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1 APOLLO INVESTMENT CORPORATION Investor Presentation November 2018 Unless otherwise noted, information as of September 30, 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.

2 Disclaimers, Definitions, and Important Notes Forward-Looking Statements We 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 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 forwardlooking: 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. 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, LLC ( AGM ); Apollo Investment Management, L.P.;and Apollo Investment Corporation (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. Apollo Investment Corporation (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. This presentation 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 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. 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. 2

3 Agenda Overview of Apollo Investment Corporation ( AINV ) & Apollo s Direct Origination Platform AINV Investment Strategy & Portfolio Repositioning AINV Portfolio Review Conclusion Appendices 3

4 Overview of AINV & Apollo s Direct Origination Platform 4

5 Overview of Apollo Investment Corporation ( AINV ) 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 September 30, 2018, invested $18.8 billion in 452 portfolio companies $2.32 billion investment portfolio across 98 companies and 25 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 $270 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 $1.09 billion Dividend yield at market price % Dividend yield at NAV % 1 On a fair value basis. 2 As of September 30, 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, 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 October 31, 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. 5

6 AINV Benefits from a Strong External Manager Firm Profile 1 Business Segments Founded: 1990 AUM: $270 billion Credit $183 bn AUM Private Equity $72 bn AUM Real Assets $15 bn AUM Employees: 1,118 Inv. Professionals: 408 Global Offices: 13 Drawdown Liquid / Performing Permanent Capital Vehicles: -Athene -MidCap -BDCs -Closed-End Funds Advisory Opportunistic buyouts Distressed buyouts and debt investments Corporate carve-outs Commercial real estate Global private equity and debt investments Performing fixed income (CMBS, CRE Loans) Investment Approach Global Footprint Value-Oriented Contrarian Integrated Investment Platform Opportunistic Across Market Toronto Chicago Los Angeles Houston London New York Madrid Bethesda Frankfurt Luxembourg Delhi Mumbai Shanghai Hong Kong Cycles and Capital Structures Bethesda Singapore Focus on 9 Core Industries 1 As of September 30, See definition of AUM at beginning of presentation Note: AUM components may not sum due to rounding. 6

7 Apollo s Extensive Credit Platform Apollo Credit $183 billion in AUM & 243 Investment Professionals 1 Corporate Credit Structured Credit Apollo Advised Assets Performing Credit Liquid Opportunistic Credit Illiquid Opportunistic Credit Direct Origination ~$20 billion in AUM incl. sidecars European Principal Finance Structured Credit Athene Asset Management & Other Advised Assets Encompasses MidCap, Apollo Investment Corporation (AINV) and CION Additional capacity in certain Opportunistic funds for off-the-run, directly sourced corporate loans Liquid / Performing Alternative Funds $50 billion in AUM (includes Performing and Hedge Funds, Managed CLOs, and SMAs) Permanent Capital $106 billion in AUM (includes Athene, MidCap, publicly traded funds and other permanent capital vehicles) Drawdown Funds $27 billion in AUM (includes Opportunistic, European and Structured Credit Funds, and SMAs) 1 As of September 30, Please refer to the definition of AUM at the beginning of this presentation. 7

8 Apollo s Dedicated Direct Origination Vehicles 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 $2.32 billion investment portfolio across 98 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 $8.1 billion in funded assets across 483 distinct positions 1 Established 2008 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 Established 2012 Additional capacity in select opportunistic credit accounts 1 As of September 30, 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 June 30,

9 Apollo s Direct and Specialty Origination Platform Encompasses an array of origination verticals and a comprehensive suite of products Leveraged Lending Financial Sponsors Origination Channels - 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 Product Capabilities 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 Niche Markets - Life Sciences Lending - Lender Finance - Aircraft Leasing 9

10 Apollo Direct Origination Platform Competitive Advantages Extensive origination team on par with any peer in the market Full-service product suite Significant expertise in niche verticals with flexible product set Significant scale with permanent capital AUM 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 ) Recent Examples of Large Commitments 2 ($ in millions) Product Total Facility Size Final Hold Size AINV Other Apollo 6 Third Parties Analogic Corporation Life Sciences $575 3 $30 4 $500 $45 Reddy Ice Leveraged Lending $420 $35 5 $242 $143 Genesis Healthcare Asset Based $555 $95 6 $460 $0 Note: Reflects the view of Apollo. 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. Recent examples selected because they are among the largest commitments made by the Apollo Direct Origination platform in which AINV participated in calendar year Excludes equity co-investment. 4. $27 million funded as of September 30, $29 million funded as of September 30, $60 million funded as of September 30, Includes CION. 10

11 AINV Investment Strategy & Portfolio Repositioning 11

12 Plan for Reduction in Asset Coverage Requirement 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 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 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 1 Subject to change at any notice. 12

13 Plan Focuses on Lower Risk Assets Majority of incremental assets expected to be first lien floating rate loans with leverage of x at L basis points ` Leverage and Portfolio Size September 30, 2018 Original Target Revised Target AINV Debt-to-Equity Ratio 0.69x 0.65x 0.70x 1.25x 1.40x Portfolio Size (in billions) $2.3 $2.3 - $2.4 $3.2 - $3.4 Asset Mix (%) at fair value First Lien Corporate Loans ~ Second Lien Corporate Loans < 10 Merx Aviation ~10 15 Unsecured Corporate Loans Non-Core and Legacy 22 < 10 < 5 Other Key Metrics Portfolio Asset Yield 3 ~10.7% % % Weighted Average Spread ~770 bps 4 ~750 to 800 bps ~600 to 650 bps Weighted Average Net Leverage 5.52x x 4.2x Net Leverage Range of Incremental Assets n/a 4.5x 5.5x 4.0x 5.5x Projected Loss Rate n/a bps bps % of Investments Per Co-Investment Order 6 29% 50%-60% 70%-80% 1 Excludes Merx Aviation and non-core and legacy assets 2 For 9/30/18, includes preferred, common equity and warrants. 3 On total debt portfolio. At amortized cost, exclusive of investment on non-accrual status. 4 For corporate lending portfolio. 5 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. Current. 6 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. 13

14 Current and Pro Forma Capital Structure Incremental leverage will come from increased usage of the revolving credit facility and, to the extent necessary, bilateral secured credit facilities Leverage and Portfolio Size September 30, 2018 Actual Revised Target AINV Debt-to-Equity Ratio 0.69x 1.25x 1.40x Portfolio Size (in billions) $2.3 $3.2 - $3.4 Funding Structure ($ in billions) Senior Secured Revolving Credit Facility (drawn) $0.4 ~$1.3 1 Bilateral Secured Credit Facilities 0.0 Up to $0.2 Unsecured Term Debt Total Debt Outstanding $ 0.9 $1.8 -$2.0 Stockholders Equity Total Capital $2.3 $3.2 $3.4 Based on facility size of $1.59 billion Capitalization Senior Secured Revolving Credit Facility / Total Capital 20% 39% 2 Bilateral Secured Credit Facilities / Total Capital 0% 0% - 5% Unsecured Term Debt / Total Capital 21% 15% 2 Stockholders Equity/ Total Capital 59% 43% 2 1 Based on $1.59 billion facility. 2. Based on the mid-point of the total capital range. 14

15 Funding Sources Debt Maturity Profile 1 $ in millions $ in millions $1,190 Senior Secured Revolver Credit Facility Potential Utilization Increased utilization expected over the next 12 to 18 months Based on facility size of $1.59 billion Up to $1,300 2 $749 ~3.0x Up to $843 $350 $441 $16 $441 $150 $ Senior Secured Notes Amended RCF (drawn) Amended RCF (undrawn) 2025 Unsecured Notes Drawn at 9/30/18 at 0.69 net leverage Maturity of Senior Secured Notes Estimated Additional Utilization Potential Credit Facility Utilization Retail Unsecured Notes 1 As of September 30, On September 29, 2018, the Series B Notes, which had an outstanding principal balance of $16 million matured and were repaid in full on October 1, Based on the expected maturity date of the amended senior secured revolver 2. Based on $1.590 billion facility. AINV may elect to supplement the senior secured revolving credit facility with bilateral secured credit facilities to ensure that there is a cushion of senior secured revolving credit facility availability 15

16 Shareholder Alignment 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, Active Share Repurchase Program Board of Directors has authorized $200 million of share repurchases of which the Company has repurchased $146.7 million (25,166,757 shares at a weighted average price per share of $5.83) 4 The Company has approximately $53.3 million available for stock repurchases 5 The combination of AINV s new fee structure and active stock repurchase program demonstrate our commitment to creating value for our shareholders 1 Effective April 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, The calculation of the incentive fee with the total return requirement will begin on January 1, 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 October 29, Inclusive of commissions. 5 As of October 29,

17 Significant Progress Repositioning Portfolio Deployed significant capital into core strategies 1 and meaningfully reduced exposure to non-core strategies 2 Portfolio Exposure to Core vs. Non-Core and Legacy Strategies 3 As of June 30, 2016 As of September 30, % 41% 59% 78% Core Strategies Non-Core and Legacy Strategies 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. On a fair value basis. 17

18 Significant Progress Reducing Non-Core Assets 1 Non-Core Assets ($ in millions) 1, $907 or 35% of portfolio $238 (9%) $133 (5%) $232 (9%) $304 (12%) -53% 6/30/2016 9/30/2018 $426 or 18% of portfolio $25(1%) $155 (7%) $64 (3%) $182 (8%) Oil & Gas Renewables Shipping Structured Credit Over the past 9 quarters, reduced exposure to non-core strategies by $481 million 4 1 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities. On a fair value basis. 18

19 Emphasis on First Lien Debt Portfolio Exposure to First Lien Debt 1 As of June 30, 2016 As of September 30, % 43% 60% 57% First Lien Secured Debt Second Lien Secured Debt, Unsecured Debt, Structured Products and Other, Preferred Equity, Common Equity / Interests and Warrants 1. On a fair value basis. 19

20 Emphasis on Floating Rate Debt Portfolio Exposure to Floating Rate Debt 1 2 As of June 30, 2016 As of September 30, % 6% 77% 94% Floating Rate Debt Fixed Rate Debt 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 nonaccrual status. 20

21 Investments Made Pursuant to Co-Investment Order 1 We believe our ability to co-invest with other Apollo managed capital makes us one of the largest market participants that is well positioned to make large commitments Co-Investment Deployment Over Past 9 Quarters 2 51% of total deployment has been in investments made pursuant to coinvestment order Co-Investments Outstanding 3 29% of the portfolio is in investments made pursuant to co-investment order 31% 29% 49% 1% 13% 6% 71% Leveraged Loans Asset Based Non Co-investment Life Sciences Lender Finance Order Co-Investments Non-Order Co-Investments 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. From July 1, 2016 through September 30, As of September 30, On a fair value basis. 21

22 AINV Portfolio Review 22

23 Portfolio Snapshot Portfolio Key Statistics 1 Portfolio by Security Type 1,2 Investment Portfolio 2 $2.32bn # of Portfolio Companies 98 Weighted Average Yield % 9% 3% 3% 1% % Floating Rate 2,4 94% % Sponsored 2,5 82% 27% 57% Average Company Exposure 2 $23.7 mn Median Company Exposure 2 $14.6 mn Median EBITDA 6 Net Leverage Through AINV Position 6 $73 mn 5.5 x First Lien Debt Unsecured Debt Second Lien Debt Structured Products and Other Interest Coverage x Preferred Equity Common Equity and Warrants Portfolio by Industry 1,2 Portfolio by Strategy 1,2,8 Aviation and Consumer Transport Business Services Healthcare & Pharmaceuticals 3% 11% High Tech Industries Energy Oil & Gas Transportation Cargo, Distribution Aerospace & Defense Chemicals, Plastics & Rubber 2.2% 2.5% 2.9% 3.2% 7.1% 16.3% 19.7% 15.8% 18% 20% 47% Diversified Investment Vehicles, Banking, Finance, Real Estate Energy Electricity 7.8% 8.7% 13.8% Corporate Lending Aircraft Leasing Non-Core Life Sciences, Asset Based and Lender Finance Legacy 7 Other 1 As of September 30, 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 debt 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 debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping and commodities. 6 Current. 7 Other consists of: Consumer Goods Non-durable; Beverage, Food & Tobacco; Food & Grocery; Advertising, Printing & Publishing; Consumer Goods Durable; Automotive; Consumer Services; Utilities Electric; Telecommunications; Insurance; Containers, Packaging & Glass; Manufacturing, Capital Equipment; Media Diversified & Production; Hotel, 1 Gaming, Leisure, Restaurants; and Metals & Mining. 8 Non-core strategies include oil & gas, structured credit, renewables, shipping and commodities 23

24 Merx Aviation is Well-Diversified Represents 19.7% of AINV s investment portfolio 1, 2 Merx Portfolio 1 Aircraft by Type 1,3 Aircraft by Region 1,3 96 aircraft 13 aircraft types 46 lessees in 26 countries 3% 3% 4% 4% 5% 7% 2%2% 1% 1%1% 38% 20% 2% 3% 9% 2% 36% Weighted average age of aircraft ~8.1 years Weighted average lease maturity ~5.2 years 29% B A A A321neo B F B787-8 B A E-195 A E-190 B ER E % Asia Europe North America Latin America Africa Australia Middle East Staggered Lease Maturity 1 Aircraft Value by Lessee 1,2 Revenue by Lessee 1, Lessees Each < 2% 30% 8% 2% 2% 2% 4% 2% 4% 2%2% 2% 2% 3% 2% 8% 6% 4% 5% 4% 4% 0.0% 0.7% 0.5%0.5% 0.7% 0.8% 0.9% 0.8% 1.1% 0.8% 0.0% 7.6% 1.1% 1.0% 0.9% 0.7% 7.2% 1.2% 1.1% 0.8% 1.3% 1.3% 1.3% 1.4% 7.2% 1.5% 1.5% 1.5% 1.6% 4.7% 1.7% 1.7% 1.7% 4.4% 1.8% 2.1% 4.3% 2.4% 2.4% 3.8% 2.8% 3.7% 2.9% 2.9% 3.0% 3.2% 3.6% # of leases maturing by year 1 As of September 30, On a fair value basis. 3 Based on base value. 4 Revenue for next four quarters. For more information about Merx, please visit 24

25 Portfolio Concentration Rank Top Ten Portfolio Companies 1 ($ in millions) Portfolio Company Fair Value % of Portfolio 1 Merx Aviation Finance, LLC $ % 2 Spotted Hawk $ % 3 Dynamic Product Tankers (Prime), LLC $ % 4 U.S. Security Associates Holdings, Inc. $ % 5 MSEA Tankers LLC $ % 6 Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) $ % 7 Genesis Healthcare, Inc. $ % 8 Carbonfree Chemicals SPE I LLC (f/k/a Maxus Capital Carbon SPE I LLC) $ % 9 PSI Services, LLC $ % 10 RA Outdoors, LLC (Active Outdoors) $ % Top Ten Total $ 1, % Other $ 1, % Total Portfolio $ 2, % Rank Industry Top Ten Industries 1 ($ in millions) Fair Value % of Portfolio 1 Aviation and Consumer Transport $ % 2 Business Services $ % 3 Healthcare & Pharmaceuticals $ % 4 High Tech Industries $ % 5 Energy Oil & Gas $ % 6 Transportation Cargo, Distribution $ % 7 Aerospace & Defense $ % 8 Chemicals, Plastics & Rubber, g,, $ % 9 Real Estate $ % 10 Energy Electricity $ % Top Ten Total $ 1, % Other $ % Total Portfolio $ 2, % Average Position Size, at fair value ($ in millions) $27.1 $27.4 $25.0 $26.0 $ Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 1 Top ten portfolio companies and top ten industries based on market value as of September

26 Portfolio Company Credit Quality Median LTM EBITDA Net Leverage through AINV Position (weighted average by cost) Total Cash Interest Coverage (weighted average by cost) $ x 4.00x $90 $ x 3.50x 3.00x $70 $ x 2.50x $ x 2.00x $40 $ x 1.50x 1.00x $20 $ x 0.50x $0 Sep-17 Dec-17 Mar-18 Jun-18 Sep x Sep-17 Dec-17 Mar-18 Jun-18 Sep x Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 At Close Current At Close Current At Close Current 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. 26

27 Conclusion 27

28 Reasons to Own AINV 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 expected to deliver consistent shareholder returns and a stable NAV 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 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, 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. 28

29 Appendices 29

30 Specialty Niches 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 Lender Finance 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 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 30

31 APOLLO INVESTMENT CORPORATION Second Quarter Fiscal Year 2019 Earnings Three Months Ended September 30, 2018 October 30, 2018

32 Summary of Quarterly Results Second quarter of fiscal year 2019 (Three months ended September 30, 2018) and other recent highlights Fiscal Second Quarter Results and Other Recent Highlights Net investment income for the quarter ended September 30, 2018 was $32.2 million, or $0.15 per share, compared to $31.5 million, or $0.15 per share for the quarter ended June 30, 2018 Net realized and change in unrealized losses for the quarter ended September 30, 2018 were ($4.1) million, or ($0.02) per share, compared to ($18.3) million, or ($0.08) per share for the quarter ended June 30, 2018 Net asset value per share as of September 30, 2018 was $6.47 compared to $6.47 as of June 30, 2018 Net leverage 1 as of September 30, 2018 was 0.68 x compared to 0.78 x as of June 30, 2018 Continued to successfully execute our portfolio repositioning strategy, with core 2 strategies representing 78% of the portfolio 3 as of September 30, 2018 Invested $364 million across 9 new and 16 existing portfolio companies during the quarter - 100% of investments made were in core strategies 2-100% of investments made were in floating rate debt 4-97% of investments made were in first lien debt - 96% of investments made were pursuant to our co-investment order 5 Investments sold totaled $163 million and investments repaid totaled $372 million Net investment activity before repaid investments was $200 million, and net investment activity after repayments was ($172) million for the quarter Repurchased 2,868,300 shares of common stock at a weighted average price per share of $5.61, inclusive of commissions, for an aggregate cost of $16.1 million during the quarter During the period from October 1, 2018 through October 29, 2018, the Company repurchased 482,400 shares of common stock at a weighted average price per share of $5.49, inclusive of commissions, for a total cost of $2.6 million On October 30, 2018, the Board of Directors (the Board ) approved a new stock repurchase plan (the Repurchase Plan ) to acquire up to $50 million of the Company s common stock. The new Repurchase Plan is in addition to the Company's existing share repurchase authorization, of which approximately $3.3 million of repurchase capacity remains. Accordingly, the Company now has approximately $53.3 million available for stock repurchases under its repurchase program On October 30, 2018, the Board approved a one-for-three reverse stock split of the Company s common stock which will be effective as of the close of business as of November 30, 2018 (the Effective Time ). The Company's common stock is expected to begin trading on a split-adjusted basis at the market open on December 3, 2018 On October 30, 2018, the Board declared a distribution of $0.15 per share (or $0.45 per share adjusted for the one-for-three reverse stock split) payable on January 4, 2019 to shareholders of record as of December 20, 2018 Received $1.59 billion of commitments for an amendment to the Senior Secured Facility which is expected to close in early November. The amendment reduces the asset coverage covenant from 200% to 150%, increases the size of the facility by $400 million, and extends the maturity from December 2021 to November 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 Core strategies include corporate lending, aviation, life sciences, asset based and lender finance. 3 On a fair value basis. 4 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. 5 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in coinvestment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein. 32

33 Financial Highlights ($ in thousands, except per share data) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Operating Results 1 Net investment income $32,163 $31,547 $31,943 $33,966 $34,157 Net realized and change in unrealized gains (losses) from investments and foreign currencies (4,134) (18,297) (11,316) (22,342) (2,370) Net realized loss on extinguishment of debt (5,790) Net increase in net assets resulting from operations $28,029 $13,250 $20,627 $5,834 $31,787 Net investment income per share $0.15 $0.15 $0.15 $0.16 $0.16 Net realized and change in unrealized gains (losses) from investments and foreign currencies p/s ($0.02) ($0.08) ($0.05) ($0.10) ($0.01) Net realized loss on extinguishment of debt per share ($0.03) Earnings per share $0.13 $0.06 $0.10 $0.03 $0.14 Distribution recorded per common share $0.15 $0.15 $0.15 $0.15 $0.15 Select Balance Sheet and Other Data Investment portfolio (at fair value) $2,324,741 $2,495,459 $2,248,047 $2,352,562 $2,360,290 Debt outstanding $946,236 $1,102,679 $789,846 $875,165 $864,906 Net assets $1,371,152 $1,391,166 $1,418,086 $1,441,050 $1,472,600 Net asset value per share $6.47 $6.47 $6.56 $6.60 $6.72 Debt-to-equity ratio 0.69 x 0.79 x 0.56 x 0.61 x 0.59 x Net leverage ratio x 0.78 x 0.57 x 0.62 x 0.59 x Weighted average shares outstanding 214,099, ,914, ,700, ,550, ,519,803 Shares outstanding 212,056, ,925, ,312, ,255, ,034,354 Number of portfolio companies, at period end Weighted Average Yields, at period end Secured debt % 10.7% 10.7% 10.5% 10.3% Unsecured debt % 11.4% 11.3% 11.2% 11.2% Total debt portfolio % 10.7% 10.7% 10.5% 10.3% Total portfolio 4 9.7% 9.7% 9.6% 9.6% 9.7% 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. 33

34 Summary Investment Activity ($ in thousands) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Portfolio Activity 1 Investments made $363,565 $358,950 $243,329 $198,355 $265,439 Investments sold (163,249) (14,832) (119,302) (48,084) (11,703) Net investment activity before repayments $200,316 $344,117 $124,027 $150,271 $253,737 Investments repaid (372,056) (93,786) (238,131) (156,716) (328,096) Net investment activity ($171,740) $250,331 ($114,104) ($6,445) ($74,359) Number of portfolio companies, at beginning of period Number of new portfolio companies Number of exited portfolio companies (7) (1) (4) (9) (9) Number of portfolio companies, at period end Number of investments in existing portfolio companies Yield on Activity 2 Yield on investments made 9.5% 9.4% 9.7% 9.9% 10.0% Yield on debt sales and repayments 10.1% 9.4% 9.6% 10.2% 10.3% 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. 34

35 Quarterly Investment Activity Investment Activity ($ in millions) Total Debt Portfolio Yield 1,2 10.3% 10.5% 10.7% 10.7% 10.7% $265 $198 ($12) ($48) ($157) ($328) $243 ($119) ($238) $359 $364 ($15) ($94) ($163) ($372) Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 New Investments Sales Repayments Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Net Investment Activity ($ in millions) Yield on Investment Activity 2,3 10.8% 11.2% $ % 10.2% 10.2% 10.0% 9.9% 9.7% 9.4% 10.1% 10.1% 9.5% 9.3% 9.1% ($74) ($6) ($114) 7.6% Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 ($172) Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 New Investments Sales Repayments 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. 35

36 Detailed Quarterly Investment Activity ($ in thousands) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Purchases 1 First lien 2 $351,623 $319,224 $186,265 $108,008 $111,229 Second lien 9,339 39,323 49,426 89, ,972 Total secured debt 360, , , , ,201 Unsecured debt Structured products and other Preferred equity 1, Common equity/interests and warrants 1, , ,238 Total Purchases $363,565 $358,950 $243,329 $198,355 $265,439 Yield at Cost on Debt Purchases 3 First lien 9.5% 9.3% 9.5% 9.3% 9.3% Second lien 11.0% 10.4% 10.3% 10.7% 10.4% Total secured debt 9.5% 9.4% 9.7% 9.9% 10.0% 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 9.5% 9.4% 9.7% 9.9% 10.0% Sales and Repayments 1 First lien 2 $400,720 $93,006 $228,989 $79,659 $128,848 Second lien 119,450 8,728 91,255 90, ,034 Total secured debt 520, , , , ,882 Unsecured debt 10,681 2,453 2, ,000 Structured products and other ,349 27,292 8,961 Preferred equity 0 (30) Common equity/interests and warrants 4,326 4,369 7,780 6,814 6,956 Total Sales and Repayments $535,305 $108,618 $357,433 $204,800 $339,799 Yield at Cost on Debt Sales and Repayments 3 First lien 9.6% 9.3% 9.0% 10.0% 10.4% Second lien 11.3% 10.0% 11.2% 10.5% 9.9% Total secured debt 10.0% 9.3% 9.6% 10.2% 10.1% Unsecured debt 15.0% 10.8% 10.2% 13.0% 11.0% Preferred equity N/A N/A N/A N/A N/A Yield at Cost on Debt Sales and Repayments 10.1% 9.4% 9.6% 10.2% 10.3% Yield at Cost on Sales 10.1% 11.2% 7.6% 10.2% 9.3% Yield at Cost on Debt Repayments 10.1% 9.1% 10.8% 10.2% 10.3% 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. 36

37 Detailed Quarterly Investment Activity (Continued) ($ in thousands) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Investment Activity, excluding Merx Aviation and Revolver Activity Deployment $265,874 $199,714 $157,985 $165,066 $234,414 Sales ($154,776) ($14,832) ($119,302) ($48,084) ($11,703) Repayments ($248,107) ($13,464) ($157,061) ($119,070) ($272,397) Net Investment Activity ($137,008) $171,418 ($118,378) ($2,087) ($49,686) Merx Aviation Deployment - $91,000 $18,500 $5,800 $10,000 Repayments (47,250) - ($25,000) ($26,000) ($41,538) Net funding into Merx Aviation ($47,250) $91,000 ($6,500) ($20,200) ($31,538) Revolvers, excluding Merx Aviation Deployment $97,691 $68,236 $66,844 $27,489 $21,025 Sales ($8,473) Repayments ($76,700) ($80,322) ($56,070) ($11,646) ($14,161) Net funding on revolvers $12,518 ($12,086) $10,774 $15,843 $6,864 Total Deployment $363,565 $358,950 $243,329 $198,355 $265,439 Sales ($163,249) ($14,832) ($119,302) ($48,084) ($11,703) Repayments ($372,056) ($93,786) ($238,131) ($156,716) ($328,096) Net Investment Activity ($171,740) $250,331 ($114,104) ($6,445) ($74,359) Note: Numbers may not sum due to rounding. 37

38 Net Asset Value ($ in thousands, except per share data) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Per Share NAV, beginning of period $6.47 $6.56 $6.60 $6.72 $6.73 Net investment income Net realized and change in unrealized gain (loss) (0.02) (0.08) (0.05) (0.10) (0.01) Net realized loss on extinguishment of debt (0.03) Net increase (decrease) in net assets resulting from operations Repurchase of common stock Distribution recorded (0.15) (0.15) (0.15) (0.15) (0.15) NAV, end of period $6.47 $6.47 $6.56 $6.60 $6.72 Total NAV, beginning of period $1,391,166 $1,418,086 $1,441,050 $1,472,600 $1,477,624 Net investment income 32,163 31,547 31,943 33,966 34,157 Net realized and change in unrealized gains (losses) (4,134) (18,297) (11,316) (22,342) (2,370) Net realized loss on extinguishment of debt (5,790) Net increase (decrease) in net assets resulting from operations 28,029 13,251 20,627 5,834 31,787 Repurchase of common stock (16,105) (7,877) (11,145) (4,645) (3,956) Distributions recorded (31,938) (32,293) (32,447) (32,738) (32,855) NAV, end of period $1,371,152 $1,391,166 $1,418,086 $1,441,050 $1,472,600 Net Asset Value Per Share $6.72 $6.60 $6.56 $6.47 $6.47 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Note: Numbers may not sum due to rounding. 38

39 Portfolio as of September 30, 2018 By Asset Class 1 Fixed Rate vs. Floating Rate 1,2 3% 3% 10% First lien debt Second lien debt 6% Unsecured debt 27% 57% Structured products and other Preferrred equity, common equity/interests and warrants 94% Fixed Rate Assets Floating Rate Assets By Industry 1,3 Sponsored vs. Non-sponsored 1,4 2.2% 2.5% 2.9% 3.2% 7.1% 16.3% 19.7% 15.8% 18% 7.8% 8.7% 13.8% 82% Aviation and Consumer Transport Healthcare & Pharmaceuticals Energy Oil & Gas Aerospace & Defense Diversified Investment Vehicles, Banking, Finance, Real Estate Other Business Services High Tech Industries Transportation Cargo, Distribution Chemicals, Plastics & Rubber Energy Electricity Sponsored Non-sponsored 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: Consumer Goods Non-durable; Beverage, Food & Tobacco; Food & Grocery; Advertising, Printing & Publishing; Consumer Goods Durable; Automotive; Consumer Services; Utilities Electric; Telecommunications; Insurance; Containers, Packaging & Glass; Manufacturing, Capital Equipment; Media Diversified & Production; Hotel, Gaming, Leisure, Restaurants; and Metals & Mining. 39

40 Corporate Lending Portfolio Metrics as of September 30, 2018 Total Investment Portfolio (Corporate Lending, Merx, & Non-Core and Legacy) Corporate Lending Portfolio $ in millions, unless indicated otherwise $ in millions, unless indicated otherwise Metrics for $1.1 Billion Corporate Lending Portfolio Originated After 7/1/16 53% first lien (81% of deployment over the past 12 months has been first lien) 100% floating rate 62% pursuant to co-investment order 1 $506 $15.7 million average borrower exposure $457 $2.32 billion $1,097 $265 19% $1.36 billion $1,097 81% 5.3x weighted average net leverage 2 4.5x weighted average net leverage for first lien $ x weighted average net leverage for second lien ~755 weighted average spread ~670 weighted average spread for first lien Core Corporate Lending Portfolio Originated After 7/1/16 Core Corporate Lending Portfolio Originated Before 7/1/16 Merx Aviation Non-Core and Legacy Core Corporate Lending Portfolio Originated After 7/1/16 Core Corporate Lending Portfolio Originated Before 7/1/16 ~855 weighted average spread for second lien Notes: All data as of September 30, On a fair value basis. July 1, 2016 is the approximate date of the appointment of the current Chief Executive Officer and President / Chief Investment Officer. 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. Excludes select investments where debt-to-ebitda is not a relevant or appropriate metric, or data is not available. Weighted average by cost. Current. 40

41 Portfolio Composition ($ in thousands) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Portfolio Composition, measured at fair value ($) First lien $1,313,114 $1,363,867 $1,131,942 $1,169,317 $1,142,148 Second lien 631, , , , ,710 Total secured debt $1,944,665 $2,100,991 $1,837,953 $1,912,616 $1,892,857 Unsecured debt 80,000 90, , , ,558 Structured products and other 67,131 67,373 67,968 97, ,269 Preferred equity 32,524 31,401 31,053 25,690 25,780 Common equity/interests and warrants 200, , , , ,826 Total investment portfolio $2,324,741 $2,495,459 $2,248,047 $2,352,562 $2,360,290 Portfolio Composition, measured at fair value (%) First lien 57% 55% 50% 50% 48% Second lien 27% 30% 31% 32% 32% Total secured debt 84% 84% 82% 81% 80% Unsecured debt 3% 4% 5% 5% 5% Structured products and other 3% 3% 3% 4% 5% Preferred equity 1% 1% 1% 1% 1% Common equity/interests and warrants 9% 8% 9% 9% 9% Portfolio Composition by Strategy, measured at fair value (%) Core strategies 1 78% 80% 77% 74% 73% Non-core strategies 2 18% 17% 19% 22% 23% Legacy & Other 3% 3% 4% 4% 4% Interest Rate Type, measured at fair value 3 Fixed rate % 6% 6% 8% 8% 9% Floating rate % 94% 94% 92% 92% 91% Sponsored / Non-sponsored, measured at fair value 4 Sponsored % 82% 81% 81% 82% 81% Non-sponsored % 18% 19% 19% 18% 19% 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. 41

42 Credit Quality As of September 30, 2018, 3.2% of total investments at amortized cost, or 2.6% of total investments at fair value, were on non-accrual status. ($ in thousands) 2Q'19 1Q'19 4Q'18 3Q'18 2Q'18 Investments on Non-Accrual Status Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Non-accrual investments at amortized cost $75,671 $75,671 $75,671 $57,928 $46,199 Non-accrual investments/total portfolio, at amortized cost 3.2% 3.0% 3.3% 2.4% 1.9% Non-accrual investments at fair value $61,580 $57,646 $51,426 $35,175 $30,204 Non-accrual investments/total portfolio, at fair value 2.6% 2.3% 2.3% 1.5% 1.3% Portfolio Company Credit Metrics 1 Net Leverage (Close) 5.4 x 5.5 x 5.5 x 5.4 x 5.5 x Net Leverage (Current) 5.5 x 5.6 x 5.5 x 5.5 x 5.5 x Interest Coverage (Close) 2.4 x 2.4 x 2.5 x 2.7 x 2.7 x Interest Coverage (Current) 2.3 x 2.3 x 2.5 x 2.7 x 2.7 x Industry Cost Fair Value Investments on Non-Accrual Status as of September 30, 2018 Elements Behavioral Health, Inc. Healthcare & Pharmaceuticals $11,911 $0 Magnetation, LLC Metals & Mining $1,273 $157 Spotted Hawk Energy Oil & Gas $44,380 $47,788 Sprint Industrial Holdings, LLC. Containers, Packaging & Glass $18,107 $13,636 Total $75,671 $61,580 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. 42

43 Diversified Funding Sources as of September 30, 2018 Debt Facilities Debt Issued/ Amended Final Maturity Date Interest Rate Principal Amount Outstanding (in thousands) Senior Secured Facility ($1.19 billion) 12/22/ /22/2021 L bps $441,016 Senior Secured Notes (Series B) 1 9/29/2011 9/29/ % 16, Notes (redeemable on or after 7/15/18) 6/17/2013 7/15/ % 150, Notes 3/3/2015 3/3/ % 350,000 Weighted Average Annualized Interest Cost 2 & Total Debt Obligations 5.103% 957,016 Deferred Financing Cost and Debt Discount (10,780) Total Debt Obligations,Net of Deferred Financing Cost and Debt Discount $946,236 1 On September 29, 2018, the Series B Notes, which had an outstanding principal balance of $16,000, matured and were repaid in full on October 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 September 30, Based on average debt obligations outstanding. 43

44 Interest Rate Exposure as of September 30, 2018 Investment Portfolio 1,2 Funding Sources 3 6% 22% 59% 19% Fixed Rate Assets 94% Floating Rate Assets Fixed Rate Debt Floating Rate Debt Common Equity Floating Rate Asset Floor Net Investment Income Interest Rate Sensitivity 4 ($ in millions) Par or Cost Interest Rate Floors % of Floating Rate Portfolio No Floor $256 18% < 1.00% 109 8% 1.00% to 1.24% % 1.25% to 1.49% 27 2% 1.50% to 1.74% 35 2% > =1.75% 0 0% Basis Point Change Annual Net Investment Income (in millions) Annual Net Investment Income Per Share Up 400 basis points $30.4 $0.143 Up 300 basis points $22.8 $0.108 Up 200 basis points $15.2 $0.072 Up 100 basis points $7.6 $0.036 Down 100 basis points ($7.6) ($0.036) Total $1, % 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 September 30, 2018, assuming no changes in our investment and borrowing structure. 44

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