Fiscal Third Quarter and Other Recent Highlights:
Net investment income per share for the quarter was $0.54 compared to $0.53 for the quarter ended September 30, 2019
 Net asset value per share as of the end of the quarter was $18.27 compared to $18.69 as of September 30, 2019, a decrease of 2.3%95% of net losses incurred during the quarter were attributable to non-core and legacy assets⁽¹⁾
 Continued to successfully execute our prudent portfolio growth strategy by increasing our exposure to core assets⁽²⁾ and reducing our exposure to non-core and legacy assets,⁽¹⁾ as well as second lien loansCore assets⁽²⁾ increased to 88%⁽³⁾ of the portfolio and non-core and legacy assets⁽¹⁾ decreased to 12%⁽⁵⁾ of the portfolio as of the end of the quarterNon-core and legacy asset⁽¹⁾ sales and repayments totaled $46 million during the quarterSecond lien sales and repayments totaled $62 million during the quarter
 Gross corporate lending commitments made during the quarter totaled $491 millionGross fundings during the quarter totaled $399 million⁽⁴⁾ and net fundings totaled $171 million⁽⁵⁾Net leverage⁽⁶⁾ as of the end of the quarter was 1.43x, compared to 1.24x as of September 30, 2019Declared a distribution of $0.45 per shareRepurchased 0.5 million shares of common stock for an aggregate cost of $7.8 million during the quarterNEW YORK, Feb. 04, 2020 (GLOBE NEWSWIRE) — Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its third fiscal quarter ended December 31, 2019. The Company’s net investment income was $0.54 per share for the quarter ended December 31, 2019, compared to $0.53 per share for the quarter ended September 30, 2019. The Company’s net asset value (“NAV”) was $18.27 per share as of December 31, 2019, compared to $18.69 as of September 30, 2019.On February 4, 2020, the Board of Directors declared a distribution of $0.45 per share payable on April 6, 2020 to shareholders of record as of March 20, 2020.___________________(1)  Non-core assets include oil & gas, structured credit, renewables, shipping and commodities.
(2)  Core assets include leveraged lending, life sciences, asset based, lender finance and aviation.
(3)  On a fair value basis.
(4)  Excludes $131 million of gross fundings for revolvers.
(5)  Includes $1 million net fundings for revolvers and a $2 million repayment from Merx Aviation.
(6)  The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “During the quarter, we continued to successfully implement our plan to prudently grow our portfolio with first lien floating rate corporate loans sourced by the Apollo Direct Origination platform, while continuing to reduce our exposure non-core and legacy assets as well as second lien loans.  We believe the risk profile of our portfolio continues to improve which allows us to operate at a higher leverage ratio.”  Mr. Widra continued, “In addition, this quarter was an important inflection point in the makeup of our non-core portfolio. The non-core portfolio decreased by approximately $67 million through the combination of repayments and unrealized losses, reducing non-core assets to 12% of the portfolio.  In addition, the risk attributable to our remaining non-core portfolio has decreased due to the successful restructuring of our investment in Carbonfree  Chemicals.  The combination of this restructuring and the accretive impact of the reinvestment of the proceeds received from non-core and legacy repayments has allowed us to have a smaller and better collateralized non-core portfolio while improving the overall earnings profile of Apollo Investment.”___________________
(1)  The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.____________________
* Totals may not foot due to rounding.____________________
* Totals may not foot due to rounding.(1)  Based on the weighted average number of shares outstanding for the period presented.   SHARE REPURCHASE PROGRAMDuring the three months ended December 31, 2019, the Company repurchased 501,611 shares at a weighted average price per share of $15.65, inclusive of commissions, for a total cost of $7.8 million.  During the period from January 1, 2020 through February 3, 2020, the Company did not repurchase any shares.  Since the inception of the share repurchase program and through February 3, 2020, the Company repurchased 12,368,013 shares at a weighted average price per share of $16.83, inclusive of commissions, for a total cost of $208.1 million, leaving a maximum of $41.9 million available for future purchases under the current Board authorization of $250 million.*  Share figures have been adjusted for the one-for-three reverse stock split which was completed after market close on November 30, 2018.CONFERENCE CALL / WEBCAST AT 5:00 PM EST ON FEBRUARY 4, 2020The Company will host a conference call on Tuesday, February 4, 2020 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 #9180437 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 25, 2020 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID #9180437.  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 INFORMATIONThe 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, 2019, September 30, 2019, June 30, 2019, March 31, 2019, and December 31, 2018 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.
About Apollo Investment CorporationApollo 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 StatementsThis 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: 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.ContactElizabeth Besen
Investor Relations Manager
Apollo Investment Corporation
212.822.0625
[email protected] 
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