About

Apollo Investment Corporation, a Maryland corporation organized on February 2, 2004, is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended (the “Code”). Our common stock is quoted on The Nasdaq Global Select Market under the symbol “AINV.”

Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments including secured and unsecured debt, loan investments and/or equity in private middle market companies. We may also invest in the securities of public companies and structured products such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”).

Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager, serves as our investment adviser.

Our Manager

Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc. (“Apollo Global”) serves as our investment adviser.

Since its founding in 1990, Apollo Global has grown to become one of the worlds largest alternative investment managers. As of June 30, 2021, Apollo Global had total assets under management of approximately $472 billion, with a team of 1,824 employees, including 568 investment professionals, located in seventeen offices around the world.

Direct Origination Platform

Apollo Investment Corporation operates as part of Apollo’s Direct Origination Platform which provides full service debt solutions to U.S. middle market companies. As of June 30, 2021, the Direct Origination Platform had approximately $30 billion of assets. The Apollo direct origination team consists of 200+ professionals which is bolstered by the Apollo Global Management, Inc. integrated platform. Direct origination encompasses an array of origination verticals including financial sponsors and select niche markets with high barriers to entry. In addition to sourcing direct originations, we also identify investment opportunities from Apollo’s deep relationships with Wall Street intermediaries.

Our ability to co-invest with other Apollo managed capital makes Apollo Investment Corporation part of the one of the largest direct lenders uniquely positioned to mark large commitments. (1)

We believe the Apollo Direct Origination Platform enjoys significant competitive advantages and is one that very few alternative asset managers can compete against.

(1) On March 29, 2016, Apollo Investment Corporation received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein.

Our Investment Strategy

Apollo Investment Corporation (NASDAQ: AINV) is a leading specialty finance company that provides customized financing solutions to private middle market companies, primarily in the United States. We are a publicly traded business development company and benefit from our affiliation with Apollo Global Management, Inc., a leading global alternative investment manager.

Investment Types Transactions Types Product Offerings
Revolvers Leveraged Buyouts Aircraft Leasing
First Lien Secured Loans Acquisitions Asset Based Lending
Stretch Senior Loans Recapitalizations Corporate Lending
Unitranche Loans Growth Capital Restructurings
Second Lien Secured Loans Refinancing Life Sciences Lending
Lender Finance

Our People

Senior Management Team

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Howard T. Widra

Chief Executive Officer and Director

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Howard T. Widra

Mr. Widra has been with Apollo Global Management, Inc. and/or its affiliates since 2013. He became the Chief Executive and a Director of Apollo Investment Corporation in May 2018 and previously served as the Company’s President since June 2016. Mr. Widra is a co-founder of MidCap Financial (“MidCap”), a specialty finance business that has over $20 billion under management, and was formerly its Chief Executive Officer. Prior to MidCap, Mr. Widra was the founder and President of Merrill Lynch Capital Healthcare Finance. Prior to Merrill Lynch, Mr. Widra was President of GE Capital Healthcare Commercial Finance and held senior roles in its predecessor entities including President of Heller Healthcare Finance, and COO of Healthcare Financial Partners. Mr. Widra holds a J.D., Cum Laude, from the Harvard Law School and a BA from the University of Michigan.

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Joseph D. Glatt

Chief Legal Officer, Secretary and Vice President

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Joseph D. Glatt

Mr. Glatt was appointed Chief Legal Officer of the Company in 2014, Secretary in 2010 and Vice President in 2009. Mr. Glatt is also currently General Counsel of Apollo Capital Management, L.P., a position he has held since 2007. Since 2011 he has served as the Chief Legal Officer of Apollo Senior Floating Rate Fund Inc., and since 2013, he has served as the Chief Legal Officer of Apollo Tactical Income Fund Inc. Since 2016, Mr. Glatt has served as the Chief Legal Officer of Redding Ridge Asset Management. Mr. Glatt joined Apollo in 2007 and serves as General Counsel for Apollo Capital Management, L.P. Prior to that time, Mr. Glatt was associated with the law firms of Simpson Thacher & Bartlett LLP from 1998 to 2003 and Schulte Roth & Zabel LLP from 2003 to 2007, in each case, primarily focusing on mergers and acquisitions, leveraged buyouts and capital markets activities. Mr. Glatt serves as a director of MidCap FinCo Holdings Limited, MidCap FinCo Limited and MC Feeder Limited. Mr. Glatt received his JD from University of Pennsylvania Law School and graduated summa cum laude from Rutgers College with a BA in Political Science, Psychology and Hebraic Studies.

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Isabelle Gold

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Isabelle Gold

Ms. Gold joined Apollo Global Management Inc., an affiliate of Apollo Investment Corporations investment adviser, in 2016 as the Senior Compliance Officer for the Credit platform. She became the Chief Compliance Officer of Apollo Investment Corporation in January 2020.  Prior to joining Apollo, Ms. Gold was counsel in the Litigation Group at Akin Gump Strauss Hauer & Feld LLP, where she represented investment management firms and individuals in relation to civil litigation, regulatory investigations and enforcement proceedings. Ms. Gold graduated from Cornell University with a BA in English and received her JD from the University of Michigan Law School.

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Gregory W. Hunt

Chief Financial Officer and Treasurer

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Gregory W. Hunt

Mr. Hunt began his term as Chief Financial Officer and Treasurer of the Company in May 2012. Previously, Mr. Hunt was Executive Vice President and Chief Financial Officer for Yankee Candle which he joined in April 2010. Prior to joining Yankee Candle, Mr. Hunt served as the Executive Vice President of Strategic and Commercial Development for Norwegian Cruise Lines from 2007 to 2009. Prior to joining Norwegian Cruise Lines, Mr. Hunt served as Chief Financial Officer and Chief Restructuring Officer of Tweeter Home Entertainment Group, Inc. from 2006 to 2007 and Chief Financial Officer and Co-Chief Executive of Syratech Corporation from 2001 to 2006. Prior to Syratech, Mr. Hunt held several senior financial leadership positions including Chief Financial Officer of NRT Inc., Culligan Water Technologies, Inc. and Samsonite Corporation. Mr. Hunt also serves as a member of the Board of Advisors for the University of Vermont School of Business. Mr. Hunt has also been a Director of Danimer Scientific, a leading developer and manufacturer of biodegradable plastic products, since June 2019.  Mr. Hunt earned a bachelor’s degree in accounting and finance from the University of Vermont and is a Certified Public Accountant.

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Amit Joshi

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Amit Joshi

Mr. Joshi joined Apollo’s Finance team in 2013 and is currently the Chief Accounting Officer, Controller, Assistant Treasurer and Vice President of Apollo Investment Corporation. Mr. Joshi previously worked as a Senior Audit Manager in the Alternative Investments Group at Ernst & Young (“EY”) from January 2008 to September 2013. Prior to that time, Mr. Joshi worked at various international offices in roles with increasing responsibility from 2003 to 2008. He is a member of the AICPA and CFA Institute and is a CPA, CFA and CA. Mr. Joshi graduated first-class honors from University of Calcutta with a B.Com degree in Accounting and Finance.

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Tanner Powell

President and Chief Investment Officer, AIM

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Tanner Powell

Mr. Powell is a Partner and Portfolio Manager in Apollo Global Management’s Direct Origination business. He serves as the President of Apollo Investment Corporation and as the Chief Investment Officer for Apollo Investment Management, L.P.  He also holds leadership roles in Apollo’s aircraft leasing and lending businesses. Mr. Powell joined Apollo in 2006. From 2004 to 2006, he served as an Analyst in Goldman Sachs Principal Investment Area (PIA), concentrating on mezzanine investing. From 2002 to 2004, Mr. Powell was an Analyst in the Industrials group at Deutsche Bank. He graduated from Princeton University with a BA in political economy.

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Patrick Ryan

Chief Credit Officer, AIM

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Patrick Ryan

Mr. Ryan joined Apollo Capital Management, L.P. in 2015 as Managing Director and Chief Credit Officer. Prior to joining Apollo, Mr. Ryan was at Citibank since 1996 in various Senior Credit Officer roles across all of Citi’s asset classes and geographies, including most recently serving as Chief Credit Officer for Citi’s $600 billion corporate credit portfolio and Chief Risk Officer overseeing risk governance and risk management for Citibank N.A.’s $1.3 trillion balance sheet. Mr. Ryan co-founded Staten Island ACHIEVE Dollars for Scholars, a charitable foundation providing college scholarships to students on Staten Island. Mr. Ryan co-founded the Cardinal Scholarships and is a Member of the Wesleyan University Athletic Advisory Council. Mr. Ryan has a B.A. in American History from Wesleyan University and a M.B.A. from Columbia Business School.

Investment Team

Portfolio

Portfolio Highlights (as of June 30, 2021)

$2.49 bn

Investment Portfolio (1)

width=185

% Floating Rate (1) (2)

100%

Weighted Average Yield (2)

7.9%

Median EBITDA (at close) (4)

$38 million

Average Company Exposure (4) (5)

$15.4 million

Net Leverage Through AINV Position (current)(5) (6)

5.22x

Interest Coverage (current) (5) (6)

2.9x

Attachment Point (current) (2) (6)

0.4x

(1) On a fair value basis. (2) Based on corporate lending debt portfolio. (3) On a cost basis. Exclusive of securities on non-accrual status. (4) Source: Company data. (5) Based on corporate lending portfolio. (6) Excludes select investments where debt-to-EBITDA on interest charge is not a relevant or appropriate metric, or data is not available. Weighted average by cost.

Portfolio Composition (as of June 30, 2021, at fair value)

Asset Class (1)

Title Percentage
First lien secured debt 90%
Second lien secured debt 9%
Unsecured debt 0%
Structured products and other 0%
Preferred equity, common equity / interests and warrants 2%

Industry

Title Percentage
Healthcare & Pharmaceuticals 16.4%
High Tech Industries 13.9%
Aviation and Consumer Transport
13.3%
Business Services
11.3%
Consumer Services 5.8%
Transportation - Cargo, Distribution 5.3%
Beverage, Food & Tobacco 4.0%
Consumer Goods - Non-durable 3.5%
Chemicals - Plastics & Rubber 2.7%
Automotive 2.6%
Insurance 2.5%
Advertising, Printing & Publishing 2.4%
Diversified Investment Vehicles, Banking, Finance, Real Estate 2.3%
Other 14.0%

Interest Rate Type (1) (3)

Title Percentage
Floating rate 100%
Fixed rate 0%

Portfolio Companies

Investment Type

Company Industry
3D Protein Consumer Goods – Non-durable
A&V Consumer Goods – Durable
Access Information Business Services
Acronis AG High Tech Industries
Activ Consumer Services
Akoya Healthcare & Pharmaceuticals
Ambrosia Buyer Corp. Business Services
American Megatrends High Tech Industries
AmeriVet Healthcare & Pharmaceuticals
AML Rightsource Business Services
Analogic Healthcare & Pharmaceuticals
AVAD, LLC Manufacturing, Capital Equipment
Banner Solutions Wholesale
Beacon Mobility Transportation – Cargo, Distribution
Beauty Industry Group (BIG) Consumer Goods – Non-durable
Bird Consumer Services
BK Medical Holding Company, Inc. Healthcare & Pharmaceuticals
Bolthouse Farms Beverage, Food & Tobacco
Calero Holdings, Inc. High Tech Industries
Carbonfree Chemicals Chemicals, Plastics & Rubber
CARE Fertility Healthcare & Pharmaceuticals
Celink Diversified Investment Vehicles, Banking, Finance, Real Estate
Cerus Healthcare & Pharmaceuticals
ChyronHego Corporation High Tech Industries
Claritas Business Services
Clarus Commerce Consumer Services
Club Car Wash Automotive
Continuum Business Services
Crowne Automotive Automotive
Dairy.com High Tech Industries
Dan Dee Consumer Goods – Non-durable
Digital.ai High Tech Industries
Dohmen Life Science Services Healthcare & Pharmaceuticals
Dynamic Product Tankers (Prime), LLC Transportation – Cargo, Distribution
Eagle Foods Beverage, Food & Tobacco
Eating Recovery Center Healthcare & Pharmaceuticals
Education Personnel Business Services
Electro Rent Corporation Business Services
Elo Touch Business Services
Emmes Corporation Healthcare & Pharmaceuticals
Englert Construction & Building
Ensemble Health Business Services
Erickson Inc Aerospace & Defense
FingerPaint Marketing Advertising, Printing & Publishing
First Heritage Consumer Services
Flock Financial, LLC Diversified Investment Vehicles, Banking, Finance, Real Estate
Florida Food Products, Inc. Beverage, Food & Tobacco
Genesis Healthcare, Inc. Healthcare & Pharmaceuticals
Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) Energy – Oil & Gas
Go Car Wash Consumer Services
GoHealth High Tech Industries
Golden Bear Diversified Investment Vehicles, Banking, Finance, Real Estate
Gossamer Healthcare & Pharmaceuticals
Health & Safety Institute Healthcare & Pharmaceuticals
Heniff and Superior Transportation – Cargo, Distribution
High Street Insurance Insurance
IMA Group Healthcare & Pharmaceuticals
International Cruise & Excursion Gallery, Inc. High Tech Industries
IPC Corporation Telecommunications
IPS Retail
Jacent Business Services
Jones & Franks Business Services
K&N Parent, Inc. Automotive
Kauffman Manufacturing, Capital Equipment
KDC Consumer Goods – Durable
Kindeva Healthcare & Pharmaceuticals
KLO Holdings, LLC Consumer Goods – Durable
KureSmart Healthcare & Pharmaceuticals
LabVantage Solutions High Tech Industries
Lanai Holdings III, Inc. (Patterson Medical) Healthcare & Pharmaceuticals
LashCo Consumer Goods – Non-durable
Lending Point Consumer Services
Liqui-Box Holdings, Inc. Consumer Goods – Durable
Magnitude Software High Tech Industries
MAKS Business Services
Mannkind Corporation Healthcare & Pharmaceuticals
Maxor National Pharmacy Services, LLC Healthcare & Pharmaceuticals
McLarens Global Ltd. Business Services
Medical Guardian Healthcare & Pharmaceuticals
MedPlast Holdings Inc. Manufacturing, Capital Equipment
Merx Aviation Finance, LLC Aviation and Consumer Transport
Midwest Vision Healthcare & Pharmaceuticals
Modern Campus Healthcare & Pharmaceuticals
MSEA Tankers LLC Transportation – Cargo, Distribution
MYCOM High Tech Industries
Naviga (fka Newscycle Solutions, Inc.) Business Services
New Wave Entertainment Media – Diversified & Production
New Era Technology, Inc. High Tech Industries
NFA Group Education
Niacet Corporation Chemicals, Plastics & Rubber
Nitro World Entertainment Media – Diversified & Production
NSi Industries Consumer Goods – Durable
Olaplex, Inc. Consumer Goods – Non-durable
Only About Children Consumer Services
Orchard Healthcare & Pharmaceuticals
Orgain, Inc. Beverage, Food & Tobacco
Ortega National Parks Environmental Industries
Ovation Fertility Healthcare & Pharmaceuticals
Paper Source Consumer Services
Paragon 28 Consumer Services
Partner Therapeutics, Inc Healthcare & Pharmaceuticals
Pelican Energy – Oil & Gas
PGM Holdings Corporation Insurance
PHS Healthcare & Pharmaceuticals
Pinstripe Holdings, LLC Consumer Services
Primeflight Aviation and Consumer Transport
Pro Virgil High Tech Industries
PSI Services, LLC Business Services
Purchasing Power, LLC Diversified Investment Vehicles, Banking, Finance, Real Estate
Radius Health, Inc. Healthcare & Pharmaceuticals
Relation Insurance Insurance
Renew Financial LLC Energy – Electricity
RHA Health Services Healthcare & Pharmaceuticals
Rigel Pharmaceuticals Healthcare & Pharmaceuticals
RiteDose Holdings I, Inc. Healthcare & Pharmaceuticals
Schlesinger Global, LLC High Tech Industries
Securus Technologies Holdings, Inc. Telecommunications
Sequential Brands Group, Inc. Consumer Goods – Non-durable
Simeio Group Holdings, Inc. High Tech Industries
Simplifi Holdings, Inc. Advertising, Printing & Publishing
Sirsi Corporation High Tech Industries
Solarplicity Group Energy – Electricity
Soliant Business Services
Sonar Entertainment, Inc. Media – Diversified & Production
Sontiq, Inc. High Tech Industries
Sorenson Holdings, LLC Consumer Goods – Durable
Spectrum Automotive Diversified Investment Vehicles, Banking, Finance, Real Estate
Spotted Hawk Energy – Oil & Gas
Springbrook High Tech Industries
Tax Slayer High Tech Industries
Telnyx LLC High Tech Industries
Ten-X, LLC Diversified Investment Vehicles, Banking, Finance, Real Estate
The Club Company Consumer Services
TNT Crust LLC Beverage, Food & Tobacco
Transplace Holdings, Inc. Business Services
Truck-Lite Co., LLC Automotive
Turkey Hill Beverage, Food & Tobacco
US Auto Consumer Services
US Legal Support Business Services
Westfall Technik, Inc. Chemicals, Plastics & Rubber

Shareholders

NASDAQ: AINV

Analyst Coverage

Board of Directors and Committee Composition

Name Title Audit Committee Compensation Committee Nominating and Corporate Governance Committee Bio
John J. Hannan Chairman +
Jeanette W. Loeb Director Member Member Member +
Barbara Matas Director Chair Member Member +
Frank C. Puleo Director Member Member Member +
R. Rudolph Reinfrank Director Member Member Member +
Elliot Stein, Jr. Lead Independent Director Member Member Chair +
Bradley J. Wechsler Director +
Howard T. Widra Chief Executive Officer and Director +

Contact

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Find us at the office

Chappa- Adamitis street no. 38, 81811 Tripoli, Libya

Give us a ring

Alda Runion
+69 213 130 910
Mon - Fri, 10:00-22:00

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