APOLLO INVESTMENT CORPORATION Investor Presentation1 On a fair value basis. 2 As of December 31, 2018 3 Apollo Investment Management, L.P. 4 See definition of AUM at beginning of presentation

Unless otherwise noted, information as of December 31, 2018

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.

A P O L L O I N V E S T M E N T C O R P O R A T I O N

Investor Presentation

March 2019

Disclaimers, Definitions, and Important Notes

2

Forward-Looking StatementsWe make forward-looking statements in this presentation and other filings we make with the Securities and Exchange Commission (“SEC”) within the meaning of Section 27A of theSecurities 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 suchas “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, are intended to identify forward-looking statements. Statementsregarding 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 associatedwith investing including changes in business conditions and the general economy.

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 tous. 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 materiallyfrom 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 itis 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-lookingstatements, 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 orcompiled from information made available by third-party service providers.

Past PerformancePast 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 GlobalManagement, LLC (“AGM”); Apollo Investment Management, L.P.; and Apollo Investment Corporation (collectively “Apollo”). There can be no assurances that future dividends willmatch 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 thedate indicated on the cover page and may change at any time without notice. Apollo Investment Corporation (the “Company”) is subject to certain significant risks relating to our businessand 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. Thispresentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy any securities of the Company.

Financial DataFinancial 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, thenumbers 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 isadjusted 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.

Disclaimers, Definitions, and Important Notes

3

AUM DefinitionAssets 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 totheir 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 investorspursuant 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 totalcommitments 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 certaincollateralized 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/orcapital 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 AGMmanages; 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-qualificationbefore 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 itcharges 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 managementagreements. 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 theinvestment 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 believesare used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, AGM’s calculation of AUM maydiffer 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 investmentmanagers.

• Overview of Apollo Investment Corporation & Apollo’s Direct Origination Platform

• AINV Investment Strategy • AINV Portfolio Review• Conclusion • Appendices

Agenda

4

Overview of AINV & Apollo’s Direct Origination Platform

5

Overview of Apollo Investment Corporation (“AINV”)

6

1 On a fair value basis. 2 As of December 31, 2018 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 private limited company domiciled in 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, LLC, pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company. 6 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 Small Business Credit Availability Act (“SBCAA”). As a result, the asset coverage ratio test applicable to the Company will be decreased from 200% to 150%, effective April 4, 2019. 7 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. 8 As of March 8, 2019. 9 Most recent quarterly dividend annualized divided by share price. There can be no assurances that AINV’s dividend will remain at the current level. 10 Most recent quarterly dividend annualized divided by net asset value per share. There can be no assurances that AINV’s dividend will remain at the current level.

Specialty Finance Company Focused on Lending to US Middle Market Companies

• Publicly traded (NASDAQ: AINV) business development company (“BDC”) treated for federal income tax purposes as a regulated investment company (“RIC”)

• Primarily provides debt solutions to U.S. middle market companies with a focus on direct origination• Since IPO in April 2004 and through December 31, 2018, invested $19.1 billion in 466 portfolio companies• $2.31 billion investment portfolio across 103 companies and 24 different industries, spanning a broad range of asset types 1,2

Externally Managed by Apollo Global Management

• Externally managed by an affiliate 3 of Apollo Global Management, LLC (“AGM”), a leading alternative asset manager with approximately $280 billion of AUM 2,4 with expertise in private equity, credit and real estate

• Apollo Global Management, LLC was founded in 1990• AINV operates as part of AGM’s Direct Origination Business

Competitive Advantages

Apollo Affiliation

• Apollo affiliation provides significant benefits

• Experienced management team• Broad product offering• Large and diverse direct origination

team with joint front engine across AINV and MidCap Financial (“MidCap”) 5

Well Positioned to Benefit from Increase in Regulatory Leverage 6

• Robust volume of senior floating rate assets from existing Apollo Direct Origination platform

• Well positioned to participate in large commitments while maintaining relatively small hold sizes given AINV’s receipt of exemptive relief to co-invest 7

Exemptive Relief to Co-Invest 7

• Expected to improve AINV’s competitive positioning

• Expected to increase deal flow

Current Market Information 8

Market capitalization $1.07 billion

Dividend yield at market price 911.7%

Dividend yield at NAV 10

9.5%

New YorkBethesda

HoustonLos Angeles

London

Madrid

FrankfurtLuxembourg

DelhiMumbai

Shanghai

Hong Kong

Singapore

Notes: AUM components may not sum due to rounding. See definition of AUM at beginning of presentation. 1 As of December 31, 2018.

Founded: 1990

AUM: $280 billion

Employees: 1,143

Inv. Professionals: 410

Global Offices: 15

Global Footprint

Credit$193bn AUM

• Opportunistic buyouts• Distressed buyouts and debt

investments• Corporate carve-outs• Hybrid value

• Drawdown• Liquid / Performing• Permanent Capital Vehicles:

-Athene -MidCap -BDCs -Closed-End Funds

• Advisory

• Commercial real estate• Global private equity and debt

investments• Performing fixed income

(CMBS, CRE Loans)• Infrastructure

Firm Profile1

Investment Approach

Value-Oriented

Contrarian

Integrated Investment Platform

Opportunistic Across Market Cycles and Capital Structures

Focus on 9 Core Industries

Business Segments

AINV Benefits from a Strong External Manager

Private Equity$69bn AUM

Real Assets$18bn AUM

7

San DiegoTokyo

Broad Credit Platform and Experienced Team

Notes: AUM and headcount as of December 31, 2018. AUM figures rounded from second decimal point. See definition of AUM at beginning of presentation. AUM figures include funds that are denominated in Euros and translatedinto U.S. dollars at an exchange rate of €1.00 to $1.15 as of December 31, 2018. Headcounts exclude 29 business professionals / traders. Strategy AUM may not sum to total credit AUM due to rounding. 1 Global Illiquid OpportunisticCredit business reports jointly to Credit and Private Equity management. Athene Asset Management and Other Advised Assets represent non-credit assets that are sub-advised by Apollo.

Apollo Credit$193.2 Billion in AUM & 242 Investment Professionals

Global Liquid Credit

$39.9 billion in AUM41 Professionals

Global StructuredFinance


Global Illiquid Opportunistic Credit1


DirectOrigination


European Principal Finance


Athene Asset Management & Other Advised Assets$97.7 billion in AUM

59 Professionals

Strategies

• Senior secured loans• High yield• Event-driven• Perf. infrastructure debt• Multi-sector credit

• CLO debt/equity• Solution capital• Consumer finance• Emerging Markets• Life settlements• Financials credit• Insurance multi-sector

• Non-control stressed/distressed

• Structured equity• Capital solutions

• Middle market loans• ABLs/revolvers• Aircraft• Life sciences• Lender finance

• Non-core assets• NPLs

- Residential real estate- Commercial real

estate- Consumer assets

• Investment grade• Residential real estate• Commercial real estate

Flagship Vehicles

• Credit Fund• Total Return Fund family• Credit Strategies• Accord Funds

• SCRF funds• FCI funds• Apollo Capital

Efficient

• Hybrid Value Fund

• MidCap• AINV• CION

• EPF funds • Athene• Athora

8

Apollo’s Dedicated Direct Origination Vehicles

9

1 As of December 31, 2018. 2 Apollo Investment Management, L.P. (AIM), the investment adviser to Apollo Investment Corporation, is a non-controlling member of CION Investment Management, LLC (CIM), the investment adviser to CION Investment Corporation (CION). AIM performs sourcing services for CIM, which include, among other services, (i) assistance with identifying and providing information about potential investment opportunities for approval by CIM’s investment committee; (ii) providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM has a limited role as a member of CIM and does not provide advice, evaluation, or recommendation with respect to the CION’s investments. All of CION’s investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM. 3 As of September 30, 2018.

Apollo Investment Corporation MidCap CION Investment Corporation 2

• Business development company (BDC) under the Investment Company Act of 1940 that has elected to be treated as a regulated investment company (RIC) for federal income tax purposes

• Focused on providing senior debt solutions to US middle market companies

• Publicly-listed on NASDAQ Global Select Market

• $2.31 billion investment portfolio across 103 companies 1

• Established 2004

• Full-service finance company focused on directly sourced middle market senior debt

• Business lines in asset-back loans, leveraged loans, real estate and venture lending

• Privately-held including by investors affiliated with Apollo Global

• $8.4 billion in funded assets across 470 distinct positions 1


• BDC under the Investment Company Act of 1940 that has elected to be treated as a RIC for federal income tax purposes

• Focused on providing senior debt solutions to US middle market companies

• Non-traded

• $1.8 billion assets across 157 companies 3


Additional capacity in select opportunistic credit accounts

Apollo’s Direct and Specialty Origination Platform

10

Encompasses an array of origination verticals and a comprehensive suite of products

Origination Channels Product Capabilities

Leveraged Lending

• Financial Sponsors- Unified calling effort across Apollo - Ability to offer full suite of products increase relevancy

• Wall Street- Leverage Apollo’s deep relationship with Wall Street

intermediaries- Apollo buying power provides good access- Potential source of liquidity that may be used to fund

core investments• Non-Sponsor

Niche Markets

- Life Sciences Lending- Lender Finance- Aircraft Leasing

• Revolving Loans• Senior First Lien Term Loans• Senior Stretch Loans / Unitranche Loans• Second Lien Term Loans• Delayed Draw Term Loans• Asset Based Debt• DIP Financing

$0.5

$2.1

$3.8

$0.2

$0.5

$1.1

$0.7

$2.6

$4.9

0%

5%

10%

15%

20%

25%

30%

35%

$-

$1

$2

$3

$4

$5

2016 2017 2018

Apollo Global Commitment, excluding AINV AINV Commitment

Apollo Global Management Co-Investment Volume 1

Apollo Direct Origination Platform Competitive Advantages

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.

Significant scale with permanent capital AUM Full-service product suite Significant expertise in niche verticals with flexible product set Robust volume of senior floating rate assets from existing Apollo

Direct Origination platform Well positioned to participate in large commitments (AINV able to

maintain relatively small hold sizes given AINV’s receipt of exemptive relief to co-invest in 2016 1

Experienced management team Direct origination team on par with any peer in the market

135+ Investment Professionals 60+ sourcing professionals

75+ underwriters

Volume Team

11

$ in billions

AINV Investment Strategy

12

Progress Repositioning Portfolio

13

On a fair value basis, Percentages based on total investment portfolio

As of December 31, 2016



Increased exposure to core assets1 66% 74% 80%

Decreased exposure to non-core assets and legacy 2 34% 26% 20%

Increased exposure to first lien debt as % of total investment portfolio 42% 50% 64%

Increased exposure to floating rate debt 3 84% 92% 100%

Focused on investments made pursuant to co-investment order 4 3% 19% 35%

Decreased borrower concentration 5 $24.3 million $22.9 million $18.2 million

1 Core assets include corporate lending and aviation. Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. 2 Non-core strategies include oil & gas, structured credit, renewables, shipping, commodities and legacy assets. 3 The interest type information is calculated using the Company’s corporate lending portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 4 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. 5 Excludes Merx Aviation.

Non-Core and Legacy Assets ($ in millions)

$304$161

$232

$58

$133

$154

$238

$13

$158

$84

$1,065

$469

-

2 0 0

4 0 0

6 0 0

8 0 0

1 ,0 0 0

1 ,2 0 0

Jun-16 Dec-18

Oil & Gas Renewables Shipping Structured Credit Legacy & Other

-56%

Significant Progress Reducing Non-Core Assets and Legacy 1

14

1 Non-core strategies include oil & gas, structured credit, renewables, shipping, commodities and legacy assets. On a fair value basis.

Over the past 10 quarters, reduced exposure to non-core strategies by approximately $600 million 4

Key Elements of Our Plan 1

Incremental investment capacity will be used to significantly increase AINV’s exposure to senior first lien floating leveraged loans sourced by Apollo’s Direct Origination platform with the following characteristics:

– Leverage range of 4.0x to 5.5x– Floating rate spreads ~500 to 700 basis points– ~ 1 to 1.5% position sizes

Prudently increase leverage over the next 18 to 24 months with a target debt-to-equity range of 1.25x – 1.40x

Reduce exposure to remaining non-core assets

Tangible improvements to the quality of AINV’s assets

Base management fee decreases to 1% on assets financed with leverage over 1.0x debt-to-equity

Plan for Reduction in Asset Coverage Requirement

1 Subject to change at any notice.

On April 4, 2018, AINV’s Board approved the increase in allowable leverage as permitted under SBCAA which will go into effect on April 4, 2019

15

We believe that the ability to increase our leverage provides a unique opportunity for AINV given the robust volume of senior floating rate assets already originated by the Apollo Direct Origination platform

` December 31, 2018 Revised Target

Leverage and Portfolio Size

AINV Debt-to-Equity Ratio 0.76x 1.25x – 1.40x

Portfolio Size (in billions) $2.3 $3.2 - $3.4

Asset Mix (%) at fair value

First Lien Corporate Loans 1 37 ~ 80-85

Second Lien Corporate Loans 23 < 10

Merx Aviation 20 ~10 – 15

Unsecured Corporate Loans 0 0

Non-Core and Legacy 20 < 5

Other Key Metrics

Weighted Average Spread 2 ~727 bps ~600 to 650 bps

Weighted Average Net Leverage through AINV position 3 5.4x 4.2x

Net Leverage Range of Incremental Assets n/a 4.0x – 5.5x

Projected Loss Rate n/a 35-40 bps

% of Total Portfolio Per Co-Investment Order 4 35% 70%-80%

Majority of incremental assets expected to be first lien floating rate loans with leverage of 4.0 ‒ 5.5x at L+500 ‒ 700 basis points

Plan Focuses on Lower Risk Assets

16

1 Excludes Merx Aviation and non-core and legacy assets 2 For corporate lending portfolio. Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. 3 Source: Company data. Based on corporate lending portfolio. Excludes investments on non-accrual status. Current. Weighted by cost. 4 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.

Incremental leverage will come from increased usage of the revolving credit facility and, to the extent necessary, bilateral secured credit facilities

Current and Pro Forma Capital Structure

17

December 31, 2018

Actual

Revised Target

Leverage and Portfolio Size

AINV Debt-to-Equity Ratio 0.76x 1.25x – 1.40x

Portfolio Size (in billions) $2.3 $3.2 - $3.4

Funding Structure ($ in billions)

Senior Secured Revolving Credit Facility (drawn) $0.5 ~$1.3 1

Bilateral Secured Credit Facilities 0.0 Up to $0.2

Unsecured Term Debt 0.5 0.5

Total Debt Outstanding $ 1.0 $1.8 -$2.0

Stockholders’ Equity 1.3 1.4

Total Capital $2.3 $3.2 – $3.4

Capitalization (% Total Capital)

Senior Secured Revolving Credit Facility 22% 39% 2

Bilateral Secured Credit Facilities 0% 0% - 5%

Unsecured Term Debt 21% 15% 2

Stockholders’ Equity 57% 43% 2

1 Based on $1.59 billion facility. 2 Based on the mid-point of the leverage range.

Shareholder Alignment

18

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 will be decreased from 200% to 150%, effective April 4, 2019. 3 The calculation of the incentive fee with the total return requirement will begin on January 1, 2019. The incentive fee rate and performance threshold remain 20% and 7% respectively. There is no change to the catch-up provision. For the period between April 1, 2018 through December 31, 2018, the incentive fee rate will be waived to 15%, subject to the 7% annualized performance threshold. 4 Since the inception of the share repurchase program and through December 31, 2018. Inclusive of commissions. 5 As of December 31, 2018.

Fee Structure Closely Aligns the Incentives of the Manager with the Interests of the Shareholders• The base management fee has been 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 has been revised to include a total return requirement - Rolling twelve quarter look-back beginning from April 1, 2018 3

Active Share Repurchase Program • Board of Directors has authorized $250 million of share repurchases of which the Company has repurchased

$166.1 million 4

• The Company has approximately $83.9 million available for stock repurchases 5

The combination of AINV’s new fee structure and active stock repurchase program demonstrateour commitment to creating value for our shareholders

AINV Portfolio Review

19

Portfolio by Strategy

19.7%

14.5%

13.3%8.0%

7.1%

7.0%

3.3%3.2%

3.1%2.9%

17.9%

Aviation and Consumer Transport Business ServicesHealthcare & Pharmaceuticals High Tech IndustriesTransportation – Cargo, Distribution Energy – Oil & GasConsumer Goods – Non-durable Diversified Investment Vehicles, Banking, Finance, Real EstateChemicals, Plastics & Rubber Aerospace & DefenseOther

Corporate Lending Portfolio Represents 60% Total Portfolio

Leveraged Lending

47%

Life Sciences, Asset Based,and Lender Finance

13%

Merx Aviation 20%

Non-Core and Legacy

20%

Portfolio Snapshot

20

1 As of December 31, 2018. 2 On a fair basis. 3 On total debt portfolio. At amortized cost, exclusive of investment on non-accrual status. 4 The interest type information is calculated using the Company’s corporate lending portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 5 The sponsored/non-sponsored percentages are calculated using the Company’s corporate lending portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping and commodities. 6 Current. 7 Source: Company data. Based on corporate lending portfolio. Excludes investments on non-accrual status. Current. Weighted by cost. 8 Other consists of: Beverage, Food & Tobacco; Consumer Services; Energy – Electricity; Advertising, Printing & Publishing; Consumer Goods – Durable; Automotive; Utilities – Electric; Food & Grocery; Manufacturing, Capital Equipment; Telecommunications; Containers, Packaging & Glass; Media – Diversified & Production; Hotel, Gaming, Leisure, Restaurants; and Metals & Mining. 9 Non-core strategies include oil & gas, structured credit, renewables, shipping, commodities and legacy assets.

Investment Portfolio 2 $2.31bn

# of Portfolio Companies 103

Weighted Average Yield 3 10.7%

% Floating Rate 2,4 100%

% Sponsored 2,5 83%

Average Company Exposure (excluding Merx Aviation) 2 $18.2 mn

Median Company Exposure 2 $14.4 mn

Median EBITDA 6 $67 mn

Net Leverage Through AINV Position 7 5.4 x

Interest Coverage 6 2.3 x

1

Portfolio Key Statistics1

Portfolio by Industry1,2

8

9

$1,38360%

$45620%

$46920%

Corporate Lending Portfolio Merx Aviation

Non-Core and Legacy

Total Investment Portfolio (Corporate Lending, Merx,& Non-Core and Legacy)

First Lien62%

Second Lien38%

100% floating rate

59% pursuant to co-investment order1

$15.9 million average borrower exposure

5.4 weighted average net leverage through AINV position2

– 5.0x weighted average net leverage for first lien

– 5.8x weighted average net leverage for second lien

~727 weighted average spread

– ~650 weighted average spread for first lien

– ~855 weighted average spread for second lien

Metrics for Corporate Lending Portfolio Corporate Lending Portfolio

Corporate Lending Portfolio Metrics as of December 31, 2018

Notes: All data as of December 31, 2018. On a fair value basis. 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. 2 Source: Company data. Based on corporate lending portfolio. Excludes investments on non-accrual status. Current. Weighted by cost.

$2.308 billion

$1.383 billion

21

$ in millions, unless indicated otherwise

Portfolio Concentration

22

1 Based on corporate lending portfolio. Top ten portfolio companies based on market value as of December 31, 2018. 2. Excludes Merx Aviation.

Portfolio by Origination Strategy ($ in millions) Top Ten Corporate Lending Portfolio Companies1 ($ in millions)

Average Position Size 2, at fair value ($ in millions)

$22.9$20.7 $21.0

$19.3 $18.2

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Fair Value% of

PortfolioLeveraged Lending 1,077$ 47%Life Sciences 116 5%Asset Based 136 6%Lender Finance 54 2%Total Corporate Lending Portfolio 1,383$ 60%Aviation 456 20%

Total Core Assets 1,839 80%Non-Core and Legacy 469 20%

Total Portfolio 2,308$ 100%

Rank Portfolio Company Fair Value% of

Portfolio1 Genesis Healthcare, Inc. 59$ 4.3%2 PSI Services, LLC 42 3.1%3 RA Outdoors, LLC (Active Outdoors) 40 2.9%4 Aero Operating LLC 39 2.8%5 Electro Rent Corporation 36 2.6%6 Telestream Holdings Corporation 35 2.5%7 ChyronHego Corporation 33 2.4%8 FiscalNote 30 2.2%9 Reddy Ice Corp. 30 2.2%10 CT Technologies Intermediate Holdings, Inc 29 2.1%

Top Ten Corporate Lending Portfolio Companies 374$ 27.1%Other 1,009 72.9%Total Corporate Lending Portfolio 1,383$ 100.0%

Merx Aviation is Well-Diversified

23

Represents 19.7% of AINV’s investment portfolio 1, 2

95 aircraft

13 aircraft types

45 lessees in 26 countries

Weighted average age of aircraft~7.6 years

Weighted average lease maturity ~5.1 years

Merx Portfolio1 Number of Aircraft by Type1 Aircraft by Region1,3

Staggered Lease Maturity1 Aircraft Value by Lessee1,2 Revenue by Lessee1,4

34

29

9

6

522221111

737-800 A320-200 A321-200 737-700 A319-100A321neo E-170 E-190 E-195 737-900ER777-200F 787-8 A330-200

36%

28%

20%

9%

3% 2% 2%

Asia Europe North AmericaLatin America Africa AustraliaMiddle East

4

14 14

8

1513

8

11

3

1

4

-1

1

3

5

7

9

11

13

15

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

# of leases maturing by year

8%8%

6%

5%4%

4%4%

4%4%

3%

2%2%2%2%

2%2%

2%

2%

2%

30%

26 Lessees Each < 2% 7.9%

7.6%

7.5%

4.6%

4.5%

4.1%4.0%

3.9%3.8%3.4%3.1%3.1%

3.0%2.9%

2.5%2.1%

2.0%1.9%1.8%1.7%1.6%1.6%1.6%1.5%1.4%1.4%1.4%1.4%1.3%1.2%1.1%

1.1%0.9%

0.9%

0.8%0.8%

0.8%

0.8%0.7%0.7%

0.6%

0.6%

0.4%0.0%0.0%

1 As of December 31, 2018 2 On a fair value basis. 3 Based on base value. 4 Revenue for next four quarters. For more information about Merx, please visit www.merxaviation.com.

Portfolio Company Credit Quality

24

Source: Company data. Based on corporate lending portfolio. Excludes investments on non-accrual status.

Median LTM EBITDA Net Leverage through AINV Position(weighted average by cost)

Total Cash Interest Coverage(weighted average by cost)

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100


At Close Current

0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

6.00x

7.00x


At Close Current

0.00x

0.50x

1.00x

1.50x

2.00x

2.50x

3.00x

3.50x

4.00x


At Close Current

Conclusion

25

Reasons to Own AINV

26

Notes: Reflects the views of Apollo. For detailed information on risks relating to AINV, see the latest 10-K and subsequent quarterly reports on Form 10-Q, filed with the SEC.1 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 will be decreased from 200% to 150%, effective April 4, 2019. 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 where terms other than price and quantity are negotiated, subject to the conditions included therein.

1 Origination platform is highly differentiated versus other market participants

2 Uniquely positioned to benefit from increase in regulatory leverage 1

3 Receipt of exemptive relief to co-invest enhances competitive positioning 2

4 Plan for reduction in asset coverage requirement should deliver improved shareholder returns and provide significant investment capacity

5 Well-positioned to benefit from rising interest rates

6 Strong balance sheet and diverse funding sources

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

8 Active share repurchase program

Appendices

27

Specialty Niches

28

Asset Based

• 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

• 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

Life Sciences

• 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

• 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

Lender Finance

• 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 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

Note: Per share and shares outstanding data have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018. 1 Numbers may not sum due to rounding. 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. 3 On a cost basis. Exclusive of investments on non-accrual status. 4 On a cost basis. Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status.

Financial Highlights

29

($ in thousands, except per share data) 3Q'19 2Q'19 1Q'19 4Q'18 3Q'18

Dec-18 Sep-18 Jun-18 Mar-18 Dec-17

Operating Results1

Net investment income $31,487 $32,163 $31,547 $31,943 $33,966

Net realized and change in unrealized gains (losses) from investments and foreign currencies (32,665) (4,134) (18,297) (11,316) (22,342)

Net realized loss on extinguishment of debt — — — — (5,790)

Net increase (decrease) in net assets resulting from operations ($1,178) $28,029 $13,250 $20,627 $5,834

Net investment income per share $0.45 $0.45 $0.44 $0.44 $0.47

Net realized and change in unrealized gains (losses) from investments and foreign currencies p/s ($0.47) ($0.06) ($0.25) ($0.16) ($0.31)

Net realized loss on extinguishment of debt per share — — — — ($0.08)

Earnings (loss) per share ($0.02) $0.39 $0.18 $0.29 $0.08

Distribution recorded per common share $0.45 $0.45 $0.45 $0.45 $0.45

Select Balance Sheet and Other Data

Investment portfolio (at fair value) $2,307,966 $2,324,741 $2,495,459 $2,248,047 $2,352,562

Debt outstanding $994,487 $946,236 $1,102,679 $789,846 $875,165

Net assets $1,316,605 $1,371,152 $1,391,166 $1,418,086 $1,441,050

Net asset value per share $19.03 $19.40 $19.42 $19.67 $19.81

Debt-to-equity ratio 0.76 x 0.69 x 0.79 x 0.56 x 0.61 x

Net leverage ratio2 0.74 x 0.68 x 0.78 x 0.57 x 0.62 x

Weighted average shares outstanding 70,105,587 71,366,492 71,971,572 72,233,517 72,850,060

Shares outstanding 69,187,804 70,685,665 71,641,765 72,104,032 72,751,985

Number of portfolio companies, at period end 103 98 96 90 86

Weighted Average Yields, at period end

First lien3 10.4% 10.4% 10.4% 10.5% 10.3%

Second lien3 11.4% 11.2% 11.1% 10.9% 10.8%

Total secured debt3 10.7% 10.7% 10.7% 10.7% 10.5%

Unsecured debt3 N/A 11.0% 11.4% 11.3% 11.2%

Total debt portfolio3 10.7% 10.7% 10.7% 10.7% 10.5%

Total portfolio4 9.6% 9.7% 9.7% 9.6% 9.6%

1 Numbers may not sum due to rounding. 2 Yield on activity is for debt investments and excludes select short-term trades and investments on non-accrual status.

Summary Investment Activity

30

($ in thousands) 3Q'19 2Q'19 1Q'19 4Q'18 3Q'18


Portfolio Activity1

Investments made $305,328 $363,565 $358,950 $243,329 $198,355

Investments sold (16,317) (163,249) (14,832) (119,302) (48,084)

Net investment activity before repayments $289,011 $200,316 $344,117 $124,027 $150,271

Investments repaid (274,371) (372,056) (93,786) (238,131) (156,716)

Net investment activity $14,640 ($171,740) $250,331 ($114,104) ($6,445)

Number of portfolio companies, at beginning of period 98 96 90 86 87

Number of new portfolio companies 14 9 7 8 8

Number of exited portfolio companies (9) (7) (1) (4) (9)

Number of portfolio companies, at period end 103 98 96 90 86

Number of investments in existing portfolio companies 26 16 20 19 12

Yield on Activity2

Yield on investments made 9.3% 9.5% 9.4% 9.7% 9.9%

Yield on debt sales and repayments 10.4% 10.1% 9.4% 9.6% 10.2%

Quarterly Investment Activity

31

1 Weighted average yield on total debt portfolio on a cost basis at period end, exclusive of investments on non-accrual status. 2 Change in terms on investments may impact the weighted average yield of the total debt portfolio but are not reflected in new, sold or repaid investments. 3 Yield on activity is for debt investments and excludes select short-term trades and investments on non-accrual status.

Investment Activity ($ in millions) Total Debt Portfolio Yield1,2

Net Investment Activity ($ in millions) Yield on Investment Activity2,3

$198 $243$359 $364

$305

($48) ($119) ($15)($163)

($16)($157)

($238)

($94)

($372)

($274)


New Investments Sales Repayments

($6)

($114)

$250

($172)

$15


10.5% 10.7% 10.7% 10.7% 10.7%


9.9% 9.7%9.4%

9.5%9.3%

10.2%

7.6%

11.2%

10.1%

10.2%

10.8%

9.1%

10.1%10.4%


New Investments Sales Repayments

1 Numbers may not sum due to rounding. 2 First lien purchases include revolver drawdowns; first lien sales and repayments includes revolver repayments. 3 Yield on activity is for debt investments and excludes select short-term trades and investments on non-accrual status.

Investment Activity – Funded

32



Purchases1

First lien2 $293,220 $351,623 $319,224 $186,265 $108,008

Second lien 11,102 9,339 39,323 49,426 89,544

Total secured debt 304,322 360,962 358,547 235,691 197,552

Unsecured debt — — — — —

Structured products and other 38 47 43 47 —

Preferred equity — 1,500 — 333 —

Common equity/interests and warrants 968 1,056 360 7,258 803

Total Purchases $305,328 $363,565 $358,950 $243,329 $198,355

Yield at Cost on Debt Purchases3

First lien 9.3% 9.5% 9.3% 9.5% 9.3%

Second lien 9.8% 11.0% 10.4% 10.3% 10.7%

Total secured debt 9.3% 9.5% 9.4% 9.7% 9.9%

Unsecured debt N/A N/A N/A N/A N/A

Preferred equity N/A N/A N/A N/A N/A

Yield at Cost on Debt Purchases 9.3% 9.5% 9.4% 9.7% 9.9%

Sales and Repayments1

First lien2 $114,143 $400,720 $93,006 $228,989 $79,659

Second lien 79,389 119,450 8,728 91,255 90,981

Total secured debt 193,531 520,170 101,735 320,243 170,639

Unsecured debt 80,000 10,681 2,453 2,060 55

Structured products and other 11,894 129 92 27,349 27,292

Preferred equity — — (30) — —

Common equity/interests and warrants 5,262 4,326 4,369 7,780 6,814

Total Sales and Repayments $290,688 $535,305 $108,618 $357,433 $204,800

Yield at Cost on Debt Sales and Repayments3

First lien 9.3% 9.6% 9.3% 9.0% 10.0%

Second lien 11.2% 11.3% 10.0% 11.2% 10.5%

Total secured debt 10.1% 10.0% 9.3% 9.6% 10.2%

Unsecured debt 11.0% 15.0% 10.8% 10.2% 13.0%

Preferred equity N/A N/A N/A N/A N/A

Yield at Cost on Debt Sales and Repayments 10.4% 10.1% 9.4% 9.6% 10.2%

Yield at Cost on Sales N/A 10.1% 11.2% 7.6% 10.2%

Yield at Cost on Debt Repayments 10.4% 10.1% 9.1% 10.8% 10.2%

33

Note: Numbers may not sum due to rounding.



Funded Investment Activity, excluding Merx Aviation and Revolvers

Gross Fundings $220,602 $265,874 $199,714 $157,985 $165,066

Sales and Syndications ($16,317) ($154,776) ($14,832) ($119,302) ($48,084)

Repayments ($196,774) ($248,107) ($13,464) ($157,061) ($119,070)

Net Funded Investment Activity, excluding Merx Aviation and Revolvers $7,510 ($137,008) $171,418 ($118,378) ($2,087)

Merx Aviation

Gross Fundings 1,000 — $91,000 $18,500 $5,800

Repayments (2,350) (47,250) - ($25,000) ($26,000)

Net Funded Investment Activity, Merx Aviation (1,350) ($47,250) $91,000 ($6,500) ($20,200)

Revolvers, excluding Merx Aviation

Gross Fundings $83,726 $97,691 $68,236 $66,844 $27,489

Sales and Syndications — ($8,473) — — —

Repayments ($75,246) ($76,700) ($80,322) ($56,070) ($11,646)

Net Funded Investment Activity, Revolvers $8,479 $12,518 ($12,086) $10,774 $15,843

Total Funded Investment Activity

Gross Fundings $305,328 $363,565 $358,950 $243,329 $198,355

Sales and Syndications ($16,317) ($163,249) ($14,832) ($119,302) ($48,084)

Repayments ($274,371) ($372,056) ($93,786) ($238,131) ($156,716)

Net Funded Investment Activity $14,640 ($171,740) $250,331 ($114,104) ($6,445)

Investment Activity – Funded (Continued)

Investment Activity – Commitments

34




Commitments

Gross Commitments Made $278,276 $224,569 $300,807 $234,301 $183,300

Exit of Commitments (225,625) (286,133) (81,586) (290,065) (172,435)

Net Commitments Made $52,652 ($61,563) $219,221 ($55,764) $10,865

Gross Commitments Made Information

Number of Portfolio Companies 19 13 14 11 10

Average Commitment Size $14,646 $17,275 $21,486 $21,300 $18,330

Weighted Average Spread over LIBOR of New First Lien Floating Rate Commitments (in bps) 599 639 617 697 699

Weighted Average Spread over LIBOR of New Second Lien Floating Rate Commitments (in bps) 734 900 787 809 803

Weighted Average Interest Rate of New First Lien Fixed Rate Commitments (in bps) N/A N/A N/A 1,200 N/A

Weighted Average Interest Rate of New Second Lien Fixed Rate Commitments (in bps) N/A N/A N/A N/A N/A

Gross Commitments Made by Asset Class

First lien $266,090 $219,869 $247,391 $178,583 $92,209

Second lien 11,583 4,441 53,415 55,600 91,075

Unsecured debt — — — — —

Structured products and other — — — — —

Preferred equity — 260 — 56 —

Common equity/interests and warrants 603 — — 63 16

Gross Commitments Made $278,276 $224,569 $300,807 $234,301 $183,300

Exit of Commitments by Asset Class

First lien ($35,252) ($159,071) ($40,858) ($172,675) ($45,339)

Second lien (94,221) (114,918) (27,987) (88,257) (91,023)

Unsecured debt (80,000) (10,681) (12,741) (2,000) (52)

Structured products and other (11,619) — — (27,130) (34,378)

Preferred equity — — — — —

Common equity/interests and warrants (4,533) (1,463) — (3) (1,643)

Exit of Commitments ($225,625) ($286,133) ($81,586) ($290,065) ($172,435)

($ in thousands, except per share data) 3Q'19 2Q'19 1Q'19 4Q'18 3Q'18


Per Share

NAV, beginning of period $19.40 $19.42 $19.67 $19.81 $20.17

Net investment income 0.45 0.45 0.44 0.44 0.47

Net realized and change in unrealized gain (loss) (0.47) (0.06) (0.25) (0.16) (0.31)

Net realized loss on extinguishment of debt per share – – – – (0.08)

Net increase (decrease) in net assets resulting from operations (0.02) 0.39 0.18 0.29 0.08

Repurchase of common stock 0.10 0.03 0.02 0.02 0.01

Distribution recorded (0.45) (0.45) (0.45) (0.45) (0.45)

NAV, end of period $19.03 $19.40 $19.42 $19.67 $19.81

Total

NAV, beginning of period $1,371,152 $1,391,166 $1,418,086 $1,441,050 $1,472,600

Net investment income 31,487 32,163 31,547 31,943 33,966

Net realized and change in unrealized gains (losses) (32,665) (4,134) (18,297) (11,316) (22,342)

Net realized loss on extinguishment of debt – – – – (5,790)

Net increase (decrease) in net assets resulting from operations (1,178) 28,029 13,250 20,627 5,834

Repurchase of common stock (22,067) (16,105) (7,877) (11,145) (4,645)

Distributions recorded (31,302) (31,938) (32,293) (32,447) (32,738)

NAV, end of period $1,316,605 $1,371,152 $1,391,166 $1,418,086 $1,441,050

$19.03 $19.40 $19.42 $19.67 $19.81

Dec-18Sep-18Jun-18Mar-18Dec-17


Net Asset Value

35

Net Asset Value Per Share

19.7%

14.5%

13.3%8.0%

7.1%

7.0%

3.3%3.2%3.1%

2.9%

17.9%

Aviation and Consumer Transport Business ServicesHealthcare & Pharmaceuticals High Tech IndustriesTransportation – Cargo, Distribution Energy – Oil & GasConsumer Goods – Non-durable Diversified Investment Vehicles, Banking, Finance, Real EstateChemicals, Plastics & Rubber Aerospace & DefenseOther

Portfolio as of December 31, 2018

By Asset Class1 Fixed Rate vs. Floating Rate1,2

Note: Numbers may not sum due to rounding. 1 On a fair value basis. 2 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 3 Other consists of: Beverage, Food & Tobacco; Consumer Services; Energy – Electricity; Advertising, Printing & Publishing; Consumer Goods – Durable; Automotive; Utilities – Electric; Food & Grocery; Manufacturing, Capital Equipment; Telecommunications; Containers, Packaging & Glass; Media – Diversified & Production; Hotel, Gaming, Leisure, Restaurants; and Metals & Mining.

By Industry1,3 Sponsored vs. Non-sponsored1,4

36

83%

17%

Sponsored Non-sponsored

100%

Floating Rate Assets

64%

24%

3%9% First lien debt

Second lien debt

Structured products andother

Preferrred equity, commonequity/interests and warrants

Portfolio Composition

Note: Numbers may not sum due to rounding. 1 Core strategies include corporate lending, aviation, life sciences, asset based and lender finance. 2 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities. 3 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 4 The sponsored/non-sponsored percentages are calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping and commodities. 5 The co-investment percentages are calculated using the Company’s total investment portfolio. 6 Excludes Merx Aviation.

37



Portfolio Composition, measured at fair value ($)

First lien $1,479,173 $1,313,114 $1,363,867 $1,131,942 $1,169,317

Second lien 558,853 631,551 737,124 706,011 743,299

Total secured debt $2,038,025 $1,944,665 $2,100,991 $1,837,953 $1,912,616

Unsecured debt — 80,000 90,599 103,166 107,678

Structured products and other 56,605 67,131 67,373 67,968 97,884

Preferred equity 27,772 32,524 31,401 31,053 25,690

Common equity/interests and warrants 185,564 200,421 205,095 207,908 208,694

Total investment portfolio $2,307,966 $2,324,741 $2,495,459 $2,248,047 $2,352,562

Portfolio Composition, measured at fair value (%)

First lien 64% 57% 55% 50% 50%

Second lien 24% 27% 30% 31% 32%

Total secured debt 88% 84% 84% 82% 81%

Unsecured debt 0% 3% 4% 5% 5%

Structured products and other 3% 3% 3% 3% 4%

Preferred equity 1% 1% 1% 1% 1%

Common equity/interests and warrants 8% 9% 8% 9% 9%

Portfolio Composition by Strategy, measured at fair value (%)

Core strategies1 80% 78% 80% 77% 74%

Non-core strategies2 17% 18% 17% 19% 22%

Legacy & Other 4% 3% 3% 4% 4%

Interest Rate Type, measured at fair value3

Fixed rate % 0% 6% 6% 8% 8%

Floating rate % 100% 94% 94% 92% 92%

Sponsored / Non-sponsored, measured at fair value4

Sponsored % 83% 82% 81% 81% 82%

Non-sponsored % 17% 18% 19% 19% 18%

Co-Investment, measured at fair value

Co-investment $ $811,450 $685,609 $607,941 $498,704 $445,160

Co-investment % 5 35% 29% 24% 22% 19%

Average investment size, measured at fair value 6

Average Investment $ $18,161 $19,256 $20,975 $20,740 $22,886

As of December 31, 2018, 3.4% of total investments at amortized cost, or 2.8% of total investments at fair value, were on non-accrual status.

Credit Quality

Note: Numbers may not sum due to rounding. 1 Source: Company data. Includes all portfolio company investments except structured products, common equities, warrants and investments on non-accrual status. Also excludes select investments where debt-to-EBITDA is not a relevant or appropriate metric, or data is not available. Weighted average by cost.

38



Investments on Non-Accrual Status

Non-accrual investments at amortized cost $79,771 $75,671 $75,671 $75,671 $57,928

Non-accrual investments/total portfolio, at amortized cost 3.4% 3.2% 3.0% 3.3% 2.4%

Non-accrual investments at fair value $63,754 $61,580 $57,646 $51,426 $35,175

Non-accrual investments/total portfolio, at fair value 2.8% 2.6% 2.3% 2.3% 1.5%

Portfolio Company Credit Metrics1

Net Leverage (Close) 5.4 x 5.4 x 5.5 x 5.5 x 5.4 x

Net Leverage (Current) 5.5 x 5.5 x 5.6 x 5.5 x 5.5 x

Interest Coverage (Close) 2.4 x 2.4 x 2.4 x 2.5 x 2.7 x

Interest Coverage (Current) 2.3 x 2.3 x 2.3 x 2.5 x 2.7 x

Industry Cost Fair Value

Investments on Non-Accrual Status as of December 31, 2018

Magnetation, LLC $1,182 $157

Spotted Hawk $44,380 $39,309

Sprint Industrial Holdings, LLC. $18,107 $14,560

Crowne Automotive $16,102 $9,730

Total $79,771 $63,754

Metals & Mining

Energy – Oil & Gas

Containers, Packaging & Glass

Automotive

Diversified Funding Sources as of December 31, 2018

1 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 December 31, 2018. Based on average debt obligations outstanding.

39

Debt Facilities Debt Issued/Amended

Final Maturity Date

Interest Rate

Principal Amount Outstanding

(in thousands)Senior Secured Facility ($1.59 billion) 11/19/2018 11/19/2023 L + 200 bps $504,979

2043 Notes (redeemable on or after 7/15/18) 6/17/2013 7/15/2043 6.875% 150,000

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

Weighted Average Annualized Interest Cost1 & Total Debt Obligations 5.392% 1,004,979

Deferred Financing Cost and Debt Discount (10,492)

Total Debt Obligations,Net of Deferred Financing Cost and Debt Discount $994,487

Interest Rate Exposure as of December 31, 2018

Investment Portfolio1,2 Funding Sources3

Note: Numbers may not sum due to rounding. 1 On a fair value basis. 2 The interest type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. 3 Based on total debt obligations before deferred financing cost and debt discount. 4 The table shows the estimated annual impact on net investment income of base rate changes in interest rates (considering interest rate floors for floating rate instruments) to our loan portfolio and outstanding debt as of December 31, 2018, assuming no changes in our investment and borrowing structure.

Floating Rate Asset Floor Net Investment Income Interest Rate Sensitivity4

40

($ in millions) Par or Cost % of Floating Rate Portfolio

Interest Rate Floors

No Floor $295 20%

< 1.00% 104 7%

1.00% to 1.24% 1,058 70%

1.25% to 1.49% 27 2%

1.50% to 1.74% 25 2%

> =1.75% 0 0%

Total $1,508 100%

Annual Net Investment Income

(in millions)

Annual Net Investment Income

Per Share

Basis Point Change

Up 400 basis points $26.8 $0.387




Down 100 basis points ($6.9) ($0.100)

21%

22%57%

Fixed Rate Debt Floating Rate Debt Common Equity

100%

Floating Rate Assets

For more information, please contact:

Elizabeth Besen

Investor Relations Manager

Phone: (212) 822-0625

Email: [email protected]

Gregory W. Hunt

Chief Financial Officer and Treasurer

Phone: (212) 822-0655

Email: [email protected]

Contact Information

41

Documents

APOLLO INVESTMENT CORPORATION Investor Presentation1 On a fair value basis. 2 As of December 31, 2018 3 Apollo Investment Management, L.P. 4 See definition of AUM at beginning of presentation