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Press Release: Apollo Investment Corporation -3-

· 02/04/2021 16:00
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 expenses 13,213 18,200 42,450 54,445 Administrative services expense 1,201 1,542 3,590 4,810 Other general and administrative expenses 2,813 2,205 8,036 7,814 ------- -------- -------- -------- Total expenses 26,184 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 transactions 117 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 investments 25,716 8,972 57,965 (2,534) Non-controlled/affiliated investments 5,193 (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 ------ ------- ------- -------

About Apollo Investment Corporation

Apollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager. For more information, please visit www.apolloic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.

We may use words such as "anticipates," "believes," "expects," "intends, " "will," "should," "may" and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: macro- and micro-economic impact of the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic; actions taken by governmental authorities to contain the COVID-19 pandemic or treat its impact; the impact of the COVID-19 pandemic on our financial condition, results of operations, liquidity and capital resources; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.

For additional information about the COVID-19 pandemic and its potential impact on the Company's results of operations and financial condition, please refer to the COVID-19 Developments section and additional disclosure in our Form 10-Q for the period ended December 31, 2020.

Contact

Elizabeth Besen

Investor Relations Manager

Apollo Investment Corporation

212.822.0625

ebesen@apollo.com

(END) Dow Jones Newswires

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