10-Q 1 ainv2021q310-q.htm 10-Q Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 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 February 3, 2021 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.



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, 2020March 31, 2020
(Unaudited)
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (cost — $1,906,817 and $2,298,548, respectively)
$1,868,904 $2,191,327 
Non-controlled/affiliated investments (cost — $133,542 and $135,346, respectively)
49,280 60,241 
Controlled investments (cost — $720,002 and $655,719, respectively)
558,683 533,865 
Cash and cash equivalents32,854 37,301 
Foreign currencies (cost — $20,535 and $6,369, respectively)
21,320 6,375 
Receivable for investments sold5,613 978 
Interest receivable14,665 19,151 
Dividends receivable3,484 5,034 
Deferred financing costs22,710 16,054 
Prepaid expenses and other assets1,266 732 
Total Assets$2,578,779 $2,871,058 
Liabilities
Debt$1,512,313 $1,794,617 
Payable for investments purchased108 — 
Distributions payable23,493 29,367 
Management and performance-based incentive fees payable8,957 10,289 
Interest payable6,369 2,887 
Accrued administrative services expense2,503 2,796 
Other liabilities and accrued expenses7,625 6,787 
Total Liabilities$1,561,368 $1,846,743 
Commitments and contingencies (Note 8)
Net Assets$1,017,411 $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(1,082,530)(1,075,626)
Net Assets$1,017,411 $1,024,315 
Net Asset Value Per Share$15.59 $15.70 
See notes to financial statements.
1

APOLLO INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
Three Months Ended December 31,Nine Months Ended December 31,
2020201920202019
Investment Income
Non-controlled/non-affiliated investments:
Interest income (excluding Payment-in-kind (“PIK”) interest income)$44,097 $49,809 $137,273 $148,303 
Dividend income753 264 753 331 
PIK interest income1,627 1,224 4,025 6,662 
Other income1,246 1,193 1,792 4,315 
Non-controlled/affiliated investments:
Interest income (excluding PIK interest income)61 161 73 161 
Dividend income323 322 1,000 954 
PIK interest income— 515 — 515 
Other income— — — — 
Controlled investments:
Interest income (excluding PIK interest income)6,257 11,449 18,589 36,358 
Dividend income— 2,651 1,691 5,102 
PIK interest income— 894 728 2,615 
Other income— — — — 
Total Investment Income$54,364 $68,482 $165,924 $205,316 
Expenses
Management fees$8,957 $10,342 $27,743 $30,071 
Performance-based incentive fees— 71 — 1,983 
Interest and other debt expenses13,213 18,200 42,450 54,445 
Administrative services expense1,201 1,542 3,590 4,810 
Other general and administrative expenses2,813 2,205 8,036 7,814 
Total expenses26,184 32,360 81,819 99,123 
Management and performance-based incentive fees waived— — — — 
Expense reimbursements(77)(98)(286)(295)
Net Expenses$26,107 $32,262 $81,533 $98,828 
Net Investment Income$28,257 $36,220 $84,391 $106,488 
Net Realized and Change in Unrealized Gains (Losses)
Net realized gains (losses):
Non-controlled/non-affiliated investments$(6,196)$(537)$(14,235)$(6,245)
Non-controlled/affiliated investments(632)(1,820)(4,285)(731)
Controlled investments— — — — 
Foreign currency transactions117 6,200 393 5,014 
Extinguishment of debt— — — (4,375)
Net realized gains (losses)(6,711)3,843 (18,127)(6,337)
Net change in unrealized gains (losses):
Non-controlled/non-affiliated investments25,716 8,972 57,965 (2,534)
Non-controlled/affiliated investments5,193 (21,371)2,187 (22,123)
Controlled investments(10,447)(10,858)(39,465)(33,623)
Foreign currency translations(8,842)(16,520)(17,502)(10,688)
Net change in unrealized gains (losses)11,620 (39,777)3,185 (68,968)
Net Realized and Change in Unrealized Gains (Losses)$4,909 $(35,934)$(14,942)$(75,305)
Net Increase (Decrease) in Net Assets Resulting from Operations$33,166 $286 $69,449 $31,183 
Earnings (Loss) Per Share — Basic$0.51 $0.00 $1.06 $0.46 
See notes to financial statements.
2


APOLLO INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)
(In thousands, except share data)
Three Months Ended December 31,Nine Months Ended December 31,
2020201920202019
Operations
Net investment income$28,257 $36,220 $84,391 $106,488 
Net realized gains (losses)(6,711)3,843 (18,127)(6,337)
Net change in unrealized gains (losses)11,620 (39,777)3,185 (68,968)
Net Increase (Decrease) in Net Assets Resulting from Operations$33,166 $286 $69,449 $31,183 
Distributions to Stockholders
Distribution of net investment income$(23,493)$(29,946)$(76,353)$(90,741)
Distribution of return of capital— — — — 
Net Decrease in Net Assets Resulting from Distributions to Stockholders$(23,493)$(29,946)$(76,353)$(90,741)
Capital Share Transactions
Repurchase of common stock$— $(7,850)$— $(37,187)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions$— $(7,850)$— $(37,187)
Net Assets
Net increase (decrease) in net assets during the period$9,673 $(37,510)$(6,904)$(96,745)
Net assets at beginning of period1,007,738 1,253,392 1,024,315 1,312,627 
Net Assets at End of Period$1,017,411 $1,215,882 $1,017,411 $1,215,882 
Capital Share Activity
Shares repurchased during the period— (501,611)— (2,331,245)
Shares issued and outstanding at beginning of period65,259,176 67,047,352 65,259,176 68,876,986 
Shares Issued and Outstanding at End of Period65,259,176 66,545,741 65,259,176 66,545,741 
See notes to financial statements.
3


APOLLO INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)
Nine Months Ended December 31,
20202019
Operating Activities
Net increase (decrease) in net assets resulting from operations$69,449 $31,183 
Net realized (gains) losses18,127 6,337 
Net change in unrealized (gains) losses(3,185)68,968 
Net amortization of premiums and accretion of discounts on investments(8,699)(6,815)
Accretion of discount on notes447 447 
Amortization of deferred financing costs3,798 3,775 
Increase in gains/(losses) from foreign currency transactions408 5,014 
PIK interest and dividends capitalized(4,901)(18,971)
Changes in operating assets and liabilities:
Purchases of investments(400,822)(1,441,914)
Proceeds from sales and repayments of investments720,614 838,152 
Decrease (increase) in interest receivable4,511 5,423 
Decrease (increase) in dividends receivable1,550 (954)
Decrease (increase) in prepaid expenses and other assets(534)(4,144)
Increase (decrease) in management and performance-based incentive fees payable(1,332)1,534 
Increase (decrease) in interest payable3,482 2,320 
Increase (decrease) in accrued administrative services expense(293)(407)
Increase (decrease) in other liabilities and accrued expenses838 (455)
Net Cash Used in/Provided by Operating Activities$403,458 $(510,507)
Financing Activities
Issuances of debt$80,481 $1,226,965 
Payments of debt(381,823)(586,086)
Financing costs paid and deferred(10,171)(444)
Repurchase of common stock— (37,187)
Distributions paid(82,227)(91,835)
Net Cash Used in/Provided by Financing Activities$(393,740)$511,413 
Cash, Cash Equivalents and Foreign Currencies
Net increase (decrease) in cash, cash equivalents and foreign currencies during the period$9,718 $906 
Effect of foreign exchange rate changes on cash and cash equivalents780 131 
Cash, cash equivalents and foreign currencies at beginning of period43,676 41,189 
Cash, Cash Equivalents and Foreign Currencies at the End of Period$54,174 $42,226 
Supplemental Disclosure of Cash Flow Information
Cash interest paid$34,755 $47,956 
Non-Cash Activity
PIK income$4,753 $9,792 
See notes to financial statements.
4

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
Advertising, Printing & Publishing
FingerPaint Marketing
KL Charlie Acquisition CompanyFirst Lien Secured Debt7.25% (3M L+625, 1.00% Floor)12/30/26$13,212 $12,948 12,947 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/30/262,190 (43)(44)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded12/30/264,379 (43)(88)(8)(9)
(21)(23)
KL Charlie Co-Invest, L.P.Common Equity - Common StockN/AN/A218,978 Shares219 219 (9)(13)
(25)
13,081 13,034 
Simplifi Holdings, Inc.
Simplifi Holdings, Inc.First Lien Secured Debt7.25% (6M L+625, 1.00% Floor)08/02/2538,537 37,986 37,612 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded08/02/252,400 (42)(58)(8)(9)
(21)(23)
37,944 37,554 
Total Advertising, Printing & Publishing$51,025 $50,588 
Aerospace & Defense
Erickson Inc
Erickson IncFirst Lien Secured Debt - Revolver9.00% (3M L+750, 1.50% Floor)04/28/22$28,330 $28,330 $27,905 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/28/226,198 (124)(93)(8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit7.50%01/10/21 - 11/23/221,472 — (21)(8)(9)
(23)
Total Aerospace & Defense$28,206 $27,791 
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)03/29/241,214 1,371 1,478 (9)(17)
First Lien Secured Debt5.75% (1M GBPL+525, 0.50% Floor)03/29/24£3,627 4,620 4,916 (9)(17)
5,991 6,394 
Crowne Automotive
Vari-Form Group, LLCFirst Lien Secured DebtL+11.00% (7.00% Cash plus 4.00% PIK)02/02/235,860 901 293 (9)(13)
(14)
Vari-Form Inc.First Lien Secured DebtL+11.00% (7.00% Cash plus 4.00% PIK)02/02/232,110 391 105 (9)(13)
(14)
1,292 398 
K&N Parent, Inc.
K&N Parent, Inc.Second Lien Secured Debt9.75% (3M L+875, 1.00% Floor)10/21/2423,765 23,534 21,982 
Truck-Lite Co., LLC
Truck-Lite Co., LLCFirst Lien Secured Debt7.25% (3M L+625, 1.00% Floor)12/14/2628,657 28,075 28,000 (9)
First Lien Secured Debt - Revolver7.25% (1M L+625, 1.00% Floor)12/13/241,962 1,962 1,931 (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% Unfunded12/13/24560 (56)(9)(8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit6.25%11/30/21 - 12/21/2194 — (2)(8)(9)
(23)
See notes to financial statements.
5

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
TL Lighting Holdings, LLCCommon Equity - EquityN/AN/A350 Shares350 302 (9)(13)
30,767 30,651 
Total Automotive$63,298 $59,425 
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/A120,300 124,605 (25)
320,300 324,605 
Primeflight
PrimeFlight Aviation Services, Inc.First Lien Secured Debt6.50% (1M L+550, 1.00% Floor)05/09/2414,683 14,524 14,301 (9)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded05/09/242,842 (81)(74)(8)(9)
(21)(23)
14,443 14,227 
Total Aviation and Consumer Transport$334,743 $338,832 
Beverage, Food & Tobacco
Bolthouse Farms
Wm. Bolthouse Farms, Inc.Common Equity - Common StockN/AN/A1,000,000 Shares$1,001 $1,230 (13)
Eagle Foods
Eagle Foods Family Group, LLCFirst Lien Secured Debt7.50% (3M L+650, 1.00% Floor)06/14/2423,958 23,803 23,599 (9)
First Lien Secured Debt - Unfunded Revolver0.00% Unfunded06/14/233,750 (21)(56)(8)(9)
(21)(23)
23,782 23,543 
Florida Food Products, Inc.
Florida Food Products, Inc.First Lien Secured Debt7.50% (3M L+650, 1.00% Floor)09/08/2522,764 22,382 22,536 (9)
First Lien Secured Debt8.25% (3M L+725, 1.00% Floor)09/08/252,985 2,792 2,985 (9)
Florida Food Products, LLCFirst Lien Secured Debt - Revolver7.50% (3M L+650, 1.00% Floor)09/06/23479 479 475 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/06/231,233 (23)(12)(8)(9)
(21)(23)
25,630 25,984 
Orgain, Inc.
Butterfly Fighter Co-Invest, L.P.Common Equity - Membership InterestsN/AN/A1,000,000 Shares1,005 1,555 (13)
TNT Crust LLC
TNT Crust LLCFirst Lien Secured Debt7.75% (3M L+675, 1.00% Floor)11/06/2320,428 20,153 20,123 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded11/06/233,252 (40)(49)(8)(9)
(21)(23)
Common Equity - Series A UnitsN/AN/A244 Shares30 285 (9)(13)
20,143 20,359 
See notes to financial statements.
6

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
Turkey Hill
IC Holdings LLCCommon Equity - Series A UnitsN/AN/A169 Shares169 385 (9)(13)
THLP CO. LLCFirst Lien Secured Debt7.00% (1M L+600, 1.00% Floor)05/30/2519,562 19,273 19,366 (9)
First Lien Secured Debt7.00% (12M L+600, 1.00% Floor)05/30/252,787 2,762 2,759 (9)
First Lien Secured Debt8.25% (P+500)05/30/25(9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded05/31/244,494 (61)(45)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded05/30/252,809 (41)(28)(8)(9)
(21)(23)
22,110 22,445 
Total Beverage, Food & Tobacco$93,671 $95,116 
Business Services
Access Information
Access CIG, LLCSecond Lien Secured Debt7.98% (3M L+775)02/27/26$15,900 $15,802 $15,704 
Ambrosia Buyer Corp.
Ambrosia Buyer Corp.Second Lien Secured Debt9.00% (1M L+800, 1.00% Floor)08/28/2521,429 21,018 10,097 (13)(14)
AML Rightsource
Gabriel Partners, LLCFirst Lien Secured Debt7.25% (6M L+625, 1.00% Floor)09/21/268,117 7,925 7,885 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/21/26665 (16)(19)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw0.75% Unfunded09/21/261,197 (19)(34)(8)(9)
(21)(23)
7,890 7,832 
Claritas
Claritas, LLCFirst Lien Secured Debt7.00% (3M L+600, 1.00% Floor)12/21/233,771 3,747 3,723 (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 (6)(8)(8)(9)
(21)(23)
4,128 4,097 
Continuum
Continuum Global Solutions, LLCFirst Lien Secured Debt - Revolver6.50% (1M L+550, 1.00% Floor)02/15/221,728 1,728 1,690 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/15/2218,272 (182)(411)(8)(9)
(21)(23)
Preferred Equity - Preferred EquityN/AN/A775 Shares78 78 (9)(13)
1,624 1,357 
Education Personnel
Arthur Bidco LimitedFirst Lien Secured Debt5.25% (3M GBPL+475, 0.50% Floor)08/31/24£4,035 5,156 5,249 (9)(17)
First Lien Secured Debt - Revolver5.25% (3M GBPL+475, 0.50% Floor)08/31/24£1,471 1,879 1,912 (9)(17)
(23)
7,035 7,161 
Electro Rent Corporation
Electro Rent CorporationSecond Lien Secured Debt10.00% (3M L+900, 1.00% Floor)01/31/2534,235 33,639 33,551 (9)
Elo Touch
TGG TS Acquisition CompanyFirst Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/14/231,750 — (56)(8)(21)
(23)
Ensemble Health
EHL Merger Sub, LLCFirst Lien Secured Debt - Unfunded Revolver0.25% Unfunded08/01/244,155 (273)(141)(8)(21)
(23)
See notes to financial statements.
7

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
Jacent
Jacent Strategic MerchandisingFirst Lien Secured Debt6.75% (3M L+575, 1.00% Floor)04/23/2422,409 22,186 21,640 (9)
First Lien Secured Debt - Revolver6.75% (3M L+575, 1.00% Floor)04/23/242,567 2,567 2,479 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/23/24933 (35)(32)(8)(9)
(21)(23)
Common Equity - Common StockN/AN/A5,000 Shares500 291 (9)(13)
JSM Equity Investors, L.P.Preferred Equity - Class P Partnership UnitsN/AN/A114 Shares11 11 (9)(13)
(25)
25,229 24,389 
Jones & Frank
JF Acquisition, LLCFirst Lien Secured Debt6.50% (12M L+550, 1.00% Floor)07/31/2413,139 12,949 12,815 (9)
First Lien Secured Debt6.50% (3M L+550, 1.00% Floor)07/31/24190 187 185 (9)
First Lien Secured Debt - Revolver6.50% (12M L+550, 1.00% Floor)07/31/24628 628 612 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded07/31/24941 (22)(23)(8)(9)
(21)(23)
13,742 13,589 
MAKS
Trident Bidco LimitedFirst Lien Secured Debt6.50% (6M L+550, 1.00% Floor)11/08/2534,563 33,722 33,726 (9)(17)
McLarens
Margaux Acquisition Inc.First Lien Secured Debt6.75% (3M L+575, 1.00% Floor)12/19/2423,110 22,803 22,814 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/19/241,601 (21)(18)(8)(9)
(21)(23)
Margaux UK Finance LimitedFirst Lien Secured Debt6.75% (3M GBPL+575, 1.00% Floor)12/19/24£7,201 8,979 9,749 (9)(17)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/19/24£541 (9)(8)(8)(9)
(17)(21)
(23)
31,752 32,537 
Newscycle Solutions, Inc.
Newscycle Solutions, Inc.First Lien Secured Debt8.00% (3M L+700, 1.00% Floor)12/29/229,842 9,743 9,645 (9)
First Lien Secured Debt - Revolver8.00% (1M L+700, 1.00% Floor)12/29/22300 295 290 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/29/22200 — — (9)(21)
(23)
10,038 9,935 
PSI Services, LLC
Lifelong Learner Holdings, LLCFirst Lien Secured Debt6.75% (3M L+575, 1.00% Floor)10/19/2632,618 32,062 31,348 (9)
First Lien Secured Debt - Revolver6.75% (3M L+575, 1.00% Floor)10/20/251,039 1,039 1,005 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded10/20/251,946 (48)(64)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded10/19/262,388 (20)(93)(8)(9)
(21)(23)
33,033 32,196 
RA Outdoors, LLC (Active Outdoors)
RA Outdoors, LLCFirst Lien Secured Debt5.75% (6M L+475, 1.00% Floor)09/11/246,542 6,473 6,444 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/09/221,200 (8)(6)(8)(9)
(21)(23)
Second Lien Secured Debt9.75% (6M L+875, 1.00% Floor)09/11/2531,950 31,479 31,151 (9)
37,944 37,589 
See notes to financial statements.
8

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
Soliant
Soliant Holdings, LLCFirst Lien Secured Debt6.50% (1M L+550, 1.00% Floor)12/31/2617,928 17,621 17,614 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/31/241,936 (31)(21)(8)(9)
(21)(23)
Soliant Health, Inc.Common Equity - Membership InterestsN/AN/A300 Shares300 320 (9)(13)
17,890 17,913 
Transplace Holdings, Inc.
Transplace Holdings, Inc.Second Lien Secured Debt9.75% (3M L+875, 1.00% Floor)10/06/258,599 8,469 8,470 
US Legal Support
US Legal Support Investment Holdings, LLCCommon Equity - Series A-1 UnitsN/AN/A631,972 Shares632 480 (9)(13)
USLS Acquisition, Inc.First Lien Secured Debt6.75% (3M L+575, 1.00% Floor)12/02/2424,312 23,988 22,721 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/02/241,508 (21)(101)(8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit5.75%05/23/21 - 12/31/21101 — (6)(8)(9)
(23)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded12/02/24670 (7)(26)(8)(9)
(21)(23)
24,592 23,068 
Total Business Services$327,274 $313,014 
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 $25,145 (13)(16)
(25)
Carbonfree Chemicals SA LLC (4)Common Equity - Class B UnitsN/AN/A3,152 Shares32,460 — (3)(13)
(16)(25)
77,887 25,145 
Niacet Corporation
Hare Bidco, Inc.Second Lien Secured Debt9.75% (1M E+875, 1.00% Floor)08/01/2411,351 12,157 13,820 
Westfall Technik, Inc.
Westfall Technik, Inc.First Lien Secured Debt7.25% (1M L+625, 1.00% Floor)09/13/2415,820 15,616 15,241 (9)
First Lien Secured Debt - Revolver7.25% (1M L+625, 1.00% Floor)09/13/241,750 1,750 1,685 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/13/24269 (25)(10)(8)(9)
(21)(23)
17,341 16,916 
Total Chemicals, Plastics & Rubber$107,385 $55,881 
Construction & Building
Englert
Gutter Buyer, Inc.First Lien Secured Debt7.25% (1M L+625, 1.00% Floor)03/06/25$28,387 $28,005 $27,705 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded03/06/242,688 (43)(63)(8)(9)
(21)(23)
First Lien Secured Debt - Letter of Credit6.25%07/01/2139 — (1)(8)(9)
(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded03/06/25368 (36)(9)(8)(9)
(21)(23)
Gutter Holdings, LPCommon Equity - Common StockN/AN/A500 Shares500 1,107 (9)(13)
Total Construction & Building$28,426 $28,739 
See notes to financial statements.
9

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
Consumer Goods – Durable
A&V
A&V Holdings Midco, LLCFirst Lien Secured Debt6.38% (6M L+538, 1.00% Floor)03/10/27$10,997 $10,641 $10,271 
First Lien Secured Debt - Unfunded Revolver0.375% Unfunded03/10/251,505 (113)(138)(8)(21)
(23)
10,528 10,133 
Hayward Industries, Inc.
Hayward Industries, Inc.Second Lien Secured Debt8.40% (1M L+825)08/04/2521,919 21,725 21,770 
KDC
KDC US HoldingsFirst Lien Secured Debt - Unfunded Revolver0.25% Unfunded12/21/235,912 — (107)(8)(21)
(23)
First Lien Secured Debt - Letter of Credit3.00%02/05/21£— — (23)
First Lien Secured Debt - Letter of Credit3.00%03/08/21 - 12/31/21102 — (2)(8)(23)
— (109)
KLO Holdings, LLC
1244311 B.C. Ltd. (4)First Lien Secured Debt6.00% (1M L+500 PIK, 1.00% Floor)09/25/251,000 1,000 935 (17)
First Lien Secured Debt6.00% (1M L+500, 1.00% Floor)09/25/253,000 3,000 2,824 (17)
Common Equity - Common StockN/AN/A1,000,032 Shares1,000 1,444 (2)(13)
(17)(25)
9357-5991 Quebec Inc. (4)First Lien Secured Debt11.55% (3M L+775 Cash plus 2.00% PIK)04/07/223,836 — — (13)(14)
5,000 5,203 
Liqui-Box
Liqui-Box Holdings, Inc.First Lien Secured Debt - Revolver5.50% (3M L+450, 1.00% Floor)02/26/251,661 1,661 1,656 (23)
First Lien Secured Debt - Revolver6.75% (P+350)02/26/25190 190 189 (23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/26/251,635 (30)(5)(8)(21)
(23)
First Lien Secured Debt - Letter of Credit4.50%06/30/2142 — — (23)
First Lien Secured Debt - Letter of Credit4.50%09/27/21 - 12/31/2432 — — (23)
1,821 1,840 
NSi Industries
Wildcat BuyerCo, Inc.First Lien Secured Debt6.25% (3M L+525, 1.00% Floor)02/27/267,192 6,938 7,070 
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/27/26717 (14)(12)(8)(21)
(23)
First Lien Secured Debt - Letter of Credit5.50%08/30/21— — (23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded02/27/262,032 (31)(35)(8)(21)
(23)
Wildcat Parent LPCommon Equity - Common StockN/AN/A1,070 Shares107 129 (13)(25)
7,000 7,152 
Sorenson Holdings, LLC
Sorenson Holdings, LLCCommon Equity - Membership InterestsN/AN/A587 Shares— 493 (10)(13)
Total Consumer Goods – Durable$46,074 $46,482 
See notes to financial statements.
10

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
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 $11,313 $11,372 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded05/31/242,219 (39)(22)(8)(9)
(21)(23)
11,274 11,350 
Beauty Industry Group (BIG)
BIG Buyer, LLCFirst Lien Secured Debt7.50% (6M L+650, 1.00% Floor)11/20/2322,198 21,820 21,878 (9)
First Lien Secured Debt - Revolver7.50% (1M L+650, 1.00% Floor)11/20/23843 843 821 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded11/20/23963 (31)(25)(8)(9)
(21)(23)
22,632 22,674 
Dan Dee
Project Comfort Buyer, Inc.First Lien Secured Debt9.25% (P+600)02/01/25173 170 165 (9)
First Lien Secured Debt8.00% (12M L+700, 1.00% Floor)02/01/2526,457 25,931 25,187 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded02/01/243,462 (64)(177)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded02/01/252,308 (24)(111)(8)(9)
(21)(23)
Preferred Equity - Preferred EquityN/AN/A461,538 Shares462 171 (9)(13)
26,475 25,235 
DMC
Lion Cashmere Midco LimitedFirst Lien Secured Debt6.25% (6M L+525, 1.00% Floor)03/21/2513,053 12,892 12,533 (9)(17)
First Lien Secured Debt5.25% (6M E+525)03/21/25534 578 627 (9)(17)
First Lien Secured Debt - Revolver4.75% (6M E+475)03/21/24605 674 712 (9)(17)
(23)
First Lien Secured Debt - Unfunded Revolver1.75% Unfunded03/21/24581 (15)(27)(8)(9)
(17)(21)
(23)
First Lien Secured Debt - Unfunded Delayed Draw1.93% Unfunded03/21/251,838 (18)(90)(8)(9)
(17)(21)
(23)
14,111 13,755 
LashCo
Lash OpCo, LLCFirst Lien Secured Debt9.25% (P+600)03/18/2610,248 10,001 9,967 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded09/18/25697 (16)(20)(8)(9)
(21)(23)
9,985 9,947 
Olaplex
Olaplex, Inc.First Lien Secured Debt7.50% (1M L+650, 1.00% Floor)01/08/2612,379 12,171 12,379 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded01/08/252,300 (37)— (9)(21)
(23)
12,134 12,379 
Sequential Brands Group, Inc.
Sequential Brands Group, Inc.Second Lien Secured Debt9.75% (1M L+875, 1.00% Floor)02/07/2412,880 12,813 12,300 (17)
Total Consumer Goods – Non-durable$109,424 $107,640 
See notes to financial statements.
11

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
Consumer Services
Clarus Commerce
Marlin DTC-LS Midco 2, LLCFirst Lien Secured Debt6.50% (6M L+550, 1.00% Floor)07/01/25$9,175 $9,055 $9,032 
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded07/01/25685 (9)(11)(8)(21)
(23)
9,046 9,021 
First Heritage
First Heritage Credit, LLCFirst Lien Secured Debt4.90% (1M L+475)04/02/2216,500 16,431 16,319 (9)
First Lien Secured Debt - Revolver5.65% (1M L+550)04/02/222,744 2,744 2,715 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/02/221,006 (16)(11)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded04/02/229,750 (41)(107)(8)(9)
(21)(23)
19,118 18,916 
Go Car Wash
Go Car Wash Management Corp.First Lien Secured Debt6.75% (1M L+575, 1.00% Floor)12/31/261,667 1,638 1,629 (9)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/31/26417 (7)(9)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded12/31/262,917 (25)(66)(8)(9)
(21)(23)
1,606 1,554 
Lending Point
LendingPoint LLCFirst Lien Secured Debt11.50% (3M L+1050, 1.00% Floor)12/30/2511,375 11,261 11,261 (9)
First Lien Secured Debt - Revolver6.75% (3M L+575, 1.00% Floor)12/30/25633 633 627 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/30/25367 (10)(4)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw1.00% Unfunded12/30/256,125 (61)(61)(8)(9)
(21)(23)
11,823 11,823 
Nutrisystem
Nutrisystem, Inc.First Lien Secured Debt7.50% (3M L+650, 1.00% Floor)12/08/258,800 8,625 8,624 
First Lien Secured Debt - Revolver7.50% (3M L+650, 1.00% Floor)12/08/2548 48 47 (23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded12/08/25152 (4)(3)(8)(21)
(23)
8,669 8,668 
Only About Children
Nemo (BC) Bidco Pty LtdFirst Lien Secured Debt7.75% (1M BBSW+675, 1.00% Floor)04/06/24A$6,768 4,934 4,987 (17)
First Lien Secured Debt - Unfunded Delayed Draw2.59% Unfunded04/06/24A$232 (6)(8)(8)(17)
(21)(23)
4,928 4,979 
Paper Source
Paper Source, Inc.First Lien Secured Debt8.00% (3M L+700, 1.00% Floor)05/22/2411,325 11,171 8,947 (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 1,150 941 (9)(23)
See notes to financial statements.
12

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2020
(In thousands, except share data)
Industry / CompanyInvestment TypeInterest Rate (20)Maturity DatePar/Shares (12)Cost (26)Fair Value (1)(27)
First Lien Secured Debt - Unfunded Delayed Draw0.00% Unfunded02/01/21556 — — (9)(21)
(23)
Preferred Equity - Preferred EquityN/AN/A497 Shares— — (9)(13)
(25)
Common Equity - Class A Common StockN/AN/A7,167 Shares— — (9)(13)
(25)
14,211 11,381 
Pinstripe Holdings, LLC
Pinstripe Holdings, LLCFirst Lien Secured Debt6.27% (3M L+600)01/17/256,878 6,784 6,796 
The Club Company
Eldrickco LimitedFirst Lien Secured Debt6.75% (6M GBPL+625 PIK, 0.50% Floor)11/21/25£10,975 13,781 14,154 (9)(17)
First Lien Secured Debt - Revolver6.75% (6M GBPL+625 PIK, 0.50% Floor)05/21/25£356 410 458 (9)(17)
(23)
First Lien Secured Debt - Unfunded Delayed Draw1.93% Unfunded11/21/25£3,933 (90)(264)(8)(9)
(17)(21)
(23)
14,101 14,348 
Tidewater Consumer Receivables, LLC
Tidewater Consumer Receivables, LLCFirst Lien Secured Debt5.90% (1M L+575)06/30/222,522 2,508 2,566 (9)(17)
US Auto
U.S. Auto Finance, Inc.First Lien Secured Debt6.25% (3M L+525, 1.00% Floor)04/17/2211,949 11,976 11,885 (9)
First Lien Secured Debt - Revolver7.00% (3M L+600, 1.00% Floor)04/17/223,740 3,740 3,719 (9)(23)
First Lien Secured Debt - Unfunded Revolver0.50% Unfunded04/17/229,594 (45)(52)(8)(9)
(21)(23)
First Lien Secured Debt - Unfunded Delayed Draw0.50% Unfunded04/17/228,222 (26)