apollo investment corporation investor presentation/media/files/a/apollo-ic-v4/... ·...

Unless otherwise noted, information as of March 31, 2020

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

June 2020

Disclaimers, Definitions, and Important Notes

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. Statements regarding the following subjects, among others, maybe forward looking: the macro- andmicro-economic impact of the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic; actions taken by governmental authorities to contain the COVID-19pandemic or treat its impact; the impact of the COVID-19 pandemic on our financial condition, results of operations, liquidity and capital resources. For additional information about theCOVID-19 pandemic and its potential impact on the Company’s results of operations and financial condition, please refer to the COVID-19 Developments section and additionaldisclosure in our Form 10-K for the period ended March 31, 2020.

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, Inc.; Apollo Investment Management, L.P.; and Apollo Investment Corporation (collectively “Apollo”). There can be no assurances that future dividends will match orexceed 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 dateindicated on the cover page and may change at any time without notice. Apollo Investment Corporation (the “Corporation”) is subject to certain significant risks relating to our businessand investment objective. For more detailed information on risks relating to the Corporation, see the latest Form 10-K and subsequent quarterly reports filed on Form 10-Q.

Financial DataFinancial data used in this presentation for the periods shown is from the Corporation’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 Corporation 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.

2

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 AINV & Apollo’s Direct Origination Platform • Investment Strategy • 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 March 31, 2020. 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, Inc., 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 was reduced from 200% to 150% on 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 June 1, 2020. 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 March 31, 2020, invested $21.2 billion in 538 portfolio companies• $2.79 billion investment portfolio across 152 companies and 29 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, Inc. (“AGM”), a leading alternative asset manager with approximately $316 billion of AUM 2,4 with expertise in private equity, credit and real assets

• Apollo Global Management, Inc. 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 $688 million

Dividend yield at market price 917.3%

Dividend yield at NAV 10

11.5%

All figures as of March 31, 2020 unless otherwise noted. Please refer to the beginning of this presentation for the definition of AUM.(1) AUM figures include funds that are denominated in Euros and translated into US dollars at an exchange rate of €1.00 to $1.10 as of March 31, 2020. Business segment AUM may not sum to total firm AUM due to rounding. (2) Headcount includes 3 Executive Officers as Private Equity Investment Professionals(3) Number may not be fully reflective of all Apollo affiliated office space worldwide

AINV Benefits from a Strong External Manager

7

Key Attributes Global Footprint

Value-oriented, contrarian approach

Opportunistic across market cycles

Integrated platform across asset classes and geographies

Deep industry knowledge

Private Equity

154 InvestmentProfessionals2

$68 bn in AUM1

Credit Real Assets

235 InvestmentProfessionals

$210 bn in AUM1

104 Investment Professionals

$38 bn in AUM1

New York

BethesdaHouston

Los AngelesLondon

Madrid

Frankfurt

LuxembourgDelhi

Mumbai

Shanghai

Hong Kong

Singapore

Firm Profile

Founded: 1990

AUM: ~$316 bn1

Employees: 1,460

Offices Worldwide: 153

Tokyo

San Diego

Commercial Real Estate Debt

Scott Weiner$24 billion in AUM

31 Professionals

Broad Credit Coverage and Experienced Team

8

Note: All strategies and leadership listed above reflect global coverage. AUM and headcount as of March 31, 2020. Please refer to the beginning of this presentation for the definition of AUM. AUM figures include funds that are denominated in Euros and translated into U.S. dollars at an exchange rate of €1.00 to $1.10 as of March 31, 2020. (1) Strategy headcounts excludes 18 global business professionals. (2) ISG manages $162bn in assets for affiliate insurance balance sheets, including those sub-advised by Apollo’s Credit, Private Equity, and Real Assets businesses. (3) In addition, serves as co-portfolio manager of the SCRF Funds and Partner, European Credit.

Apollo Global Credit$210 Billion in AUM & 235 Investment Professionals (1)

Fixed Income

$58 billion in AUM32 Professionals

Corporate Credit


DirectOrigination


Insurance Solutions Group

(ISG) (2)

44 Professionals

Leadership

Jim HassettBrigitte Posch

Joseph MoroneyJohn Zito

Howard WidraTanner Powell

Gary RothschildJustin Sendak

Bret Leas Nancy De LibanRob Graham

Jeff Jacobs Jamshid EhsaniJim Galowski (3)

Matt O’MaraJasjit Singh

Strategies

• Investment grade bonds

•Sovereign bonds•Emerging markets• IG private placements

•Senior secured loans

•High yield•Event-driven•Multi-Sector Credit•Large corporate direct lending

•Middle market loans

•ABLs / revolvers•Aircraft / aviation finance

•Life sciences•Lender finance•Bespoke / sell-side sourcing

•CLO liabilities•CLO equity•Regulatory & solution capital

•Synthetics•Asset-backed securities

•Residential real estate – RMBS & whole loans

•Consumer whole loans & ABS

•Conduit CMBS•Small balance CMLs

•Portfolio construction & asset allocation

•Asset & liability management

•Risk management•Structuring for capital efficiency

Structured Credit& ABS


Consumer & Residential Credit$16 billion in AUM21 Professionals

Hybrid Capital

Robert RubertonMatthew Michelini


Infrastructure andEnergy Credit

Various$1 billion in AUM

9 Professionals

European Principal Finance

Skardon Baker$7 billion in AUM25 Professionals

Other Credit Related

Strategies

Apollo’s Dedicated Direct Origination Vehicles

9

1 As of March 31, 2020. 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.

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

• $2.79 billion investment portfolio across 152 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

• $27.8 billion of commitments under management, of which MidCap holds $12.9 billion, of which $9.4 billion are funded and outstanding 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

• $1.58 billion investment portfolio across 134 companies 1


Additional capacity in select opportunistic credit accounts

Apollo’s Direct and Specialty Origination PlatformEncompasses 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 - Franchise Finance

• 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

10

$0.5 $3.2 $3.6 $3.9

$0.7

$11.9

$0.2

$1.0 $1.0 $1.3

$0.2

$3.7

$0.8

$4.2 $4.6 $5.1

$0.9

$15.6

0%

5%

10%

15%

20%

25%

30%

35%

$- $2 $4 $6 $8

$10 $12 $14 $16 $18

2016 2017 2018 2019 2020 Total

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

200+ Investment Professionals Globally

Volume Team

11

$ in billions

Investment Strategy

12

Successfully Executed De-Risking Investment Strategy

13

On a fair value basis December 31, 2016

December 31, 2017

December 31, 2018

December 31, 2019

March 31, 2020

Exposure to core assets 1, 2 66% 74% 80% 88% 90%

Exposure to non-core assets and legacy 2,3 34% 26% 20% 12% 10%

Exposure to first lien debt 4 29% 38% 62% 82% 85%

Exposure to floating rate debt 4,5 84% 92% 100% 100% 100%

Investments made pursuant to co-investment order 4,6 5% 33% 59% 76% 76%

Borrower concentration 4 $21.3 m $19.7 m $15.9 m $16.4 m $15.8 m

1 Core assets include corporate lending and aviation. Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. 2 Percentage based on total investment portfolio. 3 Non-core assets include oil & gas, structured credit, renewables, shipping, commodities and legacy assets. 4 Percentage based on corporate lending portfolio. 5 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. 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.

How AINV is Navigating the Current Environment

14

Proactive Portfolio Management

• Regular dialog with our portfolio companies and their respective owners to evaluate the impact of the novel coronavirus (COVID-19) pandemic

• Long-standing relationships with most of the sponsors that own the companies in our portfolio• Focused on being good partners to our portfolio companies• Amendments should provide our portfolio companies with the flexibility they need which can be used to reprice risk, tighten

loan documentation, add covenants and secure additional equity capital• Investment Committee is meeting frequently to discuss portfolio company developments and how to address each situation

Supporting Existing Borrowers

• Well-situated to support existing borrowers with new commitments as needed by virtue of MidCap being a well-capitalized co-lender on much of AINV’s corporate lending portfolio and given the SEC’s recent temporary and conditional co-investment relief 1

• Merx Aviation, our wholly owned aircraft leasing portfolio company, is working with its aircraft customers to provide the necessary flexibility in the current environment

Sufficient Liquidity

• $224 million of immediately available liquidity and $131 million of additional capacity under the Company’s Senior Secured Facility (the “Facility”) as of March 31, 2020 2

• Revolver draws are being reviewed in detail to ensure covenant compliance and borrowing base availability prior to funding • In compliance with all covenants under the Facility, as of March 31, 2020• No term debt maturities until 2025• Temporarily suspended share repurchase program 3

Additional Current Areas of Focus

• Continue to seek to reduce exposure to non-core and legacy assets• Intend to reduce the Company's net leverage ratio to within target leverage range of 1.40x to 1.60x through paydowns

Apollo Global Management, Inc. Affiliation

• Apollo Global has successfully navigated many market cycles, disruptions and period of heightened volatility• Able to avail ourselves of the expertise of 450+ investment professionals• Information shared across the platform to gain insights

1 The Securities and Exchange Commission issued an order on April 8, 2020, providing relief to business development companies whose operations may be affected by the COVID-19 coronavirus outbreak (Order). The Order expands the existing scope of co-investment relief that many BDCs have received, in order to permit certain affiliated private funds of a BDC that has a co-investment exemptive relief order to jointly invest in follow-on investments, even though conditions of such exemptive relief order might otherwise prohibit those affiliated private funds from doing so. The relief provided by the Order is limited to the period from April 9, 2020 to the earlier of (i) December 31, 2020 and (ii) the date by which the BDC elects to no longer rely on the Order. 2 As of March 31, 2020, aggregate lender commitments under the Senior Secured Facility totaled $1.81 billion and there were $1.449 billion of outstanding borrowings under the Facility and $6.2 million of letters of credit issued under the Facility. Accordingly, there was $354 million of unused capacity under the Facility as of March 31, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. As of March 31, 2020, the Company had immediate access to $224 million under the Facility based on the Company’s borrowing base. 3 On March 19, 2020, the Company announced that it was temporarily suspending its stock repurchase program, including amounts allocated to Rule 10b5-1 repurchase plans. The Company retains the right to reinstate the stock repurchase program.

Shareholder Alignment

15

1 Effective April 1, 2018. 2 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by the SBCAA. As a result, the asset coverage ratio test applicable to the Company decreased from 200% to 150%, effective April 4, 2019. 3 The calculation of the incentive fee with the total return requirement began on January 1, 2019. The incentive fee rate and performance threshold remain 20% and 7% respectively. There was no change to the catch-up provision. For the period between April 1, 2018 through December 31, 2018, the incentive fee rate was waived to 15%, subject to the 7% annualized performance threshold. 4 Since the inception of the share repurchase program and through May 20, 2020. Inclusive of commissions. 5 As of May 20, 2020. On March 19, 2020, the Company announced that it was temporarily suspending its stock repurchase program, including amounts allocated to Rule 10b5-1 repurchase plans. The Company retains the right to reinstate the stock repurchase program.

Fee Structure Closely Aligns the Incentives of the Manager with the Interests of the Shareholders• The base management fee was permanently reduced 1 from an annual rate of 2.0% of the Company’s gross

assets to - 1.5% of gross assets up to 1.0x debt-to-equity- 1.0% of gross assets in excess of 1.0x debt-to-equity 2

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

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

$223.1 million 4

• The Company has approximately $26.9 million available for stock repurchases 5

Investment Portfolio

16

Strategy Fair Value as of March 31, 2020

% of non-core and legacy

Shipping $138 million 52%Oil & Gas $64 million 24%Renewables $29 million 11%Legacy & Other $35 million 13%

First Lien % 85%Floating Rate % 100%Sponsored % 88%Pursuant to co-investment order % 76%Average Borrower Exposure $15.8 mnMedian EBITDA 4 $37mnWeighted Average Net Leverage 4, 5, 6, 7 5.48 xWeighted Average Attachment Point 4, 6, 7 0.9xInterest Coverage 4, 6, 7 2.8 x

Investment Portfolio as March 31, 2020

17

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

Corporate Lending 3$2.185 billion1 or 78.4% of portfolio Weighted Average Yield 8.5% 2

Non-Core and Legacy$267 million1 or 9.6% of portfolio Weighted Average Yield 7.7% 2

Total Portfolio $2.79 bn1

Weighted AverageYield 8.9% 2

81 aircraft (78 narrowbody)

10 aircraft types

40 lessees in 27 countries

Weighted average age of aircraft ~9.3 years

Weighted average lease maturity ~4.9 years

Merx Aviation $334 million1 or 12.0% of portfolioWeighted Average Yield 12.0% 2

Fair Value / Cost by Strategy Change

($ in millions, except per share data)Gain (Loss)

TotalGain (Loss) Per Share

Gain (Loss) % of Total

Leveraged lending ($61.4) ($0.93) 33%

Life sciences ($5.8) ($0.09) 3%

Asset based and lender finance ($6.6) ($0.10) 4%

Fx Gain (loss) on corporate lending $9.2 $0.14 -5%

Corporate lending portfolio ($64.5) ($0.97) 35%

Merx Aviation ($29.3) ($0.44) 16%

Core portfolio ($93.9) ($1.42) 50%

Oil & Gas ($52.3) ($0.79) 28%

Renewables ($14.0) ($0.21) 8%

Shipping ($1.5) ($0.02) 1%

Legacy & Other ($24.8) ($0.37) 13%

Fx Gain (loss) Non-Core $0.5 $0.01 0%

Non-core and legacy ($92.2) ($1.39) 50%

Total investment portfolio ($186.0) ($2.81) 100%

($ in millions)Fair Value / Cost

12/31/19Fair Value / Cost

3/31/20Change in Fair

Value / Cost

Leveraged lending 98.8% 95.6% -3.2%Life sciences 100.1% 95.2% -4.9%Asset based and lender finance 99.7% 97.0% -2.7%Corporate lending portfolio 99.0% 95.7% -3.2%Merx Aviation 113.3% 104.2% -9.2%Core portfolio 100.8% 96.8% -4.0%Oil & Gas 58.9% 32.4% -26.5%Renewables 77.4% 52.2% -25.2%Shipping 91.0% 90.0% -1.0%Legacy & Other 75.1% 44.6% -30.6%Non-core and legacy 73.7% 54.8% -18.9%Total investment portfolio 96.5% 90.2% -6.3%

Corporate Lending Portfolio Performed Better Than Rest of Portfolio

18

Note: Numbers may not sum due to rounding

Realized and Change in Unrealized Gains (Losses) by Strategy

For the Three Months Ended March 31, 2020

We believe Merx’s fleet compares favorably to other major lessors in terms of asset, geography, age, maturity and lessee diversification

19

81 aircraft

10 aircraft types

40 lessees in 27 countries

Weighted average age of aircraft~9.3 years

Weighted average lease maturity ~4.9 years

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

Staggered Lease Maturity1 Aircraft Value by Lessee1,2

33

25

17

25

1 5 11

737-800 A320-200 777-200F A321-200 A321neo

A319-100 A330-200 737-700 737-900ER 787-8

34%

23%

22%

10%

4%4% 3%

Asia Europe North AmericaLatin America Africa AustraliaMiddle East

2

78

1513

14

10

6

1

4

1

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

# of leases maturing by year

9%7%

6%

6%5%

4%4%

4%4%

3%

3%3%3%3%

3%2%

2%

2%2%2%

23%

20 Lessees Each < 2%

1 As of March 31, 2020 2 On a fair value basis. 3 Based on base value. For more information about Merx, please visit www.merxaviation.com.

Represents 12.0% of AINV’s investment portfolio 1, 2

Portfolio Diversification

16.7%

12.9%

12.5%

12.3%

6.1%

4.4%

3.5%

3.2%

2.7%

2.6%

2.3%

2.3%

2.3%

2.2%

1.7%

1.6%

1.6%

1.5%

1.5%

1.2%

1.1%

1.0%

2.8%

Healthcare & Pharmaceuticals

Business Services

Aviation and Consumer Transport

High Tech Industries

Transportation – Cargo, Distribution

Consumer Services

Beverage, Food & Tobacco

Consumer Goods – Non-durable

Consumer Goods – Durable

Diversified Investment Vehicles, Banking, Finance, Real Estate

Chemicals, Plastics & Rubber

Energy – Oil & Gas

Insurance

Automotive

Retail

Manufacturing, Capital Equipment

Aerospace & Defense

Advertising, Printing & Publishing

Media – Diversified & Production

Education

Environmental Industries

Construction & Building

Other 2

Investment Portfolio by Industry 1

20

1 As of March 31, 2020. On a fair value basis 2 Other includes: Telecommunications; Energy – Electricity; Food & Grocery; Wholesale; Containers, Packaging & Glass; Hotel, Gaming, Leisure, Restaurants.

Average Position Size 3, at fair value ($ in millions)

Rank Portfolio CompanyFair Value

% of Portfolio

1 ChyronHego Corporation 70$ 3.2%2 Genesis Healthcare, Inc. 44 2.0%3 Simplifi Holdings, Inc. 38 1.7%4 Telestream Holdings Corporation 37 1.7%5 RA Outdoors, LLC (Active Outdoors) 37 1.7%6 NFA Group 34 1.6%7 Medical Guardian 34 1.6%8 IPS 34 1.5%9 MAKS 34 1.5%

10 PSI Services, LLC 33 1.5%Top Ten Corporate Lending Portfolio 395$ 18.1%Other 1,790 81.9%Total Corporate Lending Portfolio 2,185$ 100.0%

$15.5 $15.7 $16.3 $16.4

$15.8

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

Fair Value

% of Portfolio

Leveraged Lending 1,836$ 66%Life Sciences 112 4%Asset Based and Lender Finance 237 9%Total Corporate Lending Portfolio 2,185$ 78%Aviation 334 12%

Total Core Assets 2,518 90%Non-Core and Legacy 267 10%

Total Portfolio 2,785$ 100%

Portfolio Concentration

21

1 Based on corporate lending portfolio. Top ten portfolio companies based on market value as of March 31, 2020. 2 AINV sold $65 million of the position subsequent to quarter end to achieve its desired hold size. 3 Based on corporate lending portfolio.

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

Median LTM EBITDA

1.9 x1.7 x

1.3 x

0.9 x 0.9 x


2.4 x 2.4 x 2.5 x 2.5 x2.8 x


5.45 x 5.43 x 5.50 x 5.27 x 5.46 x


$54

$42$37 $35 $37


Credit Quality

Source: Company data. 1 Based on corporate lending portfolio. Excludes select investments where metric is not relevant or appropriate or data is not available. Weighed average by cost. Current metric.

Net Leverage through AINV Position 1

Total Cash Interest Coverage 1 AINV Attachment Point 1

22

As of March 31, 2020, 5.1% of total investments at amortized cost, or 1.7% of total investments at fair value, were on non-accrual status.

Credit Quality (Continued)

23

Note: Numbers may not sum due to rounding

($ in thousands) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19

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

Investments on Non-Accrual Status

Non-accrual investments at amortized cost $158,694 $60,243 $60,756 $67,240 $72,003

Non-accrual investments/total portfolio, at amortized cost 5.1% 2.0% 2.1% 2.5% 2.9%

Non-accrual investments at fair value $48,668 $20,707 $26,682 $45,300 $56,853

Non-accrual investments/total portfolio, at fair value 1.7% 0.7% 1.0% 1.7% 2.4%

Investments on Non-Accrual Status as of March 31, 2020 Industry Cost Fair Value

Crowne Automotive Automotive 1,329 1,036Garden Fresh Hotel, Gaming, Leisure, Restaurants 2,500 2,425Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) Energy – Oil & Gas 36,926 14,711KLO Holdings, LLC Consumer Goods – Durable 13,491 2,148Magnetation, LLC Metals & Mining 581 0Solarplicity Group Limited (f/k/a AMP Solar UK) Energy – Electricity 7,637 3,787Spotted Hawk Energy – Oil & Gas 89,378 22,495ZPower, LLC High Tech Industries 6,853 2,066Total $158,694 $48,668

Conclusion

24

Reasons to Own AINV

25

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

2 Highly differentiated origination platform

3 Well-diversified senior corporate lending portfolio which we believe will withstand current volatility

4 Well-situated to support existing borrowers

5 Adequate liquidity and no near-term debt maturities

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

Appendices

26

Specialty Niches

27

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

Franchise Finance• MidCap Financial acquired PNC Bank’s Franchise Finance business

• Franchise finance loans to franchisees operating in the quick service restaurant (QSR) and other industries

Financial Highlights

28

Notes: Numbers may not sum due to rounding. 1 The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets. 2 Based on commitments for core portfolio and non-core and legacy investments.

($ in thousands, except per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19


Financial Highlights

Net investment income per share $0.59 $0.54 $0.53 $0.50 $0.47Net realized and change in unrealized gains (losses) from investments and foreign currencies per share

($2.81) ($0.54) ($0.36) ($0.16) ($0.01)

Net realized loss on extinguishment of debt per share – – (0.06) – –

Earnings (loss) per share ($2.22) $0.00 $0.10 $0.35 $0.46

Net asset value per share $15.70 $18.27 $18.69 $19.00 $19.06

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

Net leverage ratio 1 1.71 x 1.43 x 1.24 x 1.03 x 0.83 x

Investment Activity

Commitments 2

Gross commitments made $153,442 $491,440 $378,707 $451,100 $230,396

Exits of commitments (212,483) (309,485) (145,689) (141,965) (52,746)

Net investment commitments made ($59,041) $181,955 $233,018 $309,135 $177,650

Funded Investment Activity

Gross fundings, excluding Merx Aviation and revolvers $209,775 $399,385 $357,804 $312,423 $164,140

Net fundings, including Merx Aviation and revolvers $7,675 $170,912 $207,057 $214,997 $98,051

Portfolio Highlights

29

1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. 2 Non-core assets include oil & gas, structured credit, renewables, shipping and commodities. 3 Based on average of beginning of period and end of period portfolio yield. On a cost basis. Exclusive of investments on non-accrual status.



Portfolio by Strategy, at fair value ($)

Leveraged lending $1,835,702 $1,839,711 $1,627,004 $1,421,556 $1,196,426

Life sciences 112,105 132,165 119,322 115,726 121,660

Asset based and lender finance 236,892 273,871 269,905 256,242 203,147

Corporate lending portfolio 1 $2,184,700 $2,245,746 $2,016,231 $1,793,524 $1,521,233

Merx Aviation 333,747 363,060 362,997 380,915 425,481

Core portfolio $2,518,446 $2,608,806 $2,379,228 $2,174,438 $1,946,713

Non-core and legacy 2 266,987 358,391 425,532 445,874 461,419

Total investment portfolio $2,785,433 $2,967,197 $2,804,760 $2,620,312 $2,408,132

Portfolio by Strategy, at fair value (%)

Leveraged lending 66% 62% 58% 54% 50%

Life sciences 4% 4% 4% 4% 5%

Asset based and lender finance 9% 9% 10% 10% 8%

Corporate lending portfolio 1 78% 76% 72% 68% 63%

Merx Aviation 12% 12% 13% 15% 18%

Core portfolio 90% 88% 85% 83% 81%

Non-core and legacy 2 10% 12% 15% 17% 19%

Total investment portfolio 100% 100% 100% 100% 100%

Weighted Average Yield on Debt Investments, average 3

Corporate lending portfolio 1 8.5% 9.0% 9.4% 9.9% 10.3%

Merx Aviation 12.0% 12.0% 12.0% 12.0% 12.0%

Core portfolio 8.9% 9.4% 9.8% 10.3% 10.7%

Non-core and legacy 2 7.7% 7.4% 7.3% 7.3% 8.4%

Total investment portfolio 8.9% 9.2% 9.6% 10.0% 10.4%

Number of portfolio companies, at period end 152 151 139 129 113

Corporate Lending Portfolio Detail 1

30

1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. Non-core assets include oil & gas, structured credit, renewables, shipping and commodities 2 Source: Company data. 3 Through AINV position. 4 Excludes select investments where metric is not relevant or appropriate or data is not available. 5 Weighted average by cost. Current metric.


Mar-20 Dec-19 Sep-19 Jun-19 Mar-19Portfolio by Asset Class, measured at fair value ($)First lien $1,847,574 $1,847,797 $1,559,301 $1,277,535 $991,430Second lien 328,709 388,820 450,495 509,716 525,493Other 8,417 9,130 6,435 6,272 4,310

Total corporate lending portfolio $2,184,700 $2,245,746 $2,016,231 $1,793,524 $1,521,233

Portfolio by Asset Class, measured at fair value (%)First lien 85% 82% 77% 71% 65%Second lien 15% 17% 22% 28% 35%Other 0% 0% 0% 0% 0%

Total corporate lending portfolio 100% 100% 100% 100% 100%

Weighted Average Spread over LIBOR of Floating Rate Assets (in bps)First lien 595 606 611 609 640Second lien 854 859 859 877 855Weighted average spread 635 651 667 686 713

Weighted Average Net Leverage 2, 3, 4, 5

First lien 5.33 x 5.11 x 5.20 x 5.02 x 5.10 xSecond lien 6.01 x 5.82 x 6.26 x 6.12 x 5.89 xWeighted average net leverage 5.48 x 5.27 x 5.50 x 5.43 x 5.45 x

Interest Rate Type, measured at fair value Fixed rate % 0% 0% 0% 1% 0%Floating rate % 100% 100% 100% 99% 100%

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

Other Metrics Pursuant to co-investment order % 76% 76% 74% 67% 63%Average borrower exposure $15,831 $16,392 $16,260 $15,733 $15,523Interest coverage 2, 4, 5 2.8 x 2.5 x 2.5 x 2.4 x 2.4 xAttachment point 2, 4, 5 0.9 x 0.9 x 1.3 x 1.7 x 1.9 x

Corporate Lending Commitments 1

31

1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. Non-core assets include oil & gas, structured credit, renewables, shipping andcommodities. 2 Source: Company data. Through AINV position. Excludes select investments where debt-to-EBITDA is not a relevant or appropriate metric, or data is not available. Weighted average by cost. Current metric.3 Excludes $40.5 million commitment to Chyron Hego Corporation.


Mar-20 3 Dec-19 Sep-19 Jun-19 Mar-19Gross Commitments Made by Asset ClassFirst lien $153,439 $490,386 $376,707 $449,816 $227,639Second lien 0 0 0 0 0Other 1 1,055 0 1,284 463

Gross commitments made $153,440 $491,440 $376,707 $451,100 $228,102

Gross Commitments Made InformationNumber of portfolio companies 14 28 22 25 19Average commitment size $10,960 $17,551 $17,123 $18,044 $12,005Floating Rate % 100% 100% 100% 100% 100%Pursuant to co-investment order % 83% 85% 94% 96% 94%

Weighted Average Spread over LIBOR of New Floating Rate Commitments (in bps)First lien 580 612 604 552 585Second lien N/A N/A N/A N/A N/AWeighted average spread 580 612 604 552 585

Weighted Average Net Leverage of New Commitments 2

First lien 4.8 x 5.3 x 5.4 x 4.7 x 3.9 xSecond lien N/A N/A N/A N/A N/AWeighted average net leverage 4.8 x 5.3 x 5.4 x 4.7 x 3.9 x

Exits of Commitments by Asset ClassFirst lien ($161,925) ($136,257) ($87,135) ($118,065) ($32,239)Second lien (49,489) (61,675) (57,547) (21,887) (2,450)Other 0 0 (7) 0 0

Exits of commitments ($211,414) ($197,933) ($144,689) ($139,952) ($34,689)

Funded Investment Activity

32

1 Excludes Merx Aviation and revolvers.



Fundings, excluding Merx Aviation and Revolvers

Gross fundings 1 $209,775 $399,385 $357,804 $312,423 $164,140

Sales and syndications 1 (122,901) (14,930) (19,996) (9,562) (10,814)

Repayments 1 (126,697) (212,333) (136,484) (66,864) (33,588)

Net fundings, excluding Merx Aviation and revolvers ($39,823) $172,122 $201,324 $235,997 $119,738

Merx Aviation

Gross Fundings $0 $0 $7,600 $5,500 $4,000

Repayments 0 (2,000) (25,500) (51,500) (35,000)

Net fundings, Merx Aviation $0 ($2,000) ($17,900) ($46,000) ($31,000)

Revolvers, excluding Merx Aviation

Gross Fundings $214,460 $130,656 $111,334 $117,336 $82,079

Sales and Syndications 266 0 0 0 0

Repayments (167,227) (129,866) (87,701) (92,336) (72,766)

Net fundings, revolvers $47,499 $790 $23,633 $25,000 $9,313

Total Funded Investment Activity

Gross Fundings $424,235 $530,041 $476,738 $435,259 $250,219

Sales and Syndications (122,635) (14,930) (19,996) (9,562) (10,814)

Repayments (293,924) (344,199) (249,685) (210,700) (141,354)

Net fundings, including Merx Aviation and revolvers $7,675 $170,912 $207,057 $214,997 $98,051

Number of Portfolio Companies

Number of portfolio companies, at beginning of period 151 139 129 113 103

Number of new portfolio companies 9 16 14 21 12

Number of exited portfolio companies (8) (4) (4) (5) (2)

Number of portfolio companies, at period end 152 151 139 129 113

$15.70 $18.27 $18.69 $19.00 $19.06

$-

$5

$10

$15

$20

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

Net Asset Value Per Share

Net Asset Value Rollforward

33

Note: Numbers may not sum due to rounding.

($ in thousands, except per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19


Per Share

NAV, beginning of period $18.27 $18.69 $19.00 $19.06 $19.03

Net investment income 0.59 0.54 0.53 0.50 0.47

Net realized and change in unrealized gains (losses) (2.81) (0.54) (0.36) (0.16) (0.01)

Net realized loss on extinguishment of debt per share – – (0.06) – –

Net increase (decrease) in net assets resulting from operations (2.22) 0.00 0.10 0.35 0.46

Repurchase of common stock 0.10 0.02 0.04 0.04 0.02

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

NAV, end of period $15.70 $18.27 $18.69 $19.00 $19.06

Total

NAV, beginning of period $1,215,882 $1,253,392 $1,290,710 $1,312,627 $1,316,605

Net investment income 38,786 36,220 35,733 34,534 32,552

Net realized and change in unrealized gains (losses) (186,033) (35,934) (24,291) (10,705) (708)

Net realized loss on extinguishment of debt – – (4,375) – –

Net increase (decrease) in net assets resulting from operations (147,247) 286 7,068 23,829 31,844

Repurchase of common stock (14,954) (7,850) (14,215) (15,123) (4,781)

Distributions recorded (29,367) (29,946) (30,171) (30,624) (31,040)

NAV, end of period $1,024,315 $1,215,882 $1,253,392 $1,290,710 $1,312,627

Quarterly Operating Results

34

Note: Numbers may not sum due to rounding.

($ in thousands, except per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19 Mar-20 Dec-19 Sep-19 Jun-19 Mar-19Total investment incomeInterest income (excluding PIK) $64,782 $62,417 $63,760 $59,643 $54,905Dividend income 2,380 3,237 2,769 381 3,846PIK interest income 1,143 1,634 1,603 5,556 1,485

Other income 3,294 1,193 2,185 937 1,174

Total investment income $71,600 $68,482 $70,318 $66,516 $61,410

Expenses

Management fees $10,289 $10,342 $10,190 $9,539 $8,881

Performance-based incentive fees – 71 1,911 – –

Interest and other debt expenses 18,953 18,200 18,735 17,511 15,623Administrative services expense 1,525 1,542 1,542 1,725 1,620Other general and administrative expenses 2,185 2,205 2,304 3,305 2,757Total expenses 32,952 32,360 34,683 32,079 28,881Expense reimbursements (138) (99) (99) (98) (23)Net expenses $32,814 $32,262 $34,584 $31,982 $28,858Net investment income $38,786 $36,220 $35,733 $34,534 $32,552

Net realized gains (losses) $20 $3,843 ($7,087) $1,282 $174Net realized loss on extinguishment of debt – – (4,375) – –

Net change in unrealized gains (losses) (186,053) (39,777) (17,203) (11,987) (882)

Net realized and change in unrealized gains (losses) (186,033) (35,934) (28,666) (10,705) (708)

Net increase (decrease) in net assets resulting from operations ($147,247) $286 $7,068 $23,829 $31,844

Additional Data

Net investment income per share $0.59 $0.54 $0.53 $0.50 $0.47

Earnings (loss) per share ($2.22) $0.00 $0.10 $0.35 $0.46

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

Weighted average shares outstanding 66,270,865 66,613,469 67,446,575 68,588,541 69,121,393

Shares outstanding, end of period 65,259,176 66,545,741 67,047,352 67,927,353 68,876,986

For the Three Months Ended

Quarterly Balance Sheet

35

Note: Numbers may not sum due to rounding.1 Other assets include cash collateral on option contracts, dividends receivable, deferred financing costs, variation margin receivable on options contracts and prepaid expenses and other assets. 2 The Company’s net leverage ratio is defined as debt outstanding plus payable for investments purchased, less receivable for investments sold, less cash and cash equivalents, less foreign currencies, divided by net assets.

($ in thousands, except share and per share data) 4Q'20 3Q'20 2Q'20 1Q'20 4Q'19


Assets

Investments at fair value $2,785,433 $2,967,197 $2,804,760 $2,620,312 $2,408,132

Cash and cash equivalents (including foreign currencies) 43,676 42,226 36,437 30,570 41,189

Interest receivable 19,150 18,936 28,692 25,692 24,280

Receivable for investments sold 978 5,685 269 684 336

Other assets 1 21,820 25,979 22,803 23,171 23,860

Total Assets $2,871,058 $3,060,024 $2,892,962 $2,700,430 $2,497,797

Liabilities

Debt $1,794,617 $1,785,637 $1,584,128 $1,349,597 $1,128,686

Payables for investments purchased – 800 – – 677

Distributions payable 29,367 29,946 30,171 30,624 31,040

Management and performance-base incentive fees payable 10,289 10,414 12,101 9,539 8,880

Interest payable 2,887 8,138 3,666 10,404 5,818

Accrued administrative services expense 2,797 2,576 2,354 2,295 2,983

Other liabilities and accrued expenses 6,787 6,631 7,149 7,260 7,086

Total Liabilities $1,846,743 $1,844,142 $1,639,570 $1,409,719 $1,185,170

Net Assets $1,024,315 $1,215,882 $1,253,392 $1,290,710 $1,312,627

Additional Data

Net asset value per share $15.70 $18.27 $18.69 $19.00 $19.06

Debt-to-equity ratio 1.75 x 1.47 x 1.26 x 1.05 x 0.86 x

Net leverage ratio 2 1.71 x 1.43 x 1.24 x 1.03 x 0.83 x

Shares outstanding, end of period 65,259,176 66,545,741 67,047,352 67,927,353 68,876,986

Debt Facilities Debt Issued/Amended

Final Maturity Date

Interest Rate

Principal Amount Outstanding

Senior Secured Facility ($1.81 billion) 11/19/2018 11/19/2023 L + 200 bps $1,449,402

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

3.932% $1,799,402

Deferred Financing Cost and Debt Discount (4,784)

$1,794,617

Weighted Average Annualized Interest Cost1 & Total Debt Obligations

Total Debt Obligations, Net of Deferred Financing Cost and Debt Discount

Funding Sources as of March 31, 2020

36

Note: Numbers may not sum due to rounding.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 March 31, 2020. Based on average debt obligations outstanding.

Debt Facilities ($ in thousands)

Par or Cost (in millions)

% of Floating Rate Portfolio

Interest Rate Floors

No Floor $246 11%

< 1.00% 161 7%

1.00% to 1.24% 1,785 77%

1.25% to 1.49% 23 1%

1.50% to 1.74% 72 3%

> = 1.75% 44 2%

Total $2,331

Investment Portfolio by Interest Rate Type 1

Fixed rate assets12%

Floating rate assets80%

Non yielding and non-accrual

assets4%

Variable rate assets

4%

Floating Asset Rate Floor

Interest Rate Exposure as of March 31, 2020

37

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

Funding Sources by Interest Rate Type

Net Investment Income Interest Rate SensitivityAnnual Net Investment

Income (in millions)

Annual Net Investment Income Per Share

Basis Point Change

Up 200 basis points $12.4 $0.190

Up 100 basis points $6.0 $0.092

Down 100 basis points $2.7 $0.042

Fixed rate debt13%

Floating rate debt51%

Common equity36%

Outstanding Commitments as of March 31, 2020

38

See Note 10 (Commitments and Contingencies) in the Company's Form 10-K for the period ended March 31, 2020 for additional information. 1 The funded revolver obligations include standby letters of credit issued and outstanding. The unfunded revolver obligations relate to loans with various maturity dates. Revolver availability is determined based on each loan’s respective credit agreement which includes covenants that need to be met prior to funding and / or collateral availability for asset based revolver obligations. The unavailable unfunded revolver obligations include two loans for which availability decreased subsequent to quarter-end. 2 The delayed draw term loans include conditionality for the use of proceeds and are generally only accessible for acquisitions and also require lender approval. In addition, the delayed draw term loans require the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. 3 Unfunded delayed draw term loans are across 46 borrowers.

$ in thousands Par Funded Unfunded Unavailable AvailableRevolver Obligations and Bridge Loans 1 $478,715 $208,998 $269,716 $131,841 $137,876

Delayed Draw Term Loans 2 $426,954 $196,176 $230,778 Across 46 borrowers3

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

39

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