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, 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 February 3, 2020 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.
 
 
 
 



Table of Contents

PART I. FINANCIAL INFORMATION
In this report, the terms the “Company,” “Apollo Investment,” “AIC,” “we,” “us,” and “our” refer to Apollo Investment Corporation unless the context specifically states otherwise.
Item 1. Financial Statements
APOLLO INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
(In thousands, except share and per share data)


December 31, 2019

March 31, 2019

(Unaudited)


Assets



Investments at fair value:





Non-controlled/non-affiliated investments (cost — $2,285,650 and $1,654,322, respectively)
$
2,256,200


$
1,627,406

Non-controlled/affiliated investments (cost — $133,246 and $67,072, respectively)
93,732


49,681

Controlled investments (cost — $656,560 and $736,717, respectively)
617,265


731,045

Cash and cash equivalents
36,310


36,280

Foreign currencies (cost — $5,839 and $4,963, respectively)
5,916


4,909

Receivable for investments sold
5,686


336

Interest receivable
18,936


24,280

Dividends receivable
4,702


3,748

Deferred financing costs
16,797


19,776

Prepaid expenses and other assets
4,480


336

Total Assets
$
3,060,024


$
2,497,797





Liabilities



Debt
$
1,785,637


$
1,128,686

Payable for investments purchased
800


677

Distributions payable
29,946


31,040

Management and performance-based incentive fees payable
10,414


8,880

Interest payable
8,138


5,818

Accrued administrative services expense
2,576


2,983

Other liabilities and accrued expenses
6,631


7,086

Total Liabilities
$
1,844,142


$
1,185,170

Commitments and contingencies (Note 10)





Net Assets
$
1,215,882


$
1,312,627





Net Assets



Common stock, $0.001 par value (130,000,000 and 400,000,000 shares authorized; 66,545,741 and 68,876,986 shares issued and outstanding, respectively)
$
66


$
69

Capital in excess of par value
2,118,652


2,155,836

Accumulated under-distributed (over-distributed) earnings
(902,836
)

(843,278
)
Net Assets
$
1,215,882


$
1,312,627







Net Asset Value Per Share
$
18.27


$
19.06


See notes to financial statements.
1

Table of Contents

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

Three Months Ended December 31,

Nine Months Ended December 31,

2019

2018

2019

2018
Investment Income







Non-controlled/non-affiliated investments:







Interest income (excluding Payment-in-kind (“PIK”) interest income)
$
49,809


$
39,494


$
148,303


$
123,523

Dividend income
264


2


331


2

PIK interest income
1,224


643


6,662


2,709

Other income
1,193


3,748


4,315


6,961

Non-controlled/affiliated investments:







Interest income (excluding PIK interest income)
161




161



Dividend income
322


298


954


904

PIK interest income
515




515



Other income







Controlled investments:







Interest income (excluding PIK interest income)
11,449


15,061


36,358


44,627

Dividend income
2,651


3,300


5,102


10,550

PIK interest income
894


1,495


2,615


4,390

Other income







Total Investment Income
$
68,482


$
64,041


$
205,316


$
193,666

Expenses







Management fees
$
10,342


$
8,720


$
30,071


$
26,851

Performance-based incentive fees
71


7,409


1,983


21,190

Interest and other debt expenses
18,200


14,217


54,445


42,697

Administrative services expense
1,542


1,657


4,810


5,152

Other general and administrative expenses
2,205


2,564


7,814


8,621

Total expenses
32,360


34,567


99,123


104,511

Management and performance-based incentive fees waived


(1,852
)



(5,542
)
Expense reimbursements
(98
)

(161
)

(295
)

(500
)
Net Expenses
$
32,262


$
32,554


$
98,828


$
98,469

Net Investment Income
$
36,220


$
31,487


$
106,488


$
95,197

Net Realized and Change in Unrealized Gains (Losses)







Net realized gains (losses):







Non-controlled/non-affiliated investments
$
(537
)

$
(12,421
)

$
(6,245
)

$
(22,140
)
Non-controlled/affiliated investments
(1,820
)



(731
)

2,007

Controlled investments







Option contracts


(6,475
)



(29,995
)
Foreign currency transactions
6,200


(55
)

5,014


(80
)
Extinguishment of debt




(4,375
)


Net realized gains (losses)
3,843


(18,951
)

(6,337
)

(50,208
)
Net change in unrealized gains (losses):







Non-controlled/non-affiliated investments
8,972


2,235


(2,534
)

(8,603
)
Non-controlled/affiliated investments
(21,371
)

(7,124
)

(22,123
)

(11,084
)
Controlled investments
(10,858
)

(18,883
)

(33,623
)

(8,911
)
Option contracts


8,787




19,146

Foreign currency translations
(16,520
)

1,271


(10,688
)

4,564

Net change in unrealized gains (losses)
(39,777
)

(13,714
)

(68,968
)

(4,888
)
Net Realized and Change in Unrealized Gains (Losses)
$
(35,934
)

$
(32,665
)

$
(75,305
)

$
(55,096
)
Net Increase (Decrease) in Net Assets Resulting from Operations
$
286


$
(1,178
)

$
31,183


$
40,101

Earnings Per Share — Basic
$
0.00


$
(0.02
)

$
0.46


$
0.56


See notes to financial statements.
2

Table of Contents

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,
 
2019
 
2018
 
2019
 
2018
Operations
 
 
 
 
 
 
 
Net investment income
$
36,220

 
$
31,487

 
$
106,488

 
$
95,197

Net realized gains (losses)
3,843

 
(18,951
)
 
(6,337
)
 
(50,208
)
Net change in unrealized gains (losses)
(39,777
)
 
(13,714
)
 
(68,968
)
 
(4,888
)
Net Increase (Decrease) in Net Assets Resulting from Operations
$
286

 
$
(1,178
)
 
$
31,183

 
$
40,101

 
 
 
 
 
 
 
 
Distributions to Stockholders
 
 
 
 
 
 
 
Distribution of net investment income
$
(29,946
)
 
$
(31,302
)
 
$
(90,741
)
 
$
(95,533
)
Distribution of return of capital

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Distributions to Stockholders
$
(29,946
)
 
$
(31,302
)
 
$
(90,741
)
 
$
(95,533
)
 
 
 
 
 
 
 
 
Capital Share Transactions
 
 
 
 
 
 
 
Repurchase of common stock
(7,850
)
 
(22,067
)
 
(37,187
)
 
(46,049
)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions
$
(7,850
)
 
$
(22,067
)
 
$
(37,187
)
 
$
(46,049
)
 
 
 
 
 
 
 
 
Net Assets
 
 
 
 
 
 
 
Net decrease in net assets during the period
$
(37,510
)
 
$
(54,547
)
 
$
(96,745
)
 
$
(101,481
)
Net assets at beginning of period
1,253,392

 
1,371,152

 
1,312,627

 
1,418,086

Net Assets at End of Period
$
1,215,882

 
$
1,316,605

 
$
1,215,882

 
$
1,316,605

 
 
 
 
 
 
 
 
Capital Share Activity
 
 
 
 
 
 
 
Shares repurchased during the period
(501,611
)
 
(1,497,861
)
 
(2,331,245
)
 
(2,916,228
)
Shares issued and outstanding at beginning of period
67,047,352

 
70,685,665

 
68,876,986

 
72,104,032

Shares Issued and Outstanding at End of Period
66,545,741

 
69,187,804

 
66,545,741

 
69,187,804


See notes to financial statements.
3

Table of Contents

APOLLO INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
 
Nine Months Ended December 31,
 
2019
 
2018
Operating Activities
 
 
 
Net increase (decrease) in net assets resulting from operations
$
31,183

 
$
40,101

Net realized (gains) losses
6,337

 
50,208

Net change in unrealized (gains) losses
68,968

 
4,888

Net amortization of premiums and accretion of discounts on investments
(6,815
)
 
(4,597
)
Accretion of discount on notes
447

 
447

Amortization of deferred financing costs
3,775

 
3,723

Increase in gains/(losses) from foreign currency transactions
5,014

 
(80
)
PIK interest and dividends capitalized
(18,971
)
 
(5,584
)
Changes in operating assets and liabilities:
 
 
 
Purchases of investments
(1,441,914
)
 
(1,061,858
)
Proceeds from sales and repayments of investments
838,152

 
931,520

Purchases of option contracts

 

Proceeds from option contracts

 

Net settlement of option contracts

 
(9,002
)
Decrease (increase) in interest receivable
5,423

 
1,579

Decrease (increase) in dividends receivable
(954
)
 
(904
)
Decrease (increase) in prepaid expenses and other assets
(4,144
)
 
(550
)
Increase (decrease) in management and performance-based incentive fees payable
1,534

 
(2,309
)
Increase (decrease) in interest payable
2,320

 
4,198

Increase (decrease) in accrued administrative services expense
(407
)
 
505

Increase (decrease) in other liabilities and accrued expenses
(455
)
 
1,464

Net Cash Used in/Provided by Operating Activities
$
(510,507
)
 
$
(46,251
)
Financing Activities
 
 
 
Issuances of debt
$
1,226,965

 
$
759,963

Payments of debt
(586,086
)
 
(551,657
)
Financing costs paid and deferred
(444
)
 
(9,758
)
Repurchase of common stock
(37,187
)
 
(46,049
)
Distributions paid
(91,835
)
 
(96,678
)
Net Cash Used in/Provided by Financing Activities
$
511,413

 
$
55,821

 
 
 
 
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
$
906

 
$
9,570

Effect of foreign exchange rate changes on cash and cash equivalents
131

 
18

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
$
42,226

 
$
29,937

 
 
 
 
Supplemental Disclosure of Cash Flow Information
 
 
 
Cash interest paid
$
47,956

 
$
34,323

 
 
 
 
Non-Cash Activity
 
 
 
PIK income
$
9,792

 
$
7,099


See notes to financial statements.
4

Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity Date
 
Par/Shares (12)
 
Cost (26)
 
 
Fair Value (1)(27)
 

Advertising, Printing & Publishing
Learfield Communications
A-L Parent LLC
 
Second Lien Secured Debt
 
9.05% (1M L+725, 1.00% Floor)
 
12/02/24
 
$
5,536

 
$
5,502

 
 
$
4,913

 

Simplifi Holdings, Inc.
Simplifi Holdings, Inc.
 
First Lien Secured Debt
 
7.55% (1M L+575, 1.00% Floor)
 
08/02/25
 
36,491

 
35,866

 
 
35,761

 
(9)

 
First Lien Secured Debt
 
7.44% (1M L+575, 1.00% Floor)
 
08/04/25
 
2,436

 
2,390

 
 
2,353

 
(9)

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

 
(51
)
 
 
(48
)
 
(8)(9)(21)(23)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.50% Unfunded
 
08/02/25
 
6,091

 
(60
)
 
 
(87
)
 
(8)(9)(21)(23)

 

 

 

 


 
38,145

 
 
37,979

 

Total Advertising, Printing & Publishing
 
 
$
43,647

 
 
$
42,892

 

Aerospace & Defense
Erickson Inc
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Erickson Inc
 
First Lien Secured Debt - Revolver
 
9.60% (3M L+750, 1.00% Floor)
 
04/28/22
 
$
30,801

 
$
30,801

 
 
$
30,262

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
04/28/22
 
7,526

 
(261
)
 
 
(132
)
 
(8)(9)(21)(23)

 
First Lien Secured Debt - Letters of Credit
 
7.50%
 
01/31/20 - 10/01/20
 
6,673

 

 
 
(115
)
 
(8)(9)(23)

 

 

 

 


 
30,540

 
 
30,015

 

ILC Dover LP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ILC Dover LP
 
Second Lien Secured Debt
 
10.30% (1M L+850, 1.00% Floor)
 
06/28/24
 
7,800

 
7,678

 
 
7,761

 

PAE Holding Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PAE Holding Corporation
 
Second Lien Secured Debt
 
11.35% (2M L+950, 1.00% Floor)
 
10/20/23
 
28,097

 
27,629

 
 
27,745

 
(10)
Total Aerospace & Defense
 
 
$
65,847

 
 
$
65,521

 

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

 
$
1,714

 
 
$

 
(13)(19)
Arlington
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arlington Industries Group Limited
 
First Lien Secured Debt
 
5.75% (1M E+525, 0.50% Floor)
 
03/29/24
 
3,297

 
3,693

 
 
3,604

 
(9)(17)

 
First Lien Secured Debt
 
5.96% (1M GBPL+525, 0.50% Floor)
 
03/29/24
 
£
7,841

 
9,986

 
 
10,116

 
(9)(17)

 
First Lien Secured Debt - Unfunded Revolver
 
1.25% Unfunded
 
03/29/24
 
£
2,700

 
(61
)
 
 
(96
)
 
(8)(9)(17)(21)(23)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
03/29/24
 
£
1,300

 
(29
)
 
 
(45
)
 
(8)(9)(17)(21)(23)

 

 

 

 


 
13,589

 
 
13,579

 

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

 
938

 
 
762

 
(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

 
391

 
 
318

 
(9)(13)(14)

 

 

 

 


 
1,329

 
 
1,080

 

K&N Parent, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
K&N Parent, Inc.
 
Second Lien Secured Debt
 
10.55% (1M L+875, 1.00% Floor)
 
10/21/24
 
23,765

 
23,474

 
 
22,683

 


See notes to financial statements.
5

Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity Date
 
Par/Shares (12)
 
Cost (26)
 
 
Fair Value (1)(27)
 

Truck-Lite Co., LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Truck-Lite Co., LLC
 
First Lien Secured Debt
 
8.14% (3M L+625, 1.00% Floor)
 
12/14/26
 
77,647

 
75,720

 
 
75,720

 
(9)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/13/24
 
7,993

 
(198
)
 
 
(200
)
 
(8)(9)(21)(23)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
12/14/26
 
11,419

 
(283
)
 
 
(285
)
 
(8)(9)(21)(23)
TL Lighting Holdings, LLC
 
Common Equity/Interests - Equity
 
N/A
 
N/A
 
350 Shares

 
350

 
 
350

 
(9)(13)

 

 

 

 


 
75,589

 
 
75,585

 

Total Automotive
 
 
$
115,695

 
 
$
112,927

 

Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)
 
First Lien Secured Debt - Revolver
 
12.00%
 
10/31/23
 
$
305,300

 
$
305,300

 
 
$
305,300

 
(23)

 
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

 
 
57,760

 


 

 

 

 


 
320,300

 
 
363,060

 

Primeflight
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PrimeFlight Aviation Services, Inc.
 
First Lien Secured Debt
 
7.24% (1M L+550, 1.00% Floor)
 
05/09/24
 
12,450

 
12,266

 
 
12,266

 
(9)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.50% Unfunded
 
05/09/24
 
5,133

 
(98
)
 
 
(103
)
 
(8)(9)(21)(23)

 

 

 

 


 
12,168

 
 
12,163

 

Total Aviation and Consumer Transport
 
 
$
332,468

 
 
$
375,223

 

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

 
$
1,000

 
 
$
1,000

 
(13)
Eagle Foods
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Eagle Foods Family Group, LLC
 
First Lien Secured Debt
 
8.43% (6M L+650, 1.00% Floor)
 
06/14/24
 
$
24,562

 
24,357

 
 
23,826

 
(9)

 
First Lien Secured Debt
 
8.44% (3M L+650, 1.00% Floor)
 
06/14/24
 
63

 
62

 
 
61

 
(9)

 
First Lien Secured Debt - Revolver
 
8.70% (6M L+650, 1.00% Floor)
 
06/14/23
 
333

 
333

 
 
323

 
(9)(23)

 
First Lien Secured Debt - Revolver
 
8.71% (6M L+650, 1.00% Floor)
 
06/14/23
 
83

 
83

 
 
81

 
(9)(23)

 
First Lien Secured Debt - Revolver
 
8.72% (6M L+650, 1.00% Floor)
 
06/14/23
 
250

 
250

 
 
243

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
06/14/23
 
3,083

 
(29
)
 
 
(93
)
 
(8)(9)(21)(23)

 

 

 

 


 
25,056

 
 
24,441

 

Florida Food Products, Inc.
Florida Food Products, Inc.
 
First Lien Secured Debt
 
8.55% (1M L+675, 1.00% Floor)
 
09/08/25
 
22,997

 
22,529

 
 
22,767

 
(9)
Florida Food Products, LLC
 
First Lien Secured Debt - Revolver
 
8.55% (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

 
(32
)
 
 
(2
)
 
(8)(9)(21)(23)

 

 

 

 


 
23,970

 
 
24,223

 


See notes to financial statements.
6

Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity Date
 
Par/Shares (12)
 
Cost (26)
 
 
Fair Value (1)(27)
 

Orgain, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Butterfly Fighter Co-Invest, L.P.
 
Common Equity/Interests - Membership Interests
 
N/A
 
N/A
 
1,000,000 Shares

 
1,000

 
 
1,000

 
(13)
TNT Crust LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TNT Crust LLC
 
First Lien Secured Debt
 
7.05% (1M L+525, 1.00% Floor)
 
11/06/23
 
19,366

 
19,045

 
 
18,978

 
(9)

 
First Lien Secured Debt - Revolver
 
7.05% (1M L+525, 1.00% Floor)
 
11/06/23
 
1,724

 
1,724

 
 
1,689

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
11/06/23
 
1,528

 
(54
)
 
 
(31
)
 
(8)(9)(21)(23)

 
Common Equity/Interests - Series A Units
 
N/A
 
N/A
 
244 Shares

 
30

 
 
292

 
(9)(13)

 

 

 

 


 
20,745

 
 
20,928

 

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

 
169

 
 
154

 
(9)(13)
THLP CO. LLC
 
First Lien Secured Debt
 
7.30% (1M L+550, 1.00% Floor)
 
05/30/25
 
19,562

 
19,208

 
 
19,366

 
(9)

 
First Lien Secured Debt - Revolver
 
9.25% (P+450)
 
05/31/24
 
449

 
449

 
 
445

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
05/31/24
 
4,045

 
(79
)
 
 
(40
)
 
(8)(9)(21)(23)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
05/30/25
 
5,618

 
(40
)
 
 
(56
)
 
(8)(9)(21)(23)

 

 

 

 


 
19,707

 
 
19,869

 

Total Beverage, Food & Tobacco
 
 
$
91,478

 
 
$
91,461

 

Business Services
Access Information
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Access CIG, LLC
 
Second Lien Secured Debt
 
9.44% (1M L+775)
 
02/27/26
 
$
15,900

 
$
15,785

 
 
$
15,860

 
(10)
Aero Operating LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aero Operating LLC
 
First Lien Secured Debt
 
8.94% (1M L+725, 1.00% Floor)
 
12/29/22
 
36,329

 
35,768

 
 
35,966

 
(9)

 
First Lien Secured Debt - Revolver
 
11.00% (P+625)
 
12/29/22
 
2,920

 
2,920

 
 
2,890

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
1.00% Unfunded
 
12/29/22
 
669

 
(72
)
 
 
(7
)
 
(8)(9)(21)(23)

 
First Lien Secured Debt - Letters of Credit
 
L+400
 
04/30/20 - 07/30/20
 
1,123

 

 
 
(11
)
 
(8)(9)(23)
 
 
First Lien Secured Debt - Letter of Credit
 
L+725
 
07/30/20
 
101

 

 
 
(1
)
 
(8)(9)(23)

 

 

 

 


 
38,616

 
 
38,837

 

Ambrosia Buyer Corp.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ambrosia Buyer Corp.
 
Second Lien Secured Debt
 
9.80% (1M L+800, 1.00% Floor)
 
08/28/25
 
21,429

 
21,049

 
 
20,670

 

Claritas
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Claritas, LLC
 
First Lien Secured Debt
 
7.94% (3M L+600, 1.00% Floor)
 
12/21/23
 
3,870

 
3,838

 
 
3,831

 
(9)

 
First Lien Secured Debt - Revolver
 
7.79% (1M L+600, 1.00% Floor)
 
12/21/23
 
155

 
155

 
 
153

 
(9)(23)

 
First Lien Secured Debt - Revolver
 
7.80% (1M L+600, 1.00% Floor)
 
12/21/23
 
258

 
258

 
 
255

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/21/23
 
619

 
(9
)
 
 
(6
)
 
(8)(9)(21)(23)

 

 

 

 


 
4,242

 
 
4,233

 


See notes to financial statements.
7

Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity Date
 
Par/Shares (12)
 
Cost (26)
 
 
Fair Value (1)(27)
 

Continuum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuum Global Solutions, LLC
 
First Lien Secured Debt - Revolver
 
7.19% (1M L+550, 1.00% Floor)
 
02/15/22
 
8,726

 
8,726

 
 
8,552

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
02/15/22
 
2,043

 
(153
)
 
 
(41
)
 
(8)(9)(21)(23)

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

 
62

 
 
62

 
(9)(13)

 

 

 

 


 
8,635

 
 
8,573

 

CT Technologies Intermediate Holdings, Inc
CT Technologies Intermediate Holdings, Inc
 
Second Lien Secured Debt
 
10.80% (1M L+900, 1.00% Floor)
 
12/01/22
 
31,253

 
30,761

 
 
28,128

 
(9)
Education Personnel
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Education Personnel
 
First Lien Secured Debt
 
5.54% (3M GBPL+475, 0.50% Floor)
 
08/31/24
 
£
4,076

 
5,184

 
 
5,354

 
(9)(17)

 
First Lien Secured Debt - Revolver
 
5.54% (3M GBPL+475, 0.50% Floor)
 
08/31/24
 
£
1,471

 
1,870

 
 
1,932

 
(9)(17)(23)

 

 

 

 


 
7,054

 
 
7,286

 

Electro Rent Corporation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Electro Rent Corporation
 
Second Lien Secured Debt
 
10.92% (3M L+900, 1.00% Floor)
 
01/31/25
 
34,235

 
33,515

 
 
33,551

 
(9)
Elo Touch
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TGG TS Acquisition Company
 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/14/23
 
1,750

 

 
 
(44
)
 
(8)(21)(23)
Ensemble Health
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EHL Merger Sub, LLC
 
First Lien Secured Debt - Unfunded Revolver
 
0.25% Unfunded
 
10/01/24
 
4,155

 
(349
)
 
 
(374
)
 
(8)(21)(23)
Jacent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jacent Strategic Merchandising
 
First Lien Secured Debt
 
7.67% (3M L+575, 1.00% Floor)
 
04/23/24
 
22,636

 
22,343

 
 
22,229

 
(9)

 
First Lien Secured Debt - Revolver
 
7.55% (1M L+575, 1.00% Floor)
 
04/23/24
 
117

 
117

 
 
115

 
(9)(23)

 
First Lien Secured Debt - Revolver
 
7.67% (3M L+575, 1.00% Floor)
 
04/23/24
 
1,167

 
1,167

 
 
1,146

 
(9)(23)

 
First Lien Secured Debt - Revolver
 
7.69% (3M L+575, 1.00% Floor)
 
04/23/24
 
1,050

 
1,050

 
 
1,031

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
04/23/24
 
1,167

 
(45
)
 
 
(21
)
 
(8)(9)(21)(23)

 
Common Equity/Interests - Common Stock
 
N/A
 
N/A
 
5,000 Shares

 
500

 
 
491

 
(9)(13)

 

 

 

 


 
25,132

 
 
24,991

 

Jones & Frank
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
JF Acquisition, LLC
 
First Lien Secured Debt
 
7.43% (3M L+550, 1.00% Floor)
 
07/31/24
 
8,139

 
7,989

 
 
7,981

 
(9)

 
First Lien Secured Debt
 
7.46% (3M L+550, 1.00% Floor)
 
07/31/24
 
5,272

 
5,174

 
 
5,168

 
(9)

 
First Lien Secured Debt - Revolver
 
9.25% (P+450)
 
07/31/24
 
439

 
439

 
 
431

 
(9)(23)

 
First Lien Secured Debt - Revolver
 
7.43% (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
 
941

 
(29
)
 
 
(19
)
 
(8)(9)(21)(23)

 

 

 

 


 
13,761

 
 
13,746

 

MAKS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trident Bidco Limited
 
First Lien Secured Debt
 
8.05% (1M L+625, 1.00% Floor)
 
11/08/25
 
35,000

 
33,976

 
 
33,976

 
(9)(17)

See notes to financial statements.
8

Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2019
(In thousands, except share data)

Industry / Company
 
Investment Type
 
Interest Rate (20)
 
Maturity Date
 
Par/Shares (12)
 
Cost (26)
 
 
Fair Value (1)(27)
 

McLarens
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Margaux Acquisition Inc.
 
First Lien Secured Debt
 
7.60% (3M L+550, 1.00% Floor)
 
12/19/24
 
17,482

 
17,192

 
 
17,281

 
(9)

 
First Lien Secured Debt
 
8.10% (3M L+600, 1.00% Floor)
 
12/19/24
 
1,366

 
1,366

 
 
1,350

 
(9)

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

 
(27
)
 
 
(17
)
 
(8)(9)(21)(23)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
12/19/24
 
4,461

 
(97
)
 
 
(52
)
 
(8)(9)(21)(23)
Margaux UK Finance Limited
 
First Lien Secured Debt
 
6.50% (3M GBPL+550, 1.00% Floor)
 
12/19/24
 
£
5,911

 
7,345

 
 
7,739

 
(9)(17)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
12/19/24
 
£
541

 
(11
)
 
 
(8
)
 
(8)(9)(17)(21)(23)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
1.00% Unfunded
 
12/19/24
 
£
1,353

 
(28
)
 
 
(21
)
 
(8)(9)(17)(21)(23)

 

 

 

 


 
25,740

 
 
26,272

 

Ministry Brands, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ministry Brands, LLC
 
Second Lien Secured Debt
 
11.08% (2M L+925, 1.00% Floor)
 
06/02/23
 
10,000

 
9,919

 
 
9,943

 

Newscycle Solutions, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Newscycle Solutions, Inc.
 
First Lien Secured Debt
 
8.80% (1M L+700, 1.00% Floor)
 
12/29/22
 
14,843

 
14,615

 
 
14,695

 
(9)

 
First Lien Secured Debt
 
8.69% (1M L+700, 1.00% Floor)
 
12/29/22
 
1,147

 
1,136

 
 
1,136

 
(9)

 
First Lien Secured Debt - Revolver
 
10.75% (P+600)
 
12/29/22
 
40

 
40

 
 
40

 
(9)(23)

 
First Lien Secured Debt - Revolver
 
8.80% (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
 
60

 
(7
)
 
 
(1
)
 
(8)(9)(21)(23)

 

 

 

 


 
16,184

 
 
16,266

 

PSI Services, LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lifelong Learner Holdings, LLC
 
First Lien Secured Debt
 
7.49% (1M L+575, 1.00% Floor)
 
10/19/26
 
28,657

 
28,100

 
 
28,098

 
(9)

 
First Lien Secured Debt
 
7.54% (1M L+575, 1.00% Floor)
 
10/19/26
 
1,578

 
1,563

 
 
1,547

 
(9)

 
First Lien Secured Debt
 
7.66% (3M L+575, 1.00% Floor)
 
10/19/26
 
2,713

 
2,686

 
 
2,660

 
(9)

 
First Lien Secured Debt - Revolver
 
7.69% (3M L+575, 1.00% Floor)
 
10/20/25
 
299

 
299

 
 
293

 
(9)(23)

 
First Lien Secured Debt - Unfunded Revolver
 
0.50% Unfunded
 
10/20/25
 
2,687

 
(58
)
 
 
(52
)
 
(8)(9)(21)(23)

 
First Lien Secured Debt - Unfunded Delayed Draw
 
0.00% Unfunded
 
10/19/26
 
4,067

 
(79
)
 
 
(80
)
 
(8)(9)(21)(23)