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, 2020
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 November 4, 2020 was 65,259,176.




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)
September 30, 2020March 31, 2020
(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $2,110,330 and $2,298,548, respectively)
$2,046,701 $2,191,327 
Non-controlled/affiliated investments (cost — $146,430 and $135,346, respectively)
56,976 60,241 
Controlled investments (cost — $633,778 and $655,719, respectively)
482,906 533,865 
Cash and cash equivalents25,825 37,301 
Foreign currencies (cost — $5,539 and $6,369, respectively)
5,509 6,375 
Receivable for investments sold609 978 
Interest receivable16,876 19,151 
Dividends receivable3,160 5,034 
Deferred financing costs13,732 16,054 
Prepaid expenses and other assets1,075 732 
Total Assets$2,653,369 $2,871,058 
Liabilities
Debt$1,600,328 $1,794,617 
Payable for investments purchased39 — 
Distributions payable23,493 29,367 
Management and performance-based incentive fees payable9,262 10,289 
Interest payable2,440 2,887 
Accrued administrative services expense2,324 2,796 
Other liabilities and accrued expenses7,745 6,787 
Total Liabilities$1,645,631 $1,846,743 
Commitments and contingencies (Note 8)
Net Assets$1,007,738 $1,024,315 
Net Assets
Common stock, $0.001 par value (130,000,000 shares authorized; 65,259,176 and 65,259,176 shares issued and outstanding, respectively)
$65 $65 
Capital in excess of par value2,099,876 2,099,876 
Accumulated under-distributed (over-distributed) earnings(1,092,203)(1,075,626)
Net Assets$1,007,738 $1,024,315 
Net Asset Value Per Share$15.44 $15.70 
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 September 30,Six Months Ended September 30,
2020201920202019
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)$46,139 $51,489 $93,502 $98,493 
Dividend income— — 66 
PIK interest income925 732 2,073 5,438 
Other income163 2,185 547 3,122 
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)— 12 — 
Dividend income331 313 676 632 
PIK interest income— — — — 
Other income— — — — 
Controlled investments:
Interest income (excluding PIK interest income)6,438 12,271 12,331 24,910 
Dividend income891 2,451 1,691 2,451 
PIK interest income— 872 728 1,722 
Other income— — — — 
Total Investment Income$54,891 $70,318 $111,560 $136,834 
Expenses
Management fees$9,262 $10,190 $18,786 $19,729 
Performance-based incentive fees— 1,911 — 1,911 
Interest and other debt expenses13,845 18,735 29,237 36,246 
Administrative services expense1,201 1,542 2,389 3,267 
Other general and administrative expenses2,777 2,305 5,224 5,609 
Total expenses27,085 34,683 55,636 66,762 
Management and performance-based incentive fees waived— — — — 
Expense reimbursements(100)(99)(210)(196)
Net Expenses$26,985 $34,584 $55,426 $66,566 
Net Investment Income$27,906 $35,734 $56,134 $70,268 
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments$590 $(5,701)$(8,039)$(5,710)
Non-controlled/affiliated investments(3,653)— (3,653)1,089 
Controlled investments— — — — 
Foreign currency transactions64 (1,387)276 (1,185)
Extinguishment of debt— (4,375)— (4,375)
Net realized gains (losses)(2,999)(11,463)(11,416)(10,181)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments21,680 (7,463)32,248 (11,508)
Non-controlled/affiliated investments5,957 (1,659)(3,006)(750)
Controlled investments(11,769)(13,069)(29,017)(22,765)
Foreign currency translations(7,486)4,988 (8,660)5,833 
Net change in unrealized gains (losses)8,382 (17,203)(8,435)(29,190)
Net Realized and Change in Unrealized Gains (Losses)$5,383 $(28,666)$(19,851)$(39,371)
Net Increase (Decrease) in Net Assets Resulting from Operations$33,289 $7,068 $36,283 $30,897 
Earnings (Loss) Per Share — Basic$0.51 $0.10 $0.56 $0.45 
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 September 30,Six Months Ended September 30,
2020201920202019
Operations
Net investment income$27,906 $35,734 $56,134 $70,268 
Net realized gains (losses)(2,999)(11,463)(11,416)(10,181)
Net change in unrealized gains (losses)8,382 (17,203)(8,435)(29,190)
Net Increase (Decrease) in Net Assets Resulting from Operations$33,289 $7,068 $36,283 $30,897 
Distributions to Stockholders
Distribution of net investment income$(23,494)$(30,171)$(52,860)$(60,795)
Distribution of return of capital— — — — 
Net Decrease in Net Assets Resulting from Distributions to Stockholders$(23,494)$(30,171)$(52,860)$(60,795)
Capital Share Transactions
Repurchase of common stock$— $(14,215)$— $(29,337)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions$— $(14,215)$— $(29,337)
Net Assets
Net increase (decrease) in net assets during the period$9,795 $(37,318)$(16,577)$(59,235)
Net assets at beginning of period997,943 1,290,710 1,024,315 1,312,627 
Net Assets at End of Period$1,007,738 $1,253,392 $1,007,738 $1,253,392 
Capital Share Activity
Shares repurchased during the period— (880,001)— (1,829,634)
Shares issued and outstanding at beginning of period65,259,176 67,927,353 65,259,176 68,876,986 
Shares Issued and Outstanding at End of Period65,259,176 67,047,352 65,259,176 67,047,352 
See notes to financial statements.
3

Table of Contents

APOLLO INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Six Months Ended September 30,
20202019
Operating Activities
Net increase (decrease) in net assets resulting from operations$36,283 $30,897 
Net realized (gains) losses11,416 10,181 
Net change in unrealized (gains) losses8,435 29,190 
Net amortization of premiums and accretion of discounts on investments(5,457)(4,337)
Accretion of discount on notes297 297 
Amortization of deferred financing costs2,510 2,526 
Increase in gains/(losses) from foreign currency transactions276 (1,185)
PIK interest and dividends capitalized(3,033)(5,982)
Changes in operating assets and liabilities:
Purchases of investments(243,716)(912,673)
Proceeds from sales and repayments of investments439,998 486,112 
Decrease (increase) in interest receivable2,326 (4,402)
Decrease (increase) in dividends receivable1,874 (633)
Decrease (increase) in prepaid expenses and other assets(343)(393)
Increase (decrease) in management and performance-based incentive fees payable(1,027)3,221 
Increase (decrease) in interest payable(447)(2,152)
Increase (decrease) in accrued administrative services expense(472)(629)
Increase (decrease) in other liabilities and accrued expenses958 64 
Net Cash Used in/Provided by Operating Activities$249,878 $(369,898)
Financing Activities
Issuances of debt$60,481 $799,134 
Payments of debt(263,932)(342,797)
Financing costs paid and deferred— (184)
Repurchase of common stock— (29,337)
Distributions paid(58,733)(61,664)
Net Cash Used in/Provided by Financing Activities$(262,184)$365,152 
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period$(12,306)$(4,746)
Effect of foreign exchange rate changes on cash and cash equivalents(36)(5)
Cash, cash equivalents and foreign currencies at beginning of period43,676 41,189 
Cash, Cash Equivalents and Foreign Currencies at the End of Period$31,334 $36,438 
Supplemental Disclosure of Cash Flow Information
Cash interest paid$26,908 $35,627 
Non-Cash Activity
PIK income$2,801 $7,160 
See notes to financial statements.
4

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Advertising, Printing & Publishing
Learfield Communications
A-L Parent LLCSecond Lien Secured Debt8.25% (1M L+725, 1.00% Floor)12/02/24$5,536 $5,507 $3,654 
Simplifi Holdings, Inc.
Simplifi Holdings, Inc.First Lien Secured Debt7.00% (3M L+600, 1.00% Floor)08/02/2538,635 38,053 37,441 (9)
First Lien Secured Debt - Revolver7.00% (3M L+600, 1.00% Floor)08/02/251,200 1,200 1,163 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded08/02/251,200 (44)(37)(8)(9)
(21)(23)
39,209 38,567 
Total Advertising, Printing & Publishing$44,716 $42,221 
Aerospace & Defense
Erickson Inc
Erickson IncFirst Lien Secured Debt - Revolver9.00% (3M L+750, 1.50% Floor)04/28/22$30,169 $30,169 $29,566 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/28/225,085 (147)(102)(8)(9)
(21)(23)
First Lien Secured Debt - Letters of Credit7.50%10/01/20 - 07/15/222,246 — (43)(8)(9)
(23)
Total Aerospace & Defense$30,022 $29,421 
Automotive
Accelerate Parent Corp. (American Tire)
Accelerate Parent Corp.Common Equity - Common StockN/AN/A1,664,046 Shares$1,714 $— (13)(19)
Arlington
Arlington Industries Group LimitedFirst Lien Secured Debt5.75% (1M E+525, 0.50% Floor)03/29/242,495 2,799 2,912 (9)(17)
First Lien Secured Debt5.75% (1M GBPL+525, 0.50% Floor)03/29/24£3,627 4,611 4,636 (9)(17)
7,410 7,548 
Crowne Automotive
Vari-Form Group, LLCFirst Lien Secured DebtL+11.00% (7.00% Cash plus 4.00% PIK)02/02/235,860 901 762 (9)(13)
(14)
Vari-Form Inc.First Lien Secured DebtL+11.00% (7.00% Cash plus 4.00% PIK)02/02/232,110 391 274 (9)(13)
(14)
1,292 1,036 
K&N Parent, Inc.
K&N Parent, Inc.Second Lien Secured Debt9.75% (1M L+875, 1.00% Floor)10/21/2423,765 23,519 21,566 
Truck-Lite Co., LLC
Truck-Lite Co., LLCFirst Lien Secured Debt7.25% (3M L+625, 1.00% Floor)12/14/2625,022 24,492 24,494 (9)
First Lien Secured Debt - Revolver7.25% (1M L+625, 1.00% Floor)12/13/24218 218 215 (9)(23)
First Lien Secured Debt - Revolver7.25% (3M L+625, 1.00% Floor)12/13/24436 436 429 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/13/242,304 (60)(36)(8)(9)
(21)(23)
First Lien Secured Debt - Letters of Credit6.25%11/30/20 - 12/21/2094 — (1)(8)(9)
(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded12/14/263,708 (77)(78)(8)(9)
(21)(23)
TL Lighting Holdings, LLCCommon Equity - EquityN/AN/A350 Shares350 301 (9)(13)
(28)
25,359 25,324 
Total Automotive$59,294 $55,474 
See notes to financial statements.
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Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Aviation and Consumer Transport
Merx Aviation Finance, LLC
Merx Aviation Finance, LLC (5)First Lien Secured Debt - Revolver10.00%10/31/23$200,000 $200,000 $200,000 (23)
First Lien Secured Debt - Letter of Credit2.25%07/13/21177 — — (23)
Common Equity - Membership InterestsN/AN/AN/A120,300 123,544 (28)
320,300 323,544 
Primeflight
PrimeFlight Aviation Services, Inc.First Lien Secured Debt6.50% (1M L+550, 1.00% Floor)05/09/2414,699 14,529 14,210 (9)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded05/09/242,842 (87)(95)(8)(9)
(21)(23)
14,442 14,115 
Total Aviation and Consumer Transport$334,742 $337,659 
Beverage, Food & Tobacco
Bolthouse Farms
Wm. Bolthouse Farms, Inc.Common Equity - Common StockN/AN/A1,000,000 Shares$1,000 $1,160 (13)
Eagle Foods
Eagle Foods Family Group, LLCFirst Lien Secured Debt7.50% (3M L+650, 1.00% Floor)06/14/2424,437 24,267 23,827 (9)
First Lien Secured Debt - Revolver7.50% (3M L+650, 1.00% Floor)06/14/231,333 1,333 1,300 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded06/14/232,417 (23)(60)(8)(9)
(21)(23)
25,577 25,067 
Florida Food Products, Inc.
Florida Food Products, Inc.First Lien Secured Debt7.50% (3M L+650, 1.00% Floor)09/08/2522,822 22,418 22,594 (9)
First Lien Secured Debt8.25% (3M L+725, 1.00% Floor)09/08/252,992 2,789 2,991 (9)
Florida Food Products, LLCFirst Lien Secured Debt - Revolver7.50% (3M L+650, 1.00% Floor)09/06/231,712 1,687 1,695 (9)(23)
26,894 27,280 
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.Common Equity - Membership InterestsN/AN/A1,000,000 Shares1,005 1,263 (13)(28)
TNT Crust LLC
TNT Crust LLCFirst Lien Secured Debt7.75% (3M L+675, 1.00% Floor)11/06/2326,341 25,967 25,814 (9)
First Lien Secured Debt - Revolver7.75% (3M L+675, 1.00% Floor)11/06/231,236 1,236 1,211 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded11/06/232,016 (43)(40)(8)(9)
(21)(23)
Common Equity - Series A UnitsN/AN/A244 Shares30 288 (9)(13)
27,190 27,273 
Turkey Hill
IC Holdings LLCCommon Equity - Series A UnitsN/AN/A169 Shares169 418 (9)(13)
THLP CO. LLCFirst Lien Secured Debt6.50% (1M L+550, 1.00% Floor)05/30/2519,562 19,257 19,366 (9)
First Lien Secured Debt7.75% (P+450)05/30/2522 22 22 (9)
First Lien Secured Debt6.50% (12M L+550, 1.00% Floor)05/30/252,779 2,754 2,752 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded05/31/244,494 (66)(45)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded05/30/252,809 (44)(28)(8)(9)
(21)(23)
22,092 22,485 
Total Beverage, Food & Tobacco$103,758 $104,528 
See notes to financial statements.
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Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Business Services
Access Information
Access CIG, LLCSecond Lien Secured Debt7.91% (1M L+775)02/27/26$15,900 $15,798 $15,695 
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.Second Lien Secured Debt9.00% (6M L+800, 1.00% Floor)08/28/2521,429 21,099 16,646 
AML Rightsource
Gabriel Partners, LLCFirst Lien Secured Debt7.25% (1M L+625, 1.00% Floor)09/21/268,004 7,805 7,804 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/21/26665 (17)(17)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw0.75% Unfunded09/21/261,330 (20)(20)(8)(9)
(21)(23)
7,768 7,767 
Claritas
Claritas, LLCFirst Lien Secured Debt7.00% (3M L+600, 1.00% Floor)12/21/233,795 3,770 3,748 (9)
First Lien Secured Debt - Revolver7.00% (3M L+600, 1.00% Floor)12/21/23387 387 382 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/21/23644 (7)(8)(8)(9)
(21)(23)
4,150 4,122 
Continuum
Continuum Global Solutions, LLCFirst Lien Secured Debt - Revolver6.50% (1M L+550, 1.00% Floor)02/15/223,509 3,509 3,422 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/15/2216,491 (223)(412)(8)(9)
(21)(23)
Preferred Equity - Preferred EquityN/AN/A775 Shares78 78(9)(13)
3,364 3,088 
CT Technologies Intermediate Holdings, Inc
CT Technologies Intermediate Holdings, IncSecond Lien Secured Debt10.00% (1M L+900, 1.00% Floor)12/01/2231,253 30,887 29,690 (9)
Education Personnel
Arthur Bidco LimitedFirst Lien Secured Debt5.25% (3M GBPL+475, 0.50% Floor)08/31/24£4,035 5,149 4,945 (9)(17)
First Lien Secured Debt - Revolver5.25% (3M GBPL+475, 0.50% Floor)08/31/24£1,471 1,877 1,802 (9)(17)
(23)
7,026 6,747 
Electro Rent Corporation
Electro Rent CorporationSecond Lien Secured Debt10.00% (3M L+900, 1.00% Floor)01/31/2534,235 33,608 33,379 (9)
Elo Touch
TGG TS Acquisition CompanyFirst Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/14/231,750 — (61)(8)(21)
(23)
Ensemble Health
EHL Merger Sub, LLCFirst Lien Secured Debt - Unfunded Revolver0.25% Unfunded08/01/244,155 (292)(202)(8)(21)
(23)
Jacent
Jacent Strategic MerchandisingFirst Lien Secured Debt6.75% (3M L+575, 1.00% Floor)04/23/2422,466 22,225 21,373 (9)
First Lien Secured Debt - Revolver6.75% (3M L+575, 1.00% Floor)04/23/242,567 2,567 2,441 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/23/24933 (37)(46)(8)(9)
(21)(23)
Common Equity - Common StockN/AN/A5,000 Shares500 251 (9)(13)
JSM Equity Investors, L.P.Preferred Equity - Class P Partnership UnitsN/AN/A114 Shares11 11 (9)(13)
(28)
25,266 24,030 
See notes to financial statements.
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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Jones & Frank
JF Acquisition, LLCFirst Lien Secured Debt6.50% (12M L+550, 1.00% Floor)07/31/2413,139 12,936 12,902 (9)
First Lien Secured Debt6.50% (3M L+550, 1.00% Floor)07/31/24210 207 206 (9)
First Lien Secured Debt - Revolver6.50% (12M L+550, 1.00% Floor)07/31/24628 628 616 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded07/31/24941 (24)(17)(8)(9)
(21)(23)
13,747 13,707 
MAKS
Trident Bidco LimitedFirst Lien Secured Debt7.25% (6M L+625, 1.00% Floor)11/08/2535,000 34,105 33,908 (9)(17)
McLarens
Margaux Acquisition Inc.First Lien Secured Debt6.75% (3M L+575, 1.00% Floor)12/19/2422,285 22,041 21,820 (9)
First Lien Secured Debt - Revolver6.75% (1M L+575, 1.00% Floor)12/19/241,601 1,579 1,566 (9)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded12/19/24881 (82)(18)(8)(9)
(21)(23)
Margaux UK Finance LimitedFirst Lien Secured Debt6.50% (3M GBPL+575, 1.00% Floor)12/19/24£5,866 7,308 7,437 (9)(17)
First Lien Secured Debt6.75% (3M GBPL+575, 1.00% Floor)12/19/24£1,353 1,687 1,716 (9)(17)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/19/24£541 (10)(16)(8)(9)
(17)(21)
(23)
32,523 32,505 
Newscycle Solutions, Inc.
Newscycle Solutions, Inc.First Lien Secured Debt8.00% (3M L+700, 1.00% Floor)12/29/2215,510 15,335 15,045 (9)
First Lien Secured Debt - Revolver8.00% (3M L+700, 1.00% Floor)12/29/22500 494 485 (9)(23)
15,829 15,530 
PSI Services, LLC
Lifelong Learner Holdings, LLCFirst Lien Secured Debt6.75% (3M L+575, 1.00% Floor)10/19/2632,700 32,120 30,679 (9)
First Lien Secured Debt - Revolver6.75% (3M L+575, 1.00% Floor)10/20/251,039 1,039 983 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded10/20/251,946 (50)(105)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded10/19/262,388 (21)(148)(8)(9)
(21)(23)
33,088 31,409 
RA Outdoors, LLC (Active Outdoors)
RA Outdoors, LLCFirst Lien Secured Debt5.75% (6M L+475, 1.00% Floor)09/11/246,559 6,485 6,428 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/09/221,200 (9)(12)(8)(9)
(21)(23)
Second Lien Secured Debt9.75% (6M L+875, 1.00% Floor)09/11/2531,950 31,454 30,991 (9)
37,930 37,407 
Soliant
Soliant Holdings, LLCFirst Lien Secured Debt6.50% (1M L+550, 1.00% Floor)12/31/2617,973 17,652 17,454 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/31/241,936 (33)(40)(8)(9)
(21)(23)
Soliant Health, Inc.Common Equity - Membership InterestsN/AN/A300 Shares300 289 (9)(13)
(28)
17,919 17,703 
See notes to financial statements.
8

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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Transplace Holdings, Inc.
Transplace Holdings, Inc.Second Lien Secured Debt9.75% (6M L+875, 1.00% Floor)10/06/258,599 8,463 8,255 
US Legal Support
US Legal Support Investment Holdings, LLCCommon Equity - Series A-1 UnitsN/AN/A631,972 Shares632 442 (9)(13)
USLS Acquisition, Inc.First Lien Secured Debt6.75% (6M L+575, 1.00% Floor)12/02/2419,747 19,473 18,385 (9)
First Lien Secured Debt6.75% (3M L+575, 1.00% Floor)12/02/244,627 4,557 4,317 (9)
First Lien Secured Debt - Revolver5.97% (3M L+575, 0.00% Floor)12/02/24536 536 498 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/02/24972 (22)(68)(8)(9)
(21)(23)
First Lien Secured Debt - Letters of Credit5.75%10/15/20 - 06/06/21101 — (7)(8)(9)
(23)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded12/02/24670 (27)— (9)(21)
(23)
25,149 23,567 
Total Business Services$367,427 $354,892 
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/A2,288 Shares$45,427 $24,895 (13)(28)
Carbonfree Chemicals SA LLC (4)Common Equity - Class B UnitsN/AN/A3,152 Shares32,460 — (13)(28)
77,887 24,895 
Niacet Corporation
Hare Bidco, Inc.Second Lien Secured Debt9.75% (3M E+875, 1.00% Floor)08/01/2411,351 12,147 13,244 
Westfall Technik, Inc.
Westfall Technik, Inc.First Lien Secured Debt7.25% (1M L+625, 1.00% Floor)09/13/2415,227 15,019 14,565 (9)
First Lien Secured Debt7.25% (3M L+625, 1.00% Floor)09/13/24631 621 604 (9)
First Lien Secured Debt - Revolver7.25% (1M L+625, 1.00% Floor)09/13/241,750 1,723 1,673 (9)(23)
First Lien Secured Debt - Revolver8.50% (P+525)09/13/24269 269 257 (9)(23)
17,632 17,099 
Total Chemicals, Plastics & Rubber$107,666 $55,238 
Construction & Building
Englert
Gutter Buyer, Inc.First Lien Secured Debt6.75% (1M L+575, 1.00% Floor)03/06/25$28,089 $27,687 $27,502 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded03/06/242,688 (47)(48)(8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit5.75%07/01/2139 — (1)(8)(9)
(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded03/06/25736 (38)(15)(8)(9)
(21)(23)
Gutter Holdings, LPCommon Equity - Common StockN/AN/A500 Shares500 998 (9)(13)
Total Construction & Building$28,102 $28,436 
See notes to financial statements.
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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLCFirst Lien Secured Debt6.38% (3M L+538, 1.00% Floor)03/10/27$143 $142 $134 
First Lien Secured Debt6.38% (6M L+538, 1.00% Floor)03/10/2710,997 10,627 10,337 
First Lien Secured Debt - Unfunded Revolver0.375% Unfunded03/10/251,505 (120)(154)(8)(21)
(23)
10,649 10,317 
Hayward Industries, Inc.
Hayward Industries, Inc.Second Lien Secured Debt8.40% (1M L+825)08/04/2521,919 21,714 21,559 
KDC
KDC US HoldingsFirst Lien Secured Debt - Unfunded Revolver0.25% Unfunded12/21/235,894 — (200)(8)(21)
(23)
First Lien Secured Debt - Letter of Credit3.00%02/05/21£— — (23)
First Lien Secured Debt - Letters of Credit3.00%11/06/20 - 03/16/21118 — (3)(8)(23)
— (203)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)First Lien Secured Debt6.00% (1M L+500 PIK, 1.00% Floor)09/25/251,000 1,000 941 (17)
First Lien Secured Debt6.00% (1M L+500, 1.00% Floor)09/25/253,000 3,000 2,804 (17)
Common Equity - Common StockN/AN/A1,000,032 Shares1,000 1,099 (2)(13)
(17)(28)
9357-5991 Quebec Inc. (4)First Lien Secured Debt11.25% (3M L+775 Cash plus 2.00% PIK)04/07/223,763 — — (13)(14)
KLO Acquisition LLC (4)First Lien Secured Debt11.25% (3M L+775 Cash plus 2.00% PIK)04/07/225,657 4,808 — (13)(14)
9,808 4,844 
Liqui-Box
Liqui-Box Holdings, Inc.First Lien Secured Debt - Revolver5.50% (3M L+450, 1.00% Floor)02/26/251,661 1,662 1,640 (23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/26/251,825 (31)(23)(8)(21)
(23)
First Lien Secured Debt - Letter of Credit4.50%06/30/2142 — (1)(8)(23)
First Lien Secured Debt - Letters of Credit4.50%10/01/20 - 09/27/2132 — — (23)
1,631 1,616 
NSi Industries
Wildcat BuyerCo, Inc.First Lien Secured Debt6.50% (3M L+550, 1.00% Floor)02/27/267,210 7,000 7,009 
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/27/26717 (15)(20)(8)(21)
(23)
First Lien Secured Debt - Letter of Credit5.50%02/27/26— — (23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded02/27/262,029 (32)(57)(8)(21)
(23)
Wildcat Parent LPCommon Equity - Common StockN/AN/A1,070 Shares107 114 (13)(28)
7,060 7,046 
Sorenson Holdings, LLC
Sorenson Holdings, LLCCommon Equity - Membership InterestsN/AN/A587 Shares— 475 (10)(13)
Total Consumer Goods – Durable$50,862 $45,654 
See notes to financial statements.
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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Consumer Goods – Non-durable
3D Protein
Protein For Pets Opco, LLCFirst Lien Secured Debt6.00% (3M L+500, 1.00% Floor)11/28/25$11,487 $11,304 $11,257 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded05/31/242,219 (42)(44)(8)(9)
(21)(23)
11,262 11,213 
Beauty Industry Group (BIG)
BIG Buyer, LLCFirst Lien Secured Debt7.50% (6M L+650, 1.00% Floor)11/20/2322,255 21,843 21,901 (9)
First Lien Secured Debt - Revolver7.50% (1M L+650, 1.00% Floor)11/20/23602 602 585 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded11/20/231,204 (34)(34)(8)(9)
(21)(23)
22,411 22,452 
Dan Dee
Project Comfort Buyer, Inc.First Lien Secured Debt9.25% (P+600)02/01/25347 340 329 (9)
First Lien Secured Debt8.00% (12M L+700, 1.00% Floor)02/01/2526,457 25,899 25,126 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/01/243,462 (69)(185)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded02/01/252,308 (25)(116)(8)(9)
(21)(23)
Preferred Equity - Preferred EquityN/AN/A461,538 Shares462 194 (9)(13)
26,607 25,348 
DMC
Lion Cashmere Midco LimitedFirst Lien Secured Debt6.50% (6M L+550, 1.00% Floor)03/21/2513,053 12,882 12,284 (9)(17)
First Lien Secured Debt5.50% (6M E+550)03/21/25534 578 589 (9)(17)
First Lien Secured Debt - Revolver5.00% (6M E+500)03/21/24605 674 667 (9)(17)
(23)
First Lien Secured Debt - Unfunded Revolver1.75% Unfunded03/21/24581 (16)(41)(8)(9)
(17)(21)
(23)
First Lien Secured Debt - Unfunded Delayed Draw1.93% Unfunded03/21/251,838 (20)(128)(8)(9)
(17)(21)
(23)
14,098 13,371 
LashCo
Lash OpCo, LLCFirst Lien Secured Debt9.25% (P+600, 1.00% Floor)03/18/266,803 6,634 6,633 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/18/25697 (17)(17)(8)(9)
(21)(23)
6,617 6,616 
Olaplex
Olaplex, Inc.First Lien Secured Debt7.50% (1M L+650, 1.00% Floor)01/08/2612,457 12,238 12,287 (9)
First Lien Secured Debt - Revolver7.50% (1M L+650, 1.00% Floor)01/08/251,150 1,150 1,137 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded01/08/251,150 (39)(13)(8)(9)
(21)(23)
13,349 13,411 
See notes to financial statements.
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APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
Sequential Brands Group, Inc.
Sequential Brands Group, Inc.Second Lien Secured Debt9.75% (1M L+875, 1.00% Floor)02/07/2412,922 12,850 12,293 (17)
Total Consumer Goods – Non-durable$107,194 $104,704 
Consumer Services
Clarus Commerce
Marlin DTC-LS Midco 2, LLCFirst Lien Secured Debt6.50% (6M L+550, 1.00% Floor)07/01/25$9,199 $9,071 $8,966 
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded07/01/25685 (9)(17)(8)(21)
(23)
9,062 8,949 
First Heritage
First Heritage Credit, LLCFirst Lien Secured Debt4.91% (1M L+475)04/02/2216,500 16,417 16,223 (9)
First Lien Secured Debt - Revolver5.66% (1M L+550)04/02/22892 892 878 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/02/222,858 (19)(46)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded04/02/229,750 (49)(164)(8)(9)
(21)(23)
17,241 16,891 
Only About Children
Nemo (BC) Bidco Pty LtdFirst Lien Secured Debt6.75% (6M BBSW+575, 1.00% Floor)04/06/24A$6,768 4,930 4,608 (17)
First Lien Secured Debt - Unfunded Delayed Draw2.59% Unfunded04/06/24A$232 (6)(8)(8)(17)
(21)(23)
4,924 4,600 
Paper Source
Paper Source, Inc.First Lien Secured Debt8.00% (3M L+700, 1.00% Floor)05/22/2411,471 11,303 9,062 (9)
First Lien Secured Debt12.25% (P+900)02/01/211,027 984 811 (9)
First Lien Secured Debt - Revolver9.25% (P+600)05/22/241,890 1,890 1,493 (9)(23)
First Lien Secured Debt - Revolver8.00% (3M L+700, 1.00% Floor)05/22/241,191 1,147 941 (9)(23)
Preferred Equity - Preferred EquityN/AN/A411 Shares— — (9)(13)
(28)
15,324 12,307 
Pinstripe Holdings, LLC
Pinstripe Holdings, LLCFirst Lien Secured Debt6.27% (6M L+600)01/17/256,895 6,796 6,643 
The Club Company
Eldrickco LimitedFirst Lien Secured Debt6.75% (6M GBPL+625, 0.50% Floor)11/21/25£10,619 13,288 12,808 (9)(17)
First Lien Secured Debt - Revolver6.25% (6M GBPL+575, 0.50% Floor)05/21/25£345 395 421 (9)(17)
(23)
First Lien Secured Debt - Unfunded Delayed Draw1.93% Unfunded11/21/25£3,991 (95)(294)(8)(9)
(17)(21)
(23)
13,588 12,935 
Tidewater Consumer Receivables, LLC
Tidewater Consumer Receivables, LLCFirst Lien Secured Debt10.90% (1M L +1075)06/30/222,608 2,591 2,582 (9)(17)
First Lien Secured Debt5.90% (1M L+575)06/30/223,761 3,736 3,723 (9)(17)
6,327 6,305 
See notes to financial statements.
12

Table of Contents
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (29)Fair Value (1)(30)
US Auto
U.S. Auto Finance, Inc.First Lien Secured Debt6.25% (3M L+525, 1.00% Floor)04/17/2210,279 10,270 10,164 (9)
First Lien Secured Debt - Revolver7.00% (3M L+600, 1.00% Floor)04/17/227,817 7,817 7,729 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/17/225,516 (54)(62)(8)(9)
(21)(23)
18,033 17,831 
Total Consumer Services$91,295 $86,461 
Containers, Packaging & Glass
TricorBraun Holdings, Inc.
TricorBraun Holdings, Inc.First Lien Secured Debt - Unfunded Revolver0.38% Unfunded11/30/21$5,625 $(118)$(29)(8)(21)
(23)
Total Containers, Packaging & Glass$(118)$(29)
Diversified Investment Vehicles, Banking, Finance, Real Estate
Celink
Compu-Link CorporationFirst Lien Secured Debt - Unfunded Revolver0.50% Unfunded06/11/24$2,273 $(38)$(64)(8)(9)
(21)(23)
Peer Advisors, LLCFirst Lien Secured Debt6.50% (1M L+550, 1.00% Floor)06/11/2419,943 19,611 19,383 (9)
19,573 19,319 
Exeter Property Group, LLC
Exeter Property Group, LLCFirst Lien Secured Debt4.66% (1M L+450)08/28/244,575 4,526 4,481 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded