 Fiscal First Quarter and Other Recent Highlights: Net investment income per share for the quarter was 0.43 compared to 0.59 for the quarter ended March 31, 2020 Net asset value per share as of the end of the quarter was 15.29 compared to 15.70 as of March 31, 2020, a 2.6 decrease due to a net loss on non-core and legacy assets 1 partially offset by a net gain on the corporate lending portfolio 2 New investment commitments made during the quarter totaled 17 million 3 Gross fundings during the quarter totaled 138 million consisting of 53 million of term loans and 85 million of revolvers Gross exits during the quarter totaled 233 million consisting of 68 million of term loan sales, 49 million of term loan repayments, and 116 million of gross revolver paydowns Net paydowns during the quarter totaled 95 million, consisting of 64 million of net term loan paydowns and 31 million of net revolver paydowns Net paydowns subsequent to quarter end total approximately 50 million 4 Net leverage 5 as of the end of the quarter was 1.66x, down from 1.71x as of March 31, 2020 Received 97 of contractual interest payments during the quarter Declared a base distribution of 0.31 per share and a supplemental distribution of 0.05 per share for the quarter ending September 30, 2020 243 million of immediately available liquidity and 205 million of additional capacity under the Senior Secured Facility as of June 30, 2020 6 Kroll Bond Rating Agency affirmed the Companys investment grade rating in July 7 NEW YORK, Aug. 06, 2020 GLOBE NEWSWIRE -- Apollo Investment Corporation NASDAQ: AINV or the Company, or Apollo Investment, today announced financial results for its first fiscal quarter ended June 30, 2020. The Companys net investment income was 0.43 per share for the quarter ended June 30, 2020, compared to 0.59 per share for the quarter ended March 31, 2020. The Companys net asset value NAV was 15.29 per share as of June 30, 2020, compared to 15.70 as of March 31, 2020.On August 6, 2020, the Companys Board of Directors the Board declared a base distribution of 0.31 per share payable on October 7, 2020 to shareholders of record as of September 21, 2020. On August 6, 2020, the Companys Board also declared a supplemental distribution of 0.05 per share payable on October 7, 2020 to shareholders of record as of September 21, 2020. Going forward, in addition to a quarterly base distribution of 0.31 per share, the Board expects to declare a quarterly supplemental distribution in an amount to be determined each quarter. There can be no assurances that the Board will continue to declare a base distribution of 0.31 per share or a supplemental distribution.Mr. Howard Widra, Apollo Investments Chief Executive Officer commented, During the quarter, we made considerable progress reducing the Funds leverage by exiting approximately 233 million of investments on a gross basis, or 95 million on a net basis, which reduced AINVs net leverage to 1.66x at the end of June. Since the end of the quarter, we have continued to reduce our leverage and we have visibility into meaningful additional repayments for the remainder of the September quarter and for the December quarter. We remain focused on further deleveraging to within our target range of 1.4x to 1.6x over the coming quarters. Mr. Howard Widra, continued, In light of the challenges and uncertainty created by the COVID-19 pandemic, and our plans to further reduce the Funds leverage, we have reassessed the long-term earnings power of the portfolio and have concluded that it is prudent to adjust the distribution at this time. We believe a distribution level should reflect the prevailing market environment and be aligned with the long-term earnings power of the portfolio. To that end, the Board of Directors, at the recommendation of management, has declared a 31-cent base distribution and a 5-cent supplemental distribution for the quarter. Going forward, in addition to a quarterly base distribution of 31 cents per share, the Companys Board of Directors expects to also declare a supplemental distribution in an amount to be determined each quarter. The base supplemental distribution construct is intended to provide shareholders with a minimum annualized yield on NAV of 8, a level which is consistent with some of our peers, and allow for some upside via a supplemental distribution.___1 Non-core and legacy assets include oil gas, renewables, shipping, commodities, and legacy assets. 2 Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy assets. 3 For corporate lending portfolio. 4 From July 1, 2020 through August 4, 2020. Includes one loan with documents in escrow. 5 The Companys 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. 6 As of June 30, 2020, aggregate lender commitments under the Senior Secured Facility the Facility totaled 1.81 billion and there were 1.410 billion of outstanding borrowings under the Facility and 6.2 million of letters of credit issued under the Facility. Accordingly, there was 394 million of unused capacity under the Facility as of June 30, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Companys portfolio. As of June 30, 2020, the Company had immediate access to 227 million under the Facility based on the Companys borrowing base and 167 million of additional capacity. Adjusting for the sale of over 50 million of assets that occurred near the end of the quarter, but settled subsequent to quarter end, the Company had immediate access to 243 million under the Facility based on the Companys borrowing base, and 205 million of additional capacity under the Facility. 7 Kroll Bond Rating Agency affirmed the Companys issuer and senior unsecured debt ratings of BBB- with a Negative Outlook in July 2020.FINANCIAL HIGHLIGHTS in billions, except per share data June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Total assets 2.81 2.87 3.06 2.89 2.70 Investment portfolio fair value 2.67 2.79 2.97 2.80 2.62 Debt outstanding 1.76 1.79 1.79 1.58 1.35 Net assets 1.00 1.02 1.22 1.25 1.29 Net asset value per share 15.29 15.70 18.27 18.69 19.00 Debt-to-equity ratio 1.76 x 1.75 x 1.47 x 1.26 x 1.05 x Net leverage ratio 1 1.66 x 1.71 x 1.43 x 1.24 x 1.03 x ___1 The Companys 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.PORTFOLIO AND INVESTMENT ACTIVITY Three Months Ended June 30, in millions 2020 2019 Investments made in portfolio companies 137.9 435.3 Investments sold 69.1 9.6 Net activity before repaid investments 68.8 425.7 Investments repaid 163.8 210.7 Net investment activity 95.0 215.0 Portfolio companies at beginning of period 152 113 Number of new portfolio companies 1 21 Number of exited portfolio companies 4 5 Portfolio companies at end of period 149 129 Number of investments made in existing portfolio companies 35 30 ___ Totals may not foot due to rounding.OPERATING RESULTS Three Months Ended June 30, in millions 2020 2019 Net Investment Income 28.2 34.5 Net Realized and Change in Unrealized Gains Losses 25.2 10.7 Net Increase in Net Assets Resulting from Operations 3.0 23.8 per share 1 Net Investment Income 0.43 0.50 Net Realized and Change in Unrealized Gains Losses 0.39 0.16 Earnings per share basic 0.05 0.35 ___ Totals may not foot due to rounding.1 Based on the weighted average number of shares outstanding for the period presented.SHARE REPURCHASE PROGRAM During the three months ended June 30, 2020, the Company did not repurchase any shares. Since the inception of the share repurchase program and through August 5, 2020, the Company repurchased 13,654,578 shares at a weighted average price per share of 16.34, inclusive of commissions, for a total cost of 223.1 million, leaving a maximum of 26.9 million available for future purchases under the current Board authorization of 250 million. Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018.LIQUIDITYAs of June 30, 2020, the Companys outstanding debt obligations, excluding deferred financing cost and debt discount of 4.5 million, totaled 1.760 billion which was comprised of 350 million of Senior Unsecured Notes the 2025 Notes which will mature on March 3, 2025 and 1.410 billion outstanding under the Facility. As of June 30, 2020, 6.2 million in standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was 394 million as of June 30, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Companys portfolio.CONFERENCE CALL WEBCAST AT 5:00 PM EDT ON AUGUST 6, 2020The Company will host a conference call on Thursday, August 6, 2020 at 5:00 p.m. Eastern Time. 