses







Management fees
$
10,190


$
9,258


$
19,729


$
18,131

Performance-based incentive fees
1,911


6,359


1,911


13,782

Interest and other debt expenses
18,735


14,903


36,246


28,480

Administrative services expense
1,542


1,857


3,267


3,495

Other general and administrative expenses
2,305


3,524


5,609


6,056

Total expenses
34,683


35,901


66,762


69,944

Management and performance-based incentive fees waived


(1,834
)



(3,690
)
Expense reimbursements
(99
)

(196
)

(196
)

(339
)
Net Expenses
$
34,584


$
33,871


$
66,566


$
65,915

Net Investment Income
$
35,734


$
32,163


$
70,268


$
63,710

Net Realized and Change in Unrealized Gains (Losses)







Net realized gains (losses):







Non-controlled/non-affiliated investments
$
(5,701
)

$
228


$
(5,710
)

$
(9,718
)
Non-controlled/affiliated investments


2,007


1,089


2,007

Controlled investments







Option contracts


(10,311
)



(23,520
)
Foreign currency transactions
(1,387
)

2


(1,185
)

(26
)
Extinguishment of debt
(4,375
)



(4,375
)


Net realized gains (losses)
(11,463
)

(8,074
)

(10,181
)

(31,257
)
Net change in unrealized gains (losses):







Non-controlled/non-affiliated investments
(7,463
)

(5,717
)

(11,508
)

(10,839
)
Non-controlled/affiliated investments
(1,659
)

(3,094
)

(750
)

(3,960
)
Controlled investments
(13,069
)

1,393


(22,765
)

9,973

Option contracts


10,926




10,359

Foreign currency translations
4,988


432


5,833


3,293

Net change in unrealized gains (losses)
(17,203
)

3,940


(29,190
)

8,826

Net Realized and Change in Unrealized Gains (Losses)
$
(28,666
)

$
(4,134
)

$
(39,371
)

$
(22,431
)
Net Increase (Decrease) in Net Assets Resulting from Operations
$
7,068


$
28,029


$
30,897


$
41,279

Earnings Per Share — Basic
$
0.10


$
0.39


$
0.45


$
0.58


See notes to financial statements.
2


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,
 
2019
 
2018
 
2019
 
2018
Operations
 
 
 
 
 
 
 
Net investment income
$
35,734

 
$
32,163

 
$
70,268

 
$
63,710

Net realized gains (losses)
(11,463
)
 
(8,074
)
 
(10,181
)
 
(31,257
)
Net change in unrealized gains (losses)
(17,203
)
 
3,940

 
(29,190
)
 
8,826

Net Increase in Net Assets Resulting from Operations
$
7,068

 
$
28,029

 
$
30,897

 
$
41,279

 
 
 
 
 
 
 
 
Distributions to Stockholders
 
 
 
 
 
 
 
Distribution of net investment income
$
(30,171
)
 
$
(31,938
)
 
$
(60,795
)
 
$
(64,231
)
Distribution of return of capital

 

 

 

Net Decrease in Net Assets Resulting from Distributions to Stockholders
$
(30,171
)
 
$
(31,938
)
 
$
(60,795
)
 
$
(64,231
)
 
 
 
 
 
 
 
 
Capital Share Transactions
 
 
 
 
 
 
 
Repurchase of common stock
(14,215
)
 
(16,104
)
 
(29,337
)
 
(23,982
)
Net Decrease in Net Assets Resulting from Capital Share Transactions
$
(14,215
)
 
$
(16,104
)
 
$
(29,337
)
 
$
(23,982
)
 
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
 
Net decrease in net assets during the period
$
(37,318
)
 
$
(20,013
)
 
$
(59,235
)
 
$
(46,934
)
Net assets at beginning of period
1,290,710

 
1,391,165

 
1,312,627

 
1,418,086

Net Assets at End of Period
$
1,253,392

 
$
1,371,152

 
$
1,253,392

 
$
1,371,152

 
 
 
 
 
 
 
 
Capital Share Activity
 
 
 
 
 
 
 
Shares repurchased during the period
(880,001
)
 
(956,100
)
 
(1,829,634
)
 
(1,418,367
)
Shares issued and outstanding at beginning of period
67,927,353

 
71,641,765

 
68,876,986

 
72,104,032

Shares Issued and Outstanding at End of Period
67,047,352

 
70,685,665

 
67,047,352

 
70,685,665


See notes to financial statements.
3


APOLLO INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 
Six Months Ended September 30,
 
2019
 
2018
Operating Activities
 
 
 
Net increase (decrease) in net assets resulting from operations
$
30,897

 
$
41,279

Net realized (gains) losses
10,181

 
31,257

Net change in unrealized (gains) losses
29,190

 
(8,826
)
Net amortization of premiums and accretion of discounts on investments
(4,337
)
 
(3,358
)
Accretion of discount on notes
297

 
297

Amortization of deferred financing costs
2,526

 
2,345

Increase in gains/(losses) from foreign currency transactions
(1,185
)
 
(26
)
PIK interest and dividends capitalized
(5,982
)
 
(4,089
)
Changes in operating assets and liabilities:
 
 
 
Purchases of investments
(912,673
)
 
(760,464
)
Proceeds from sales and repayments of investments
486,112

 
639,764

Purchases of option contracts

 
(23,740
)
Proceeds from option contracts

 
546

Net settlement of option contracts

 
12,414

Decrease (increase) in interest receivable
(4,402
)
 
332

Decrease (increase) in dividends receivable
(633
)
 

Decrease (increase) in prepaid expenses and other assets
(393
)
 
(768
)
Increase (decrease) in management and performance-based incentive fees payable
3,221

 
268

Increase (decrease) in interest payable
(2,152
)
 
385

Increase (decrease) in accrued administrative services expense
(629
)
 
(275
)
Increase (decrease) in other liabilities and accrued expenses
64

 
3,069

Net Cash Used in/Provided by Operating Activities
$
(369,898
)
 
$
(69,590
)
Financing Activities
 
 
 
Issuances of debt
$
799,134

 
$
553,603

Payments of debt
(342,797
)
 
(394,500
)
Financing costs paid and deferred
(184
)
 
(10
)
Repurchase of common stock
(29,337
)
 
(23,982
)
Distributions paid
(61,664
)
 
(64,736
)
Net Cash Used in/Provided by Financing Activities
$
365,152

 
$
70,375

 
 
 
 
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
$
(4,746
)
 
$
785

Effect of foreign exchange rate changes on cash and cash equivalents
(5
)
 
(11
)
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
$
36,438

 
$
21,123

 
 
 
 
Supplemental Disclosure of Cash Flow Information
 
 
 
Cash interest paid
$
35,627

 
$
25,455

 
 
 
 
Non-Cash Activity
 
 
 
PIK income
$
7,160

 
$
4,961


See notes to financial statements.
4

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2019
(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
 
 
 
 
 
 
A-L Parent LLC
 
Second Lien Secured Debt
 
9.30% (1M L+725, 1.00% Floor)
 
12/02/24
 
$
5,536

 
$
5,500

 
$
5,508

 

Simplifi Holdings, Inc.
 
First Lien Secured Debt
 
8.04% (1M L+500, 1.00% Floor)
 
08/02/25
 
36,582

 
35,929

 
35,851

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
08/02/25
 
2,400

 
(54
)
 
(48
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.50% Unfunded
 
08/04/25
 
2,436

 
(24
)
 
(49
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
35,851

 
35,754

 
 
Total Advertising, Printing & Publishing
 
 
$
41,351

 
$
41,262

 
 
Aerospace & Defense
 
 
 
 
 
 
Erickson Inc
 
First Lien Secured Debt - Revolver
 
9.82% (3M L+750, 1.00% Floor)
 
04/28/22
 
$
32,487

 
$
32,487

 
$
31,919

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
04/28/22
 
5,965

 
(290
)
 
(104
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Letters of Credit
 
7.50%
 
9/30/19 - 2/24/21
 
6,548

 

 
(113
)
 
(8)(9)(23)
 
 
 
 
 
 
 
 
 
 
32,197

 
31,702

 
 
ILC Dover LP
 
Second Lien Secured Debt
 
10.70% (3M L+850, 1.00% Floor)
 
06/28/24
 
7,800

 
7,671

 
7,683

 
 
PAE Holding Corporation
 
Second Lien Secured Debt
 
11.60% (3M L+950, 1.00% Floor)
 
10/20/23
 
28,097

 
27,599

 
27,745

 
(10)
Total Aerospace & Defense
 
 
$
67,467

 
$
67,130

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

 
$
1,714

 
$

 
(13)(26)
Arlington Industries Group Limited
 
First Lien Secured Debt
 
5.96% (1M GBP L+525, 0.50% Floor)
 
03/29/24
 
£
7,961

 
10,126

 
9,556

 
(9)(17)
 
 
First Lien Secured Debt
 
5.75% (1M E+525, 0.50% Floor)
 
03/29/24
 
3,297

 
3,693

 
3,496

 
(9)(17)
 
 
First Lien Secured Debt - Revolver
 
5.96% (1M GBP L+525, 0.50% Floor)
 
03/29/24
 
£
2,095

 
2,570

 
2,509

 
(9)(17)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
1.25% Unfunded
 
03/29/24
 
£
605

 
(64
)
 
(21
)
 
(8)(9)(17)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
03/29/24
 
£
1,300

 
(31
)
 
(45
)
 
(8)(9)(17)(21)(23)
 
 
 
 
 
 
 
 
 
 
16,294

 
15,495

 
 
Crowne Automotive
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vari-Form Group, LLC
 
First Lien Secured Debt
 
13.14% (3M L+11.00% (7.00% Cash plus 4.00% PIK), 1.00% Floor)
 
02/02/23
 
$
5,860

 
938

 
938

 
(9)(13)(14)
Vari-Form Inc.
 
First Lien Secured Debt
 
13.14% (3M L+11.00% (7.00% Cash plus 4.00% PIK), 1.00% Floor)
 
02/02/23
 
2,446

 
391

 
391

 
(9)(13)(14)
 
 
1,329

 
1,329

 
 
K&N Parent, Inc.
 
Second Lien Secured Debt
 
10.79% (1M L+875, 1.00% Floor)
 
10/21/24
 
23,765

 
23,459

 
23,075

 

Total Automotive
 
 
$
42,796

 
$
39,899

 
 
Aviation and Consumer Transport
 
 
 
 
 
 
 
 
 
 
Merx Aviation Finance, LLC (5)
 
First Lien Secured Debt - Revolver
 
12.00%
 
10/31/23
 
$
307,300

 
$
307,300

 
$
307,300

 

 
 
First Lien Secured Debt - Letter of Credit
 
2.25%
 
07/13/20
 
177

 

 

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

 
15,000

 
55,697

 
 
Total Aviation and Consumer Transport
 
 
$
322,300

 
$
362,997

 
 

See notes to financial statements.
5

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

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (28)
 
 Fair
Value (1)(29)
 

Beverage, Food & Tobacco
 
 
 
 
 
 
 
 
 
 
Eagle Foods Family Group, LLC
 
First Lien Secured Debt
 
9.12% (6M L+650, 1.00% Floor)
 
06/14/24
 
$
24,688

 
$
24,470

 
$
24,194

 
(9)
 
 
First Lien Secured Debt - Revolver
 
9.12% (6M L+650, 1.00% Floor)
 
06/14/23
 
417

 
417

 
408

 
(9)(23)
 
 
First Lien Secured Debt - Revolver
 
8.71% (3M L+650, 1.00% Floor)
 
06/14/23
 
917

 
917

 
898

 
(9)(23)
 
 
First Lien Secured Debt - Revolver
 
8.72% (3M L+650, 1.00% Floor)
 
06/14/23
 
250

 
250

 
245

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
06/14/23
 
2,166

 
(31
)
 
(43
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
26,023

 
25,702

 
 
Florida Food Products
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Florida Food Products, Inc.
 
First Lien Secured Debt
 
8.79% (1M L+675, 1.00% Floor)
 
09/08/25
 
23,055

 
22,565

 
22,824

 
(9)
Florida Food Products, LLC
 
First Lien Secured Debt - Revolver
 
8.79% (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

 
(34
)
 
(2
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
24,004

 
24,280

 
 
TNT Crust LLC
 
First Lien Secured Debt
 
7.29% (1M L+525, 1.00% Floor)
 
11/06/23
 
10,377

 
10,183

 
10,170

 
(9)
 
 
First Lien Secured Debt
 
7.29% (1M L+525, 1.00% Floor)
 
11/06/23
 
9,038

 
8,889

 
8,857

 
(9)
 
 
First Lien Secured Debt - Revolver
 
7.30% (1M L+525, 1.00% Floor)
 
11/06/23
 
813

 
813

 
797

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
11/06/23
 
2,439

 
(57
)
 
(49
)
 
(8)(9)(21)(23)
 
 
Common Equity/Interests - Series A Units
 
N/A
 
N/A
 
244 Shares

 
30

 
310

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
19,858

 
20,085

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

 
169

 
155

 
(9)(13)
THLP CO. LLC
 
First Lien Secured Debt
 
7.54% (1M L+550, 1.00% Floor)
 
05/30/25
 
19,562

 
19,192

 
19,366

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

 
(84
)
 
(45
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
05/30/25
 
5,618

 
(47
)
 
(56
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
19,230

 
19,420

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

 
1,000

 
1,000

 
(13)
Total Beverage, Food & Tobacco
 
 
$
90,115

 
$
90,487

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

 
$
15,781

 
$
15,900

 
(10)
Aero Operating LLC
 
First Lien Secured Debt
 
9.35% (1M L+725, 1.00% Floor)
 
12/29/22
 
36,566

 
35,954

 
36,200

 
(9)
 
 
First Lien Secured Debt - Revolver
 
11.25% (P+625)
 
12/29/22
 
160

 
160

 
159

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
1.00% Unfunded
 
12/29/22
 
3,613

 
(78
)
 
(36
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Letters of Credit
 
L+400
 
4/30/20 - 6/21/20
 
1,039

 

 
(10
)
 
(8)(9)(23)
 
 
 
 
 
 
 
 
 
 
36,036

 
36,313

 
 

See notes to financial statements.
6

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

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (28)
 
 Fair
Value (1)(29)
 

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

 
21,033

 
20,756

 
 
Claritas, LLC
 
First Lien Secured Debt
 
8.10% (3M L+600, 1.00% Floor)
 
12/21/23
 
3,895

 
3,860

 
3,856

 
(9)
 
 
First Lien Secured Debt - Revolver
 
8.04% (1M L+600, 1.00% Floor)
 
12/21/23
 
258

 
258

 
255

 
(9)(23)
 
 
First Lien Secured Debt - Revolver
 
10.00% (P+500)
 
12/21/23
 
26

 
26

 
26

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/21/23
 
747

 
(9
)
 
(7
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
4,135

 
4,130

 
 
Continuum Global Solutions, LLC
 
First Lien Secured Debt - Revolver
 
7.60% (1M L+550, 1.00% Floor)
 
02/15/22
 
5,858

 
5,858

 
5,741

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
02/15/22
 
4,911

 
(171
)
 
(98
)
 
(8)(9)(21)(23)
 
 
Preferred Equity - Preferred Stock
 
N/A
 
N/A
 
620 Shares

 
62

 
62

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
5,749

 
5,705

 
 
CT Technologies Intermediate Holdings, Inc
 
First Lien Secured Debt
 
6.29% (1M L+425, 1.00% Floor)
 
12/01/21
 
4,437

 
3,940

 
4,066

 
(9)(10)
 
 
Second Lien Secured Debt
 
11.04% (1M L+900, 1.00% Floor)
 
12/01/22
 
31,253

 
30,719

 
28,128

 
(9)
 
 
 
 
 
 
 
 
 
 
34,659

 
32,194

 
 
Education Personnel
 
First Lien Secured Debt
 
5.51% (3M GBP L+475, 0.50% Floor)
 
08/31/24
 
£
4,077

 
5,178

 
4,979

 
(9)(17)
 
 
First Lien Secured Debt - Revolver
 
5.51% (3M GBP L+475, 0.50% Floor)
 
08/31/24
 
£
1,471

 
1,868

 
1,796

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

 

 

 
(9)(17)(21)(23)
 
 
 
 
 
 
 
 
 
 
7,046

 
6,775

 
 
Electro Rent Corporation
 
Second Lien Secured Debt
 
11.13% (2M L+900, 1.00% Floor)
 
01/31/25
 
34,235

 
33,485

 
33,551

 
(9)
Ensemble RCM, LLC
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
08/01/24
 
4,155

 
(388
)
 
(374
)
 
(8)(21)(23)
Jacent Strategic Merchandising
 
First Lien Secured Debt
 
8.01% (3M L+575, 1.00% Floor)
 
04/23/24
 
22,693

 
22,382

 
22,350

 
(9)
 
 
First Lien Secured Debt - Revolver
 
7.85% (3M L+575, 1.00% Floor)
 
04/23/24
 
467

 
467

 
460

 
(9)(23)
 
 
First Lien Secured Debt - Revolver
 
9.75% (P+475)
 
04/23/24
 
933

 
933

 
919

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
04/23/24
 
2,100

 
(48
)
 
(32
)
 
(8)(9)(21)(23)
 
 
Common Equity/Interests - Common Stock
 
N/A
 
N/A
 
5,000 Shares

 
500

 
500

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
24,234

 
24,197

 
 
JF Acquisition, LLC
 
First Lien Secured Debt
 
7.60% (3M L+550, 1.00% Floor)
 
07/31/24
 
5,272

 
5,168

 
5,167

 
(9)
 
 
First Lien Secured Debt
 
7.76% (3M L+550, 1.00% Floor)
 
07/31/24
 
8,159

 
8,002

 
7,996

 
(9)
 
 
First Lien Secured Debt - Revolver
 
7.75% (3M L+550, 1.00% Floor)
 
07/31/24
 
188

 
188

 
185

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
07/31/24
 
1,381

 
(30
)
 
(28
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
13,328

 
13,320

 
 
McLarens Global Ltd
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Margaux Acquisition Inc.
 
First Lien Secured Debt
 
8.32% (3M L+600, 1.00% Floor)
 
12/19/24
 
18,895

 
18,590

 
18,706

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

 
(28
)
 
(16
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
12/19/24
 
4,461

 
(101
)
 
(45
)
 
(8)(9)(21)(23)

See notes to financial statements.
7

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

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (28)
 
 Fair
Value (1)(29)
 

Margaux UK Finance Limited
 
First Lien Secured Debt
 
7.00% (3M GBP L+600, 1.00% Floor)
 
12/19/24
 
£
5,926

 
7,357

 
7,229

 
(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

 
(30
)
 
(17
)
 
(8)(9)(17)(21)(23)
 
 
 
 
 
 
 
 
 
 
25,776

 
25,850

 
 
Ministry Brands, LLC
 
Second Lien Secured Debt
 
11.34% (2M L+925, 1.00% Floor)
 
06/02/23
 
10,000

 
9,914

 
9,977

 
 
Newscycle Solutions, Inc.
 
First Lien Secured Debt
 
9.04% (1M L+700, 1.00% Floor)
 
12/29/22
 
15,046

 
14,796

 
14,896

 
(9)
 
 
First Lien Secured Debt
 
9.10% (1M L+700, 1.00% Floor)
 
12/29/22
 
1,163

 
1,150

 
1,151

 
(9)
 
 
First Lien Secured Debt - Revolver
 
9.05% (1M L+700, 1.00% Floor)
 
12/29/22
 
400

 
400

 
396

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/29/22
 
100

 
(8
)
 
(1
)
 
(8)(9)(21)(23)
 
 
 
 
 
 
 
 
 
 
16,338

 
16,442

 
 
PSI Services, LLC
 
First Lien Secured Debt
 
7.04% (1M L+500, 1.00% Floor)
 
01/20/23
 
4,551

 
4,488

 
4,529

 
(9)
 
 
First Lien Secured Debt - Revolver
 
9.00% (P+400)
 
01/20/22
 
278

 
278

 
277

 
(9)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
01/20/22
 
119

 
(5
)
 
(1
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
01/20/22
 
£
47

 

 

 
(8)(9)(21)(23)
 
 
Second Lien Secured Debt
 
11.04% (1M L+900, 1.00% Floor)
 
01/20/24
 
37,893

 
37,192

 
37,935

 
(9)
 
 
 
 
 
 
 
 
 
 
41,953

 
42,740

 
 
RA Outdoors, LLC
 
First Lien Secured Debt
 
6.79% (1M L+475, 1.00% Floor)
 
09/11/24
 
7,102

 
7,001

 
6,889

 
(9)
 
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
09/09/22
 
1,200

 
(14
)
 
(24
)
 
(8)(9)(21)(23)
 
 
Second Lien Secured Debt
 
10.79% (1M L+875, 1.00% Floor)
 
09/11/25
 
34,200

 
33,563

 
32,832

 
(9)
 
 
 
 
 
 
 
 
 
 
40,550

 
39,697

 
 
STG-Fairway Acquisitions, Inc.
 
Second Lien Secured Debt
 
11.29% (1M L+925, 1.00% Floor)
 
06/30/23
 
15,000

 
14,823

 
14,400

 
 
TGG TS Acquisition Company
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/14/23
 
1,750

 

 
(44
)
 
(8)(21)(23)
Transplace Holdings, Inc.
 
Second Lien Secured Debt
 
10.80% (1M L+875, 1.00% Floor)
 
10/06/25
 
8,599

 
8,436

 
8,427

 
(10)
U.S. Legal Support
 
 
 
 
 
 
 
 
 
 
 
 
 
 
USLS Acquisition, Inc.
 
First Lien Secured Debt
 
7.85% (3M L+575, 1.00% Floor)
 
12/02/24
 
24,623

 
24,234

 
24,175

 
(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

 
(28
)
 
(18
)
 
(8)(9)(21)(23)
 
 
First Lien Secured Debt - Letters of Credit
 
5.75%
 
10/15/19-06/06/20
 
86

 

 
(1
)
 
(8)(9)(23)
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.50% Unfunded
 
12/02/24
 
12

 
(40
)
 

 
(9)(21)(23)
US Legal Support Investment Holdings, LLC
 
Common Equity/Interests - Series A-1 Units
 
N/A
 
N/A
 
631,972 Shares

 
632

 
712

 
(9)(13)
 
 
 
 
 
 
 
 
 
 
25,334

 
25,394

 
 

See notes to financial statements.
8

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

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity
Date
 
 Par / Shares (12)
 
 Cost (28)
 
 Fair
Value (1)(29)
 

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

 
(1,294
)
 
(1,676
)
 
(8)(21)(23)
 
 
First Lien Secured Debt - Letter of Credit
 
3.25%
 
01/17/20
 
424

 

 
(49
)
 
(8)(23)
 
 
 
 
 
 
 
 
 
 
(1,294
)
 
(1,725
)
 
 
Total Business Services
 
 
$
376,928

 
$
373,625

 
 
Chemicals, Plastics & Rubber
 
 
 
 
 
 
 
 
 
 
Carbon Free Chemicals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carbonfree Caustic SPE LLC
 
First Lien Secured Debt
 
5.00%
 
12/31/21
 
$
12,800

 
$
12,800

 
$
12,800

 
 
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

 
43,076

 
 
 
 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.00% Unfunded