Investor Presentation - APOLLO INVESTMENT CORPORATION

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APOLLO INVESTMENT CORPORATION

Investor Presentation

May 2021

Unless otherwise noted, information as of March 31, 2021

It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document.
Disclaimers, Definitions, and Important Notes

Forward-Looking Statements
We make forward-looking statements in this presentation and other filings we make with the SEC within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and
are generally beyond our control. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of
operations, plans and objectives, including information about our ability to generate attractive returns while attempting to mitigate risk. Words such as “believe,” “expect,” “anticipate,”
“estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, are intended to identify forward-looking statements. 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; and other risks associated with investing including changes in
business conditions and the general economy. Statements regarding the following subjects, among others, maybe forward looking: the 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. 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-K for the period ended
March 31, 2021.
The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-
looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to
us. Some of these factors are described in the company’s filings with the SEC. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially
from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it
is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise. This presentation may contain statistics and other data that in some cases has been obtained from or
compiled from information made available by third-party service providers.
Past Performance
Past performance is not indicative nor a guarantee of future returns, the realization of which is dependent on many factors, many of which are beyond the control of Apollo Global
Management, Inc. (“AGM”); Apollo Investment Management, L.P. (the “Investment Adviser”); and the Company (collectively “Apollo”). There can be no assurances that future dividends
will match or exceed historic ones, or that they will be made at all. Net returns give effect to all fees and expenses. Unless otherwise noted, information included herein is presented as of
the date indicated on the cover page and may change at any time without notice. The Company is subject to certain significant risks relating to our business and investment objective. For
more detailed information on risks relating to the Company, see the latest Form 10-K and subsequent quarterly reports filed on Form 10-Q.
Financial Data
Financial data used in this presentation for the periods shown is from the Company’s Form 10-K and Form 10-Q filings with the SEC during such periods. Unless otherwise indicated, the
numbers shown herein are rounded and unaudited. Quarterly and annual financial information for the Company refers to fiscal periods. All share and per share data shown herein is
adjusted for the one-for-three reverse stock split of the Company’s common stock which took effect at the close of business on November 30, 2018.

                                                                                                                                                                                            2
Disclaimers, Definitions, and Important Notes

AUM Definition
Assets Under Management (“AUM”) refers to the investments AGM manages or with respect to which it has control, including capital it has the right to call from its investors pursuant to
their capital commitments to various funds. AGM’s AUM equals the sum of: (i) the fair value of its private equity investments plus the capital that it is entitled to call from its investors
pursuant to the terms of their capital commitments plus non-recallable capital to the extent a fund is within the commitment period in which management fees are calculated based on total
commitments to the fund; (ii) the net asset value of AGM’s capital markets funds, other than certain senior credit funds, which are structured as collateralized loan obligations or certain
collateralized loan obligation and collateralized debt obligation credit funds that have a fee generating basis other than mark-to-market asset values, plus used or available leverage and/or
capital commitments; (iii) the gross asset values or net asset values of AGM’s real estate entities and the structured portfolio vehicle investments included within the funds AGM manages,
which includes the leverage used by such structured portfolio vehicles; (iv) the incremental value associated with the reinsurance investments of the portfolio company assets that AGM
manages; and (v) the fair value of any other investments that AGM manages plus unused credit facilities, including capital commitments for investments that may require pre-qualification
before investment plus any other capital commitments available for investment that are not otherwise included in the clauses above. AGM’s AUM measure includes AUM for which it
charges either no or nominal fees. AGM’s definition of AUM is not based on any definition of AUM contained in its operating agreement or in any of its Apollo fund management
agreements. AGM considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) its ability to influence the
investment decisions for existing and available assets; (2) its ability to generate income from the underlying assets in its funds; and (3) the AUM measures that it uses internally or believes
are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, AGM’s calculation of AUM may
differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment
managers.

                                                                                                                                                                                              3
Agenda
•   Overview of AINV & Apollo’s Direct Origination Platform
•   Direct Lending Market Backdrop
•   Investment Strategy & Portfolio
•   Conclusion
•   Appendices

                                                              4
Overview of AINV &
Apollo’s Direct Origination Platform

                                       5
Overview of Apollo Investment Corporation (“AINV”)

  Specialty Finance                         • Publicly traded (NASDAQ: AINV) business development company (“BDC”) treated for federal income tax purposes as a
  Company Focused on                          regulated investment company (“RIC”)
  Lending to US Middle                      • Primarily provides debt solutions to U.S. middle market companies with a focus on direct origination
  Market Companies                          • Since IPO in April 2004 and through March 31, 2021, invested $21.9 billion in 552 portfolio companies
                                            • $2.45 billion investment portfolio across 135 companies and 25 different industries, spanning a broad range of asset types1,2

                                            • Externally managed by an affiliate3 of AGM, a leading alternative asset manager with approximately $461 billion of AUM2,4
  Externally Managed by                       with expertise in private equity, credit and real assets
  Apollo Global
                                            • AGM was founded in 1990
  Management (“AGM”)
                                            • AINV operates as part of AGM’s Direct Origination Business

  Apollo Affiliation                        • Experienced management team
  Provides Significant                      • Broad product offering
  Benefits                                  • Large and diverse direct origination team with joint front engine across AINV and MidCap Financial (“MidCap”)5

                                                                                                                 Distribution yield at market price                                     Distribution yield at NAV
  Current Market                                         Market capitalization
                                                                                                                   Base 7                  8.8%                                        Base 9                  7.8%
  Information 6                                              $915 million
                                                                                                                  Base + Supplemental 8 10.3%                                          Base + Supplemental 10 9.1%

1 On a fair value basis. 2 As of March 31, 2021. 3 Apollo Investment Management, L.P. 4 See definition of AUM at beginning of presentation. 5 MidCap Financial refers to MidCap FinCo Designated Activity Company, a
designated activity company limited by shares incorporated under the laws of Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of
Apollo Global Management, Inc., pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company. 6 As of May 24, 2021. 7 Most recent quarterly base
distribution annualized divided by share price. 8 Most recent quarterly base and supplemental distribution annualized divided by share price. There can be no assurances that the Board will continue to declare a base distribution of
$0.31 per share or a supplemental distribution. 9 Most recent quarterly base distribution annualized divided by net asset value per share. 10 Most recent quarterly base and supplemental distribution annualized divided by net asset value
per share. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.

                                                                                                                                                                                                                                          6
Apollo Global Management Overview

                      Firm Profile                                                  Private Equity                                                 Credit                               Real Assets

                    Founded: 1990
                                                                                     174 Investment                                          261 Investment                            111 Investment
                   AUM: ~$461           bn1                                           Professionals2                                          Professionals                             Professionals

                                                                                     $89 bn in AUM1                                         $323 bn in AUM1                            $48 bn in AUM1
                  Employees: 1,725

              Offices Worldwide: 163

                    Key Attributes                                                                                                         Global Footprint

           Value-oriented, contrarian
                   approach

                                                                                                                                          London            Frankfurt
         Opportunistic across market                                                                                       New York
                                                                                    Los Angeles                                                        Luxembourg
                   cycles                                                                                                                 Madrid                                                 Tokyo
                                                                                                                         Bethesda                                       Delhi
                                                                                      San Diego                                                                                             Shanghai
                                                                                                            Houston
      Integrated platform across asset                                                                                                                             Mumbai         Hong Kong
          classes and geographies
                                                                                                                                                                                Singapore

           Deep industry knowledge

                                                                                                                                                                                              Sydney

All figures as of March 31, 2021, unless otherwise noted. Please refer to the beginning of this presentation for the definition of AUM.
(1) Business segment AUM may not sum to total firm AUM due to rounding.
(2) Private equity headcount includes executive officers and strategy.
(3) Number may not be fully reflective of all Apollo affiliated office space worldwide.

                                                                                                                                                                                                         7
Broad Credit Coverage and Experienced Team
                                                                                        Apollo Credit
                                                                  $323 Billion in AUM & 261 Investment Professionals (1)
                                                                Jim Zelter, Co-President and Chief Investment Officer of Credit
                                                                          Anthony Civale, Co-Chief Operating Officer
                                                            John Zito, Senior Partner and Deputy Chief Investment Officer of Credit

    Corporate Fixed                       Corporate                          Direct                     Structured Credit                   Consumer &                    Principal Structured                   Insurance
        Income                              Credit                         Origination                       & ABS                        Residential Credit                 Finance Group                    Solutions Group
   $88 billion in AUM               $74 billion in AUM                $26 billion in AUM                $28 billion in AUM                $23 billion in AUM                $17 billion in AUM                    (ISG) (3)
    39 Professionals                 60 Professionals                 48 Professionals (2)               15 Professionals                  24 Professionals                  12 Professionals                  44 Professionals

                                                                                                             Leadership
        Jim Hassett                    Joseph Moroney                    Howard Widra                           Bret Leas                    Nancy De Liban                    Jamshid Ehsani                     Jeff Jacobs
       Brigitte Posch                     John Zito                       Tanner Powell                                                       Rob Graham                                                        Jim Galowski (4)
     Leslie Mapondera                                                    Gary Rothschild                                                                                                                         Matt O’Mara
                                                                          Justin Sendak                                                                                                                           Jasjit Singh

                                                                                                             Strategies
     • Investment grade             • Senior secured loans            • Middle market loans                 • CLO liabilities            • Residential real estate          • High Grade Alpha              • Portfolio construction
             bonds                        • High yield                   • ABLs / revolvers                   • CLO equity                    – RMBS & whole                    (private capital               & asset allocation
      • Sovereign bonds                                                                                                                            loans                    efficient originations)             • Asset & liability
                                          • Event-driven                • Aircraft / aviation          • Regulatory & solution
     • Emerging markets                                                         finance                         capital                     • Consumer whole                    • ADIP / ACRA                      management
                                      • Multi-sector credit
                                                                                                                                                loans & ABS                    • Insurance ABS                 • Risk management
  • IG private placements               • Large corporate                  • Life sciences                    • Synthetics
                                                                                                                                             • Conduit CMBS                   • Life Settlements            • Structuring for capital
                                           direct lending                 • Lender finance                  • Asset-backed
                                                                                                                securities                • Small balance CMLs                • Insurance Multi-                     efficiency
                                       • Dislocated credit             • Bespoke / sell-side
                                                                               sourcing                                                                                              Credit

                                                          Commercial Real                                                                                    European                                   Infrastructure and
                                                                                                            Hybrid Capital
                                                            Estate Debt                                                                                  Principal Finance                                Energy Credit
    Other Credit Related                                                                                  Robert Ruberton
         Strategies                                          Scott Weiner                                                                                   Skardon Baker                                     Various
                                                                                                          Matthew Michelini
                                                           $30 billion in AUM                                                                              $7 billion in AUM                              $3 billion in AUM
                                                                                                          $12 billion in AUM
                                                            32 Professionals                                                                               27 Professionals                               13 Professionals
                                                                                                           25 Professionals

Note: All strategies and leadership listed above reflect global coverage. AUM and headcount as of March 31, 2021. Subject to change at any time without notice. Please refer to the slides in this presentation entitled “Risk Factors and
Definitions” for the definition of AUM. (1) Strategy headcounts exclude 19 global business professionals. (2) Includes headcounts for AOP. (3) ISG manages $264 bn in assets for affiliate insurance balance sheets, including those sub-
advised by Apollo’s Credit, Private Equity, and Real Assets businesses. (4) In addition, serves as co-portfolio manager of the SCRF Funds and Partner, European Credit.

                                                                                                                                                                                                                                         8
AGM’s Direct Origination Business Transformed by MidCap
    Fully integrated into Apollo’s Credit platform and serving as the hub of the Direct Origination Business

                                                                                           MidCap Financial Snapshot
     Business Overview
      Privately held middle market-focused specialty finance firm that provides senior debt solutions to companies across all industries
      Founded in 2008 and headquartered in Bethesda, Maryland with four additional primary offices in New York, Chicago, Los Angeles,
         and Atlanta
      Only originates first lien senior secured assets, first mortgage loans and ABLs and only underwrites loans originated in-house
      Acquired by an entity managed by Apollo Global Management in 2013

     Scaled Platform
      ~$8.2 billion of funds employed and manages / services ~$30 billion of commitments1
      229 total professionals, 44 focused on origination as of March 31, 20211

     Experienced Management Team
      Deep industry expertise and average experience of ~20 years at blue chip lenders, including Merrill Lynch Capital, GE Capital, and
        Heller Financial
      Members of the senior management team have worked together for over 20 years

     Unique platform built over 10+ years with significant barriers to entry
      Large, multi-asset class origination teams are challenging to replicate
      Broad support from dozens of world-class financing partners provides capital strength
      Scalable back-office infrastructure is unusual among asset managers and allows for broader product offerings
      Direct origination team generates robust volume of senior floating rate loans on par with any peer
      Wide funnel provides a large investment universe resulting in high degree of selectivity

Healthcare Financial                                                                                                                                                           MidCap Financial
Partners (“HCFP”)                                                                       MLC Healthcare                                              MidCap Financial Holdings, Holdings, LLC      MidCap launched in
formed               HCFP acquired by Heller           Heller acquired by GE            Finance founded          MLC acquired by GE                                            acquired by Athene its current form
                                                                                                                                                    LLC formed

   1993                          1999                               2001                      2003                       2007                    2008                                     2013                        2015
    Notes: For discussion purposes only. Reflects the views and opinions of Apollo and MidCap Analysts. Subject to change at anytime without notice. Past performance is not indicative nor a guarantee of future returns. On March 29,
    2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates, including Midcap, where terms other than price and quantity are
    negotiated, subject to the conditions included therein. 1 As of March 31, 2021.

                                                                                                                                                                                                                                             9
AGM’s Direct Origination Diverse Product Offering and
Dedicated Vehicles
                                                                                                Overview of Products
          Leveraged                         Life Sciences                           Asset Based                             Real Estate                                Lender                               Franchise
           Lending                          & Technology                             Lending                                Lending *                                  Finance                              Lending *
                                               Lending

                                                                                                  Product Capabilities
          Senior Cash Flow Debt                                    First Mortgage Debt *                                    Senior Asset Based Debt                                      Senior Venture Debt

                                                  Providing Solutions for All Financing Needs of Middle Market Companies

                                                                       Common Management
                                                     Overlapping underwriting and portfolio management resources

                         Apollo Investment Corporation                                                                                                                    MidCap
  •   Business development company (BDC) under the Investment Company                                                        •    Full-service finance company focused on directly sourced middle market
      Act of 1940 that has elected to be treated as a regulated investment                                                        senior debt
      company (RIC) for federal income tax purposes                                                                          •    Business lines in asset-back loans, leveraged loans, real estate and
  •   Focused on providing senior debt solutions to US middle market                                                              venture lending
      companies                                                                                                              •    Privately-held including by investors affiliated with Apollo Global
  •   Publicly-listed on NASDAQ Global Select Market                                                                         •    $29.9 billion of commitments managed / serviced of which MidCap holds
  •   $2.45 billion investment portfolio (on a fair value basis) across 135                                                       $12.4 billion, of which $8.2 billion are funded and outstanding1
      companies1                                                                                                             •    Established 2008
      ₋    80% of the corporate lending portfolio is in investments made
           pursuant to the Company’s co-investment order1,2
  •   Established 2004

                                                                 Additional capacity in select opportunistic credit accounts
1 As of March 31, 2021. 2 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates, including MidCap, where
terms other than price and quantity are negotiated, subject to the conditions included therein. As of March 31, 2021, the corporate lending portfolio represented 79.1% of the total investment portfolio, at fair value, and excludes
aviation, oil and gas, renewables, shipping and commodities. * AINV has not made a commitment pursuant to the exemptive order in this product category.

                                                                                                                                                                                                                                    10
Direct Lending Market Backdrop

                                 11
We Believe Direct Lending is an Attractive Asset Class

We believe direct lending is an attractive asset class with solid risk-adjusted returns. Directly originated loans can
provide high current income with lower volatility and credit losses compared to other similar fixed income
investment alternatives.

           Higher Average Returns                                                   Lower Volatility of Returns                                         Control of Origination is Designed
                                                                                                                                                        to Result in Better Economics and
         Annualized Average Quarterly Returns                                       Standard Deviation of Quarterly Total                                      Risk-Adjust Returns
                     2004 – 4Q20                                                            Returns 2004 –4Q20
                                                                                                                                                        Full due diligence access
                        9.1%                                                                                                          5.4%
                                                                                                                    5.1%                                Control over credit
      7.7%                                                 7.8%
                                                                                                                                                         documentation / covenant
                                                                                                                                                         protections
                                         5.1%                                                                                                           Relationship with borrower
                                                                                                                                                        Hold size flexibility & syndication
                                                                                                   1.9%                                                  control
                                                                                 1.3%
                                                                                                                                                        Origination economics
                                                                                                                                                        Premium spreads

  U.S. Middle U.S. Middle    U.S.    High Yield                              U.S. Middle U.S. Middle    U.S.    High Yield
    Market      Market    Leveraged    Index                                   Market      Market    Leveraged    Index
 Senior Loans Loans       Loan Index                                        Senior Loans Loans       Loan Index

Note: U.S. Middle Market Senior Loan data based on Cliffwater Senior Direct Lending-Senior Only (CDLI-S) U.S. Middle Market Loan data based on Cliffwater Direct Lending Index (CDLI), U.S. Leverage Loan Index data based on
S&P LSTA all loans and High Yield Index based on Bloomberg Barclays US Corporate High Yield Bond Index. Index performance is shown for illustrative purposes only and does not reflect any deduction for fees and expenses.
Subject to change.

                                                                                                                                                                                                                          12
We Believe Reduced Bank Lending Spurred Growth in Direct Lending
Direct lending has grown in part due to bank consolidation and changes in bank lending preferences

             Number of U.S. Banks Continues to Decline1                                                                                                               Banks’ Reduced Participation in Loan Market2

    12,000
                                                                                                                                                                 1
                                                                                      49% decline since 2000
                                                                                                                                                                0.9
    10,000

                                                                                                                                                                0.8

                                                                                                                                                                0.7
     8,000

                                                                                                                                                                0.6

     6,000
                                                                                                                                                                0.5

                                                                                                                                                                0.4

     4,000                                                                                                                                                      0.3

                                                                                                                                                                0.2

     2,000
                                                                                                                                                                0.1

                                                                                                                                                                 0
                                                                                                                                                                         1994
                                                                                                                                                                         1995
                                                                                                                                                                         1996
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                                                                                                                                                                         1998
                                                                                                                                                                         1999
                                                                                                                                                                         2000
                                                                                                                                                                         2001
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                                                                                                                                                                         2003
                                                                                                                                                                         2004
                                                                                                                                                                         2005
                                                                                                                                                                         2006
                                                                                                                                                                         2007
                                                                                                                                                                         2008
                                                                                                                                                                         2009
                                                                                                                                                                         2010
                                                                                                                                                                         2011
                                                                                                                                                                         2012
                                                                                                                                                                         2013
                                                                                                                                                                         2014
                                                                                                                                                                         2015
                                                                                                                                                                         2016
                                                                                                                                                                         2017
                                                                                                                                                                         2018
                                                                                                                                                                         2019
                                                                                                                                                                         2020
                                                                                                                                                                      LTM 3/21
         0
             2000
                    2001
                           2002
                                  2003
                                         2004
                                                2005
                                                       2006
                                                              2007
                                                                     2008
                                                                            2009
                                                                                   2010
                                                                                          2011
                                                                                                 2012
                                                                                                        2013
                                                                                                               2014
                                                                                                                      2015
                                                                                                                             2016
                                                                                                                                    2017
                                                                                                                                           2018
                                                                                                                                                  2019
                                                                                                                                                         2020

                                                                                                                                                                                   Banks & Securities Firms   Non-Banks

1. Source: Federal Deposit Insurance Corp. 2. Source: LCD’s Quarterly Leveraged Lending Review: 1Q 2021. Non-banks includes institutional investors and finance companies. Subject to change.

                                                                                                                                                                                                                          13
Middle Market Lending is Well Positioned for Growth

  Middle Market Companies Account For                                                                                                                                                                              $600
                                                                              Significant Need for Refinancing of                                     Significant Private Equity Dry Powder
     a Significant Portion of the U.S.
                                                                              Middle Market Loan Commitments 2                                       Supports Continued Demand for Loans 3
                Economy 1
                                                                                                                                                       Why Sponsors Prefer Direct Lending Solutions
                                                                              Middle market loan commitments                                          
                                                                                                                                                      
                                                                                                                                                        Customized financing solutions
                                                                                                                                                        Ease and speed of execution
                                                                                                                                                                                                                   $500

                                                                                 maturing through 1Q 2028                                               Certainty of close
       200,000
                                                                                                                                                      
                          U.S. middle market                                                                                                          
                                                                                                                                                      
                                                                                                                                                        No need for a rating
                                                                                                                                                        Can provide delay draw term loans for future
                         businesses                                                                                                                     capital needs
                                                                                                                                                       Sponsors able to keep valuations private
                                                                                                                                                                                                                   $400
                                                                                    Non-sponsored syndicated
                                                                                          ~$319 billion
  One-third of private sector GDP                                                               +
                                                                                       Sponsored syndicated                                                                                                        $300

                                                                                          ~$238 billion
                                                                                                +
        Employs ~ 48 million people                                                 Estimated Sponsored direct                                                                                                     $200
                                                                                          ~$358 billion

                                                                                             =
                                                                                                                                                                                                                   $100
                                                                              ~$915 billion in middle market
                                                                                   loan commitments

                                                                                                                                                                                                                   $0

                                                                                                                                                      Dec-00
                                                                                                                                                      Dec-01
                                                                                                                                                      Dec-02
                                                                                                                                                      Dec-03
                                                                                                                                                      Dec-04
                                                                                                                                                      Dec-05
                                                                                                                                                      Dec-06
                                                                                                                                                      Dec-07
                                                                                                                                                      Dec-08
                                                                                                                                                      Dec-09
                                                                                                                                                      Dec-10
                                                                                                                                                      Dec-11
                                                                                                                                                      Dec-12
                                                                                                                                                      Dec-13
                                                                                                                                                      Dec-14
                                                                                                                                                      Dec-15
                                                                                                                                                      Dec-16
                                                                                                                                                      Dec-17
                                                                                                                                                      Dec-18
                                                                                                                                                      Dec-19
                                                                                                                                                      Dec-20
                                                                                                                                                      Feb-21
1. Source: National Center for the Middle Market 4Q 2020 Middle Market Indicator. 2. Source: Refinitiv LPC’s MM Weekly, The Middle Market Opportunity, May 7, 2021. 3 Source: Prequin. As of May 2021. Based on North
America buyout dry powder. Subject to change.

                                                                                                                                                                                                                        14
Investment Strategy & Portfolio

                                  15
Apollo Investment Corporation Investment Strategy

      Specialty lender primarily focused on providing solutions to U.S. corporate borrowers in the middle market

    Primarily sources investments through the Apollo Direct Origination platform which generates robust volume
                                            of senior floating rate loans

   AINV’s ability to co-invest alongside the broader Apollo platform enhances ability to win deals on the basis of
                                           size and certainty of execution1

                              Focused on true first lien exposure, but flexibility to invest across the capital structure

                            Robust leveraged lending platform with extensive coverage of middle market sponsors

       Additional niche capabilities in asset-based lending, life sciences and technology lending, and lender finance

       Prudent portfolio construction including granular position sizes and emphasis on diversification (by sponsor,
                                               industry and end market)

1 On March 29, 2016, the Company 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.

                                                                                                                                                                                                                                     16
Investment Portfolio as March 31, 2021
                                                                                                                                                           Merx Aviation
   Corporate Lending                 3                                                                                                                     $316 million1 or 12.9% of portfolio
   $1.9 billion1 or 79.1% of portfolio
                                                                                                                                                             80 aircraft (77 narrowbody, 2 widebody, 1
First Lien %                                                        87%                                                                                      freighter)
Floating Rate %                                                     100%                                                                                     10 aircraft types
Sponsored %                                                         87%                                                                                      39 lessees in 25 countries
Pursuant to co-investment order %                                   80%
                                                                                                                                                             Weighted average age of aircraft ~11.5 years 8
Average Borrower Exposure                                           $15.6mn
Median EBITDA 4                                                     $37mn                                                                                    Weighted average lease maturity ~4.4 years
Weighted Average Net Leverage 4, 5, 6, 7                            5.34x
Weighted Average Attachment Point 4, 6, 7                           0.6x
Interest Coverage 4, 6, 7                                           2.9x                           Total Portfolio
                                                                                                      $2.45 bn1

                                                                                                Weighted Average
                                                                                                     Yield
                                                                                                                                                              Non-Core and Legacy
                                                                                                     8.0%2                                                    $196 million1 or 8.0% of portfolio
                                                                                                                                                         Strategy                      Fair Value                 % of portfolio
                                                                                                                                                  Shipping                            $105 million                        4.3%
                                                                                                                                                  Oil & Gas                           $46 million                         1.9%
                                                                                                                                                  Renewables                          $20 million                         0.8%
                                                                                                                                                  Legacy & Other                      $26 million                         1.1%

1 On a fair value basis. 2 Weighted average yield on debt investments. Based on average of beginning of period and end of period portfolio yield. On a cost basis. Exclusive of investments on non-accrual status. 3 Corporate lending
includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. 4 Source: Company data. 5 Through AINV position. 6 Excludes select investments where metric
is not relevant or appropriate or data is not available. 7 Weighted average by cost. Current metric. 8 Weighted average age of aircraft is weighted by aircraft appraisal value for each aircraft which is updated on a semi-annual basis.

                                                                                                                                                                                                                                      17
Portfolio by Industry 1

                                                                                         Portfolio Diversification

                                                                     Healthcare & Pharmaceuticals                                                                     16.1%

                                                                               High Tech Industries                                                           13.9%

                                                                 Aviation and Consumer Transport                                                             13.6%

                                                                                   Business Services                                                       13.2%

                                                               Transportation – Cargo, Distribution                                                 5.6%

                                                                                 Consumer Services                                           4.8%

                                                                        Beverage, Food & Tobacco                                      4.0%

                                                                  Consumer Goods – Non-durable                                      3.6%

                                    Diversified Investment Vehicles, Banking, Finance, Real Estate                           2.5%

                                                                 Advertising, Printing & Publishing                       2.4%

                                                                      Chemicals, Plastics & Rubber                        2.3%

                                                                                        Automotive                      2.1%

                                                                                 Energy – Oil & Gas                    1.9%

                                                                                               Retail                 1.7%

                                                                  Media – Diversified & Production                    1.7%

                                                                                          Education                   1.7%

                                                                 Manufacturing, Capital Equipment                  1.5%

                                                                                           Insurance              1.4%

                                                                              Aerospace & Defense                1.2%

                                                                           Construction & Building               1.2%

                                                                        Consumer Goods – Durable                 1.2%

                                                                               Telecommunications              0.9%
                                                                                                        2
                                                                                               Other               1.5%

1 As of March 31, 2021. On a fair value basis 2 Other includes: Wholesale; Environmental Industries; and Energy – Electricity.

                                                                                                                                                                              18
Portfolio Concentration

                     Portfolio by Origination Strategy ($ in millions)                                                    Top Ten Corporate Lending Portfolio Companies1,2 ($ in millions)
                                                                          % of                                                                                                          % of
                                                                                                                                                                                      Corporate
                                                      Fair Value        Portfolio                                   Rank Portfolio Company
                                                                                                                                                                                      Lending
    Leveraged Lending                                $       1,678         69%
                                                                                                                                                                         Fair Value   Portfolio
    Life Sciences                                              127          5%
                                                                                                                     1    ChyronHego Corporation                         $       90     4.6%
    Asset Based and Lender Finance                             132          5%
                                                                                                                     2    NFA Group                                              41     2.1%
    Total Corporate Lending Portfolio                $      1,937          79%
                                                                                                                     3    Simplifi Holdings, Inc.                                39     2.0%
    Aviation                                                   316         13%
                                                                                                                     4    RA Outdoors, LLC (Active Outdoors)                     38     1.9%
      Total Core Assets                                      2,253         92%
                                                                                                                     5    MAKS                                                   34     1.8%
    Non-Core and Legacy                                        196          8%
                                                                                                                     6    Electro Rent Corporation                               34     1.7%
      Total Portfolio                                $      2,449         100%                                       7    Heniff and Superior                                    34     1.7%
                                                                                                                     8    McLarens                                               33     1.7%
                                                                                                                     9    PSI Services, LLC                                      32     1.7%
                                                                                                                     10   GoHealth                                               32     1.6%
                                                                                                                          Top 10 Corporate Lending Portfolio Companies   $     406     21.0%
                                                                                                                          Other                                               1,531     79.0%
                                                                                                                          Total Corporate Lending Portfolio              $    1,937    100.0%

1 Based on corporate lending portfolio. 2 Top ten portfolio companies based on market value as of March 31, 2021.

                                                                                                                                                                                                  19
Merx Diversified Platform
Well-Positioned to Navigate The Current Environment
   Experienced senior management team with over 100 years of combined aviation experience across multiple
    economic cycles, with deep industry knowledge and strong relationships with key stakeholders globally

   Team of 25+ aviation professionals, further complemented by CFO, tax and operations support at Apollo

   Extensive experience in all aspects of aircraft underwriting, acquisition, financing, transaction structuring,
    technical management, lessee relationships and investment realization

   Long-standing industry relationships resulting in keeping aircraft on lease, ample cash on balance sheet to
    meet debt service and de-lever

   Defensive resilient predominately narrow body portfolio with conscious diversification across asset types,
    lessees, jurisdiction and lease maturities

   Diversified pools of value – not cross-collateralized

   Growing servicing platform – expands Merx’s revenue sources and aligns to growth in AGM’s overall aviation
    platform

                                                                                                                     20
Merx Aviation is Well-Diversified
Fleet compares favorably with other major lessors in terms of asset, geography, age, maturity, and
lessee diversification
                        Merx Portfolio1                                                     Number of Aircraft by Type1                                                            Aircraft by Age (years)1

                             80 aircraft
                                                                                                                                                                                                     16
                                                                                                                     11
                                                                                                                 1 4
                                                                                                             5
                        10 aircraft types                                                                2
                                                                                                     7                                   33

                 39 lessees in 25 countries                                                          1                                                                                           7                                               7
                                                                                                                                                                                                                                            6
                                                                                                                                                                               5                               5                 5
                                                                                                                                                                                          4 4
                                                                                                                                                                                                                   3         3                       3
            Weighted average age of aircraft                                                                     25                                                                2 2                    2             2             2 2
                     ~11.5 years

            Weighted average lease maturity                                       737-800          A320-200           777-200F         A321-200        A321neo

                                                                                                                                                                                                     10
                                                                                                                                                                                                          11
                                                                                                                                                                                                              12
                                                                                                                                                                                                                   13
                                                                                                                                                                                                                       14
                                                                                                                                                                                                                            15
                                                                                                                                                                                                                                 16
                                                                                                                                                                                                                                     17
                                                                                                                                                                                                                                       18
                                                                                                                                                                                                                                            19
                                                                                                                                                                                                                                                20
                                                                                                                                                                                                                                                     21
                                                                                                                                                                      1
                                                                                                                                                                      2
                                                                                                                                                                          3
                                                                                                                                                                               4
                                                                                                                                                                                   5
                                                                                                                                                                                    6
                                                                                                                                                                                         7
                                                                                                                                                                                             8
                                                                                                                                                                                                9
                      ~4.4 years                                                  A319-100         A330-200           737-700          737-900ER       787-8                            # of aircraft by age (years)

                    Aircraft by Region1,3                                                   Staggered Lease Maturity1,4                                                        Aircraft Value by Lessee 1,2 4

                        4%            3%                                                            14
                                                                                                                      13
            6%                                                                                                             12                                             19 Lessees
                                  2%                                                                                                                                                                          9%
                                                                                                                                                                          Each < 2%
                                                                                             10              10                                                                                                         8%
                                              32%                                                                                                                                         23%
                                                                                                                                                  7                                                                          6%
                     10%
                                                                                                                                   5                                                    2%                                  5%
                                                                                                                                                                                        2%
                                                                                       3                                                                                                2%                                   6%
                                                                                                                                          2
                       21%                                                                                                                              1       1                                                       4%
                                       22%                                                                                                                                2%                             4%             4%
                                                                                                                                                                                                        4%
                                                                                                                                                                          2%                          3%
     Asia                    North America            Europe                                                                                                                2%
                                                                                     2021

                                                                                            2022

                                                                                                   2023

                                                                                                             2024

                                                                                                                    2025

                                                                                                                           2026

                                                                                                                                  2027

                                                                                                                                         2028

                                                                                                                                                2029

                                                                                                                                                       2030

                                                                                                                                                               2031
     Latin America           Africa                   Australia                                                                                                                    3%
                                                                                                    # of leases maturing by year                                                          3% 3%
     Middle East             N/A                                                                                                                                                                3%

1 As of March 31, 2021. 2 On a fair value basis. 3 Based on base value. Aircraft off lease are shown as N/A. 4 Excludes aircraft off lease. For more information about Merx, please visit www.merxaviation.com.

                                                                                                                                                                                                                                                      21
Credit Quality
The credit quality of our portfolio companies has generally remained stable, despite the current challenging
environment.

                                       Median LTM EBITDA                                                                                     Net Leverage through AINV Position 1

   $ in millions                                                                                                                                                 5.93 x
                                                                                                                                                                                     5.65 x
                                                                                                                            5.27 x             5.48 x                                         5.31 x   5.34 x

       $35                $37                $37                $35              $34                $37

    Dec-19              Mar-20             Jun-20             Sep-20           Dec-20             Mar-21                   Dec-19             Mar-20             Jun-20              Sep-20   Dec-20   Mar-21

                               Total Cash Interest Coverage 1                                                                                            AINV Attachment Point 1

                            2.8 x             2.8 x              2.8 x            2.8 x             2.9 x
         2.5 x

                                                                                                                               0.9 x             0.9 x              0.8 x             0.8 x
                                                                                                                                                                                               0.6 x   0.6 x

        Dec-19            Mar-20             Jun-20             Sep-20           Dec-20            Mar-21                     Dec-19            Mar-20             Jun-20            Sep-20   Dec-20   Mar-21

Note: Past performance is not indicative nor a guarantee of future results.
Source: Company data.
1 Based on corporate lending portfolio. Excludes select investments where metric is not relevant or appropriate or data is not available. Weighed average by cost. Current metric.

                                                                                                                                                                                                                22
Credit Quality (continued)
As of March 31, 2021, 5.7% of total investments at amortized cost, or 1.4% of total investments at fair
value, were on non-accrual status.
($ in thousands)                                                 4Q'21               3Q'21             2Q'21      1Q'21      4Q'20
•
                                                                Mar-21               Dec-20           Sep-20      Jun-20     Mar-20
Investments on Non-Accrual Status

Non-accrual investments at amortized cost                       $154,831            $155,313          $142,653   $181,943   $158,694

Non-accrual investments/total portfolio, at amortized cost        5.7%                5.6%              4.9%       6.1%       5.1%

Non-accrual investments at fair value                           $33,738              $28,014          $30,399    $46,729     $48,668

Non-accrual investments/total portfolio, at fair value            1.4%                1.1%              1.2%       1.7%       1.7%

Investments on Non-Accrual Status as of March 31, 2021                              Industry                       Cost     Fair Value

Ambrosia Buyer Corp.                                                       Business Services                      $20,536    $12,795
Crowne Automotive                                                          Automotive                             1,293        398

Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.)              Energy – Oil & Gas                     36,926      8,111
KLO Holdings, LLC                                                          Consumer Goods – Durable                 0           0
Solarplicity Group Limited (f/k/a AMP Solar UK)                            Energy – Electricity                   7,637       2,534
Spotted Hawk                                                               Energy – Oil & Gas                     88,439      9,899
Total                                                                                                            $154,831   $33,738

Note: Numbers may not sum due to rounding

                                                                                                                                         23
Conclusion

             24
Reasons to Own AINV

  Affiliation with Apollo Global Management, Inc., a leading global alternative investment manager

  Access to MidCap’s extensive highly differentiated sourcing 1

  Significant expertise in niche verticals with flexible product set

  Full-service product suite including term loans, revolver and agent capabilities

  Well-diversified senior corporate lending portfolio, which we believe is resilient

  Well-positioned to participate in large commitments

  Fee structure closely aligns the incentives of the manager with the interests of shareholders

  Good liquidity and no near-term debt maturities

Notes: Reflects the views of Apollo. For detailed information on risks relating to AINV, see the latest Form 10-K.
1 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates, including MidCap, where terms other than price and
quantity are negotiated, subject to the conditions included therein.

                                                                                                                                                                                                                                      25
Appendices

             26
Specialty Niches

                     • Secured loans to manufacturing, distribution, retail and services companies
                     • Core product consists of revolvers advancing against accounts receivable and inventory; will selectively include term
                       loans against fixed assets or as supported by cash flow
   Asset Based
                     • High-touch asset class requiring liquidity for daily revolver fundings, collateral evaluation and diligence expertise,
                       borrowing base monitoring capabilities and complex cash dominion structures
                     • Leverages MidCap’s in-place portfolio and collateral monitoring infrastructure

                     • Low loan-to-value loans, covered by material asset values and cash on hand, made to borrowers in product development
                       (e.g., biotech companies) or early commercialization
                     • Enterprise value loans
   Life Sciences
                     • Niche market with what we believe to be disproportionate risk reward
                     • Typically have multiple sources of exit including strong equity support, well funded balance sheets, and liquidation value
                     • No underwriting of science – only of cash support and development timeline

                     • Senior secured facilities made to lenders in various industries (consumer and commercial) secured by their underlying
                       collateral
                     • Typically benefit from multiple levels of credit support and protection in addition to support of underlying borrowers
                     • Defined eligibility criteria or loan-by-loan approval, borrowing base structure with ability to remove specific assets, and
  Lender Finance
                       corporate and/or personal recourse with various restrictive covenants
                     • Highly structured transactions skewing towards larger commitments ($25+ million) to provide diversification of
                       underlying collateral
                     • We believe significant opportunities exist to fill the capital void left by large banks exiting and descaling in this asset class
                     • MidCap Financial acquired PNC Bank’s Franchise Finance business
 Franchise Finance
                     • Franchise finance loans to franchisees operating in the quick service restaurant (QSR) and other industries

                                                                                                                                                       27
Financial Highlights

($ in thousands, except per share data)                                                           4Q'21                        3Q'21                       2Q'21                        1Q'21                       4Q'20
•
                                                                                                  Mar-21                      Dec-20                       Sep-20                      Jun-20                      Mar-20
Financial Highlights
Net investment income per share                                                                    $0.39                       $0.43                       $0.43                        $0.43                       $0.59
Net realized and change in unrealized gains (losses) from investments and
                                                                                                   $0.26                       $0.08                       $0.08                       ($0.39)                      ($2.81)
foreign currencies per share
    Earnings (loss) per share                                                                      $0.65                       $0.51                       $0.51                        $0.05                       ($2.22)

Net asset value per share                                                                         $15.88                      $15.59                       $15.44                      $15.29                      $15.70
Distribution recorded per common share                                                             $0.36                       $0.36                       $0.36                        $0.45                       $0.45
Net leverage ratio    1
                                                                                                   1.36 x                      1.43 x                      1.56 x                       1.66 x                      1.71 x

Investment Activity

Commitments 2
Gross commitments made                                                                           $105,503                    $107,734                     $17,500                     $17,239                     $153,442
Exits of commitments                                                                             (167,784)                   (256,772)                    (180,291)                   (337,822)                   (212,483)
    Net investment commitments made                                                              ($62,281)                  ($149,038)                   ($162,791)                  ($320,583)                   ($59,041)

Funded Investment Activity
Gross fundings, excluding Merx Aviation and revolvers                                            $116,241                    $105,450                     $54,233                     $52,968                     $209,775
Net fundings, including Merx Aviation and revolvers                                              ($52,646)                  ($130,108)                   ($103,104)                   ($94,971)                    $7,675

Notes: Numbers may not sum due to rounding. 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. 2 Based on commitments for core portfolio and non-core and legacy investments.

                                                                                                                                                                                                                                     28
Portfolio Highlights

($ in thousands)                                                                              4Q'21                        3Q'21                         2Q'21                        1Q'21                         4Q'20
•                                                                                            Mar-21                        Dec-20                       Sep-20                        Jun-20                       Mar-20
Portfolio by Strategy, at fair value ($)
Leveraged lending                                                                          $1,677,875                    $1,674,018                   $1,736,895                    $1,761,933                   $1,835,702
Life sciences                                                                                127,089                       123,042                      114,447                       114,770                      112,105
Asset based and lender finance                                                               132,238                      161,169                       197,518                      224,074                       236,892
    Corporate lending portfolio 1                                                          $1,937,202                    $1,958,230                   $2,048,860                    $2,100,777                   $2,184,700
Merx Aviation                                                                                315,561                      324,605                       323,544                      329,481                       333,747
    Core portfolio                                                                         $2,252,763                    $2,282,835                   $2,372,404                    $2,430,258                   $2,518,446
Non-core and legacy 2                                                                        196,388                      194,032                       214,179                      240,782                       266,987
    Total investment portfolio                                                             $2,449,151                    $2,476,867                   $2,586,583                    $2,671,040                   $2,785,433

Portfolio by Strategy, at fair value (%)
Leveraged lending                                                                              69%                           68%                          67%                           66%                          66%
Life sciences                                                                                   5%                           5%                            4%                           4%                            4%
Asset based and lender finance                                                                  5%                           7%                            8%                           8%                            9%
    Corporate lending portfolio   1
                                                                                               79%                           79%                          79%                           79%                          78%
Merx Aviation                                                                                  13%                           13%                          13%                           12%                          12%
    Core portfolio                                                                             92%                           92%                          92%                           91%                          90%
Non-core and legacy 2                                                                           8%                           8%                            8%                           9%                           10%
    Total investment portfolio                                                                100%                          100%                         100%                          100%                         100%

Weighted Average Yield on Debt Investments, average 3
Corporate lending portfolio 1                                                                  7.8%                         7.8%                          7.9%                         8.1%                          8.5%
Merx Aviation                                                                                 10.0%   4
                                                                                                                            10.0%                        10.0%                         10.0%                        12.0%
    Core portfolio                                                                             8.0%                         8.0%                          8.1%                         8.4%                          8.9%
Non-core and legacy 2                                                                         8.8%5                         8.8%                          9.4%                         8.8%                          7.7%
    Total investment portfolio                                                                 8.0%                         8.1%                          8.1%                         8.4%                          8.9%

Number of portfolio companies, at period end                                                   135                           143                          147                          149                           152

1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. 2 Non-core assets include oil & gas, structured credit, renewables, shipping
and commodities. 3 Based on average of beginning of period and end of period portfolio yield. On a cost basis. Exclusive of investments on non-accrual status. 4 Based on yield on $191 million debt investment out of a total
investment of $316 million, on a fair value basis. 5 Based on yield on $47 million of debt investments out of total non-core and legacy investments of $196 million, on a fair value basis.

                                                                                                                                                                                                                                   29
Corporate Lending Portfolio Detail 1

($ in thousands)                                                                             4Q'21                        3Q'21                        2Q'21                         1Q'21                        4Q'20
•                                                                                           Mar-21                        Dec-20                       Sep-20                       Jun-20                       Mar-20
Portfolio by Asset Class, measured at fair value ($)
First lien                                                                                 $1,679,404                   $1,693,609                   $1,754,266                   $1,794,208                    $1,847,574
Second lien                                                                                 229,499                       247,336                      284,216                      297,618                      328,709
Other                                                                                        28,299                       17,285                       10,378                        8,951                        8,417
    Total corporate lending portfolio                                                      $1,937,202                   $1,958,230                   $2,048,860                   $2,100,777                    $2,184,700

Portfolio by Asset Class, measured at fair value (%)
First lien                                                                                    87%                          86%                           86%                          85%                          85%
Second lien                                                                                   12%                          13%                           14%                          14%                          15%
Other                                                                                          1%                           1%                           1%                            0%                           0%
    Total corporate lending portfolio                                                         100%                         100%                         100%                         100%                         100%

Weighted Average Spread over LIBOR of Floating Rate Assets (in bps)
First lien                                                                                     596                         600                           600                          598                          595
Second lien                                                                                    871                         866                           682                          860                          854
Weighted average spread                                                                        628                         633                           638                          636                          635

Weighted Average Net Leverage 2, 3, 4, 5
First lien                                                                                    5.27 x                       5.24 x                       5.55 x                       5.88 x                       5.33 x
Second lien                                                                                   5.80 x                       5.68 x                       6.09 x                       6.16 x                       6.01 x
Weighted average net leverage                                                                 5.34 x                       5.31 x                       5.65 x                       5.93 x                       5.48 x

Interest Rate Type, measured at fair value
Fixed rate %                                                                                   0%                           0%                           0%                            0%                           0%
Floating rate %                                                                               100%                         100%                         100%                         100%                         100%

Sponsored / Non-sponsored, measured at fair value
Sponsored %                                                                                   87%                          88%                           86%                          86%                          88%
Non-sponsored %                                                                               13%                          12%                           14%                          14%                          12%

Other Metrics
Pursuant to co-investment order %                                                             80%                          80%                           78%                          77%                          76%
Average borrower exposure                                                                   $15,623                       $14,835                      $15,405                      $15,561                      $15,831
Interest coverage 2, 4, 5                                                                     2.9 x                        2.8 x                        2.8 x                         2.8 x                        2.8 x
Attachment point 2, 4, 5                                                                      0.6 x                        0.6 x                        0.8 x                         0.8 x                        0.9 x
1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. Non-core assets include oil & gas, structured credit, renewables, shipping and
commodities 2 Source: Company data. 3 Through AINV position. 4 Excludes select investments where metric is not relevant or appropriate or data is not available. 5 Weighted average by cost. Current metric.

                                                                                                                                                                                                                                      30
Corporate Lending Commitments 1

($ in thousands)                                                                              4Q'21                         3Q'21                         2Q'21                        1Q'21                         4Q'20
•
                                                                                             Mar-21                        Dec-20                        Sep-20                        Jun-20                       Mar-20
Gross Commitments Made by Asset Class
First lien                                                                                   $105,503                     $107,063                       $17,500                       $17,238                      $153,439
Second lien                                                                                      0                            0                             0                             0                             0
Other                                                                                            0                           671                            0                             0                             1
    Gross commitments made                                                                   $105,503                     $107,734                       $17,500                       $17,238                      $153,440

Gross Commitments Made Information
Number of portfolio companies                                                                   11                            13                             2                            2                            14
Average commitment size                                                                       $9,591                        $8,287                       $8,750                        $8,619                       $10,960
Floating Rate %                                                                                100%                          100%                         100%                          100%                          100%
Pursuant to co-investment order %                                                              91%                           92%                          100%                           12%                          83%

Weighted Average Spread over LIBOR of New Floating Rate Commitments (in bps)
First lien                                                                                     690                           598                           614                           401                          580
Second lien                                                                                     N/A                          N/A                           N/A                           N/A                           N/A
Weighted average spread                                                                        690                           598                           614                           401                          580

Weighted Average Net Leverage of New Commitments 2
First lien                                                                                     4.2 x                         4.4 x                         4.7 x                        4.4 x                         4.8 x
Second lien                                                                                     N/A                          N/A                           N/A                           N/A                           N/A
Weighted average net leverage                                                                  4.2 x                         4.4 x                         4.7 x                        4.4 x                         4.8 x

Exits of Commitments by Asset Class
First lien                                                                                  ($144,088)                    ($219,633)                    ($105,883)                    ($104,121)                   ($161,925)
Second lien                                                                                   (21,961)                     (36,831)                      (17,750)                      (33,637)                      (49,489)
Other                                                                                         (1,664)                        (308)                          0                            (30)                           0
    Exits of commitments                                                                    ($167,714)                    ($256,772)                    ($123,633)                    ($137,788)                   ($211,414)

1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. Non-core assets include oil & gas, structured credit, renewables, shipping and
commodities. 2 Source: Company data. Through AINV position. Excludes select investments where debt-to-EBITDA is not a relevant or appropriate metric, or data is not available. Weighted average by cost. Current metric.

                                                                                                                                                                                                                                    31
Funded Investment Activity

($ in thousands)                                         4Q'21       3Q'21        2Q'21        1Q'21       4Q'20
•
                                                        Mar-21       Dec-20       Sep-20      Jun-20      Mar-20
Fundings, excluding Merx Aviation and Revolvers

Gross fundings 1                                        $116,241    $105,450     $54,233      $52,968     $209,775

Sales and syndications    1                                0         (17,802)     (13,434)    (67,828)    (122,901)

Repayments   1                                          (172,259)   (184,919)    (108,159)    (48,947)    (126,697)
Net fundings, excluding Merx Aviation and revolvers     ($56,019)   ($97,271)    ($67,360)    ($63,806)   ($39,823)

Merx Aviation
Gross Fundings                                          $10,500        $0           $0           $0          $0

Repayments                                              (20,000)       0            0            0           0
Net fundings, Merx Aviation                             ($9,500)       $0           $0           $0          $0

Revolvers, excluding Merx Aviation
Gross Fundings                                          $89,425     $51,726      $51,632      $84,921     $214,460
Sales and Syndications                                     0           0           (730)       (1,279)      266
Repayments                                              (76,552)     (84,563)     (86,646)    (114,807)   (167,227)

Net fundings, revolvers                                 $12,873     ($32,837)    ($35,743)    ($31,164)   $47,499

Total Funded Investment Activity
Gross Fundings                                          $216,166    $157,176     $105,865     $137,889    $424,235

Sales and Syndications                                     0         (17,802)     (14,164)    (69,106)    (122,635)
Repayments                                              (268,811)   (269,482)    (194,805)    (163,753)   (293,924)
Net fundings, including Merx Aviation and revolvers     ($52,646)   ($130,108)   ($103,104)   ($94,971)    $7,675

Number of Portfolio Companies
Number of portfolio companies, at beginning of period     143         147          149          152         151

Number of new portfolio companies                          4           7            2            1           9
Number of exited portfolio companies                      (12)         (11)         (4)          (4)         (8)
Number of portfolio companies, at period end              135         143          147          149         152

1 Excludes Merx Aviation and revolvers.

                                                                                                                      32
Net Asset Value Rollforward

($ in thousands, except per share data)                                         4Q'21               3Q'21      2Q'21        1Q'21                 4Q'20
                                                                               Mar-21            Dec-20        Sep-20      Jun-20                Mar-20
Per Share
NAV, beginning of period                                                        $15.59              $15.44     $15.29      $15.70                 $18.27
Net investment income                                                            0.39                0.43       0.43         0.43                  0.59
Net realized and change in unrealized gains (losses)                             0.26                0.08       0.08        (0.39)                 (2.81)
  Net increase (decrease) in net assets resulting from operations                0.65                0.51       0.51         0.05                  (2.22)
Repurchase of common stock                                                        –                   –          –            –                    0.10
Distribution recorded                                                            0.36                0.36       0.36        (0.45)                 (0.45)
  NAV, end of period                                                           $15.88           $15.59        $15.44       $15.29                $15.70

Total
NAV, beginning of period                                                      $1,017,411       $1,007,738     $997,943    $1,024,315            $1,215,882
Net investment income                                                           25,635              28,257     27,906      28,229                 38,786
Net realized and change in unrealized gains (losses)                            16,777              4,909      5,383       (25,234)              (186,033)
  Net increase (decrease) in net assets resulting from operations               42,411              33,166     33,289       2,995                (147,247)
Repurchase of common stock                                                        –                   –          –            –                  (14,954)
Distributions recorded                                                         (23,493)         (23,493)      (23,493)     (29,367)              (29,367)
  NAV, end of period                                                          $1,036,329       $1,017,411    $1,007,738   $997,943              $1,024,315

                                                                             Net Asset Value Per Share

                             $15.70                                 $15.29                 $15.44               $15.59                 $15.88

                             Mar-20                                 Jun-20                 Sep-20              Dec-20                  Mar-21

Note: Numbers may not sum due to rounding.

                                                                                                                                                             33
Quarterly Operating Results

                                                                                              For the Three Months Ended
($ in thousands, except per share data)                               4Q'21        3Q'21                2Q'21                1Q'21        4Q'20
                                                                     Mar-21       Dec-20               Sep-20               Jun-20       Mar-20
Total investment income
Interest income (excluding PIK)                                      $48,084      $50,415              $52,581              $53,626      $64,782
Dividend income                                                        309         1,076                1,222                1,145        2,380
PIK interest income                                                   1,753        1,627                 925                 1,514        1,143
Other income                                                           680         1,246                 163                  384         3,294
  Total investment income                                            $50,825      $54,364              $54,891              $56,669      $71,600

Expenses
Management fees                                                      $8,691       $8,957               $9,262               $9,524       $10,289
Performance-based incentive fees                                        –            –                    –                    –            –
Interest and other debt expenses                                     12,966       13,213               13,845               15,392       18,953
Administrative services expense                                       1,175        1,201                1,201                1,188        1,525
Other general and administrative expenses                             2,459        2,813                2,778                2,446        2,185
Total expenses                                                       25,291       26,184               27,085               28,550       32,952
Management and performance-based incentive fees waived and offset      (25)                               –                    –            –
Expense reimbursements                                                 (75)         (77)                (100)                (110)         (138)
Net expenses                                                         $25,191      $26,107              $26,986              $28,440      $32,814
Net investment income                                               $25,635      $28,257               $27,906             $28,229      $38,786

Net realized gains (losses)                                          ($3,379)     ($6,711)             ($2,999)             ($8,417)       $20
Net change in unrealized gains (losses)                              20,156       11,620                8,382               (16,817)     (186,053)
Net realized and change in unrealized gains (losses)                 16,777        4,909                5,383               (25,234)     (186,033)
Net increase (decrease) in net assets resulting from operations     $42,411      $33,166               $33,289              $2,995      ($147,247)

Additional Data
Net investment income per share                                       $0.39        $0.43                $0.43                $0.43        $0.59
Earnings (loss) per share                                             $0.65        $0.51                $0.51                $0.05        ($2.22)
Distribution recorded per common share                                ($0.36)      $0.36                $0.36                $0.45        $0.45
Weighted average shares outstanding                                 65,259,176   65,259,176           65,259,176           65,259,176   66,270,865
Shares outstanding, end of period                                   65,259,176   65,259,176           65,259,176           65,259,176   65,259,176

Note: Numbers may not sum due to rounding.

                                                                                                                                                     34
Quarterly Balance Sheet

($ in thousands, except share and per share data)                                                4Q'21                         3Q'21                         2Q'21                          1Q'21                         4Q'20
•
                                                                                                Mar-21                        Dec-20                         Sep-20                        Jun-20                        Mar-20
Assets
Investments at fair value                                                                     $2,449,151                     $2,476,867                    $2,586,583                    $2,671,040                     $2,785,433
Cash and cash equivalents (including foreign currencies)                                        54,624                         54,175                        31,334                        44,394                         43,676
Interest receivable                                                                             13,135                         14,665                        16,876                        16,161                         19,150
Receivable for investments sold                                                                  1,351                         5,613                          609                          56,144                          978

Other assets
               1                                                                                26,227                         27,460                        17,968                        21,236                         21,820
    Total Assets                                                                             $2,544,488                    $2,578,779                    $2,653,369                     $2,808,975                    $2,871,058

Liabilities
Debt                                                                                          $1,465,371                     $1,512,313                    $1,600,328                    $1,755,104                     $1,794,617
Payables for investments purchased                                                                  –                            108                           38                            499                             –
Distributions payable                                                                           23,493                         23,493                        23,493                        29,367                         29,367
Management and performance-base incentive fees payable                                           8,666                         8,957                          9,262                         9,524                         10,289
Interest payable                                                                                 2,096                         6,369                          2,440                         7,096                         2,887
Accrued administrative services expense                                                           794                          2,503                          2,324                         2,158                         2,797
Other liabilities and accrued expenses                                                           7,739                         7,625                          7,745                         7,284                         6,787
    Total Liabilities                                                                        $1,508,159                    $1,561,368                    $1,645,631                     $1,811,032                    $1,846,743

    Net Assets                                                                               $1,036,329                    $1,017,411                    $1,007,738                      $997,943                     $1,024,315

Additional Data
Net asset value per share                                                                       $15.88                         $15.59                        $15.44                        $15.29                         $15.70
Debt-to-equity ratio                                                                             1.41 x                        1.49 x                         1.59 x                        1.76 x                        1.75 x

Net leverage ratio 2                                                                             1.36 x                        1.43 x                         1.56 x                        1.66 x                        1.71 x
Shares outstanding, end of period                                                             65,259,176                     65,259,176                    65,259,176                    65,259,176                     65,259,176

Note: Numbers may not sum due to rounding.
1 Other assets include cash collateral on option contracts, dividends receivable, deferred financing costs, variation margin receivable on options contracts and prepaid expenses and other assets. 2 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.

                                                                                                                                                                                                                                            35
Funding Sources as of March 31, 2021

                                                                                  Debt Facilities ($ in thousands)
Debt Facilities                                                                                                                          Debt Issued/           Final Maturity            Interest           Principal Amount
                                                                                                                                          Amended                    Date                   Rate                Outstanding

   Senior Secured Facility (1.81 billion)1                                                                                                12/22/2020              12/22/2025            L + 200 bps              $1,119,186

   2025 Notes                                                                                                                              3/3/2015                 3/3/2025               5.250%                  350,000

         Weighted Average Annualized Interest Cost2 & Total Debt Obligations                                                                                                               3.044%                $1,469,186

         Deferred Financing Cost and Debt Discount                                                                                                                                                                  (3,814)

         Total Debt Obligations, Net of Deferred Financing Cost and Debt Discount                                                                                                                                $1,465,371

Note: Numbers may not sum due to rounding.
1 Total commitments remain $1.810 billion until November 2022 and will decrease to $1.705 thereafter. 2 Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Excludes
amortized debt issuance costs. For the three months ended March 31, 2021. Based on average debt obligations outstanding.

                                                                                                                                                                                                                                  36
Interest Rate Exposure as of March 31, 2021

           Investment Portfolio by Interest Rate Type 1                                                    Funding Sources by Interest Rate Type
                                                                                                                                                Fixed rate debt
                                                                                                                                                     14%

     Fixed rate assets                                                                                Common
            9%                                                           Floating rate
                                                                                                       equity
                                                                            assets
                                                                                                        41%
                                                                             79%
    Variable rate
       assets
         3%                                                                                                                                       Floating rate
               Non yielding and                                                                                                                       debt
                  non-accrual                                                                                                                         45%
                    assets
                      9%

                                Floating Asset Rate Floor                                         Net Investment Income Interest Rate Sensitivity
                                                        Par or Cost    % of Floating Rate                                      Annual Net Investment        Annual Net
                                                       (in millions)       Portfolio                                                  Income            Investment Income
                                                                                                                                   (in millions)             Per Share
Interest Rate Floors
                                                                                            Basis Point Change
    No Floor                                               $122               6%
                                                                                            Up 200 basis points                        $0.8                   $0.012
    < 1.00%                                                139                7%
                                                                                            Up 100 basis points                        ($5.0)                ($0.077)
    1.00% to 1.24%                                         1,546              78%
                                                                                            Up 50 basis points                         ($3.9)                ($0.059)
    1.25% to 1.49%                                          10                1%
                                                                                            Down 25 basis points                       $0.4                   $0.006
    1.50% to 1.74%                                          74                4%

    = or > 1.75%                                            82                4%

   Total                                                  $1,973             100%

Note: Numbers may not sum due to rounding.
1 Total investment portfolio. On a fair value basis.

                                                                                                                                                                        37
Realized and Change in Unrealized Gains (Losses) by Strategy

                             Gains (Losses)1 by Strategy, Total                                                            Gains (Losses)1 by Strategy, per Share
($ in millions)                       4Q'21      3Q'21     2Q'21    1Q'21      4Q'20     Trailing 5   per share                             4Q'21     3Q'21     2Q'21     1Q'21     4Q'20     Trailing 5
                                      Mar-21     Dec-20    Sep-20   Jun-20    Mar-20     Quarters                                           Mar-21    Dec-20    Sep-20    Jun-20    Mar-20    Quarters
Leveraged lending                     $14.5       $19.7    $21.8     $3.0      ($61.4)     ($2.4)     Leveraged lending                     $0.22      $0.30     $0.33     $0.05    ($0.93)    ($0.03)
Life sciences                          ($0.3)     $1.7      $1.1     $0.3      ($5.8)      ($2.9)     Life sciences                         ($0.00)    $0.03     $0.02     $0.00    ($0.09)     $0.04
Asset based and lender finance         ($1.3)     ($2.0)    $2.2     $2.3      ($6.6)      ($5.3)     Asset based and lender finance        ($0.02)   ($0.03)    $0.03     $0.04    ($0.10)     $0.02
Fx gain (loss) on corporate lending    ($0.6)     ($8.6)   ($7.3)    ($1.0)    $9.2        ($8.3)     Fx gain (loss) on corporate lending   ($0.01)   ($0.13)   ($0.11)   ($0.01)    $0.14     ($0.12)
Corporate lending portfolio           $12.4      $10.8     $17.8     $4.7     ($64.5)     ($18.9)     Corporate lending portfolio           $0.19     $0.17     $0.27     $0.07     ($0.97)    ($0.27)
Merx Aviation                          $0.5       $1.1     ($5.9)    ($4.3)    ($29.3)    ($38.0)     Merx Aviation                         $0.01      $0.02    ($0.09)   ($0.07)   ($0.44)    ($0.58)
Core portfolio                        $12.8      $11.9     $11.8     $0.4     ($93.9)     ($57.0)     Core portfolio                        $0.20     $0.18     $0.18     $0.01     ($1.42)    ($0.85)
Oil & Gas                              $2.9      ($11.6)   ($6.1)    ($3.7)    ($52.3)    ($70.8)     Oil & Gas                             $0.05     ($0.18)   ($0.09)   ($0.06)   ($0.79)    ($1.07)
Renewables                             $1.1       $4.3     ($1.2)    ($0.3)    ($14.0)    ($10.1)     Renewables                            $0.02      $0.07    ($0.02)    $0.00    ($0.21)    ($0.15)
Shipping                               ($0.4)     $0.2      $0.0     ($9.3)    ($1.5)     ($11.0)     Shipping                              ($0.01)    $0.00     $0.00    ($0.14)   ($0.02)    ($0.16)
Legacy & Other                         $0.3       $0.3      $0.9    ($12.4)    ($24.8)    ($35.7)     Legacy & Other                        $0.01      $0.00     $0.01    ($0.19)   ($0.37)    ($0.54)
Fx gain (loss) non-core                ($0.0)     ($0.1)   ($0.1)    $0.0      $0.5        $0.3       Fx gain (loss) non-core               ($0.00)   ($0.00)    $0.00     $0.00     $0.01      $0.01
Non-core and legacy                   $3.9       ($7.0)    ($6.5)   ($25.6)   ($92.2)    ($127.3)     Non-core and legacy                   $0.06     ($0.11)   ($0.10)   ($0.39)   ($1.39)    ($1.93)
Total investment portfolio            $16.8       $4.9     $5.4     ($25.2)   ($186.0)   ($184.1)     Total investment portfolio            $0.26     $0.08     $0.08     ($0.39)   ($2.81)    ($2.79)

Corporate Lending Gain (Loss) by Lien Type                                                            Corporate Lending Gain (Loss) by Lien Type
($ in millions)                       4Q'21      3Q'21     2Q'21    1Q'21      4Q'20     Trailing 5   per share                             4Q'21     3Q'21     2Q'21     1Q'21     4Q'20     Trailing 5
                                      Mar-21     Dec-20    Sep-20   Jun-20    Mar-20     Quarters                                           Mar-21    Dec-20    Sep-20    Jun-20    Mar-20    Quarters
1st lien corporate lending             $9.7       $13.8    $14.6     $4.2      ($52.5)    ($10.2)     1st lien corporate lending            $0.15      $0.21     $0.22     $0.06    ($0.79)    ($0.14)
2nd lien corporate Lending             $2.7       ($2.9)    $3.2     $0.5      ($12.1)     ($8.7)     2nd lien corporate Lending            $0.04     ($0.05)    $0.05     $0.01    ($0.18)    ($0.13)
Corporate lending portfolio           $12.4      $10.8     $17.8     $4.7     ($64.5)     ($18.9)     Corporate lending portfolio           $0.19     $0.17     $0.27     $0.07     ($0.97)    ($0.27)

  1 Realized and changed in unrealized gains (losses).

                                                                                                                                                                                                    38
Outstanding Commitments

($ in thousands)                                                                                  4Q'21                         3Q'21                          2Q'21                         1Q'21                          4Q'20
                                                                                                 Mar-21                         Dec-20                        Sep-20                         Jun-20                        Mar-20
Revolver Obligations and Bridge Loans
Funded    1                                                                                     $110,773                       $98,160                       $135,638                       $176,969                       $208,998
Unfunded      1, 2                                                                               264,461                        310,491                       281,665                        275,095                        269,716
Par                                                                                             $375,235                       $408,651                      $417,303                       $452,064                       $478,715

                                                       3
Unfunded Revolver and Bridge Loan Availability
Unavailable                                                                                     $113,120                       $98,561                        $98,710                        $95,417                       $131,841
Available                                                                                        151,341                        211,930                       182,955                        179,678                        137,876
Total Unfunded                                                                                  $264,461                       $310,491                      $281,665                       $275,095                       $269,718

Delayed Draw Term Loans 4
Par                                                                                             $172,247                       $186,123                      $175,748                       $194,788                       $230,778
Number of borrowers                                                                                 37                             38                            36                             38                            46

See Note 8 (Commitments and Contingencies) in the Company's Form 10-K for the period ended March 31, 2021 for additional information.
1 The funded revolver obligations include standby letters of credit issued and outstanding under the Senior Secured Facility. The unfunded revolver obligations include all other standby letters of credit issued and outstanding. 2 The
unfunded revolver obligations relate to loans with various maturity dates. 3 Revolver availability is determined based on each loan’s respective credit agreement which includes covenants that need to be met prior to funding and / or
collateral availability for asset-based revolver obligations. 4 The delayed draw term loans include conditionality for the use of proceeds and are generally only accessible for acquisitions and also require lender approval. In addition, the
delayed draw term loans require the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants.

                                                                                                                                                                                                                                            39
Shareholder Alignment

Fee Structure Closely Aligns the Incentives of the Manager with the Interests of the Shareholders
•       The base management fee was permanently reduced 1 from an annual rate of 2.0% of the Company’s gross
        assets to
    -       1.5% of gross assets up to 1.0x debt-to-equity
    -       1.0% of gross assets in excess of 1.0x debt-to-equity 2

•       The incentive fee on income was revised to include a total return requirement
    -       Rolling twelve quarter look-back beginning from April 1, 2018 3

Share Repurchase Program
•       Board of Directors has authorized $250 million of share repurchases of which the Company has repurchased
        $223.1 million 4
•       The Company has approximately $26.9 million available for stock repurchases 5

1 Effective April 1, 2018. 2 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company
Act of 1940, as amended by the SBCAA. As a result, the asset coverage ratio test applicable to the Company decreased from 200% to 150%, effective April 4, 2019. 3 The calculation of the incentive fee with the total return
requirement began on January 1, 2019. The incentive fee rate and performance threshold remain 20% and 7% respectively. There was no change to the catch-up provision. For the period between April 1, 2018 through December 31,
2018, the incentive fee rate was waived to 15%, subject to the 7% annualized performance threshold. 4 Since the inception of the share repurchase program and through May 19, 2021. Inclusive of commissions. 5 As of May 19, 2021.

                                                                                                                                                                                                                               40
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