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Press Release: Apollo Investment Corporation -2-

· 02/04/2021 16:00
Three Months Ended Nine Months Ended December 31, December 31, ------------------- ---------------------- 2020 2019 2020 2019 -------- --------- --------- ----------- 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 income 753 264 753 331 PIK interest income 1,627 1,224 4,025 6,662 Other income 1,246 1,193 1,792 4,315 Non-controlled/affiliated investments: Interest income (excluding PIK interest income) 61 161 73 161 Dividend income 323 322 1,000 954 PIK interest income -- 515 -- 515 Other income -- -- -- -- Controlled investments:December 31, 2020 March 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 equivalents 32,854 37,301 Foreign currencies (cost -- $20,535 and $6,369, respectively) 21,320 6,375 Receivable for investments sold 5,613 978 Interest receivable 14,665 19,151 Dividends receivable 3,484 5,034 Deferred financing costs 22,710 16,054 Prepaid expenses and other assets 1,266 732 ---------------- --------------- Total Assets $ 2,578,779 $ 2,871,058 ------------ ----------- Liabilities Debt $ 1,512,313 $ 1,794,617 Payable for investments purchased 108 -- Distributions payable 23,493 29,367 Management and performance-based incentive fees payable 8,957 10,289 Interest payable 6,369 2,887 Accrued administrative services expense 2,503 2,796 Other liabilities and accrued expenses 7,625 6,787 ---------------- --------------- Total Liabilities $ 1,561,368 $ 1,846,743 ------------ ----------- 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 value 2,099,876 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 ============ ===========December 31, September June 30, March 31, December 31, 2020 30, 2020 2020 2020 2019 Portfolio composition, at fair value: First lien secured debt 78% 77% 78% 81% 78% Second lien secured debt 10% 11% 12% 13% 14% ------------ ------------ ------------ ------------ ------------ Total secured debt 88% 89% 90% 94% 92% Unsecured debt 1% 1% --% --% --% Structured products and other 0% 0% 0% 0% 0% Preferred equity 1% 0% 0% 0% 1% Common equity/interests and warrants 10% 10% 10% 6% 7% Weighted average yields, at amortized cost (1): First lien secured debt (2) 7.8% 7.9% 7.9% 8.5% 8.7% Second lien secured debt (2) 9.8% 9.8% 9.8% 10.2% 10.7% Total secured debt (2) 8.0% 8.1% 8.1% 8.7% 9.1% Unsecured debt portfolio (2) 5.3% 5.3% --% --% --% Total debt portfolio (2) 8.0% 8.1% 8.1% 8.7% 9.1% Total portfolio (3) 6.5% 6.7% 6.8% 8.0% 8.6% Interest rate type, at fair value (4): Fixed rate amount -- -- -- -- -- Floating rate amount $1.9 billion $2.0 billion $2.1 billion $2.2 billion $2.2 billion Fixed rate, as percentage of total -- -- -- -- -- Floating rate, as percentage of total 100% 100% 100% 100% 100% Interest rate type, at amortized cost (4): Fixed rate amount -- -- -- -- -- Floating rate amount $2.0 billion $2.1 billion $2.2 billion $2.3 billion $2.3 billion Fixed rate, as percentage of total --% --% --% --% --% Floating rate, as percentage of total 100% 100% 100% 100% 100%

As of December 31, 2020, the Company's outstanding debt obligations, excluding deferred financing cost and debt discount of $4.1 million, totaled $1.516 billion which was comprised of $350 million of Senior Unsecured Notes (the "2025 Notes") which will mature on March 3, 2025 and $1.166 billion outstanding under the Facility. As of December 31, 2020, $0.2 million in standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was $643 million as of December 31, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company's portfolio.

CONFERENCE CALL / WEBCAST AT 5:00 PM EST ON FEBRUARY 4, 2021

The Company will host a conference call on Thursday, February 4, 2021 at 5:00 p.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID #6155998 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholder section of our website at www.apolloic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through February 26, 2021 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID #6155998. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholder section of the Company's website at www.apolloic.com.

SUPPLEMENTAL INFORMATION

The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company's website under Presentations at www.apolloic.com.

Our portfolio composition and weighted average yields as of December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019 were as follows:

(1) An investor's yield may be lower than the portfolio yield due to sales loads and other expenses.

(2) Exclusive of investments on non-accrual status.

(3) Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

(4) The interest rate type information is calculated using the Company's corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status.

APOLLO INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

(In thousands, except share and per share data)

APOLLO INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share data)

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February 04, 2021 16:00 ET (21:00 GMT)