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Maryland
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52-2439556
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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9 West 57
th
Street
37th Floor
New York, N.Y.
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10019
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(Address of principal executive office)
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(Zip Code)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller Reporting Company
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¨
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PAGE
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PART I. FINANCIAL INFORMATION
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Item 1.
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FINANCIAL STATEMENTS
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Statements of Assets and Liabilities as of June 30, 2015 and March 31, 2015
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Statements of Operations for the three months ended June 30, 2015 and June 30, 2014
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Statements of Changes in Net Assets for the three months ended June 30, 2015 and the year ended March 31, 2015
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Statements of Cash Flows for the three months ended June 30, 2015 and June 30, 2014
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Schedule of Investments as of June 30, 2015
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Schedule of Investments as of March 31, 2015
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Notes to Financial Statements
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Report of Independent Registered Public Accounting Firm
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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Item 4.
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Controls and Procedures
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PART II. OTHER INFORMATION
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Item 1.
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Legal Proceedings
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Item 1A.
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Risk Factors
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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Item 3.
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Defaults Upon Senior Securities
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Item 4.
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Mine Safety Disclosures
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Item 5.
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Other Information
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Item 6.
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Exhibits
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Signatures
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June 30, 2015 (unaudited)
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March 31, 2015
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||||
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Assets
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||||
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Non-controlled/non-affiliated investments, at fair value (cost — $2,489,490 and $2,514,328, respectively)
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$
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2,336,435
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$
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2,357,042
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Non-controlled/affiliated investments, at fair value (cost — $338,429 and $297,948, respectively)
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383,516
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327,218
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Controlled investments, at fair value (cost — $575,922 and $674,299, respectively)
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593,963
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|
|
665,567
|
|
||
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Total investments (cost — $3,403,841 and $3,486,575, respectively)
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3,313,914
|
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3,349,827
|
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||
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Cash
|
9,958
|
|
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3,766
|
|
||
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Foreign currency (cost — $2,863 and $4,856, respectively)
|
2,950
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|
|
4,651
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||
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Receivable for investments sold
|
51,912
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|
114,884
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|
||
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Interest receivable
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28,494
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43,312
|
|
||
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Dividends receivable
|
9,517
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|
5,425
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Deferred financing costs
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33,465
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29,743
|
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Prepaid expenses and other assets
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3,784
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|
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9,283
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Total assets
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$
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3,453,994
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$
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3,560,891
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Liabilities
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Debt (see note 6 & 9)
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$
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1,390,890
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$
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1,498,759
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Payable for investments purchased
|
44,357
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|
10,736
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Dividends payable
|
47,348
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47,348
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Management and performance-based incentive fees payable (see note 3)
|
37,379
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37,361
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Interest payable
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20,476
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15,851
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Accrued administrative expenses
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2,400
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2,000
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Other liabilities and accrued expenses
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14,494
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11,228
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Total liabilities
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$
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1,557,344
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$
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1,623,283
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Net Assets
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||||
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Common stock, par value $.001 per share, 400,000,000 and 400,000,000 common shares authorized, respectively, 236,741,351 and 236,741,351 issued and outstanding, respectively
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$
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237
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$
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237
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Paid-in capital in excess of par (see note 2)
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3,197,715
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3,197,715
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Over-distributed net investment income (see note 2)
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(31,951
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)
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(35,589
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)
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Accumulated net realized loss (see note 2)
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(1,183,443
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)
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(1,102,517
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)
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Net unrealized loss
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(85,908
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)
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(122,238
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)
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Total net assets
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$
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1,896,650
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$
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1,937,608
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Total liabilities and net assets
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$
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3,453,994
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$
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3,560,891
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Net asset value per share
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$
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8.01
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$
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8.18
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APOLLO INVESTMENT CORPORATION
(in thousands, except per share amounts)
|
|||||||
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Three Months Ended
|
||||||
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June 30, 2015
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June 30, 2014
|
||||
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INVESTMENT INCOME:
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||||
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From non-controlled/non-affiliated investments:
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||||
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Interest
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$
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73,573
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$
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82,547
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Dividends
|
877
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|
841
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Other income
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3,318
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2,256
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From non-controlled/affiliated investments:
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||||
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Interest
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227
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2,226
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||
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Dividends
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9,166
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3,946
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||
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Other income
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157
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43
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|
||
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From controlled investments:
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|
||||
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Interest
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10,554
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|
|
8,850
|
|
||
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Dividends
|
3,731
|
|
|
1,808
|
|
||
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Other income
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63
|
|
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63
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|
||
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Total investment income
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$
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101,666
|
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$
|
102,580
|
|
|
EXPENSES:
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|
||||
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Management fees (see note 3)
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$
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17,352
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$
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18,111
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Performance-based incentive fees (see note 3)
|
11,867
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|
|
12,467
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|
||
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Interest and other debt expenses
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22,436
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18,902
|
|
||
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Administrative services expense
|
1,434
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|
|
1,433
|
|
||
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Other general and administrative expenses
|
2,163
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|
|
2,288
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|
||
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Total expenses
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55,252
|
|
|
53,201
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|
||
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Management and performance-based incentive fees waived (see note 3)
|
$
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(4,515
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)
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$
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(4,152
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)
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Expense reimbursements (see note 3)
|
(57
|
)
|
|
(20
|
)
|
||
|
Net expenses
|
$
|
50,680
|
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$
|
49,029
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Net investment income
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$
|
50,986
|
|
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$
|
53,551
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|
|
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CASH EQUIVALENTS AND FOREIGN CURRENCIES:
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|
||||
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Net realized gain (loss):
|
|
|
|
||||
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Investments and cash equivalents
|
|
|
|
||||
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Non-controlled/non-affiliated investments
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$
|
(42,660
|
)
|
|
$
|
(11,716
|
)
|
|
Non-controlled/affiliated investments
|
(67
|
)
|
|
(107
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)
|
||
|
Controlled investments
|
(42,862
|
)
|
|
—
|
|
||
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Foreign currencies
|
4,663
|
|
|
(1,510
|
)
|
||
|
Net realized loss
|
$
|
(80,926
|
)
|
|
$
|
(13,333
|
)
|
|
Net change in unrealized gain (loss):
|
|
|
|
||||
|
Investments and cash equivalents
|
|
|
|
||||
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Non-controlled/non-affiliated investments
|
$
|
4,232
|
|
|
$
|
2,595
|
|
|
Non-controlled/affiliated investments
|
15,817
|
|
|
10,830
|
|
||
|
Controlled investments
|
26,773
|
|
|
11,380
|
|
||
|
Foreign currencies
|
(10,492
|
)
|
|
(387
|
)
|
||
|
Net change in unrealized gain
|
$
|
36,330
|
|
|
$
|
24,418
|
|
|
Net realized and unrealized gain (loss) from investments, cash equivalents and foreign currencies
|
(44,596
|
)
|
|
11,085
|
|
||
|
APOLLO INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (unaudited) (continued)
(in thousands, except per share amounts)
|
|||||||
|
|
Three Months Ended
|
||||||
|
|
June 30, 2015
|
|
June 30, 2014
|
||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$
|
6,390
|
|
|
$
|
64,636
|
|
|
EARNINGS PER SHARE — BASIC (see note 4)
|
$
|
0.03
|
|
|
$
|
0.27
|
|
|
EARNINGS PER SHARE — DILUTED (see note 4)
|
$
|
0.03
|
|
|
$
|
0.27
|
|
|
|
Three months ended June 30, 2015 (unaudited)
|
|
Year ended March 31, 2015
|
||||
|
Increase (decrease) in net assets from operations:
|
|
|
|
||||
|
Net investment income
|
$
|
50,986
|
|
|
$
|
227,973
|
|
|
Net realized loss
|
(80,926
|
)
|
|
(13,368
|
)
|
||
|
Net change in unrealized gain (loss)
|
36,330
|
|
|
(139,183
|
)
|
||
|
Net increase in net assets resulting from operations
|
6,390
|
|
|
75,422
|
|
||
|
|
|
|
|
||||
|
Dividends and distributions to stockholders (see note 2):
|
|
|
|
||||
|
Distribution of income
|
(47,348
|
)
|
|
(165,626
|
)
|
||
|
Return of capital
|
—
|
|
|
(23,767
|
)
|
||
|
Total dividends and distributions to stockholders
|
(47,348
|
)
|
|
(189,393
|
)
|
||
|
|
|
|
|
||||
|
Capital share transactions:
|
|
|
|
||||
|
Net proceeds from shares sold
|
—
|
|
|
—
|
|
||
|
Less offering costs
|
—
|
|
|
(32
|
)
|
||
|
Net increase (decrease) in net assets from capital share transactions
|
—
|
|
|
(32
|
)
|
||
|
|
|
|
|
||||
|
Total decrease net assets:
|
(40,958
|
)
|
|
(114,003
|
)
|
||
|
Net assets at beginning of period
|
1,937,608
|
|
|
2,051,611
|
|
||
|
Net assets at end of period
|
$
|
1,896,650
|
|
|
$
|
1,937,608
|
|
|
|
|
|
|
||||
|
Capital share activity
|
|
|
|
||||
|
Shares sold
|
—
|
|
|
—
|
|
||
|
|
Three months ended June 30,
|
||||||
|
|
2015
|
|
2014
|
||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
|
Net increase in net assets resulting from operations
|
$
|
6,390
|
|
|
$
|
64,636
|
|
|
Adjustments to reconcile net increase (decrease):
|
|
|
|
||||
|
PIK interest and dividends (see note 5)
|
(15,596
|
)
|
|
(11,545
|
)
|
||
|
Net amortization on investments
|
(885
|
)
|
|
(2,688
|
)
|
||
|
Accretion of discount on notes
|
148
|
|
|
—
|
|
||
|
Amortization of deferred financing costs
|
1,987
|
|
|
1,746
|
|
||
|
Increase (decrease) from foreign currency transactions
|
5,394
|
|
|
(1,831
|
)
|
||
|
Net change in unrealized gain on investments, cash equivalents and foreign currencies
|
(36,330
|
)
|
|
(24,418
|
)
|
||
|
Net realized loss on investments, cash equivalents, and foreign currencies
|
80,926
|
|
|
13,333
|
|
||
|
Changes in operating assets and liabilities:
|
|
|
|
||||
|
Purchase of investments and cash equivalents
|
(477,557
|
)
|
|
(698,509
|
)
|
||
|
Proceeds from disposition of investments and cash equivalents
|
587,776
|
|
|
496,797
|
|
||
|
Decrease in interest receivable
|
14,818
|
|
|
7,277
|
|
||
|
Increase in dividends receivable
|
(4,092
|
)
|
|
(1,423
|
)
|
||
|
Increase in deferred financing cost
|
(355
|
)
|
|
—
|
|
||
|
Decrease (increase) in prepaid expenses and other assets
|
5,499
|
|
|
(1,023
|
)
|
||
|
Increase in management and performance-based incentive fees payable
|
18
|
|
|
2,254
|
|
||
|
Increase in interest payable
|
4,625
|
|
|
400
|
|
||
|
Increase in accrued administrative expenses
|
400
|
|
|
832
|
|
||
|
Increase (decrease) in other liabilities and accrued expenses
|
3,266
|
|
|
(110
|
)
|
||
|
Net cash (used in) provided by operating activities
|
$
|
176,432
|
|
|
$
|
(154,272
|
)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
|
Offering costs for the issuance of common stock
|
$
|
—
|
|
|
$
|
(26
|
)
|
|
Dividends paid in cash
|
(47,348
|
)
|
|
(47,348
|
)
|
||
|
Proceeds from debt
|
539,821
|
|
|
956,000
|
|
||
|
Payments on debt
|
(659,353
|
)
|
|
(757,356
|
)
|
||
|
Deferred financing costs paid
|
(5,353
|
)
|
|
(155
|
)
|
||
|
Net cash provided by financing activities
|
$
|
(172,233
|
)
|
|
$
|
151,115
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
$
|
4,199
|
|
|
$
|
(3,157
|
)
|
|
Effect of exchange rates on cash balances
|
292
|
|
|
(16
|
)
|
||
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
$
|
8,417
|
|
|
$
|
14,736
|
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
12,908
|
|
|
$
|
11,563
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
||||
|
Cash interest paid during the period
|
$
|
14,764
|
|
|
$
|
16,302
|
|
|
PIK income (see note 5)
|
$
|
8,077
|
|
|
$
|
6,827
|
|
|
Non-cash re-organizations/restructuring of investments
|
$
|
128,267
|
|
|
$
|
16,141
|
|
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2015
(in thousands)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
CORPORATE DEBT—109.8%
|
||||||||||||||||||
|
SECURED DEBT—92.7%
|
||||||||||||||||||
|
1st Lien Secured Debt—43.5%
|
||||||||||||||||||
|
Alion Science & Technology Corporation
|
|
11.000% (L+1000, 1.00% Floor)
|
|
8/16/19
|
|
Aerospace & Defense
|
|
$
|
31,922
|
|
|
$
|
31,004
|
|
|
$
|
30,864
|
|
|
Archroma (17)
|
|
9.500% (L+825, 1.25% Floor)
|
|
10/1/18
|
|
Chemicals, Plastics & Rubber
|
|
40,026
|
|
|
39,716
|
|
|
40,126
|
|
|||
|
Aventine Renewable Energy Holdings, Inc.
|
|
15.000% PIK or 10.500% Cash
|
|
9/22/17
|
|
Chemicals, Plastics & Rubber
|
|
16,339
|
|
|
18,412
|
|
|
16,005
|
|
|||
|
Aveta, Inc.
|
|
9.750% (L+825, 1.50% Floor)
|
|
12/12/17
|
|
Healthcare & Pharmaceuticals
|
|
51,315
|
|
|
50,461
|
|
|
40,966
|
|
|||
|
Caza Petroleum Inc.
|
|
12.000% (L+1000, 2.00% Floor)
|
|
5/23/17
|
|
Energy – Oil & Gas
|
|
45,000
|
|
|
44,095
|
|
|
42,660
|
|
|||
|
ChyronHego Corporation (18)
|
|
6.625% (L+563, 1.00% Floor)
|
|
3/9/20
|
|
High Tech Industries
|
|
24,844
|
|
|
24,372
|
|
|
24,347
|
|
|||
|
CITGO Holding, Inc. (16)
|
|
9.500% (L+850, 1.00% Floor)
|
|
5/12/18
|
|
Utilities – Oil and Gas
|
|
19,387
|
|
|
18,336
|
|
|
19,514
|
|
|||
|
CITGO Holding, Inc. (11)(16)
|
|
10.750%
|
|
2/15/20
|
|
Utilities – Oil and Gas
|
|
10,177
|
|
|
9,704
|
|
|
10,482
|
|
|||
|
Deep Gulf Energy II, LLC
|
|
14.500% (14.500% or L+1300, 1.50% Floor)
|
|
9/30/18
|
|
Energy – Oil & Gas
|
|
65,000
|
|
|
65,000
|
|
|
63,700
|
|
|||
|
Delta Educational Systems, Inc.
|
|
16.000% PIK
|
|
12/11/16
|
|
Education
|
|
6,008
|
|
|
6,008
|
|
|
6,008
|
|
|||
|
Dodge Data & Analytics LLC
|
|
9.750% (L+875, 1.00% Floor)
|
|
10/31/19
|
|
Business Services
|
|
54,020
|
|
|
53,057
|
|
|
52,534
|
|
|||
|
Emergency Communications Network, LLC
|
|
8.250% (L+825, 1.00% Floor)
|
|
6/12/21
|
|
High Tech Industries
|
|
22,500
|
|
|
22,165
|
|
|
22,163
|
|
|||
|
Great Bear Petroleum Operating, LLC
|
|
12.000%
|
|
10/1/17
|
|
Energy – Oil & Gas
|
|
1,869
|
|
|
1,869
|
|
|
1,869
|
|
|||
|
Hunt Companies, Inc. (11)
|
|
9.625%
|
|
3/1/21
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
19,008
|
|
|
18,816
|
|
|
19,115
|
|
|||
|
Magnetation, LLC (16)
|
|
12.000%
|
|
12/7/15
|
|
Metals & Mining
|
|
6,309
|
|
|
6,309
|
|
|
6,106
|
|
|||
|
Magnetation, LLC (11)(13)(14)(16)
|
|
11.000%
|
|
5/15/18
|
|
Metals & Mining
|
|
38,454
|
|
|
39,777
|
|
|
13,475
|
|
|||
|
Maxus Capital Carbon SPE I, LLC (Skyonic Corp.)
|
|
13.000%
|
|
9/18/19
|
|
Chemicals, Plastics & Rubber
|
|
69,986
|
|
|
69,986
|
|
|
69,986
|
|
|||
|
My Alarm Center, LLC (16)
|
|
9.000% (Term Loan A, L+800, 1.00% Floor)
|
|
1/9/18
|
|
Business Services
|
|
42,614
|
|
|
42,614
|
|
|
42,614
|
|
|||
|
My Alarm Center, LLC (16)
|
|
9.000% (Term Loan B, L+800 Funded, 0.350% Unfunded, 1.00% Floor)
|
|
1/9/18
|
|
Business Services
|
|
12,240
|
|
|
12,240
|
|
|
12,240
|
|
|||
|
My Alarm Center, LLC (16)
|
|
9.000% (Term Loan C, L+800 Funded, 0.350% Unfunded, 1.00% Floor)
|
|
1/9/18
|
|
Business Services
|
|
1,392
|
|
|
1,392
|
|
|
1,392
|
|
|||
|
Osage Exploration & Development, Inc. (11)(17)
|
|
13.000% (L+1100, 2.00% Floor)
|
|
4/27/16
|
|
Energy – Oil & Gas
|
|
25,000
|
|
|
24,797
|
|
|
22,205
|
|
|||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
Pelican Energy, LLC (17)
|
|
10.000% (7.000% Cash / 3.000% PIK)
|
|
12/31/18
|
|
Energy – Oil & Gas
|
|
$
|
27,884
|
|
|
$
|
26,993
|
|
|
$
|
26,211
|
|
|
Saba Software, Inc. (18)
|
|
9.750% (L+875, 1.00% Floor)
|
|
3/30/21
|
|
High Tech Industries
|
|
10,000
|
|
|
10,000
|
|
|
9,850
|
|
|||
|
SCM Insurance Services, Inc. (17)
|
|
9.250%
|
|
8/22/19
|
|
Business Services
|
|
C$
|
33,000
|
|
|
29,592
|
|
|
26,301
|
|
||
|
Spotted Hawk Development, LLC
|
|
19.000% (13.000% Cash / 6.000% PIK)
|
|
9/12/16
|
|
Energy – Oil & Gas
|
|
$
|
81,851
|
|
|
81,851
|
|
|
80,132
|
|
||
|
Telestream Holdings Corporation (18)
|
|
7.430% (L+643, 1.00% Floor)
|
|
1/15/20
|
|
High Tech Industries
|
|
32,297
|
|
|
32,297
|
|
|
31,570
|
|
|||
|
UniTek Global Services Inc. (16)
|
|
8.500% (L+750, 1.00% Floor)
|
|
1/13/19
|
|
Telecommunications
|
|
32,367
|
|
|
32,367
|
|
|
30,748
|
|
|||
|
UniTek Global Services Inc. (16)
|
|
9.500% (L+750, 1.000% PIK, 1.00% Floor)
|
|
1/13/19
|
|
Telecommunications
|
|
19,452
|
|
|
19,452
|
|
|
19,452
|
|
|||
|
Venoco, Inc.
|
|
12.000%
|
|
2/15/19
|
|
Energy – Oil & Gas
|
|
40,517
|
|
|
40,517
|
|
|
41,530
|
|
|||
|
Total 1st Lien Secured Debt excluding Revolvers and Letters of Credit
|
|
$
|
873,199
|
|
|
$
|
824,165
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
|
||||||||||||||||||
|
Funded and Unfunded Revolver Obligations—1.2%
|
||||||||||||||||||
|
Avaya, Inc., (Revolver)
|
|
2.933% (L+275, 0.19% Floor) Funded
|
|
10/26/16
|
|
Telecommunications
|
|
$
|
3,303
|
|
|
$
|
3,060
|
|
|
$
|
3,171
|
|
|
BMC Software, Inc., (Unfunded Revolver) (8)
|
|
0.500% Unfunded
|
|
9/10/18
|
|
High Tech Industries
|
|
20,760
|
|
|
(1,719
|
)
|
|
(1,868
|
)
|
|||
|
CIT Group, Inc., (Unfunded Revolver) (8)(17)
|
|
0.625% Unfunded
|
|
1/27/17
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
25,000
|
|
|
(34
|
)
|
|
(880
|
)
|
|||
|
Confie Seguros Holding II Co., (Revolver) (16)
|
|
4.672% (L+450, 0.17% Floor) / 6.750% (P+350, 3.25% Floor) Funded
|
|
12/10/18
|
|
Insurance
|
|
1,250
|
|
|
1,250
|
|
|
1,113
|
|
|||
|
Confie Seguros Holding II Co., (Unfunded Revolver) (8)(16)
|
|
0.500% Unfunded
|
|
12/10/18
|
|
Insurance
|
|
2,172
|
|
|
(317
|
)
|
|
(239
|
)
|
|||
|
Laureate Education, Inc., (Revolver) (16)(17)
|
|
5.000% (L+375, 1.25% Floor & L+275, 3.25% Floor) Funded
|
|
6/16/16
|
|
Education
|
|
21,833
|
|
|
21,833
|
|
|
20,851
|
|
|||
|
Laureate Education, Inc., (Unfunded Revolver) (8)(16)(17)
|
|
0.625% Unfunded
|
|
6/16/16
|
|
Education
|
|
6,945
|
|
|
(1,646
|
)
|
|
(313
|
)
|
|||
|
My Alarm Center, LLC, (Revolver) (16)
|
|
L+800, 1.000% Floor
|
|
1/9/18
|
|
Business Services
|
|
708
|
|
|
708
|
|
|
708
|
|
|||
|
My Alarm Center, LLC, (Unfunded Revolver) (16)
|
|
0.350% Unfunded
|
|
1/9/18
|
|
Business Services
|
|
5,542
|
|
|
—
|
|
|
—
|
|
|||
|
Tibco Software Inc., (Unfunded Revolver) (8)
|
|
0.500% Unfunded
|
|
12/5/19
|
|
High Tech Industries
|
|
6,000
|
|
|
(53
|
)
|
|
(450
|
)
|
|||
|
Transfirst Holdings, Inc., (Unfunded Revolver) (8)(16)
|
|
0.500% Unfunded
|
|
11/12/19
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
2,943
|
|
|
(13
|
)
|
|
(88
|
)
|
|||
|
UniTek Global Services Inc., (Unfunded Revolver) (16)
|
|
0.500% Unfunded
|
|
1/13/19
|
|
Telecommunications
|
|
5,000
|
|
|
—
|
|
|
—
|
|
|||
|
Total Funded and Unfunded Revolver Obligations
|
|
$
|
23,069
|
|
|
$
|
22,005
|
|
||||||||||
|
|
||||||||||||||||||
|
Letters of Credit— (0.0)%
|
||||||||||||||||||
|
Confie Seguros Holding II Co., Letter of Credit (8)(16)
|
|
4.500%
|
|
10/27/15
|
|
Insurance
|
|
$
|
1,078
|
|
|
$
|
—
|
|
|
$
|
(119
|
)
|
|
Laureate Education, Inc., Letter of Credit (8)(16)(17)
|
|
3.750%
|
|
6/16/16
|
|
Education
|
|
101
|
|
|
—
|
|
|
(4
|
)
|
|||
|
Transfirst Holdings, Inc., Letter of Credit (8)(16)
|
|
3.750%
|
|
11/12/19
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
57
|
|
|
—
|
|
|
(2
|
)
|
|||
|
UniTek Global Services Inc., Letter of Credit (16)
|
|
7.500%
|
|
1/13/19
|
|
Telecommunications
|
|
15,711
|
|
|
—
|
|
|
—
|
|
|||
|
UniTek Global Services Inc., Letter of Credit (16)
|
|
7.500%
|
|
1/13/19
|
|
Telecommunications
|
|
1,850
|
|
|
—
|
|
|
—
|
|
|||
|
Total Letters of Credit
|
|
$
|
—
|
|
|
$
|
(125
|
)
|
||||||||||
|
|
||||||||||||||||||
|
Total 1st Lien Secured Debt
|
|
$
|
896,268
|
|
|
$
|
846,045
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
|
||||||||||||||||||
|
2nd Lien Secured Debt—48.1%
|
||||||||||||||||||
|
Access CIG, LLC
|
|
9.750% (L+875, 1.00% Floor)
|
|
10/17/22
|
|
Business Services
|
|
$
|
35,755
|
|
|
$
|
34,055
|
|
|
$
|
34,861
|
|
|
Active Network, Inc.
|
|
9.500% (L+850, 1.00% Floor)
|
|
11/15/21
|
|
Business Services
|
|
19,672
|
|
|
19,588
|
|
|
18,861
|
|
|||
|
American Energy - Woodford LLC/AEW Finance Corp (11)
|
|
12.000%
|
|
12/30/20
|
|
Energy – Oil & Gas
|
|
3,500
|
|
|
2,382
|
|
|
2,485
|
|
|||
|
Appriss Holdings, Inc.
|
|
9.250% (L+825, 1.00% Floor)
|
|
5/21/21
|
|
Business Services
|
|
25,000
|
|
|
24,652
|
|
|
25,000
|
|
|||
|
Armor Holdings, Inc. (American Stock Transfer and Trust Company)
|
|
10.250% (L+900, 1.25% Floor)
|
|
12/26/20
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
8,000
|
|
|
7,872
|
|
|
8,040
|
|
|||
|
Asurion Corporation
|
|
8.500% (L+750, 1.00% Floor)
|
|
3/3/21
|
|
Insurance
|
|
43,973
|
|
|
44,006
|
|
|
44,811
|
|
|||
|
Confie Seguros Holding II Co.
|
|
10.250% (L+900, 1.25% Floor)
|
|
5/8/19
|
|
Insurance
|
|
33,844
|
|
|
33,665
|
|
|
33,823
|
|
|||
|
Delta Educational Systems, Inc.
|
|
35.000% PIK
|
|
6/10/18
|
|
Education
|
|
1,000
|
|
|
1,000
|
|
|
1,488
|
|
|||
|
Deltek, Inc.
|
|
9.500% (L+850, 1.00% Floor)
|
|
6/23/23
|
|
Business Services
|
|
33,736
|
|
|
33,400
|
|
|
33,989
|
|
|||
|
Elements Behavioral Health, Inc.
|
|
9.750% (L+875, 1.00% Floor)
|
|
2/11/20
|
|
Healthcare & Pharmaceuticals
|
|
9,500
|
|
|
9,423
|
|
|
9,438
|
|
|||
|
Extraction Oil & Gas Holdings, LLC
|
|
11.000% & 10.000%
|
|
5/29/19
|
|
Energy – Oil & Gas
|
|
52,633
|
|
|
51,965
|
|
|
52,264
|
|
|||
|
Garden Fresh Restaurant Corp. (16)
|
|
7.750% (L+625 PIK, 1.50% Floor)
|
|
1/1/19
|
|
Hotel, Gaming, Leisure, Restaurants
|
|
8,420
|
|
|
6,780
|
|
|
6,063
|
|
|||
|
Garden Fresh Restaurant Corp. (16)
|
|
15.000% (L+1350 PIK, 1.50% Floor)
|
|
1/1/19
|
|
Hotel, Gaming, Leisure, Restaurants
|
|
41,466
|
|
|
39,701
|
|
|
36,905
|
|
|||
|
GCA Services Group, Inc.
|
|
9.250% (L+800, 1.25% Floor)
|
|
11/1/20
|
|
Business Services
|
|
19,333
|
|
|
19,469
|
|
|
19,381
|
|
|||
|
Grocery Outlet, Inc.
|
|
9.250% (L+825, 1.00% Floor)
|
|
10/21/22
|
|
Food & Grocery
|
|
28,000
|
|
|
27,604
|
|
|
27,930
|
|
|||
|
GTCR Valor Companies, Inc.
|
|
9.500% (L+850, 1.00% Floor)
|
|
11/30/21
|
|
Business Services
|
|
35,000
|
|
|
34,675
|
|
|
34,037
|
|
|||
|
Infiltrator Systems Integrated, LLC
|
|
9.750% (L+875, 1.00% Floor)
|
|
5/19/23
|
|
Manufacturing, Capital Equipment
|
|
13,889
|
|
|
13,613
|
|
|
13,854
|
|
|||
|
Institutional Shareholder Services, Inc.
|
|
8.500% (L+750, 1.00% Floor)
|
|
4/30/22
|
|
Business Services
|
|
6,640
|
|
|
6,580
|
|
|
6,507
|
|
|||
|
Kronos, Inc.
|
|
9.750% (L+850, 1.25% Floor)
|
|
4/30/20
|
|
Business Services
|
|
13,525
|
|
|
13,468
|
|
|
13,982
|
|
|||
|
Miller Energy Resources, Inc. (17)
|
|
14.750% (L+975 Cash / 2.000% PIK, 3.00% Floor)
|
|
2/3/18
|
|
Energy – Oil & Gas
|
|
88,568
|
|
|
88,568
|
|
|
75,150
|
|
|||
|
MSC Software Corp. (17)
|
|
8.500% (L+750, 1.00% Floor)
|
|
5/31/21
|
|
High Tech Industries
|
|
13,448
|
|
|
13,329
|
|
|
13,213
|
|
|||
|
Novolex Holdings, Inc.
|
|
9.750% (L+875, 1.00% Floor)
|
|
6/5/22
|
|
Containers, Packaging & Glass
|
|
42,045
|
|
|
41,039
|
|
|
42,676
|
|
|||
|
Pabst Brewing Company
|
|
9.250% (L+825, 1.00% Floor)
|
|
11/14/22
|
|
Consumer Goods – Durable
|
|
27,000
|
|
|
26,679
|
|
|
26,933
|
|
|||
|
Premier Trailer Leasing, Inc.
|
|
10.000% (L+900, 1.00% Floor)
|
|
9/24/20
|
|
Transportation – Cargo, Distribution
|
|
52,000
|
|
|
51,063
|
|
|
53,040
|
|
|||
|
River Cree Enterprises LP (11)(17)
|
|
11.000%
|
|
1/20/21
|
|
Hotel, Gaming, Leisure, Restaurants
|
|
C$
|
23,000
|
|
|
21,683
|
|
|
19,091
|
|
||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
2nd Lien Secured Debt—48.1% (continued)
|
||||||||||||||||||
|
SiTV, Inc. (11)
|
|
10.375%
|
|
7/1/19
|
|
Broadcasting & Subscription
|
|
$
|
2,219
|
|
|
$
|
2,219
|
|
|
$
|
1,844
|
|
|
SMG
|
|
9.250% (L+825, 1.00% Floor)
|
|
2/27/21
|
|
Hotel, Gaming, Leisure, Restaurants
|
|
19,900
|
|
|
19,900
|
|
|
20,000
|
|
|||
|
Sprint Industrial Holdings, LLC
|
|
11.250% (L+1000, 1.25% Floor)
|
|
11/14/19
|
|
Containers, Packaging & Glass
|
|
16,163
|
|
|
15,395
|
|
|
12,849
|
|
|||
|
SquareTwo Financial Corp. (Collect America, Ltd.) (17)
|
|
11.625%
|
|
4/1/17
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
65,152
|
|
|
64,415
|
|
|
48,131
|
|
|||
|
STG-Fairway Acquisitions, Inc.
|
|
9.250% (L+825, 1.00% Floor)
|
|
6/26/23
|
|
Business Services
|
|
15,000
|
|
|
14,625
|
|
|
14,625
|
|
|||
|
TASC, Inc.
|
|
12.000%
|
|
5/21/21
|
|
Aerospace & Defense
|
|
21,815
|
|
|
21,050
|
|
|
22,742
|
|
|||
|
TMK Hawk Parent, Corp.
|
|
8.500% (L+750, 1.00% Floor)
|
|
10/1/22
|
|
Transportation – Cargo, Distribution
|
|
34,000
|
|
|
33,683
|
|
|
34,340
|
|
|||
|
Transfirst Holdings, Inc.
|
|
9.000% (L+800, 1.00% Floor)
|
|
11/11/22
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
21,840
|
|
|
21,747
|
|
|
21,936
|
|
|||
|
Velocity Technology Solutions, Inc.
|
|
9.000% (L+775, 1.25% Floor)
|
|
9/28/20
|
|
Business Services
|
|
16,500
|
|
|
16,219
|
|
|
16,005
|
|
|||
|
Venoco, Inc.
|
|
8.875% (12.000% PIK Toggle)
|
|
2/15/19
|
|
Energy – Oil & Gas
|
|
34,810
|
|
|
44,256
|
|
|
29,588
|
|
|||
|
Vertafore, Inc.
|
|
9.750% (L+825, 1.50% Floor)
|
|
10/27/17
|
|
Business Services
|
|
36,436
|
|
|
36,307
|
|
|
36,937
|
|
|||
|
Total 2nd Lien Secured Debt
|
|
$
|
956,075
|
|
|
$
|
912,819
|
|
||||||||||
|
TOTAL SECURED DEBT
|
|
$
|
1,852,343
|
|
|
$
|
1,758,864
|
|
||||||||||
|
|
||||||||||||||||||
|
UNSECURED DEBT—17.0%
|
||||||||||||||||||
|
Aerojet Rocketdyne Holdings, Inc. (formerly GenCorp, Inc.) (17)
|
|
9.500% (L+850, 1.00% Floor)
|
|
4/18/22
|
|
Aerospace & Defense
|
|
$
|
19,000
|
|
|
$
|
19,000
|
|
|
$
|
19,000
|
|
|
American Tire Distributors, Inc. (11)
|
|
10.250%
|
|
3/1/22
|
|
Transportation – Cargo, Distribution
|
|
24,281
|
|
|
24,281
|
|
|
26,056
|
|
|||
|
Artsonig Pty Ltd (11)(17)
|
|
11.500% (12.000% PIK Toggle)
|
|
4/1/19
|
|
Transportation – Cargo, Distribution
|
|
22,500
|
|
|
22,260
|
|
|
9,167
|
|
|||
|
Canacol Energy Ltd. (17)
|
|
9.500% (L+850, 1.00% Floor)
|
|
12/31/19
|
|
Energy – Oil & Gas
|
|
75,000
|
|
|
73,175
|
|
|
72,263
|
|
|||
|
Delta Educational Systems, Inc.
|
|
16.000% PIK
|
|
5/12/17
|
|
Education
|
|
25,115
|
|
|
24,897
|
|
|
19,590
|
|
|||
|
Denver Parent Corp. (Venoco) (13)(14)(16)
|
|
12.250% (13.000% PIK Toggle)
|
|
8/15/18
|
|
Energy – Oil & Gas
|
|
9,572
|
|
|
9,411
|
|
|
933
|
|
|||
|
My Alarm Center, LLC
|
|
16.250% (13.000% Cash / 3.250% PIK)
|
|
7/9/18
|
|
Business Services
|
|
4,319
|
|
|
4,319
|
|
|
4,319
|
|
|||
|
Radio One, Inc. (11)
|
|
9.250%
|
|
2/15/20
|
|
Broadcasting & Subscription
|
|
15,804
|
|
|
15,713
|
|
|
14,559
|
|
|||
|
Sorenson Holdings, LLC (11)
|
|
13.000% PIK
|
|
10/31/21
|
|
Consumer Goods – Durable
|
|
68
|
|
|
45
|
|
|
70
|
|
|||
|
Tibco Software Inc. (11)
|
|
11.375%
|
|
12/1/21
|
|
High Tech Industries
|
|
11,389
|
|
|
11,077
|
|
|
11,318
|
|
|||
|
U.S. Security Associates Holdings, Inc.
|
|
11.000%
|
|
7/28/18
|
|
Business Services
|
|
135,000
|
|
|
135,000
|
|
|
137,700
|
|
|||
|
|
||||||||||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
UNSECURED DEBT—17.0% (continued)
|
||||||||||||||||||
|
UniTek Global Services Inc.
|
|
15.000%
|
|
7/13/19
|
|
Telecommunications
|
|
$
|
6,814
|
|
|
$
|
6,814
|
|
|
$
|
6,814
|
|
|
Venoco, Inc. (16)
|
|
8.875%
|
|
2/15/19
|
|
Energy – Oil & Gas
|
|
3,708
|
|
|
3,664
|
|
|
1,233
|
|
|||
|
TOTAL UNSECURED DEBT
|
|
$
|
349,656
|
|
|
$
|
323,022
|
|
||||||||||
|
TOTAL CORPORATE DEBT
|
|
$
|
2,201,999
|
|
|
$
|
2,081,886
|
|
||||||||||
|
|
||||||||||||||||||
|
STRUCTURED PRODUCTS AND OTHER—10.4%
|
||||||||||||||||||
|
Asset Repackaging Trust Six B.V. (11)(17)(19)
|
|
N/A
|
|
5/18/27
|
|
Utilities – Electric
|
|
$
|
58,411
|
|
|
$
|
25,065
|
|
|
$
|
32,680
|
|
|
Craft 2013-1, Credit-Linked Note (11)(16)(17)
|
|
9.503% (L+925)
|
|
4/17/22
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
25,000
|
|
|
25,079
|
|
|
24,435
|
|
|||
|
Craft 2013-1, Credit-Linked Note (16)(17)
|
|
9.503% (L+925)
|
|
4/17/22
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
7,625
|
|
|
7,742
|
|
|
7,456
|
|
|||
|
Craft 2014-1A, Credit-Linked Note (11)(17)
|
|
9.908% (L+965)
|
|
5/15/21
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
42,500
|
|
|
42,443
|
|
|
41,971
|
|
|||
|
Craft 2015-2, Credit-Linked Note (11)(17)
|
|
9.589% (L+925)
|
|
7/16/24
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
26,000
|
|
|
26,000
|
|
|
25,864
|
|
|||
|
Dark Castle Holdings, LLC
|
|
N/A
|
|
N/A
|
|
Media – Diversified & Production
|
|
24,395
|
|
|
1,189
|
|
|
2,425
|
|
|||
|
JP Morgan Chase & Co., Credit-Linked Note (17)
|
|
12.520% (L+1225)
|
|
12/20/21
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
43,250
|
|
|
41,868
|
|
|
42,861
|
|
|||
|
NXT Capital CLO 2014-1, LLC, Class E Notes (11)(17)
|
|
5.757% (L+550)
|
|
4/23/26
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
5,000
|
|
|
4,675
|
|
|
4,388
|
|
|||
|
Renaissance Umiat, LLC, ACES Tax Receivable (15)(17)
|
|
N/A
|
|
N/A
|
|
Energy – Oil & Gas
|
|
—
|
|
|
14,842
|
|
|
14,862
|
|
|||
|
TOTAL STRUCTURED PRODUCTS AND OTHER
|
|
$
|
188,903
|
|
|
$
|
196,942
|
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||||
|
PREFERRED EQUITY—1.5%
|
|
Shares
|
|
|
|
|
||||||||||||
|
CA Holding, Inc. (Collect America, Ltd.), Series A Preferred Stock (13)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
32,961
|
|
|
$
|
788
|
|
|
$
|
—
|
|
|
|
Crowley Holdings, Series A Preferred Stock (11)
|
|
12.000% (10.000% Cash/2.000% PIK)
|
|
N/A
|
|
Transportation – Cargo, Distribution
|
|
22,500
|
|
|
23,194
|
|
|
23,681
|
|
|||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Preferred Stock (Convertible) (13)(14)
|
|
12.500% PIK
|
|
N/A
|
|
Education
|
|
332,500
|
|
|
6,863
|
|
|
—
|
|
|||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Preferred Stock (13)(14)
|
|
13.500% PIK
|
|
5/12/18
|
|
Education
|
|
12,360
|
|
|
27,686
|
|
|
163
|
|
|||
|
Varietal Distribution Holdings, LLC, Class A Preferred Unit
|
|
8.000% PIK
|
|
N/A
|
|
Transportation – Cargo, Distribution
|
|
3,097
|
|
|
4,746
|
|
|
4,883
|
|
|||
|
TOTAL PREFERRED EQUITY
|
|
$
|
63,277
|
|
|
$
|
28,727
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
EQUITY—1.5%
|
||||||||||||||||||
|
Common Equity/Interests—1.2%
|
|
|
|
|
|
|
|
Shares
|
|
|
|
|
||||||
|
ATD Corporation (Accelerate Parent Corp), Common Stock
|
|
N/A
|
|
N/A
|
|
Transportation – Cargo, Distribution
|
|
1,664,046
|
|
|
$
|
1,714
|
|
|
$
|
2,660
|
|
|
|
CA Holding, Inc. (Collect America, Ltd.), Series A Common Stock (13)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
25,000
|
|
|
2,500
|
|
|
—
|
|
|||
|
CA Holding, Inc. (Collect America, Ltd.), Series AA Common Stock (13)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
4,294
|
|
|
429
|
|
|
—
|
|
|||
|
Caza Petroleum Inc., Net Profits Interest (13)
|
|
N/A
|
|
N/A
|
|
Energy – Oil & Gas
|
|
—
|
|
|
1,202
|
|
|
1,959
|
|
|||
|
Caza Petroleum Inc., Overriding Royalty Interest
|
|
N/A
|
|
N/A
|
|
Energy – Oil & Gas
|
|
—
|
|
|
339
|
|
|
176
|
|
|||
|
Clothesline Holdings, Inc. (Angelica Corporation), Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Healthcare & Pharmaceuticals
|
|
6,000
|
|
|
6,000
|
|
|
1,449
|
|
|||
|
Explorer Coinvest, LLC (Booz Allen), Common Stock (17)
|
|
N/A
|
|
N/A
|
|
Business Services
|
|
192
|
|
|
1,468
|
|
|
4,502
|
|
|||
|
Garden Fresh Restaurant Holdings, LLC., Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Hotel, Gaming, Leisure, Restaurants
|
|
50,000
|
|
|
5,000
|
|
|
—
|
|
|||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
17,500
|
|
|
175
|
|
|
—
|
|
|||
|
JV Note Holdco, LLC (DSI Renal, Inc.), Common Equity / Interest (13)
|
|
N/A
|
|
N/A
|
|
Healthcare & Pharmaceuticals
|
|
9,303
|
|
|
85
|
|
|
—
|
|
|||
|
Pelican Energy, LLC, Net Profits Interest (13)(17)
|
|
N/A
|
|
N/A
|
|
Energy – Oil & Gas
|
|
—
|
|
|
1,100
|
|
|
186
|
|
|||
|
Skyline Data, News and Analytics LLC, Class A Common Unit (13)
|
|
N/A
|
|
N/A
|
|
Business Services
|
|
4,500
|
|
|
4,500
|
|
|
4,500
|
|
|||
|
Sorenson Holdings, LLC, Membership Interests (13)
|
|
N/A
|
|
N/A
|
|
Consumer Goods – Durable
|
|
587
|
|
|
—
|
|
|
112
|
|
|||
|
Univar, Inc., Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Wholesale
|
|
290,015
|
|
|
5,755
|
|
|
7,549
|
|
|||
|
Varietal Distribution Holdings, LLC, Class A Common Unit (13)
|
|
N/A
|
|
N/A
|
|
Transportation – Cargo, Distribution
|
|
28,028
|
|
|
28
|
|
|
214
|
|
|||
|
Total Common Equity/Interests
|
|
$
|
30,295
|
|
|
$
|
23,307
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except warrants)
|
|||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—123.2%(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Warrants
|
|
Cost
|
|
Fair
Value (1) |
|||||
|
Warrants—0.3%
|
|||||||||||||||||
|
CA Holding, Inc. (Collect America, Ltd.), Common Stock Warrants (13)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
12,255
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
Energy & Exploration Partners, Inc., Common Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Energy – Oil & Gas
|
|
60,778
|
|
|
2,374
|
|
|
58
|
|
||
|
Fidji Luxco (BC) S.C.A., Common Stock Warrants (2)(13)(17)
|
|
N/A
|
|
N/A
|
|
High Tech Industries
|
|
18,113
|
|
|
182
|
|
|
4,098
|
|
||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Class A-1 Preferred Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
45,947
|
|
|
459
|
|
|
—
|
|
||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Class B-1 Preferred Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
104,314
|
|
|
1,043
|
|
|
—
|
|
||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Common Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
9,820
|
|
|
98
|
|
|
—
|
|
||
|
Osage Exploration & Development, Inc., Common Stock Warrants (13)(17)
|
|
N/A
|
|
N/A
|
|
Energy – Oil & Gas
|
|
1,496,843
|
|
|
—
|
|
|
129
|
|
||
|
Spotted Hawk Development, LLC, Common Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Energy – Oil & Gas
|
|
54,545
|
|
|
852
|
|
|
1,288
|
|
||
|
Total Warrants
|
|
$
|
5,016
|
|
|
$
|
5,573
|
|
|||||||||
|
TOTAL EQUITY
|
|
$
|
35,311
|
|
|
$
|
28,880
|
|
|||||||||
|
Total Investments in Non-Controlled/ Non-Affiliated Investments
|
|
$
|
2,489,490
|
|
|
$
|
2,336,435
|
|
|||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares and warrants)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/AFFILIATED
INVESTMENTS—20.2%(4)(10) |
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par
Amount(12) |
|
Cost
|
|
Fair
Value (1) |
||||||
|
CORPORATE DEBT—0.2%
|
||||||||||||||||||
|
SECURED DEBT—0.2%
|
||||||||||||||||||
|
1st Lien Secured Debt—0.2%
|
||||||||||||||||||
|
Renewable Funding Group, Inc. (13)(16)
|
|
0.000%
|
|
9/30/15
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
Renewable Funding Group, Inc. (16)
|
|
8.000%
|
|
5/19/16
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
2,015
|
|
|
2,015
|
|
|
2,015
|
|
|||
|
Total 1st Lien Secured Debt
|
|
$
|
3,015
|
|
|
$
|
3,015
|
|
||||||||||
|
TOTAL SECURED DEBT
|
|
$
|
3,015
|
|
|
$
|
3,015
|
|
||||||||||
|
TOTAL CORPORATE DEBT
|
|
$
|
3,015
|
|
|
$
|
3,015
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
STRUCTURED PRODUCTS AND OTHER—11.4%
|
||||||||||||||||||
|
Golden Bear Warehouse LLC, Equity (3)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
$
|
11,318
|
|
|
$
|
11,318
|
|
|
$
|
16,524
|
|
|
Golden Hill CLO I, LLC, Equity (3)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
70,944
|
|
|
71,478
|
|
|
73,091
|
|
|||
|
Highbridge Loan Management 3-2014, Ltd, Subordinated Notes (3)(11)(17)
|
|
N/A
|
|
1/18/25
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
8,163
|
|
|
6,274
|
|
|
6,244
|
|
|||
|
Ivy Hill Middle Market Credit Fund IX, Ltd, Subordinated Notes (3)(11)(17)
|
|
N/A
|
|
10/18/25
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
12,500
|
|
|
11,031
|
|
|
10,518
|
|
|||
|
Ivy Hill Middle Market Credit Fund X, Ltd, Subordinated Notes (3)(11)(17)
|
|
N/A
|
|
7/18/27
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
14,000
|
|
|
12,457
|
|
|
12,457
|
|
|||
|
Jamestown CLO I LTD, Subordinated Notes (3)(11)(17)
|
|
N/A
|
|
11/5/24
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
4,325
|
|
|
3,363
|
|
|
3,633
|
|
|||
|
MCF CLO I, LLC, Membership Interests (3)(4)(11)(17)
|
|
N/A
|
|
4/20/23
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
38,918
|
|
|
34,599
|
|
|
37,851
|
|
|||
|
MCF CLO III, LLC, Class E Notes (3)(11)(17)
|
|
4.707% (L+445)
|
|
1/20/24
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
12,750
|
|
|
11,484
|
|
|
10,870
|
|
|||
|
MCF CLO III, LLC, Membership Interests (3)(11)(17)
|
|
N/A
|
|
1/20/24
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
41,900
|
|
|
36,204
|
|
|
37,731
|
|
|||
|
Slater Mill Loan Fund LP, LP Certificates (3)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
8,375
|
|
|
5,651
|
|
|
6,703
|
|
|||
|
TOTAL STRUCTURED PRODUCTS AND OTHER
|
|
$
|
203,859
|
|
|
$
|
215,622
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares and warrants)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/AFFILIATED
INVESTMENTS—20.2%(4)(10) |
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Shares
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
PREFERRED EQUITY—5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
AMP Solar (UK) Limited, Class A Preference Shares (2)(17)
|
|
8.500%
|
|
10/31/49
|
|
Energy - Electricity
|
|
56,989,952
|
|
|
$
|
87,167
|
|
|
$
|
90,106
|
|
|
|
Renewable Funding Group, Inc., Series B Preferred Stock (13)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
|
1,505,868
|
|
|
7,343
|
|
|
9,469
|
|
|||
|
Total Preferred Equity
|
|
$
|
94,510
|
|
|
$
|
99,575
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Common Equity/Interests—3.4%
|
|
|
|
|
|
|
||||||||||||
|
AMP Solar Group, Inc., Class A Common Unit (3)(13)(17)
|
|
N/A
|
|
N/A
|
|
Energy - Electricity
|
|
140,688
|
|
|
$
|
6,000
|
|
|
$
|
6,000
|
|
|
|
Generation Brands Holdings, Inc., Basic Common Stock (3)(13)
|
|
N/A
|
|
N/A
|
|
Consumer Goods – Durable
|
|
9,007
|
|
|
—
|
|
|
8,224
|
|
|||
|
Generation Brands Holdings, Inc., Series 2L Common Stock (3)(13)
|
|
N/A
|
|
N/A
|
|
Consumer Goods – Durable
|
|
36,700
|
|
|
11,242
|
|
|
33,509
|
|
|||
|
Generation Brands Holdings, Inc., Series H Common Stock (3)(13)
|
|
N/A
|
|
N/A
|
|
Consumer Goods – Durable
|
|
7,500
|
|
|
2,298
|
|
|
6,848
|
|
|||
|
LVI Group Investments, LLC, Common Units (3)(13)
|
|
N/A
|
|
N/A
|
|
Environmental Industries
|
|
212,460
|
|
|
17,505
|
|
|
10,723
|
|
|||
|
Total Common Equity/Interests
|
|
$
|
37,045
|
|
|
$
|
65,304
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
TOTAL EQUITY
|
|
$
|
37,045
|
|
|
$
|
65,304
|
|
||||||||||
|
Total Investments in Non-Controlled/Affiliated Investments
|
|
$
|
338,429
|
|
|
$
|
383,516
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN CONTROLLED INVESTMENTS—31.3%(5)(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry (9)
|
|
Par
Amount(12) |
|
Cost
|
|
Fair
Value (1) |
||||||
|
CORPORATE DEBT—18.6%
|
||||||||||||||||||
|
SECURED DEBT—18.6%
|
||||||||||||||||||
|
1st Lien Secured Debt—18.6%
|
||||||||||||||||||
|
Merx Aviation Finance Holdings II, LLC, (Revolver) (5)(16)
|
|
12.000% Funded
|
|
10/31/18
|
|
Aviation and Consumer Transport
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
|
Total 1st Lien Secured Debt
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Unfunded Revolver Obligation—0.0%
|
||||||||||||||||||
|
Merx Aviation Finance Holdings II, LLC, (Unfunded Revolver) (5)(13)(16)
|
|
0.000% Unfunded
|
|
10/31/18
|
|
Aviation and Consumer Transport
|
|
$
|
47,916
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Total Unfunded Revolver Obligation
|
|
$
|
—
|
|
|
$
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Letters of Credit—0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Merx Aviation Finance Assets Ireland Limited, Letter of Credit (5)(16)
|
|
2.250%
|
|
9/30/15
|
|
Aviation and Consumer Transport
|
|
$
|
1,800
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Merx Aviation Finance Assets Ireland Limited, Letter of Credit (5)(16)
|
|
2.250%
|
|
9/30/15
|
|
Aviation and Consumer Transport
|
|
1,800
|
|
|
—
|
|
|
—
|
|
|||
|
Total Letters of Credit
|
|
$
|
—
|
|
|
$
|
—
|
|
||||||||||
|
TOTAL SECURED DEBT
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
||||||||||
|
TOTAL CORPORATE DEBT
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
EQUITY—12.7%
|
||||||||||||||||||
|
Common Equity/Interests—12.7%
|
||||||||||||||||||
|
Dynamic Product Tankers (Prime), LLC, Class A Units (5)(13)(17)
|
|
N/A
|
|
N/A
|
|
Transportation – Cargo, Distribution
|
|
—
|
|
|
$
|
38,756
|
|
|
$
|
38,755
|
|
|
|
Merx Aviation Finance, LLC, Membership Interests (5)(13)
|
|
N/A
|
|
N/A
|
|
Aviation and Consumer Transport
|
|
—
|
|
|
152,082
|
|
|
170,124
|
|
|||
|
MSEA Tankers LLC, Class A Units (5)(17)
|
|
N/A
|
|
N/A
|
|
Transportation – Cargo, Distribution
|
|
—
|
|
|
33,000
|
|
|
33,000
|
|
|||
|
Total Common Equity/Interests
|
|
$
|
223,838
|
|
|
$
|
241,879
|
|
||||||||||
|
TOTAL EQUITY
|
|
$
|
223,838
|
|
|
$
|
241,879
|
|
||||||||||
|
Total Investments in Controlled Investments
|
|
$
|
575,922
|
|
|
$
|
593,963
|
|
||||||||||
|
Total Investments—174.7% (6)(7)
|
|
$
|
3,403,841
|
|
|
$
|
3,313,914
|
|
||||||||||
|
Liabilities in Excess of Other Assets—(74.7)%
|
|
|
|
$
|
(1,417,264
|
)
|
||||||||||||
|
Net Assets—100.0%
|
|
|
|
$
|
1,896,650
|
|
||||||||||||
|
(1)
|
Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see note 2).
|
|
(2)
|
Fidji Luxco (BC) S.C.A. is a EUR denominated investment and AMP Solar (UK) Limited is a GBP denominated investment.
|
|
(3)
|
Denotes investments where the governing documents of the entity preclude the Company from controlling management of the entity and therefore the Company has determined that the entity is not a controlled affiliate.
|
|
(4)
|
Denotes investments in which we are an “Affiliated Person”, as defined in the 1940 Act, due to holding the power to vote or owning 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of
March 31, 2015
and
June 30, 2015
along with transactions during the
three months ended June 30, 2015
in these Affiliated investments are as follows:
|
|
Name of Issue
|
Fair Value at March 31, 2015
|
Gross
Additions (Cost) ● |
Gross
Reductions (Cost) ■ |
Change in Unrealized Gain (Loss)
|
Fair Value at June 30, 2015
|
Net Realized Gain (Loss)
|
Interest/Dividend/
Other Income |
||||||||||||||
|
AMP Solar Group, Inc., Class A Common Unit
|
$
|
3,500
|
|
$
|
2,500
|
|
$
|
—
|
|
$
|
—
|
|
$
|
6,000
|
|
$
|
—
|
|
$
|
2,230
|
|
|
AMP Solar (UK) Limited, Class A Preference Shares
|
65,171
|
|
20,812
|
|
—
|
|
4,123
|
|
90,106
|
|
—
|
|
—
|
|
|||||||
|
Generation Brands Holdings, Inc. (Quality Homes), Basic Common Stock
|
6,699
|
|
—
|
|
—
|
|
1,525
|
|
8,224
|
|
—
|
|
—
|
|
|||||||
|
Generation Brands Holdings, Inc. (Quality Homes), Series 2L Common Stock
|
27,294
|
|
—
|
|
—
|
|
6,215
|
|
33,509
|
|
—
|
|
—
|
|
|||||||
|
Generation Brands Holdings, Inc. (Quality Homes), Series H Common Stock
|
5,578
|
|
—
|
|
—
|
|
1,270
|
|
6,848
|
|
—
|
|
—
|
|
|||||||
|
Golden Bear Warehouse LLC, Equity
|
6,833
|
|
7,085
|
|
—
|
|
2,606
|
|
16,524
|
|
—
|
|
—
|
|
|||||||
|
Golden Hill CLO I, LLC, Equity
|
73,587
|
|
—
|
|
—
|
|
(496
|
)
|
73,091
|
|
—
|
|
2,432
|
|
|||||||
|
Highbridge Loan Management 3-2014, Ltd., Class E Notes, L+600, 1/18/25
|
2,121
|
|
3
|
|
(2,280
|
)
|
156
|
|
—
|
|
(67
|
)
|
34
|
|
|||||||
|
Highbridge Loan Management 3-2014, Ltd., Subordinated Notes, 1/18/25
|
6,722
|
|
—
|
|
(264
|
)
|
(214
|
)
|
6,244
|
|
—
|
|
214
|
|
|||||||
|
Ivy Hill Middle Market Credit Fund IX, Ltd., Subordinated Notes, 10/18/25
|
11,375
|
|
—
|
|
(344
|
)
|
(513
|
)
|
10,518
|
|
—
|
|
470
|
|
|||||||
|
Ivy Hill Middle Market Credit Fund X, Ltd., Subordinated Notes, 7/18/27
|
—
|
|
12,457
|
|
—
|
|
—
|
|
12,457
|
|
—
|
|
—
|
|
|||||||
|
Jamestown CLO I LTD, Subordinated Notes, 11/5/24
|
3,698
|
|
—
|
|
(70
|
)
|
5
|
|
3,633
|
|
—
|
|
132
|
|
|||||||
|
LVI Group Investments, LLC, Common Units
|
8,669
|
|
—
|
|
—
|
|
2,054
|
|
10,723
|
|
—
|
|
131
|
|
|||||||
|
MCF CLO I, LLC, Membership Interests, 4/20/23
|
38,490
|
|
—
|
|
(489
|
)
|
(150
|
)
|
37,851
|
|
—
|
|
1,769
|
|
|||||||
|
MCF CLO III, LLC, Class E Notes L+445, 1/2024
|
11,220
|
|
29
|
|
—
|
|
(379
|
)
|
10,870
|
|
—
|
|
180
|
|
|||||||
|
MCF CLO III, LLC, Membership Interests, 1/20/24
|
38,984
|
|
—
|
|
(752
|
)
|
(501
|
)
|
37,731
|
|
—
|
|
1,615
|
|
|||||||
|
Renewable Funding Group, Inc., 0.000%, 9/30/15
|
1,000
|
|
—
|
|
—
|
|
—
|
|
1,000
|
|
—
|
|
—
|
|
|||||||
|
Renewable Funding Group, Inc., 8.000%, 5/19/16
|
—
|
|
2,015
|
|
—
|
|
—
|
|
2,015
|
|
—
|
|
13
|
|
|||||||
|
Renewable Funding Group, Inc., Series B Preferred Stock
|
9,309
|
|
—
|
|
(118
|
)
|
278
|
|
9,469
|
|
—
|
|
—
|
|
|||||||
|
Slater Mill Loan Fund LP, LP Certificates
|
6,968
|
|
—
|
|
(103
|
)
|
(162
|
)
|
6,703
|
|
—
|
|
330
|
|
|||||||
|
|
$
|
327,218
|
|
$
|
44,901
|
|
$
|
(4,420
|
)
|
$
|
15,817
|
|
$
|
383,516
|
|
$
|
(67
|
)
|
$
|
9,550
|
|
|
(5)
|
Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of
March 31, 2015
and
June 30, 2015
along with transactions during the
three months ended June 30, 2015
in these Controlled investments are as follows:
|
|
Name of Issue
|
Fair Value at March 31, 2015
|
Gross
Additions (Cost) ● |
Gross
Reductions (Cost) ■ |
Change in Unrealized Gain (Loss)
|
Fair Value at June 30, 2015
|
Net Realized Gain (Loss)
|
Interest/Dividend/
Other Income |
||||||||||||||
|
Dynamic Product Tankers (Prime), LLC, Class A Units
|
$
|
—
|
|
$
|
38,800
|
|
$
|
(45
|
)
|
$
|
—
|
|
38,755
|
|
$
|
—
|
|
$
|
—
|
|
|
|
Merx Aviation Finance, LLC, (Revolver), 12.000% Funded
|
352,084
|
|
—
|
|
—
|
|
—
|
|
352,084
|
|
—
|
|
10,534
|
|
|||||||
|
Merx Aviation Finance, LLC, (Unfunded Revolver), 0.000% Unfunded
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
Merx Aviation Finance Assets Ireland Limited, Letters of Credit, 2.25%, 9/30/15
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10
|
|
|||||||
|
Merx Aviation Finance Assets Ireland Limited, Letters of Credit, 2.25%, 9/30/15
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10
|
|
|||||||
|
Merx Aviation Finance, LLC, Membership Interests
|
165,172
|
|
—
|
|
—
|
|
4,952
|
|
170,124
|
|
—
|
|
—
|
|
|||||||
|
MSEA Tankers LLC, Class A Units
|
33,000
|
|
—
|
|
—
|
|
—
|
|
33,000
|
|
—
|
|
1,863
|
|
|||||||
|
PlayPower Holdings, Inc., Common Stock
|
55,900
|
|
—
|
|
(77,721
|
)
|
21,821
|
|
—
|
|
(42,862
|
)
|
—
|
|
|||||||
|
PlayPower Holdings, Inc., Series A Preferred, 14.00% PIK, 11/15/20
|
59,411
|
|
1,891
|
|
(61,302
|
)
|
—
|
|
—
|
|
—
|
|
1,931
|
|
|||||||
|
|
$
|
665,567
|
|
$
|
40,691
|
|
$
|
(139,068
|
)
|
$
|
26,773
|
|
$
|
593,963
|
|
$
|
(42,862
|
)
|
$
|
14,348
|
|
|
(6)
|
Aggregate gross unrealized gain for federal income tax purposes is $157,670; aggregate gross unrealized loss for federal income tax purposes is $267,828. Net unrealized loss is $110,158 based on a tax cost of $3,424,073.
|
|
(7)
|
Substantially all securities are pledged as collateral to our multicurrency revolving credit facility (the “Facility”). As such these securities are not available as collateral to our general creditors.
|
|
(8)
|
The negative fair value is the result of the unfunded commitment or letter of credit being valued below par.
|
|
(9)
|
As a result of the amendment of our Senior Secured Facility on April 24, 2015, the industry classifications were updated in the Schedule of Investments as of June 30, 2015.
|
|
(10)
|
The percentage is calculated over net assets.
|
|
(11)
|
These securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.
|
|
(12)
|
Denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), and Canadian Dollar (“CAD”).
|
|
(13)
|
Non-income producing security.
|
|
(14)
|
Non-accrual status (see note 2).
|
|
(15)
|
The investment has a put option attached to it and the combined instrument has been recorded in its entirety at fair value as a hybrid instrument in accordance with ASC 815-15-25-4 with subsequent changes in fair value charged or credited to investment gains/losses for each period.
|
|
(16)
|
Denotes debt securities where the Company owns multiple tranches of the same broad asset type but whose security characteristics differ. Such differences may include level of subordination, call protection and pricing, and differing interest rate characteristics, among other factors. Such factors are usually considered in the determination of fair values.
|
|
(17)
|
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis.
|
|
(18)
|
In addition to the interest earned based on the stated rate of this loan, the Company may be entitled to receive additional interest as a result of its arrangement with other lenders in a syndication.
|
|
(19)
|
This investment represents a leveraged subordinated interest in a trust that holds one foreign currency denominated bond and a derivative instrument.
|
|
N/A
|
Not applicable.
|
|
Industry Classification
|
Percentage of Total Investments (at fair value) as of June 30, 2015
|
|
Business Services
|
16.3%
|
|
Energy – Oil & Gas
|
16.0%
|
|
Aviation and Consumer Transport
|
15.8%
|
|
Diversified Investment Vehicles, Banking, Finance, Real Estate
|
14.2%
|
|
Transportation – Cargo, Distribution
|
6.8%
|
|
Chemicals, Plastics & Rubber
|
3.8%
|
|
High Tech Industries
|
3.5%
|
|
Energy – Electricity
|
2.9%
|
|
Hotel, Gaming, Leisure, Restaurants
|
2.5%
|
|
Insurance
|
2.4%
|
|
Consumer Goods – Durable
|
2.3%
|
|
Aerospace & Defense
|
2.2%
|
|
Telecommunications
|
1.8%
|
|
Containers, Packaging & Glass
|
1.7%
|
|
Healthcare & Pharmaceuticals
|
1.6%
|
|
Education
|
1.4%
|
|
Utilities – Electric
|
1.0%
|
|
Utilities - Oil and Gas
|
0.9%
|
|
Food & Grocery
|
0.8%
|
|
Metals & Mining
|
0.6%
|
|
Broadcasting & Subscription
|
0.5%
|
|
Manufacturing, Capital Equipment
|
0.4%
|
|
Environmental Industries
|
0.3%
|
|
Wholesale
|
0.2%
|
|
Media – Diversified & Production
|
0.1%
|
|
Total Investments
|
100.0%
|
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS
March 31, 2015
(in thousands)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—121.6% (10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
CORPORATE DEBT—109.5%
|
||||||||||||||||||
|
SECURED DEBT—85.0%
|
||||||||||||||||||
|
1st Lien Secured Debt—41.7%
|
||||||||||||||||||
|
Alion Science & Technology Corporation
|
|
11.000% (L+1000, 1.00% Floor)
|
|
8/16/19
|
|
Aerospace and Defense
|
|
$
|
32,003
|
|
|
$
|
31,038
|
|
|
$
|
31,843
|
|
|
Archroma (17)
|
|
9.500% (L+825, 1.25% Floor)
|
|
10/1/18
|
|
Chemicals
|
|
40,128
|
|
|
39,795
|
|
|
40,354
|
|
|||
|
Aventine Renewable Energy Holdings, Inc.
|
|
15.00% PIK or 10.50% Cash
|
|
9/22/17
|
|
Chemicals
|
|
15,742
|
|
|
18,031
|
|
|
14,601
|
|
|||
|
Aveta, Inc.
|
|
9.750% (L+825, 1.50% Floor)
|
|
12/12/17
|
|
Healthcare
|
|
53,296
|
|
|
52,331
|
|
|
43,169
|
|
|||
|
Caza Petroleum, Inc.
|
|
12.000% (L+1000, 2.00% Floor)
|
|
5/23/17
|
|
Oil and Gas
|
|
45,000
|
|
|
43,992
|
|
|
42,660
|
|
|||
|
ChyronHego Corp.
|
|
9.000% (L+800, 1.00% Floor)
|
|
3/9/20
|
|
Business Services
|
|
25,000
|
|
|
24,505
|
|
|
24,500
|
|
|||
|
CITGO Holding, Inc. (11)
|
|
10.750%
|
|
2/15/20
|
|
Energy
|
|
25,000
|
|
|
23,792
|
|
|
25,781
|
|
|||
|
CITGO Holding, Inc.
|
|
9.50% (L+850, 1.00% Floor)
|
|
5/12/18
|
|
Energy
|
|
19,435
|
|
|
18,306
|
|
|
19,344
|
|
|||
|
Deep Gulf Energy II, LLC
|
|
14.000% (14.00% or L+1250, 1.50% Floor)
|
|
3/31/17
|
|
Oil and Gas
|
|
35,000
|
|
|
35,000
|
|
|
33,530
|
|
|||
|
Delta Educational Systems, Inc.
|
|
16.00% (8.00% Cash / 8.00% PIK)
|
|
12/11/16
|
|
Education
|
|
5,892
|
|
|
5,892
|
|
|
5,892
|
|
|||
|
Dodge Data & Analytics LLC
|
|
9.750% (L+875, 1.00% Floor)
|
|
10/31/19
|
|
Printing and Publishing
|
|
60,349
|
|
|
59,223
|
|
|
58,689
|
|
|||
|
Extraction Oil & Gas Holdings, LLC
|
|
10.00% & 11.00%
|
|
5/29/19
|
|
Oil and Gas
|
|
52,633
|
|
|
51,932
|
|
|
51,843
|
|
|||
|
Great Bear Petroleum Operating, LLC
|
|
12.000%
|
|
10/1/17
|
|
Oil and Gas
|
|
5,064
|
|
|
5,064
|
|
|
5,064
|
|
|||
|
Hunt Companies, Inc. (11)
|
|
9.625%
|
|
3/1/21
|
|
Buildings and Real Estate
|
|
21,008
|
|
|
20,776
|
|
|
21,586
|
|
|||
|
Magnetation, LLC (11)
|
|
11.000%
|
|
5/15/18
|
|
Mining
|
|
38,454
|
|
|
39,878
|
|
|
19,804
|
|
|||
|
Maxus Capital Carbon SPE I, LLC (Skyonic Corp.)
|
|
13.000%
|
|
9/18/19
|
|
Chemicals
|
|
73,104
|
|
|
73,104
|
|
|
73,104
|
|
|||
|
Molycorp, Inc. (17)
|
|
10.000%
|
|
6/1/20
|
|
Diversified Natural Resources, Precious Metals and Minerals
|
|
42,977
|
|
|
42,699
|
|
|
22,276
|
|
|||
|
My Alarm Center, LLC (16)
|
|
8.500% (L+750, 1.00% Floor)
|
|
1/9/18
|
|
Business Services
|
|
42,614
|
|
|
42,614
|
|
|
42,613
|
|
|||
|
My Alarm Center, LLC (16)
|
|
8.500% (L+750, 1.00% Floor)
|
|
1/9/18
|
|
Business Services
|
|
12,731
|
|
|
12,731
|
|
|
12,731
|
|
|||
|
Osage Exploration & Development, Inc. (11)(17)
|
|
13.000% (L+1100, 2.00% Floor)
|
|
4/27/16
|
|
Oil and Gas
|
|
25,000
|
|
|
24,741
|
|
|
23,600
|
|
|||
|
Pelican Energy, LLC (17)
|
|
10.00% (7.00% Cash / 3.00% PIK)
|
|
12/31/18
|
|
Oil and Gas
|
|
26,957
|
|
|
26,057
|
|
|
25,340
|
|
|||
|
Saba Software, Inc.
|
|
12.417% (L+1142, 1.00% Floor)
|
|
3/26/21
|
|
Business Services
|
|
10,000
|
|
|
10,000
|
|
|
9,850
|
|
|||
|
SCM Insurance Services, Inc. (17)
|
|
9.250%
|
|
8/22/19
|
|
Business Services
|
|
CAD 30,000
|
|
|
27,135
|
|
|
23,569
|
|
|||
|
Spotted Hawk Development, LLC
|
|
13.00% (12.00% Cash / 1.00% PIK)
|
|
9/12/16
|
|
Oil and Gas
|
|
$
|
80,900
|
|
|
79,911
|
|
|
78,878
|
|
||
|
Sunrun Solar Owner IX, LLC
|
|
9.079%
|
|
12/31/24
|
|
Energy
|
|
3,424
|
|
|
3,284
|
|
|
3,527
|
|
|||
|
Telestream Holdings Corporation
|
|
10.254% (L+925, 1.00% Floor)
|
|
1/15/20
|
|
Business Services
|
|
32,500
|
|
|
32,500
|
|
|
31,769
|
|
|||
|
UniTek Global Services Inc. (16)
|
|
9.500% (L+750, 1.00% PIK, 1.00% Floor)
|
|
1/13/19
|
|
Telecommunications
|
|
21,442
|
|
|
21,442
|
|
|
21,442
|
|
|||
|
Total 1st Lien Secured Debt excluding Revolvers and Letters of Credit
|
|
$
|
865,773
|
|
|
$
|
807,359
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—121.6% (10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
|
||||||||||||||||||
|
Funded and Unfunded Revolver Obligations—-1.7%
|
||||||||||||||||||
|
Avaya, Inc., (Revolver) (16)
|
|
2.92% (L+275, 0.17% Floor) / 5.00% (P+175, 3.25% Floor) Funded
|
|
10/26/16
|
|
Telecommunications
|
|
$
|
16,553
|
|
|
$
|
16,553
|
|
|
$
|
15,436
|
|
|
Avaya, Inc., (Unfunded Revolver) (8)(16)
|
|
0.50% Unfunded
|
|
10/26/16
|
|
Telecommunications
|
|
10,431
|
|
|
(3,181
|
)
|
|
(704
|
)
|
|||
|
BMC Software, Inc., (Unfunded Revolver) (8)
|
|
0.50% Unfunded
|
|
9/10/18
|
|
Business Services
|
|
20,760
|
|
|
(1,857
|
)
|
|
(1,868
|
)
|
|||
|
CIT Group, Inc., (Unfunded Revolver) (8)(17)
|
|
L+275
|
|
1/27/17
|
|
Financial Services
|
|
25,000
|
|
|
(107
|
)
|
|
(1,250
|
)
|
|||
|
Confie Seguros Holding II Co., (Revolver) (16)
|
|
4.67% (L+450, 0.17% Floor) / 6.75% (P+350, 3.25% Floor) Funded
|
|
12/10/18
|
|
Insurance
|
|
2,190
|
|
|
2,190
|
|
|
1,949
|
|
|||
|
Confie Seguros Holding II Co., (Unfunded Revolver) (8)(16)
|
|
0.50% Unfunded
|
|
12/10/18
|
|
Insurance
|
|
1,625
|
|
|
(340
|
)
|
|
(179
|
)
|
|||
|
Laureate Education Inc., (Revolver) (16)(17)
|
|
5.000% (L+375, 1.25% Floor) Funded
|
|
6/16/16
|
|
Education
|
|
23,566
|
|
|
23,566
|
|
|
21,445
|
|
|||
|
Laureate Education, Inc., (Unfunded Revolver) (8)(16)(17)
|
|
0.625% Unfunded
|
|
6/16/16
|
|
Education
|
|
5,212
|
|
|
(1,833
|
)
|
|
(469
|
)
|
|||
|
Salix Pharmaceuticals, Ltd., (Unfunded Revolver) (16)(17)
|
|
0.50% Unfunded
|
|
1/2/19
|
|
Healthcare
|
|
24,867
|
|
|
(1,519
|
)
|
|
—
|
|
|||
|
Tibco Software Inc., (Unfunded Revolver) (8)
|
|
0.50% Unfunded
|
|
12/5/19
|
|
Business Services
|
|
6,000
|
|
|
(56
|
)
|
|
(30
|
)
|
|||
|
Transfirst Holdings, Inc., (Unfunded Revolver) (8)(16)
|
|
0.50% Unfunded
|
|
11/12/19
|
|
Financial Services
|
|
2,943
|
|
|
(14
|
)
|
|
(88
|
)
|
|||
|
UniTek Global Services, Inc., (Unfunded Revolver) (16)
|
|
0.50% Unfunded
|
|
1/13/19
|
|
Telecommunications
|
|
5,000
|
|
|
241
|
|
|
—
|
|
|||
|
Walter Energy, Inc., (Unfunded Revolver) (8)(16)(17)
|
|
0.625% Unfunded
|
|
10/1/17
|
|
Mining
|
|
275
|
|
|
(176
|
)
|
|
(48
|
)
|
|||
|
Total Funded and Unfunded Revolver Obligations
|
|
$
|
33,467
|
|
|
$
|
34,194
|
|
||||||||||
|
|
||||||||||||||||||
|
Letters of Credit—(0.0)%
|
||||||||||||||||||
|
Avaya, Inc., Letter of Credit (8)(9)(16)
|
|
2.750%
|
|
10/30/15- 4/6/16
|
|
Telecommunications
|
|
$
|
9,800
|
|
|
$
|
—
|
|
|
$
|
(662
|
)
|
|
Confie Seguros Holding II Co., Letter of Credit (8)(16)
|
|
4.500%
|
|
10/27/15
|
|
Insurance
|
|
600
|
|
|
—
|
|
|
(66
|
)
|
|||
|
Confie Seguros Holding II Co., Letter of Credit (8)(16)
|
|
4.500%
|
|
1/13/16
|
|
Insurance
|
|
85
|
|
|
—
|
|
|
(9
|
)
|
|||
|
Laureate Education Inc., Letter of Credit (8)(16)(17)
|
|
3.750%
|
|
6/16/16
|
|
Education
|
|
101
|
|
|
—
|
|
|
(9
|
)
|
|||
|
Salix Pharmaceuticals, Ltd., Letter of Credit (16)(17)
|
|
3.000%
|
|
2/10/16
|
|
Healthcare
|
|
8
|
|
|
—
|
|
|
—
|
|
|||
|
Salix Pharmaceuticals, Ltd., Letter of Credit (16)(17)
|
|
3.000%
|
|
2/10/16
|
|
Healthcare
|
|
125
|
|
|
—
|
|
|
—
|
|
|||
|
Transfirst Holdings, Inc., Letter of Credit (8)(16)
|
|
4.500%
|
|
11/12/19
|
|
Financial Services
|
|
57
|
|
|
—
|
|
|
(2
|
)
|
|||
|
UniTek Global Services Inc., Letter of Credit (16)
|
|
7.500%
|
|
1/13/19
|
|
Telecommunications
|
|
17,946
|
|
|
—
|
|
|
—
|
|
|||
|
UniTek Global Services Inc., Letter of Credit (16)
|
|
7.500%
|
|
1/13/19
|
|
Telecommunications
|
|
1,850
|
|
|
—
|
|
|
—
|
|
|||
|
Walter Energy, Inc., Letter of Credit (8)(9)(16)(17)
|
|
5.500%
|
|
9/18/15- 7/4/16
|
|
Mining
|
|
86
|
|
|
—
|
|
|
(15
|
)
|
|||
|
Walter Energy, Inc., Letter of Credit (8)(9)(16)(17)
|
|
5.500%
|
|
8/31/15- 11/28/15
|
|
Mining
|
|
CAD 192
|
|
|
—
|
|
|
(27
|
)
|
|||
|
Total Letters of Credit
|
|
$
|
—
|
|
|
$
|
(790
|
)
|
||||||||||
|
|
||||||||||||||||||
|
Total 1st Lien Secured Debt
|
|
$
|
899,240
|
|
|
$
|
840,763
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—121.6% (10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
|
||||||||||||||||||
|
2nd Lien Secured Debt—41.6%
|
||||||||||||||||||
|
Access CIG, LLC
|
|
9.750% (L+875, 1.00% Floor)
|
|
10/17/22
|
|
Business Services
|
|
$
|
25,600
|
|
|
$
|
24,103
|
|
|
$
|
24,192
|
|
|
Active Network, Inc.
|
|
9.500% (L+850, 1.00% Floor)
|
|
11/15/21
|
|
Business Services
|
|
19,672
|
|
|
19,586
|
|
|
19,082
|
|
|||
|
Appriss Holdings, Inc.
|
|
9.250% (L+825, 1.00% Floor)
|
|
5/21/21
|
|
Business Services
|
|
25,000
|
|
|
24,641
|
|
|
25,000
|
|
|||
|
Armor Holdings, Inc. (American Stock Transfer and Trust Company)
|
|
10.250% (L+900, 1.25% Floor)
|
|
12/26/20
|
|
Financial Services
|
|
8,000
|
|
|
7,867
|
|
|
7,760
|
|
|||
|
Asurion Corporation
|
|
8.500% (L+750, 1.00% Floor)
|
|
3/3/21
|
|
Insurance
|
|
40,622
|
|
|
40,163
|
|
|
40,876
|
|
|||
|
Confie Seguros Holding II Co.
|
|
10.250% (L+900, 1.25% Floor)
|
|
5/8/19
|
|
Insurance
|
|
28,844
|
|
|
28,691
|
|
|
28,844
|
|
|||
|
Consolidated Precision Products Corp.
|
|
8.750% (L+775, 1.00% Floor)
|
|
4/30/21
|
|
Aerospace and Defense
|
|
1,940
|
|
|
1,932
|
|
|
1,930
|
|
|||
|
Deltek, Inc.
|
|
10.000% (L+875, 1.25% Floor)
|
|
10/10/19
|
|
Business Services
|
|
17,273
|
|
|
17,137
|
|
|
17,424
|
|
|||
|
Elements Behavioral Health, Inc.
|
|
9.750% (L+875, 1.00% Floor)
|
|
2/11/20
|
|
Healthcare
|
|
9,500
|
|
|
9,420
|
|
|
9,434
|
|
|||
|
Garden Fresh Restaurant Corp. (16)
|
|
7.750% (L+625 PIK, 1.50% Floor)
|
|
1/1/19
|
|
Restaurants
|
|
8,250
|
|
|
6,522
|
|
|
5,775
|
|
|||
|
Garden Fresh Restaurant Corp. (16)
|
|
15.000% (L+1350 PIK, 1.50% Floor)
|
|
1/1/19
|
|
Restaurants
|
|
39,921
|
|
|
38,064
|
|
|
35,529
|
|
|||
|
GCA Services Group, Inc.
|
|
9.250% (L+800, 1.25% Floor)
|
|
11/1/20
|
|
Diversified Service
|
|
17,838
|
|
|
17,961
|
|
|
17,882
|
|
|||
|
Grocery Outlet, Inc.
|
|
9.250% (L+825, 1.00% Floor)
|
|
10/21/22
|
|
Grocery
|
|
28,000
|
|
|
27,592
|
|
|
27,580
|
|
|||
|
GTCR Valor Companies, Inc.
|
|
9.500% (L+850, 1.00% Floor)
|
|
11/30/21
|
|
Business Services
|
|
35,000
|
|
|
34,666
|
|
|
33,775
|
|
|||
|
Institutional Shareholder Services, Inc.
|
|
8.500% (L+750, 1.00% Floor)
|
|
4/30/22
|
|
Financial Services
|
|
6,640
|
|
|
6,579
|
|
|
6,540
|
|
|||
|
Kronos, Inc.
|
|
9.750% (L+850, 1.25% Floor)
|
|
4/30/20
|
|
Business Services
|
|
13,525
|
|
|
13,466
|
|
|
13,931
|
|
|||
|
Miller Energy Resources, Inc. (17)
|
|
14.750% (9.750% Cash / 2.000% PIK, 3.00% Floor)
|
|
2/3/18
|
|
Oil and Gas
|
|
88,123
|
|
|
88,123
|
|
|
82,527
|
|
|||
|
MSC Software Corp. (17)
|
|
8.500% (L+750, 1.00% Floor)
|
|
5/28/21
|
|
Business Services
|
|
13,448
|
|
|
13,320
|
|
|
13,246
|
|
|||
|
Novolex Holdings, Inc.
|
|
9.750% (L+875, 1.00% Floor)
|
|
6/5/22
|
|
Packaging
|
|
42,045
|
|
|
41,013
|
|
|
42,150
|
|
|||
|
Pabst Brewing Company
|
|
9.25% (L+825, 1.00% Floor)
|
|
11/14/22
|
|
Consumer Products
|
|
27,000
|
|
|
26,665
|
|
|
27,203
|
|
|||
|
Premier Trailer Leasing, Inc.
|
|
10.000% (L+900, 1.00% Floor)
|
|
9/24/20
|
|
Financial Services
|
|
52,000
|
|
|
51,029
|
|
|
52,000
|
|
|||
|
River Cree Enterprises LP (11)(17)
|
|
11.000%
|
|
1/20/21
|
|
Hotels, Motels, Inns and Gaming
|
|
CAD 33,000
|
|
|
31,111
|
|
|
26,952
|
|
|||
|
SiTV, Inc. (11)
|
|
10.375%
|
|
7/1/19
|
|
Cable Television
|
|
$
|
2,219
|
|
|
2,219
|
|
|
2,003
|
|
||
|
SMG
|
|
9.250% (L+825, 1.00% Floor)
|
|
2/27/21
|
|
Business Services
|
|
19,900
|
|
|
19,900
|
|
|
20,000
|
|
|||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—121.6% (10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
2nd Lien Secured Debt—41.6% (continued)
|
||||||||||||||||||
|
Sprint Industrial Holdings, LLC
|
|
11.250% (L+1000, 1.25% Floor)
|
|
11/14/19
|
|
Containers, Packaging, and Glass
|
|
14,163
|
|
|
13,959
|
|
|
13,526
|
|
|||
|
SquareTwo Financial Corp. (Collect America, Ltd.) (17)
|
|
11.625%
|
|
4/1/17
|
|
Financial Services
|
|
65,152
|
|
|
64,316
|
|
|
58,420
|
|
|||
|
TASC, Inc.
|
|
12.000%
|
|
5/21/21
|
|
Aerospace and Defense
|
|
21,815
|
|
|
21,028
|
|
|
23,178
|
|
|||
|
TMK Hawk Parent Corp.
|
|
8.500% (L+750, 1.00% Floor)
|
|
10/1/22
|
|
Distribution
|
|
34,000
|
|
|
33,675
|
|
|
34,000
|
|
|||
|
Transfirst Holdings, Inc.
|
|
9.000% (L+800, 1.00% Floor)
|
|
11/11/22
|
|
Financial Services
|
|
11,340
|
|
|
11,221
|
|
|
11,404
|
|
|||
|
UniTek Global Services Inc. (16)
|
|
8.500% (L+750, 1.00% Floor)
|
|
1/13/19
|
|
Telecommunications
|
|
32,367
|
|
|
32,367
|
|
|
30,748
|
|
|||
|
Velocity Technology Solutions, Inc.
|
|
9.000% (L+775, 1.25% Floor)
|
|
9/28/20
|
|
Business Services
|
|
16,500
|
|
|
16,209
|
|
|
16,005
|
|
|||
|
Vertafore, Inc.
|
|
9.750% (L+825, 1.50% Floor)
|
|
10/27/17
|
|
Business Services
|
|
36,436
|
|
|
36,295
|
|
|
36,709
|
|
|||
|
Total 2nd Lien Secured Debt
|
|
$
|
820,840
|
|
|
$
|
805,625
|
|
||||||||||
|
TOTAL SECURED DEBT
|
|
$
|
1,720,080
|
|
|
$
|
1,646,388
|
|
||||||||||
|
UNSECURED DEBT—24.5%
|
||||||||||||||||||
|
American Energy - Woodford LLC/AEW Finance Corp. (11)
|
|
9.000%
|
|
9/15/22
|
|
Oil and Gas
|
|
$
|
5,000
|
|
|
$
|
4,805
|
|
|
$
|
2,850
|
|
|
American Tire Distributors, Inc. (11)
|
|
10.250%
|
|
3/1/22
|
|
Distribution
|
|
24,281
|
|
|
24,281
|
|
|
25,252
|
|
|||
|
Artsonig Pty Ltd. (11)(17)
|
|
11.50% (12.00% PIK Toggle)
|
|
4/1/19
|
|
Transportation
|
|
21,227
|
|
|
20,974
|
|
|
17,830
|
|
|||
|
BCA Osprey II Limited (British Car Auctions) (16)(17)
|
|
12.50% PIK
|
|
8/17/17
|
|
Transportation
|
|
£
|
23,566
|
|
|
37,704
|
|
|
36,033
|
|
||
|
BCA Osprey II Limited (British Car Auctions) (16)(17)
|
|
12.50% PIK
|
|
8/17/17
|
|
Transportation
|
|
€
|
14,333
|
|
|
19,779
|
|
|
15,855
|
|
||
|
Canacol Energy Ltd. (17)
|
|
9.500% (L+850, 1.00% Floor)
|
|
12/31/19
|
|
Oil and Gas
|
|
$
|
50,000
|
|
|
48,595
|
|
|
47,625
|
|
||
|
Ceridian Corp. (11)
|
|
11.000%
|
|
3/15/21
|
|
Diversified Service
|
|
16,760
|
|
|
16,760
|
|
|
17,430
|
|
|||
|
Delta Educational Systems, Inc.
|
|
16.00% PIK or 10.00% Cash / 6.00% PIK
|
|
5/12/17
|
|
Education
|
|
24,172
|
|
|
23,929
|
|
|
21,416
|
|
|||
|
Denver Parent Corp. (Venoco) (13)(14)(16)
|
|
12.25% (13.00% PIK Toggle)
|
|
8/15/18
|
|
Oil and Gas
|
|
9,572
|
|
|
9,411
|
|
|
1,460
|
|
|||
|
GenCorp, Inc. (17)
|
|
9.500% (L+850, 1.00% Floor)
|
|
4/18/22
|
|
Aerospace and Defense
|
|
40,500
|
|
|
40,500
|
|
|
40,500
|
|
|||
|
My Alarm Center, LLC
|
|
16.25% (12.00% Cash / 4.25 %PIK)
|
|
7/9/18
|
|
Business Services
|
|
4,236
|
|
|
4,236
|
|
|
4,236
|
|
|||
|
PetroBakken Energy Ltd. (11)(17)
|
|
8.625%
|
|
2/1/20
|
|
Oil and Gas
|
|
34,980
|
|
|
35,972
|
|
|
25,361
|
|
|||
|
Radio One, Inc. (11)(17)
|
|
9.250%
|
|
2/15/20
|
|
Broadcasting & Entertainment
|
|
15,804
|
|
|
15,709
|
|
|
15,160
|
|
|||
|
Sorenson Holdings, LLC (11)
|
|
13.00% PIK
|
|
10/31/21
|
|
Consumer Products
|
|
68
|
|
|
45
|
|
|
68
|
|
|||
|
Tibco Software Inc. (11)
|
|
11.375%
|
|
12/1/21
|
|
Business Services
|
|
11,389
|
|
|
11,069
|
|
|
11,595
|
|
|||
|
U.S. Security Associates Holdings, Inc.
|
|
11.000%
|
|
7/28/18
|
|
Business Services
|
|
135,000
|
|
|
135,000
|
|
|
137,700
|
|
|||
|
UniTek Global Services Inc.
|
|
15.000%
|
|
7/13/2019
|
|
Telecommunications
|
|
6,565
|
|
|
6,565
|
|
|
6,565
|
|
|||
|
Univar, Inc.
|
|
10.500%
|
|
6/30/2018
|
|
Distribution
|
|
20,000
|
|
|
20,000
|
|
|
19,900
|
|
|||
|
Venoco, Inc. (16)
|
|
8.875%
|
|
2/15/2019
|
|
Oil and Gas
|
|
54,996
|
|
|
55,032
|
|
|
28,598
|
|
|||
|
TOTAL UNSECURED DEBT
|
|
|
|
|
|
|
|
|
|
$
|
530,366
|
|
|
$
|
475,434
|
|
||
|
TOTAL CORPORATE DEBT
|
|
$
|
2,250,446
|
|
|
$
|
2,121,822
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—121.6% (10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
STRUCTURED PRODUCTS AND OTHER—9.0%
|
||||||||||||||||||
|
Asset Repackaging Trust Six B.V., Credit-Linked Note (11)(17)(20)
|
|
N/A
|
|
5/18/2027
|
|
Utilities
|
|
$
|
58,411
|
|
|
$
|
24,994
|
|
|
$
|
36,731
|
|
|
Craft 2013-1, Credit-Linked Note (11)(16)(17)
|
|
9.503% (L+925)
|
|
4/17/2022
|
|
Diversified Investment Vehicle
|
|
25,000
|
|
|
25,092
|
|
|
24,282
|
|
|||
|
Craft 2013-1, Credit-Linked Note (16)(17)
|
|
9.503% (L+925)
|
|
4/17/2022
|
|
Diversified Investment Vehicle
|
|
7,625
|
|
|
7,753
|
|
|
7,412
|
|
|||
|
Craft 2014-1A, Credit-Linked Note (11)(17)
|
|
9.882% (L+965)
|
|
5/15/2021
|
|
Diversified Investment Vehicle
|
|
42,500
|
|
|
42,460
|
|
|
41,898
|
|
|||
|
Dark Castle Holdings, LLC
|
|
N/A
|
|
N/A
|
|
Media
|
|
24,395
|
|
|
1,189
|
|
|
2,565
|
|
|||
|
JP Morgan Chase & Co., Credit-Linked Note (17)
|
|
12.520% (L+1225)
|
|
12/20/2021
|
|
Diversified Investment Vehicle
|
|
43,250
|
|
|
42,053
|
|
|
42,700
|
|
|||
|
NXT Capital CLO 2014-1, LLC, Class E Notes (11)(17)
|
|
5.731% (L+550)
|
|
4/23/2026
|
|
Diversified Investment Vehicle
|
|
5,000
|
|
|
4,670
|
|
|
4,350
|
|
|||
|
Renaissance Umiat, LLC, ACES Tax Receivable (15)(17)
|
|
N/A
|
|
N/A
|
|
Oil and Gas
|
|
—
|
|
|
13,014
|
|
|
14,432
|
|
|||
|
TOTAL STRUCTURED PRODUCTS AND OTHER
|
|
$
|
161,225
|
|
|
$
|
174,370
|
|
||||||||||
|
PREFERRED EQUITY—1.6%
|
|
Shares
|
|
|
|
|
||||||||||||
|
CA Holding, Inc. (Collect America, Ltd.), Series A Preferred Stock (13)(17)
|
|
N/A
|
|
N/A
|
|
Financial Services
|
|
32,961
|
|
|
$
|
788
|
|
|
$
|
297
|
|
|
|
Crowley Holdings, Series A Preferred Stock (11)
|
|
12.00% (10.00% Cash / 2.00% PIK)
|
|
N/A
|
|
Cargo Transport
|
|
22,500
|
|
|
23,079
|
|
|
23,645
|
|
|||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Preferred Stock (Convertible) (13)(14)
|
|
12.50% PIK
|
|
N/A
|
|
Education
|
|
332,500
|
|
|
6,863
|
|
|
—
|
|
|||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Preferred Stock (13)(14)
|
|
13.50% PIK
|
|
5/12/2018
|
|
Education
|
|
12,360
|
|
|
27,685
|
|
|
1,613
|
|
|||
|
Varietal Distribution Holdings, LLC, Class A Preferred Unit
|
|
8.00% PIK
|
|
N/A
|
|
Distribution
|
|
3,097
|
|
|
5,724
|
|
|
5,655
|
|
|||
|
TOTAL PREFERRED EQUITY
|
|
$
|
64,139
|
|
|
$
|
31,210
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—121.6% (10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par Amount(12)
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
EQUITY—1.5%
|
||||||||||||||||||
|
Common Equity/Interests—1.2%
|
|
Shares
|
|
|
|
|
||||||||||||
|
ATD Corporation (Accelerate Parent Corp.), Common Stock (11)
|
|
N/A
|
|
N/A
|
|
Distribution
|
|
1,664,046
|
|
|
$
|
1,714
|
|
|
$
|
2,690
|
|
|
|
CA Holding, Inc. (Collect America, Ltd.), Series A Common Stock (13)(17)
|
|
N/A
|
|
N/A
|
|
Financial Services
|
|
25,000
|
|
|
2,500
|
|
|
—
|
|
|||
|
CA Holding, Inc. (Collect America, Ltd.), Series AA Common Stock (13)(17)
|
|
N/A
|
|
N/A
|
|
Financial Services
|
|
4,294
|
|
|
429
|
|
|
—
|
|
|||
|
Caza Petroleum, Inc., Net Profits Interest (13)
|
|
N/A
|
|
N/A
|
|
Oil and Gas
|
|
—
|
|
|
1,202
|
|
|
1,290
|
|
|||
|
Caza Petroleum, Inc., Overriding Royalty Interest
|
|
N/A
|
|
N/A
|
|
Oil and Gas
|
|
—
|
|
|
340
|
|
|
235
|
|
|||
|
Clothesline Holdings, Inc. (Angelica Corporation), Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Healthcare
|
|
6,000
|
|
|
6,000
|
|
|
519
|
|
|||
|
Explorer Coinvest, LLC (Booz Allen), Common Stock (17)
|
|
N/A
|
|
N/A
|
|
Business Services
|
|
192
|
|
|
1,468
|
|
|
5,162
|
|
|||
|
Garden Fresh Restaurant Holdings, LLC., Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Restaurants
|
|
50,000
|
|
|
5,000
|
|
|
—
|
|
|||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
17,500
|
|
|
175
|
|
|
—
|
|
|||
|
JV Note Holdco, LLC (DSI Renal, Inc.), Common Equity / Interest (13)
|
|
N/A
|
|
N/A
|
|
Healthcare
|
|
9,303
|
|
|
85
|
|
|
—
|
|
|||
|
Pelican Energy, LLC, Net Profits Interest (13)(17)
|
|
N/A
|
|
N/A
|
|
Oil and Gas
|
|
—
|
|
|
1,061
|
|
|
272
|
|
|||
|
Skyline Data, News and Analytics LLC, Class A Common Unit (13)
|
|
N/A
|
|
N/A
|
|
Printing and Publishing
|
|
4,500
|
|
|
4,500
|
|
|
4,500
|
|
|||
|
Sorenson Holdings, LLC, Membership Interests (13)
|
|
N/A
|
|
N/A
|
|
Consumer Products
|
|
587
|
|
|
—
|
|
|
81
|
|
|||
|
Univar, Inc., Common Stock (13)
|
|
N/A
|
|
N/A
|
|
Distribution
|
|
900,000
|
|
|
9,000
|
|
|
9,320
|
|
|||
|
Varietal Distribution Holdings, LLC, Class A Common Unit (13)
|
|
N/A
|
|
N/A
|
|
Distribution
|
|
28,028
|
|
|
28
|
|
|
—
|
|
|||
|
Total Common Equity/Interests
|
|
$
|
33,502
|
|
|
$
|
24,069
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except warrants)
|
|||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—121.6% (10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Warrants
|
|
Cost
|
|
Fair
Value (1) |
|||||
|
Warrants—0.3%
|
|||||||||||||||||
|
CA Holding, Inc. (Collect America, Ltd.), Common Stock Warrants (13)(17)
|
|
N/A
|
|
N/A
|
|
Financial Services
|
|
12,255
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
Energy & Exploration Partners, Inc., Common Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Oil and Gas
|
|
60,778
|
|
|
2,374
|
|
|
58
|
|
||
|
Fidji Luxco (BC) S.C.A., Common Stock Warrants (2)(13)(17)
|
|
N/A
|
|
N/A
|
|
Electronics
|
|
18,113
|
|
|
182
|
|
|
3,950
|
|
||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Class A-1 Preferred Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
45,947
|
|
|
459
|
|
|
—
|
|
||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Class B-1 Preferred Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
104,314
|
|
|
1,043
|
|
|
—
|
|
||
|
Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Common Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Education
|
|
9,820
|
|
|
98
|
|
|
—
|
|
||
|
Osage Exploration & Development, Inc., Common Stock Warrants (13)(17)
|
|
N/A
|
|
N/A
|
|
Oil and Gas
|
|
1,496,843
|
|
|
—
|
|
|
222
|
|
||
|
Spotted Hawk Development, LLC, Common Stock Warrants (13)
|
|
N/A
|
|
N/A
|
|
Oil and Gas
|
|
54,545
|
|
|
852
|
|
|
1,341
|
|
||
|
Total Warrants
|
|
$
|
5,016
|
|
|
$
|
5,571
|
|
|||||||||
|
TOTAL EQUITY
|
|
$
|
38,518
|
|
|
$
|
29,640
|
|
|||||||||
|
Total Non-Controlled/ Non-Affiliated Investments
|
|
$
|
2,514,328
|
|
|
$
|
2,357,042
|
|
|||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/AFFILIATED INVESTMENTS—16.9%(4)(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par
Amount (12) |
|
Cost
|
|
Fair
Value (1) |
||||||
|
CORPORATE DEBT—0.0%
|
||||||||||||||||||
|
SECURED DEBT—0.0%
|
||||||||||||||||||
|
1st Lien Secured Debt—0.0%
|
||||||||||||||||||
|
Renewable Funding Group, Inc., (4)(13)
|
|
0.00%
|
|
9/30/15
|
|
Finance
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
|
Total 1st Lien Secured Debt
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
||||||||||
|
TOTAL SECURED DEBT
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
||||||||||
|
TOTAL CORPORATE DEBT
|
|
$
|
1,000
|
|
|
$
|
1,000
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
STRUCTURED PRODUCTS AND OTHER—10.3%
|
||||||||||||||||||
|
Golden Bear Warehouse, LLC, Equity (3)(4)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicle
|
|
$
|
4,234
|
|
|
$
|
4,234
|
|
|
$
|
6,833
|
|
|
Golden Hill CLO I, LLC, Equity (3)(4)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicle
|
|
70,944
|
|
|
71,478
|
|
|
73,587
|
|
|||
|
Highbridge Loan Management 3-2014, Ltd., Class E Notes (3)(4)(11)(17)
|
|
6.257% (L+600)
|
|
1/18/25
|
|
Diversified Investment Vehicle
|
|
2,485
|
|
|
2,277
|
|
|
2,121
|
|
|||
|
Highbridge Loan Management 3-2014, Ltd., Subordinated Notes (3)(4)(11)(17)
|
|
N/A
|
|
1/18/25
|
|
Diversified Investment Vehicle
|
|
8,163
|
|
|
6,537
|
|
|
6,722
|
|
|||
|
Ivy Hill Middle Market Credit Fund IX, Ltd, Subordinated Notes (3)(4)(11)(17)
|
|
N/A
|
|
10/18/25
|
|
Diversified Investment Vehicle
|
|
12,500
|
|
|
11,375
|
|
|
11,375
|
|
|||
|
Jamestown CLO I LTD, Subordinated Notes (3)(4)(11)(17)
|
|
N/A
|
|
11/5/24
|
|
Diversified Investment Vehicle
|
|
4,325
|
|
|
3,432
|
|
|
3,698
|
|
|||
|
MCF CLO I, LLC, Membership Interests (3)(4)(11)(17)
|
|
N/A
|
|
4/20/23
|
|
Diversified Investment Vehicle
|
|
38,918
|
|
|
35,087
|
|
|
38,490
|
|
|||
|
MCF CLO III, LLC, Class E Notes (3)(4)(11)(17)
|
|
4.681% (L+445)
|
|
1/20/24
|
|
Diversified Investment Vehicle
|
|
12,750
|
|
|
11,456
|
|
|
11,220
|
|
|||
|
MCF CLO III, LLC, Membership Interests (3)(4)(11)(17)
|
|
N/A
|
|
1/20/24
|
|
Diversified Investment Vehicle
|
|
41,900
|
|
|
36,957
|
|
|
38,984
|
|
|||
|
Slater Mill Loan Fund LP, LP Certificates (3)(4)(17)
|
|
N/A
|
|
N/A
|
|
Diversified Investment Vehicle
|
|
8,375
|
|
|
5,755
|
|
|
6,968
|
|
|||
|
TOTAL STRUCTURED PRODUCTS AND OTHER
|
|
$
|
188,588
|
|
|
$
|
199,998
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
PREFERRED EQUITY—3.9%
|
|
Shares
|
|
|
|
|
||||||||||||
|
AMP Solar (UK) Limited, Class A Preference Shares (2)(5)(17)(21)
|
|
8.500%
|
|
10/31/49
|
|
Utilities
|
|
43,277,916
|
|
|
$
|
66,354
|
|
|
65,171
|
|
||
|
Renewable Funding Group, Inc., Series B Preferred Stock (4)(13)
|
|
N/A
|
|
N/A
|
|
Finance
|
|
1,505,868
|
|
|
7,461
|
|
|
9,309
|
|
|||
|
TOTAL PREFERRED EQUITY
|
|
$
|
73,815
|
|
|
$
|
74,480
|
|
||||||||||
|
|
|
|
|
|
||||||||||||||
|
EQUITY—2.7%
|
||||||||||||||||||
|
Common Equity/Interests—2.7%
|
|
|
|
|
|
|
||||||||||||
|
AMP Solar Group, Inc., Class A Common Shares (3)(4)(17)
|
|
N/A
|
|
N/A
|
|
Energy
|
|
81,493
|
|
|
$
|
3,500
|
|
|
$
|
3,500
|
|
|
|
Generation Brands Holdings, Inc. (Quality Home Brands), Basic Common Stock (3)(4)(13)(18)
|
|
N/A
|
|
N/A
|
|
Home and Office Furnishings and Durable Consumer Products
|
|
9,007
|
|
|
—
|
|
|
6,699
|
|
|||
|
Generation Brands Holdings, Inc. (Quality Home Brands), Series 2L Common Stock (3)(4)(13)(18)
|
|
N/A
|
|
N/A
|
|
Home and Office Furnishings and Durable Consumer Products
|
|
36,700
|
|
|
11,242
|
|
|
27,294
|
|
|||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN NON-CONTROLLED/AFFILIATED INVESTMENTS—16.9%(4)(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Shares
|
|
Cost
|
|
Fair
Value (1) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
EQUITY—2.7%
|
||||||||||||||||||
|
Common Equity/Interests—2.7%
|
|
|
|
|
|
|
||||||||||||
|
Generation Brands Holdings, Inc. (Quality Home Brands), Series H Common Stock (3)(4)(13)(18)
|
|
N/A
|
|
N/A
|
|
Home and Office Furnishings and Durable Consumer Products
|
|
7,500
|
|
|
$
|
2,298
|
|
|
$
|
5,578
|
|
|
|
LVI Group Investments, LLC, Common Units (3)(4)(13)(19)
|
|
N/A
|
|
N/A
|
|
Environmental Services
|
|
212,460
|
|
|
17,505
|
|
|
8,669
|
|
|||
|
Total Common Equity/Interests
|
|
$
|
34,545
|
|
|
$
|
51,740
|
|
||||||||||
|
TOTAL EQUITY
|
|
$
|
34,545
|
|
|
$
|
51,740
|
|
||||||||||
|
|
|
|
|
|
||||||||||||||
|
Total Non-Controlled/Affiliated Investments
|
|
$
|
297,948
|
|
|
$
|
327,218
|
|
||||||||||
|
APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (continued)
March 31, 2015
(in thousands, except shares)
|
||||||||||||||||||
|
INVESTMENTS IN CONTROLLED INVESTMENTS—34.4%(5)(10)
|
|
Interest Rate
|
|
Maturity Date
|
|
Industry
|
|
Par
Amount (12) |
|
Cost
|
|
Fair
Value (1) |
||||||
|
CORPORATE DEBT—18.2%
|
||||||||||||||||||
|
SECURED DEBT—18.2%
|
||||||||||||||||||
|
1st Lien Secured Debt—18.2%
|
||||||||||||||||||
|
Merx Aviation Finance, LLC, (Revolver) (5)(16)
|
|
12.00% Funded
|
|
10/31/18
|
|
Aviation
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
|
Total 1st Lien Secured Debt
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Unfunded Revolver Obligation—0.0%
|
||||||||||||||||||
|
Merx Aviation Finance, LLC, (Unfunded Revolver) (5)(16)
|
|
12.00% Funded, 0.00% Unfunded
|
|
10/31/18
|
|
Aviation
|
|
$
|
47,916
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Total Unfunded Revolver Obligation
|
|
$
|
—
|
|
|
$
|
—
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Letters of Credit—0.0%
|
||||||||||||||||||
|
Merx Aviation Finance Assets Ireland Limited, Letter of Credit (5)
|
|
2.250%
|
|
9/30/15
|
|
Aviation
|
|
$
|
1,800
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Merx Aviation Finance Assets Ireland Limited, Letter of Credit (5)
|
|
2.250%
|
|
9/30/15
|
|
Aviation
|
|
1,800
|
|
|
—
|
|
|
—
|
|
|||
|
Total Letters of Credit
|
|
$
|
—
|
|
|
$
|
—
|
|
||||||||||
|
TOTAL SECURED DEBT
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
||||||||||
|
TOTAL CORPORATE DEBT
|
|
$
|
352,084
|
|
|
$
|
352,084
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
PREFERRED EQUITY—3.1%
|
|
Shares
|
|
|
|
|
||||||||||||
|
PlayPower Holdings, Inc., Series A Preferred (5)
|
|
14.00% PIK
|
|
11/15/20
|
|
Leisure
|
|
49,178
|
|
|
$
|
59,411
|
|
|
$
|
59,411
|
|
|
|
TOTAL PREFERRED EQUITY
|
|
$
|
59,411
|
|
|
$
|
59,411
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
EQUITY—13.1%
|
||||||||||||||||||
|
Common Equity/Interests—13.1%
|
|
Shares
|
|
|
|
|
||||||||||||
|
Merx Aviation Finance, LLC, Membership Interest (5)(13)
|
|
N/A
|
|
N/A
|
|
Aviation
|
|
—
|
|
|
$
|
152,082
|
|
|
$
|
165,172
|
|
|
|
MSEA Tankers LLC, Membership Interest (5)(17)
|
|
N/A
|
|
N/A
|
|
Cargo Transport
|
|
—
|
|
|
33,000
|
|
|
33,000
|
|
|||
|
PlayPower Holdings, Inc., Common Stock (5)(13)
|
|
N/A
|
|
N/A
|
|
Leisure
|
|
1,000
|
|
|
77,722
|
|
|
55,900
|
|
|||
|
Total Common Equity/Interests
|
|
$
|
262,804
|
|
|
$
|
254,072
|
|
||||||||||
|
TOTAL EQUITY
|
|
$
|
262,804
|
|
|
$
|
254,072
|
|
||||||||||
|
Total Controlled Investments
|
|
$
|
674,299
|
|
|
$
|
665,567
|
|
||||||||||
|
Total Investments—172.9% (6)(7)
|
|
$
|
3,486,575
|
|
|
$
|
3,349,827
|
|
||||||||||
|
Liabilities in Excess of Other Assets—(72.9)%
|
|
|
|
$
|
(1,412,219
|
)
|
||||||||||||
|
Net Assets—100.0%
|
|
|
|
$
|
1,937,608
|
|
||||||||||||
|
(1)
|
Fair value is determined in good faith by or under the direction of the Board of Directors of the Company (see note 2).
|
|
(2)
|
Fidji Luxco (BC) S.C.A. is a EUR denominated investment and AMP Solar (UK) Limited is a GBP denominated investment.
|
|
(3)
|
Denotes investments where the governing documents of the entity preclude the Company from controlling management of the entity and therefore the Company has determined that the entity is not a controlled affiliate.
|
|
(4)
|
Denotes investments in which we are an “Affiliated Person”, as defined in the 1940 Act, due to owning or holding the power to vote 5% or more of the outstanding voting securities of the investment but not controlling the company. Fair value as of March 31, 2015 and March 31, 2014 along with transactions during the fiscal year ended March 31, 2015 in these Affiliated investments are as follows:
|
|
Name of Issue
|
Fair Value at March 31, 2014
|
Gross
Additions (Cost) ● |
Gross
Reductions (Cost) ■ |
Change in Unrealized Gain (Loss)
|
Fair Value at March 31, 2015
|
Net Realized Gain (Loss)
|
Interest/Dividend/
Other Income |
||||||||||||||
|
AMP Solar Group, Inc., Class A Common Shares
|
$
|
—
|
|
$
|
3,500
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,500
|
|
$
|
—
|
|
$
|
—
|
|
|
AMP Solar Group, Inc., 15.000%, 7/7/15
|
—
|
|
3,619
|
|
(3,619
|
)
|
—
|
|
—
|
|
(57
|
)
|
53
|
|
|||||||
|
AMP Solar (UK) Limited, Class A Preference Shares (21)
|
—
|
|
66,355
|
|
—
|
|
(1,184
|
)
|
65,171
|
|
—
|
|
1,580
|
|
|||||||
|
Aventine Renewable Energy Holdings, Inc., 15.00% (12.00% Cash / 3.00% PIK), 9/23/16
|
2,405
|
|
21
|
|
(2,642
|
)
|
216
|
|
—
|
|
116
|
|
184
|
|
|||||||
|
Aventine Renewable Energy Holdings, Inc., 10.50% Cash or 15.00% PIK, 9/22/17
|
8,884
|
|
1,481
|
|
(15,306
|
)
|
4,941
|
|
—
|
|
—
|
|
1,496
|
|
|||||||
|
Aventine Renewable Energy Holdings, Inc., 25.00% PIK, 9/24/16
|
3,769
|
|
238
|
|
(4,007
|
)
|
—
|
|
—
|
|
—
|
|
433
|
|
|||||||
|
Aventine Renewable Energy Holdings, Inc., Common Stock
|
99
|
|
—
|
|
(688
|
)
|
589
|
|
—
|
|
1,804
|
|
—
|
|
|||||||
|
Aventine Renewable Energy Holdings, Inc., Common Stock Warrants
|
574
|
|
—
|
|
(3,996
|
)
|
3,422
|
|
—
|
|
9,713
|
|
—
|
|
|||||||
|
Generation Brands Holdings, Inc. (Quality Home Brands), Basic Common Stock (18)
|
—
|
|
1,615
|
|
—
|
|
5,084
|
|
6,699
|
|
—
|
|
—
|
|
|||||||
|
Generation Brands Holdings, Inc. (Quality Homes Brands), Series H Common Stock (18)
|
—
|
|
1,345
|
|
—
|
|
4,233
|
|
5,578
|
|
—
|
|
—
|
|
|||||||
|
Generation Brands Holdings, Inc. (Quality Homes Brands), Series 2L Common Stock (18)
|
—
|
|
6,582
|
|
—
|
|
20,712
|
|
27,294
|
|
—
|
|
—
|
|
|||||||
|
Golden Bear Warehouse LLC, Equity
|
—
|
|
4,233
|
|
—
|
|
2,600
|
|
6,833
|
|
—
|
|
—
|
|
|||||||
|
Golden Hill CLO I, LLC, Equity
|
1,097
|
|
69,847
|
|
—
|
|
2,643
|
|
73,587
|
|
—
|
|
1,515
|
|
|||||||
|
Highbridge Loan Management 3-2014, Ltd., Class D Notes, L+500, 1/18/25
|
4,680
|
|
21
|
|
(4,659
|
)
|
(42
|
)
|
—
|
|
(169
|
)
|
205
|
|
|||||||
|
Highbridge Loan Management 3-2014, Ltd., Class E Notes, L+600, 1/18/25
|
2,314
|
|
14
|
|
—
|
|
(207
|
)
|
2,121
|
|
—
|
|
171
|
|
|||||||
|
Highbridge Loan Management 3-2014, Ltd., Subordinated Notes, 1/18/25
|
7,278
|
|
—
|
|
(989
|
)
|
433
|
|
6,722
|
|
—
|
|
652
|
|
|||||||
|
Ivy Hill Middle Market Credit Fund IX, Ltd, Subordinated Notes, 10/18/25
|
—
|
|
11,375
|
|
—
|
|
—
|
|
11,375
|
|
—
|
|
414
|
|
|||||||
|
Jamestown CLO I LTD, Subordinated Notes, 11/5/24
|
3,828
|
|
—
|
|
(121
|
)
|
(9
|
)
|
3,698
|
|
—
|
|
559
|
|
|||||||
|
LVI Parent Corp. (LVI Services, Inc.), 12.50%, 4/20/14 (19)
|
—
|
|
10,387
|
|
(10,200
|
)
|
(187
|
)
|
—
|
|
—
|
|
269
|
|
|||||||
|
LVI Group Investments, LLC
, Common Units (formerly known as LVI Services, Inc.) (19)
|
—
|
|
35,429
|
|
—
|
|
(26,760
|
)
|
8,669
|
|
—
|
|
87
|
|
|||||||
|
MCF CLO I LLC, Class E Notes, L+575, 4/20/23
|
12,357
|
|
13
|
|
(12,344
|
)
|
(26
|
)
|
—
|
|
(107
|
)
|
215
|
|
|||||||
|
MCF CLO I LLC, Membership Interests
|
40,391
|
|
—
|
|
(2,471
|
)
|
570
|
|
38,490
|
|
—
|
|
7,176
|
|
|||||||
|
MCF CLO III LLC, Class E Notes L+445, 1/20/24
|
11,325
|
|
107
|
|
—
|
|
(212
|
)
|
11,220
|
|
—
|
|
718
|
|
|||||||
|
MCF CLO III LLC, Membership Interests, 1/20/24
|
38,266
|
|
—
|
|
(2,227
|
)
|
2,945
|
|
38,984
|
|
—
|
|
6,271
|
|
|||||||
|
Renewable Funding Group, Inc. 0.00%, 9/30/15
|
—
|
|
1,000
|
|
—
|
|
—
|
|
1,000
|
|
—
|
|
—
|
|
|||||||
|
Renewable Funding Group, Inc., Series B Preferred Stock
|
—
|
|
8,750
|
|
(1,289
|
)
|
1,848
|
|
9,309
|
|
—
|
|
—
|
|
|||||||
|
Slater Mill Loan Fund LP, LP Certificates
|
7,361
|
|
—
|
|
(467
|
)
|
74
|
|
6,968
|
|
—
|
|
1,427
|
|
|||||||
|
|
$
|
144,628
|
|
$
|
225,932
|
|
$
|
(65,025
|
)
|
$
|
21,683
|
|
$
|
327,218
|
|
$
|
11,300
|
|
$
|
23,425
|
|
|
(5)
|
Denotes investments in which we are deemed to exercise a controlling influence over the management or policies of a company, as defined in the 1940 Act, due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of the investment. Fair value as of March 31, 2015 and March 31, 2014 along with transactions during the fiscal year ended March 31, 2015 in these Controlled investments are as follows:
|
|
Name of Issue
|
Fair Value at March 31, 2014
|
Gross
Additions (Cost) ● |
Gross
Reductions (Cost) ■ |
Change in Unrealized Gain (Loss)
|
Fair Value at March 31, 2015
|
Net Realized Gain (Loss)
|
Interest/Dividend/
Other Income |
||||||||||||||
|
Generation Brands Holdings, Inc. (Quality Home Brands), Basic Common Stock (18)
|
$
|
1,615
|
|
$
|
—
|
|
$
|
(1,615
|
)
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
|
Generation Brands Holdings, Inc. (Quality Homes Brands), Series H Common Stock( 18)
|
1,345
|
|
—
|
|
(1,345
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
Generation Brands Holdings, Inc. (Quality Homes Brands), Series 2L Common Stock(18)
|
6,582
|
|
—
|
|
(6,582
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
LVI Parent Corp. (LVI Services, Inc.), 12.50%, 4/20/14 (19)
|
10,200
|
|
—
|
|
(10,200
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
LVI Group Investments, LLC, Common Units (formerly known as LVI Services, Inc.) (19)
|
34,020
|
|
—
|
|
(34,020
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
Merx Aviation Finance, LLC (formerly known as Merx Aviation Finance Holdings II, LLC), (Revolver) 12.00% Funded, 10/31/18
|
282,334
|
|
69,750
|
|
—
|
|
—
|
|
352,084
|
|
—
|
|
39,231
|
|
|||||||
|
Merx Aviation Finance, LLC (formerly known as Merx Aviation Finance Holdings II, LLC), (Unfunded Revolver) 0.00% Unfunded, 10/31/18
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
Merx Aviation Finance Assets Ireland Limited, Letter of Credit, 2.25%, 9/30/15
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
Merx Aviation Finance Assets Ireland Limited, Letter of Credit, 2.25%, 9/30/15
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||
|
Merx Aviation Finance, LLC (formerly known as Merx Aviation Finance Holdings II, LLC), Membership Interest
|
140,465
|
|
13,499
|
|
—
|
|
11,208
|
|
165,172
|
|
—
|
|
—
|
|
|||||||
|
MSEA Tankers LLC, Membership Interest
|
—
|
|
33,000
|
|
—
|
|
—
|
|
33,000
|
|
—
|
|
—
|
|
|||||||
|
PlayPower Holdings, Inc., Common Stock
|
53,813
|
|
—
|
|
—
|
|
2,087
|
|
55,900
|
|
—
|
|
—
|
|
|||||||
|
PlayPower Holdings, Inc., Series A Preferred, 14.00% PIK, 11/15/20
|
51,773
|
|
7,638
|
|
—
|
|
—
|
|
59,411
|
|
—
|
|
7,891
|
|
|||||||
|
|
$
|
582,147
|
|
$
|
123,887
|
|
$
|
(53,762
|
)
|
$
|
13,295
|
|
$
|
665,567
|
|
$
|
—
|
|
$
|
47,122
|
|
|
(6)
|
Aggregate gross unrealized gain for federal income tax purposes is $143,557; aggregate gross unrealized loss for federal income tax purposes is $302,058. Net unrealized loss is $158,501 based on a tax cost of $3,508,328.
|
|
(7)
|
Substantially all securities are pledged as collateral to our multicurrency revolving credit facility (the “Facility”). As such these securities are not available as collateral to our general creditors.
|
|
(8)
|
The negative fair value is the result of the unfunded commitment or letter of credit being valued below par.
|
|
(9)
|
These letters of credit represent multiple commitments made on various dates. As a result, maturity dates may vary and a maturity range has been provided.
|
|
(10)
|
The percentage is calculated over net assets.
|
|
(11)
|
These securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.
|
|
(12)
|
Denominated in USD unless otherwise noted, Euro (“€”), British Pound (“£”), and Canadian Dollar (“CAD”).
|
|
(13)
|
Non-income producing security.
|
|
(14)
|
Non-accrual status (see note 2).
|
|
(15)
|
The investment has a put option attached to it and the combined instrument has been recorded in its entirety at fair value as a hybrid instrument in accordance with ASC 815-15-25-4 with subsequent changes in fair value charged or credited to investment gains/losses for each period.
|
|
(16)
|
Denotes debt securities where the Company owns multiple tranches of the same broad asset type but whose security characteristics differ. Such differences may include level of subordination, call protection and pricing, and differing interest rate characteristics, among other factors. Such factors are usually considered in the determination of fair values.
|
|
(17)
|
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis.
|
|
(18)
|
Generation Brands Holdings, Inc. was previously incorrectly reported as a controlled investment in the financial statements for the year ended March 31, 2014. After further assessment, the Company does not control more than 25% of the voting power and has no power to direct or cause the direction of the policies and management of the company. As such, $9,542 of the fair value of Generation Brands Holdings, Inc., Common Stock was transferred from "Controlled" to "Non-Controlled/Affiliated" in 2015 to correctly reflect Generation Brands Holdings, Inc. as a non-controlling/ affiliated investment. Management evaluated the impact of the error to the financial statements and determined that this adjustment was not material to any prior annual or interim periods, and the resulting correction is not material to the current financial statements.
|
|
(19)
|
As a result of a restructuring in April 2014, the Company 's investment was moved to LVI Group Investments, LLC from LVI Services Inc. LVI Group Investments, LLC further invested in NorthStar Group Holdings. The Company no longer controls more than 25% of the voting power and has no power to direct or cause the direction of the policies and management of NorthStar Group Holdings. As such, $44,220 of the fair value of LVI Services, Inc., Common Stock, was transferred from "Controlled" to "Non-Controlled/Affiliated" in LVI Group Investments, LLC prior to the fiscal year ended March 31, 2015.
|
|
(20)
|
This investment represents a leveraged subordinated interest in a trust that holds one foreign currency denominated bond and a derivative instrument.
|
|
(21)
|
AMP Solar (UK) Limited was previously incorrectly reported as a controlled investment in the financial statements for the year ended March 31, 2015. After further assessment, it was determined that the Company does not control more than 25% of the voting power and has no power to direct or cause the direction of the policies and management of the company. As such, $65,171 of the ending fair value as of March 31, 2015 of AMP Solar (UK) Limited, Class A Preference Shares was reclassified from "Controlled" to "Non-Controlled/Affiliated" to correctly reflect AMP Solar (UK) Limited as a non-controlling/ affiliated investment. Management evaluated the impact of the error to the financial statements and determined that this adjustment was not material to any prior annual or interim periods, and the resulting correction is not material to the current financial statements.
|
|
N/A
|
Not applicable.
|
|
Industry Classification
|
Percentage of Total Investments (at fair value) as of March 31, 2015
|
|
Business Services
|
15.6%
|
|
Aviation
|
15.4%
|
|
Oil and Gas
|
13.9%
|
|
Diversified Investment Vehicle
|
9.6%
|
|
Financial Services
|
4.0%
|
|
Chemicals
|
3.8%
|
|
Leisure
|
3.4%
|
|
Utilities
|
3.0%
|
|
Aerospace and Defense
|
2.9%
|
|
Distribution
|
2.9%
|
|
Telecommunications
|
2.2%
|
|
Insurance
|
2.1%
|
|
Transportation
|
2.1%
|
|
Printing and Publishing
|
1.9%
|
|
Cargo Transport
|
1.7%
|
|
Healthcare
|
1.6%
|
|
Energy
|
1.6%
|
|
Education
|
1.5%
|
|
Packaging
|
1.3%
|
|
Restaurants
|
1.2%
|
|
Home and Office Furnishings and Durable Consumer Products
|
1.2%
|
|
Diversified Service
|
1.1%
|
|
Grocery
|
0.8%
|
|
Consumer Products
|
0.8%
|
|
Hotels, Motels, Inns and Gaming
|
0.8%
|
|
Diversified Natural Resources, Precious Metals and Minerals
|
0.7%
|
|
Buildings and Real Estate
|
0.6%
|
|
Mining
|
0.6%
|
|
Broadcasting & Entertainment
|
0.4%
|
|
Containers, Packaging, and Glass
|
0.4%
|
|
Finance
|
0.3%
|
|
Environmental Services
|
0.3%
|
|
Electronics
|
0.1%
|
|
Media
|
0.1%
|
|
Cable Television
|
0.1%
|
|
Total Investments
|
100.0%
|
|
(1)
|
our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our investment adviser responsible for the portfolio investment which is responsible for the portfolio investment;
|
|
(2)
|
preliminary valuation conclusions are then documented and discussed with senior management of our investment adviser;
|
|
(3)
|
independent valuation firms are engaged by our board of directors to conduct independent appraisals by reviewing our investment adviser’s preliminary valuations and then making their own independent assessment;
|
|
(4)
|
the audit committee of the board of directors reviews the preliminary valuation of our investment adviser and the valuation prepared by the independent valuation firm and responds to the valuation recommendation of the independent valuation firm to reflect any comments; and
|
|
(5)
|
the board of directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our investment adviser, the applicable independent valuation firm, third party pricing services and the audit committee.
|
|
|
Three Months Ended June 30,
|
||||||
|
|
2015
|
|
2014
|
||||
|
Earnings per share — basic
Numerator for increase in net assets per share:
|
$
|
6,390
|
|
|
$
|
64,636
|
|
|
Denominator for basic weighted average shares:
|
236,741,351
|
|
|
236,741,351
|
|
||
|
Basic earnings per share:
|
$
|
0.03
|
|
|
$
|
0.27
|
|
|
Earnings per share — diluted*
Numerator for increase in net assets per share:
|
$
|
6,390
|
|
|
$
|
64,636
|
|
|
Adjustment for interest on convertible notes and for incentive fees, net
|
2,549
|
|
|
2,556
|
|
||
|
Numerator for increase in net assets per share, as adjusted
|
$
|
8,939
|
|
|
$
|
67,192
|
|
|
Denominator for weighted average shares, as adjusted for dilutive effect of convertible notes:
|
251,289,451
|
|
|
251,289,451
|
|
||
|
Diluted earnings per share:
|
$
|
0.03
|
|
|
$
|
0.27
|
|
|
|
Three Months Ended June 30, 2015 (unaudited)
|
|
Three Months Ended June 30, 2014 (unaudited)
|
||||
|
Net revenue
|
$
|
33,473
|
|
|
$
|
16,986
|
|
|
Gross profit
|
$
|
22,541
|
|
|
$
|
10,470
|
|
|
Earnings before taxes
|
$
|
7,153
|
|
|
$
|
668
|
|
|
Net profit (loss)
|
$
|
6,988
|
|
|
$
|
661
|
|
|
|
|
|
|
|
Fair Value Measurement at Reporting Date Using:
|
||||||||||||||
|
Description
|
Cost
|
|
Fair Value
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
|
1st Lien Secured Debt
|
$
|
1,251,367
|
|
|
$
|
1,201,144
|
|
|
—
|
|
|
$
|
105,243
|
|
|
$
|
1,095,901
|
|
|
|
2nd Lien Secured Debt
|
956,075
|
|
|
912,819
|
|
|
—
|
|
|
422,683
|
|
|
490,136
|
|
|||||
|
Unsecured Debt
|
349,656
|
|
|
323,022
|
|
|
—
|
|
|
54,170
|
|
|
268,852
|
|
|||||
|
Structured Products and Other
|
392,762
|
|
|
412,564
|
|
|
—
|
|
|
—
|
|
|
412,564
|
|
|||||
|
Preferred Equity
|
157,787
|
|
|
128,302
|
|
|
—
|
|
|
—
|
|
|
128,302
|
|
|||||
|
Common Equity/Interests
|
291,178
|
|
|
330,490
|
|
|
7,549
|
|
|
—
|
|
|
322,941
|
|
|||||
|
Warrants
|
5,016
|
|
|
5,573
|
|
|
—
|
|
|
—
|
|
|
5,573
|
|
|||||
|
Total Investments
|
$
|
3,403,841
|
|
|
$
|
3,313,914
|
|
|
$
|
7,549
|
|
|
$
|
582,096
|
|
|
$
|
2,724,269
|
|
|
|
|
|
|
|
Fair Value Measurement at Reporting Date Using:
|
||||||||||||||
|
Description
|
Cost
|
|
Fair Value
|
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
|
1st Lien Secured Debt
|
$
|
1,252,324
|
|
|
$
|
1,193,847
|
|
|
—
|
|
|
177,817
|
|
|
1,016,030
|
|
|||
|
2nd Lien Secured Debt
|
820,840
|
|
|
805,625
|
|
|
—
|
|
|
293,515
|
|
|
512,110
|
|
|||||
|
Unsecured Debt
|
530,366
|
|
|
475,434
|
|
|
—
|
|
|
123,463
|
|
|
351,971
|
|
|||||
|
Structured Products and Other
|
349,813
|
|
|
374,368
|
|
|
—
|
|
|
—
|
|
|
374,368
|
|
|||||
|
Preferred Equity
|
197,365
|
|
|
165,101
|
|
|
—
|
|
|
—
|
|
|
165,101
|
|
|||||
|
Common Equity/Interests
|
330,851
|
|
|
329,881
|
|
|
—
|
|
|
81
|
|
|
329,800
|
|
|||||
|
Warrants
|
5,016
|
|
|
5,571
|
|
|
—
|
|
|
—
|
|
|
5,571
|
|
|||||
|
Total Investments
|
$
|
3,486,575
|
|
|
$
|
3,349,827
|
|
|
$
|
—
|
|
|
$
|
594,876
|
|
|
$
|
2,754,951
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)*
|
||||||||||||||||||||||||||||||
|
|
1st Lien Secured Debt
(2)
|
|
2nd Lien Secured Debt
|
|
Unsecured
Debt
|
|
Structured
Products and Other
|
|
Preferred
Equity
|
|
Common
Equity/Interests
|
|
Warrants
|
|
Total
|
||||||||||||||||
|
Beginning Balance, March 31, 2015
|
$
|
1,016,030
|
|
|
$
|
512,110
|
|
|
$
|
351,971
|
|
|
$
|
374,368
|
|
|
$
|
165,101
|
|
|
$
|
329,800
|
|
|
$
|
5,571
|
|
|
$
|
2,754,951
|
|
|
Total realized gains (losses) included in earnings
|
(386
|
)
|
|
18
|
|
|
(9,892
|
)
|
|
(67
|
)
|
|
—
|
|
|
(42,725
|
)
|
|
—
|
|
|
(53,052
|
)
|
||||||||
|
Total change in unrealized gain (loss) included in earnings
|
(3,116
|
)
|
|
(21,299
|
)
|
|
(5,564
|
)
|
|
(4,752
|
)
|
|
2,779
|
|
|
40,251
|
|
|
2
|
|
|
8,301
|
|
||||||||
|
Net amortization on investments
|
600
|
|
|
(322
|
)
|
|
121
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
506
|
|
||||||||
|
Purchases, including capitalized PIK (3)
|
209,442
|
|
|
129,834
|
|
|
30,771
|
|
|
47,369
|
|
|
22,929
|
|
|
41,338
|
|
|
—
|
|
|
481,683
|
|
||||||||
|
Sales (3)
|
(143,315
|
)
|
|
(32,699
|
)
|
|
(97,622
|
)
|
|
(4,461
|
)
|
|
(62,507
|
)
|
|
(38,285
|
)
|
|
—
|
|
|
(378,889
|
)
|
||||||||
|
Transfers out of Level 3 (1)
|
—
|
|
|
(97,506
|
)
|
|
(933
|
)
|
|
—
|
|
|
—
|
|
|
(7,549
|
)
|
|
—
|
|
|
(105,988
|
)
|
||||||||
|
Transfers into Level 3 (1)
|
16,646
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
—
|
|
|
16,757
|
|
||||||||
|
Ending Balance, June 30, 2015
|
$
|
1,095,901
|
|
|
$
|
490,136
|
|
|
$
|
268,852
|
|
|
$
|
412,564
|
|
|
$
|
128,302
|
|
|
$
|
322,941
|
|
|
$
|
5,573
|
|
|
$
|
2,724,269
|
|
|
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gain (loss) relating to our Level 3 assets still held at the reporting date and reported within the net change in unrealized gain (loss) on investments in our Statement of Operations
|
$
|
(29,893
|
)
|
|
$
|
(22,190
|
)
|
|
$
|
(12,686
|
)
|
|
$
|
(3,081
|
)
|
|
$
|
2,780
|
|
|
$
|
16,986
|
|
|
$
|
2
|
|
|
$
|
(48,082
|
)
|
|
(1)
|
Transfers out of Level 3 are due to an increase in the availability of qualified observable inputs and transfers into Level 3 are due to a decrease in the availability of qualified observable inputs as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
|
|
(2)
|
Includes unfunded revolver obligations and letters of credit measured at fair value of (
$3,963
).
|
|
(3)
|
Includes reorganizations and restructurings.
|
|
*
|
Pursuant to fair value measurement and disclosure guidance, the Company currently categorizes investments by class as shown above.
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)*
|
||||||||||||||||||||||||||||||
|
|
1st Lien Secured Debt
(2)
|
|
2nd Lien Secured Debt
|
|
Unsecured
Debt
|
|
Structured
Products and Other
|
|
Preferred
Equity
|
|
Common
Equity/Interests
|
|
Warrants
|
|
Total
|
||||||||||||||||
|
Beginning Balance, March 31, 2014
|
$
|
612,794
|
|
|
$
|
322,889
|
|
|
$
|
415,079
|
|
|
$
|
208,901
|
|
|
$
|
93,062
|
|
|
$
|
274,699
|
|
|
$
|
11,174
|
|
|
$
|
1,938,598
|
|
|
Total realized gains (losses) included in earnings
|
181
|
|
|
181
|
|
|
(1,752
|
)
|
|
(107
|
)
|
|
—
|
|
|
(13,104
|
)
|
|
—
|
|
|
(14,601
|
)
|
||||||||
|
Total change in unrealized gain (loss) included in earnings
|
930
|
|
|
504
|
|
|
(404
|
)
|
|
2,264
|
|
|
(214
|
)
|
|
27,212
|
|
|
2,705
|
|
|
32,997
|
|
||||||||
|
Net amortization on investments
|
894
|
|
|
335
|
|
|
364
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,647
|
|
||||||||
|
Purchases, including capitalized PIK (3)
|
198,553
|
|
|
136,664
|
|
|
11,651
|
|
|
78,724
|
|
|
10,776
|
|
|
14,080
|
|
|
—
|
|
|
450,448
|
|
||||||||
|
Sales (3)
|
(38,949
|
)
|
|
(27,615
|
)
|
|
(24,794
|
)
|
|
(14,232
|
)
|
|
—
|
|
|
(1,037
|
)
|
|
—
|
|
|
(106,627
|
)
|
||||||||
|
Transfers out of Level 3 (1)
|
2,455
|
|
|
(15,300
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
|
—
|
|
|
(12,890
|
)
|
||||||||
|
Transfers into Level 3 (1)
|
—
|
|
|
—
|
|
|
19,900
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,900
|
|
||||||||
|
Ending Balance, June 30, 2014
|
$
|
776,858
|
|
|
$
|
417,658
|
|
|
$
|
420,044
|
|
|
$
|
275,604
|
|
|
$
|
103,624
|
|
|
$
|
301,805
|
|
|
$
|
13,879
|
|
|
$
|
2,309,472
|
|
|
The amount of total gains or losses for the period included in earnings attributable to the change in unrealized gain (loss) relating to our Level 3 assets still held at the reporting date and reported within the net change in unrealized gain (loss) on investments in our Statement of Operations
|
$
|
1,172
|
|
|
$
|
1,075
|
|
|
$
|
(1,903
|
)
|
|
$
|
3,275
|
|
|
$
|
(214
|
)
|
|
$
|
31,930
|
|
|
$
|
2,705
|
|
|
$
|
38,040
|
|
|
(1)
|
Transfers out of Level 3 are due to an increase in the availability of qualified observable inputs and transfers into Level 3 are due to a decrease in the availability of qualified observable inputs as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the period shown.
|
|
(2)
|
Includes unfunded revolver obligations and letters of credit measured at fair value of (
$3,405
).
|
|
(3)
|
Includes reorganizations and restructurings.
|
|
*
|
Pursuant to fair value measurement and disclosure guidance, the Company currently categorizes investments by class as shown above.
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
||||||||
|
|
Fair Value as of June 30, 2015
|
|
Valuation Techniques/
Methodologies
|
|
Unobservable
Input
|
|
Range
|
Weighted Average
|
|||
|
1st Lien
|
$
|
563,658
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
7.9%
|
16.0%
|
13.0%
|
|
|
352,084
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
12.0%
|
12.0%
|
12.0%
|
|
|
|
25,177
|
|
|
Recent Transactions
|
|
Recent Transactions
|
|
N/A
|
N/A
|
N/A
|
|
|
|
22,205
|
|
|
Recovery Analysis
|
|
N/A
|
|
N/A
|
N/A
|
N/A
|
|
|
|
132,777
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
2nd Lien
|
220,354
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
9.6%
|
19.9%
|
12.8%
|
|
|
|
14,625
|
|
|
Recent Transactions
|
|
Recent Transactions
|
|
N/A
|
N/A
|
N/A
|
|
|
|
75,150
|
|
|
Recovery Analysis
|
|
N/A
|
|
N/A
|
N/A
|
N/A
|
|
|
|
180,007
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
Unsecured Debt
|
259,685
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
10.0%
|
30.1%
|
12.1%
|
|
|
|
9,167
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
Structured Products and Other
|
2,425
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
15.0%
|
15.0%
|
15.0%
|
|
|
|
382,425
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
4.2%
|
16.0%
|
12.0%
|
|
|
|
12,457
|
|
|
Recent Transaction
|
|
Recent Transaction
|
|
N/A
|
N/A
|
N/A
|
|
|
|
15,257
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
Preferred Equity
|
5,046
|
|
|
Market Comparable Approach
|
|
Comparable Multiple
|
|
2.2x
|
12.3x
|
12.1x
|
|
|
|
23,681
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
10.8%
|
10.8%
|
10.8%
|
|
|
|
9,469
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
15.9%
|
15.9%
|
15.9%
|
|
|
|
90,106
|
|
|
Options Pricing Model
|
|
Expected Volatility
|
|
70.0%
|
70.0%
|
70.0%
|
|
|
Common Equity/Interests
|
68,127
|
|
|
Market Comparable Approach
|
|
Comparable Multiple
|
|
2.2x
|
11.6x
|
8.9x
|
|
|
|
250,200
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
9.7%
|
30.0%
|
11.5%
|
|
|
|
4,502
|
|
|
Other
|
|
Illiquidity/ Restrictive discount
|
|
7.0%
|
7.0%
|
7.0%
|
|
|
|
112
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
Warrants
|
1,346
|
|
|
Market Comparable Approach
|
|
Comparable Multiple
|
|
4.8x
|
10.4x
|
10.2x
|
|
|
|
129
|
|
|
Other
|
|
Illiquidity/ Restrictive discount
|
|
20.0%
|
20.0%
|
20.0%
|
|
|
|
4,098
|
|
|
Recent Transaction
|
|
Recent Transaction
|
|
N/A
|
N/A
|
N/A
|
|
|
Total
|
$
|
2,724,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantitative Information about Level 3 Fair Value Measurements
|
||||||||
|
|
Fair Value as of March 31, 2015
|
|
Valuation Techniques/
Methodologies
|
|
Unobservable
Input
|
|
Range
|
Weighted Average
|
|||
|
1st Lien Secured Debt
|
$
|
531,654
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
7.9%
|
20.9%
|
13.0%
|
|
|
352,084
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
12.0%
|
12.0%
|
12.0%
|
|
|
|
14,377
|
|
|
Recent Transactions
|
|
Recent Transactions
|
|
N/A
|
N/A
|
N/A
|
|
|
|
117,915
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
2nd Lien Secured Debt
|
247,585
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
9.7%
|
19.7%
|
14.5%
|
|
|
|
264,525
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
Unsecured Debt
|
329,831
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
9.7%
|
22.0%
|
11.4%
|
|
|
|
22,140
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
Structured Products and Other
|
39,296
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
8.4%
|
15.0%
|
8.8%
|
|
|
|
317,381
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
3.8%
|
15.0%
|
12.4%
|
|
|
|
17,691
|
|
|
Broker Quoted
|
|
Broker Quote
|
|
N/A
|
N/A
|
N/A
|
|
|
Preferred Equity
|
66,976
|
|
|
Market Comparable Approach
|
|
Comparable Multiple
|
|
2.2x
|
11.7x
|
7.3x
|
|
|
|
23,645
|
|
|
Yield Analysis
|
|
Discount Rate
|
|
10.8%
|
10.8%
|
10.8%
|
|
|
|
9,309
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
15.9%
|
15.9%
|
15.9%
|
|
|
|
65,171
|
|
|
Options Pricing Model
|
|
Expected Volatility
|
|
70.0%
|
70.0%
|
70.0%
|
|
|
Common Equity/Interests
|
121,169
|
|
|
Market Comparable Approach
|
|
Comparable Multiple
|
|
2.2x
|
10.8x
|
8.3x
|
|
|
|
203,469
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
11.4%
|
30.0%
|
13.0%
|
|
|
|
5,162
|
|
|
Other
|
|
Illiquidity/Restrictive discount
|
|
7.0%
|
7.0%
|
7.0%
|
|
|
Warrants
|
1,399
|
|
|
Market Comparable Approach
|
|
Comparable Multiple
|
|
4.8x
|
11.4x
|
11.2x
|
|
|
|
222
|
|
|
Other
|
|
Illiquidity/ Restrictive discount
|
|
20.0%
|
20.0%
|
20.0%
|
|
|
|
3,950
|
|
|
Recent Transactions
|
|
Recent Transactions
|
|
N/A
|
N/A
|
N/A
|
|
|
Total
|
$
|
2,754,951
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended,
|
|||||
|
|
June 30, 2015
|
June 30, 2014
|
||||
|
PIK income for the period
|
$
|
8,077
|
|
$
|
6,827
|
|
|
|
Three Months Ended,
|
|||||
|
|
June 30, 2015
|
June 30, 2014
|
||||
|
PIK balance at beginning of period
|
$
|
86,903
|
|
$
|
58,185
|
|
|
Gross PIK income capitalized
|
15,596
|
|
11,545
|
|
||
|
Adjustments due to investment exits
|
—
|
|
—
|
|
||
|
PIK income received in cash
|
(48,344
|
)
|
—
|
|
||
|
PIK balance at end of period
|
$
|
54,155
|
|
$
|
69,730
|
|
|
|
As of June 30, 2015
|
||||||||||||||||
|
Foreign Currency
|
Local
Currency
|
|
Original
Borrowed
Value
|
|
Current
Value
|
|
Reset Date
|
|
Unrealized Gain
(Loss)
|
||||||||
|
British Pounds
|
£
|
6,500
|
|
|
$
|
9,926
|
|
|
$
|
10,222
|
|
|
7/8/2015
|
|
$
|
(296
|
)
|
|
British Pounds
|
£
|
3,000
|
|
|
4,503
|
|
|
4,718
|
|
|
7/15/2015
|
|
(215
|
)
|
|||
|
British Pounds
|
£
|
27,000
|
|
|
39,956
|
|
|
42,463
|
|
|
7/22/2015
|
|
(2,507
|
)
|
|||
|
British Pounds
|
£
|
14,000
|
|
|
21,076
|
|
|
22,018
|
|
|
7/27/2015
|
|
(942
|
)
|
|||
|
British Pounds
|
£
|
7,600
|
|
|
12,124
|
|
|
11,953
|
|
|
7/31/2015
|
|
171
|
|
|||
|
Euros
|
€
|
3,700
|
|
|
4,972
|
|
|
4,123
|
|
|
7/30/2015
|
|
849
|
|
|||
|
Canadian Dollars
|
C$
|
55,100
|
|
|
50,991
|
|
|
44,135
|
|
|
7/31/2015
|
|
6,856
|
|
|||
|
|
|
|
$
|
143,548
|
|
|
$
|
139,632
|
|
|
|
|
$
|
3,916
|
|
||
|
|
As of March 31, 2015
|
||||||||||||||||
|
Foreign Currency
|
Local
Currency
|
|
Original
Borrowed
Value
|
|
Current
Value
|
|
Reset Date
|
|
Unrealized Gain
(Loss)
|
||||||||
|
British Pounds
|
£
|
6,500
|
|
|
$
|
9,926
|
|
|
$
|
9,649
|
|
|
4/7/2015
|
|
$
|
277
|
|
|
British Pounds
|
£
|
25,000
|
|
|
37,525
|
|
|
37,112
|
|
|
4/13/2015
|
|
413
|
|
|||
|
British Pounds
|
£
|
27,000
|
|
|
39,956
|
|
|
40,082
|
|
|
4/20/2015
|
|
(126
|
)
|
|||
|
British Pounds
|
£
|
7,600
|
|
|
12,124
|
|
|
11,282
|
|
|
4/30/2015
|
|
842
|
|
|||
|
Euros
|
€
|
19,200
|
|
|
25,803
|
|
|
20,621
|
|
|
4/30/2015
|
|
5,182
|
|
|||
|
Canadian Dollars
|
C$
|
65,100
|
|
|
60,245
|
|
|
51,402
|
|
|
4/30/2015
|
|
8,843
|
|
|||
|
|
|
|
$
|
185,579
|
|
|
$
|
170,148
|
|
|
|
|
$
|
15,431
|
|
||
|
|
Three Months Ended June 30, 2015 (unaudited)
|
|
Fiscal Year Ended March 31, 2015
|
||||
|
Per Share Data:
|
|
|
|
||||
|
Net asset value, beginning of period
|
$
|
8.18
|
|
|
$
|
8.67
|
|
|
Net investment income (1)
|
0.22
|
|
|
0.96
|
|
||
|
Net realized and unrealized loss
|
(0.19
|
)
|
|
(0.64
|
)
|
||
|
Net increase in net assets resulting from operations
|
0.03
|
|
|
0.32
|
|
||
|
Dividends to stockholders from income (3)
|
(0.20
|
)
|
|
(0.70
|
)
|
||
|
Dividends to stockholders from return of capital (3)
|
—
|
|
|
(0.10
|
)
|
||
|
Effect of anti-dilution (dilution)
|
—
|
|
|
—
|
|
||
|
Offering costs (4)
|
—
|
|
|
—
|
|
||
|
Net asset value at end of period (2)
|
$
|
8.01
|
|
|
$
|
8.18
|
|
|
Per share market value at end of period
|
$
|
7.08
|
|
|
$
|
7.68
|
|
|
Total return (5)
|
(5.2
|
)%
|
|
1.9
|
%
|
||
|
Shares outstanding at end of period
|
236,741,351
|
|
|
236,741,351
|
|
||
|
Ratio/Supplemental Data:
|
|
|
|
||||
|
Net assets at end of period (in millions)
|
$
|
1,896.7
|
|
|
$
|
1,937.6
|
|
|
Ratio of net investment income to average net assets (7)
|
10.70
|
%
|
|
11.27
|
%
|
||
|
Ratio of operating expenses to average net assets (6) (7)
|
5.93
|
%
|
|
6.25
|
%
|
||
|
Ratio of interest and other debt expenses to average net assets (7)
|
4.70
|
%
|
|
3.91
|
%
|
||
|
Ratio of net expenses to average net assets (6) (7)
|
10.63
|
%
|
|
10.16
|
%
|
||
|
Average debt outstanding (in millions)
|
$
|
1,535
|
|
|
$
|
1,586
|
|
|
Average debt per share
|
$
|
6.48
|
|
|
$
|
6.70
|
|
|
Portfolio turnover ratio (7)
|
61.3
|
%
|
|
62.1
|
%
|
||
|
(1)
|
Per share net investment income is based on the average shares outstanding.
|
|
(2)
|
Numbers may not sum due to rounding.
|
|
(3)
|
Dividends and distributions are determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. Per share amounts reflect total dividends paid divided by average shares for the respective periods.
|
|
(4)
|
Offering costs per share represent less than one cent per average share for the
three months ended June 30, 2015
and fiscal year ended
March 31, 2015
.
|
|
(5)
|
Total return is based on the change in market price per share during the respective periods. Total return also takes into account dividends and distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan.
|
|
(6)
|
The ratio of operating expenses to average net assets and the ratio of total expenses to average net assets are shown inclusive of all voluntary management and incentive fee waivers (see note 3). For the
three months ended June 30, 2015
, the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be
6.88%
and
11.59%
, respectively, without the voluntary fee waivers. For the fiscal year ended
March 31, 2015
, the ratio of operating expenses to average net assets and the ratio of total expenses to average net assets would be
7.03%
and
10.95%
, respectively, without the voluntary fee waivers.
|
|
(7)
|
Annualized for the
three months ended June 30, 2015
.
|
|
Class and Year
|
Total Amount
Outstanding(1)
|
|
Asset
Coverage
Per Unit(2)
|
|
Involuntary
Liquidating
Preference
Per Unit(3)
|
|
Average Market Value Per Unit (4)
|
|
||||||||
|
Senior Secured Facility
|
|
|
|
|
|
|
|
|
||||||||
|
Fiscal 2016 (through June 30, 2015)
|
$
|
276,631
|
|
(5)
|
$
|
470
|
|
|
$
|
—
|
|
|
N/A
|
|
|
|
|
Fiscal 2015
|
384,648
|
|
|
588
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2014
|
602,261
|
|
|
1,095
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2013
|
536,067
|
|
|
1,137
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2012
|
539,337
|
|
|
1,427
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2011
|
628,443
|
|
|
1,707
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2010
|
1,060,616
|
|
|
2,671
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2009
|
1,057,601
|
|
|
2,320
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2008
|
1,639,122
|
|
|
2,158
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2007
|
492,312
|
|
|
4,757
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2006
|
323,852
|
|
|
4,798
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Senior Secured Notes
|
|
|
|
|
|
|
|
|
||||||||
|
Fiscal 2016 (through June 30, 2015)
|
$
|
270,000
|
|
|
$
|
459
|
|
|
$
|
—
|
|
|
N/A
|
|
|
|
|
Fiscal 2015
|
270,000
|
|
|
413
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2014
|
270,000
|
|
|
491
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2013
|
270,000
|
|
|
572
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2012
|
270,000
|
|
|
714
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2011
|
225,000
|
|
|
611
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2010
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2009
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2008
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2007
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2006
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Class and Year
|
Total Amount
Outstanding(1)
|
|
Asset
Coverage
Per Unit(2)
|
|
Involuntary
Liquidating
Preference
Per Unit(3)
|
|
Average Market Value Per Unit (4)
|
|
||||||||
|
2042 Notes
|
|
|
|
|
|
|
|
|
||||||||
|
Fiscal 2016 (through June 30, 2015)
|
$
|
150,000
|
|
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
100.44
|
|
|
|
Fiscal 2015
|
150,000
|
|
|
230
|
|
|
—
|
|
|
99.59
|
|
|
||||
|
Fiscal 2014
|
150,000
|
|
|
273
|
|
|
—
|
|
|
92.11
|
|
|
||||
|
Fiscal 2013
|
150,000
|
|
|
318
|
|
|
—
|
|
|
97.43
|
|
|
||||
|
Fiscal 2012
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2011
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2010
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2009
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2008
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2007
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2006
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
2043 Notes
|
|
|
|
|
|
|
|
|
||||||||
|
Fiscal 2016 (through June 30, 2015)
|
$
|
150,000
|
|
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
101.36
|
|
|
|
Fiscal 2015
|
150,000
|
|
|
230
|
|
|
—
|
|
|
99.74
|
|
|
||||
|
Fiscal 2014
|
150,000
|
|
|
273
|
|
|
—
|
|
|
89.88
|
|
|
||||
|
Fiscal 2013
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2012
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2011
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2010
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2009
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2008
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2007
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2006
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
2025 Notes
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2016 (through June 30, 2015)
|
$
|
344,259
|
|
|
$
|
585
|
|
|
$
|
—
|
|
|
N/A
|
|
|
|
|
Fiscal 2015
|
344,111
|
|
|
526
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2014
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2013
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2012
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2011
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2010
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2009
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2008
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2007
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2006
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Convertible Notes
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Fiscal 2016 (through June 30, 2015)
|
$
|
200,000
|
|
|
$
|
340
|
|
|
$
|
—
|
|
|
$
|
101.30
|
|
|
|
Fiscal 2015
|
200,000
|
|
|
306
|
|
|
—
|
|
|
104.43
|
|
|
||||
|
Fiscal 2014
|
200,000
|
|
|
364
|
|
|
—
|
|
|
106.60
|
|
|
||||
|
Fiscal 2013
|
200,000
|
|
|
424
|
|
|
—
|
|
|
102.84
|
|
|
||||
|
Fiscal 2012
|
200,000
|
|
|
529
|
|
|
—
|
|
|
97.81
|
|
|
||||
|
Fiscal 2011
|
200,000
|
|
|
544
|
|
|
—
|
|
|
N/A
|
|
(6)
|
||||
|
Fiscal 2010
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Class and Year
|
Total Amount
Outstanding(1)
|
|
Asset
Coverage
Per Unit(2)
|
|
Involuntary
Liquidating
Preference
Per Unit(3)
|
|
Average Market Value Per Unit (4)
|
|
||||||||
|
Fiscal 2009
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2008
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2007
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2006
|
—
|
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Total Debt Securities
|
|
|
|
|
|
|
|
|
||||||||
|
Fiscal 2016 (through June 30, 2015)
|
$
|
1,390,890
|
|
|
$
|
2,364
|
|
|
$
|
—
|
|
|
N/A
|
|
|
|
|
Fiscal 2015
|
1,498,759
|
|
|
2,293
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2014
|
1,372,261
|
|
|
2,496
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2013
|
1,156,067
|
|
|
2,451
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2012
|
1,009,337
|
|
|
2,670
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2011
|
1,053,443
|
|
|
2,862
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2010
|
1,060,616
|
|
|
2,671
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2009
|
1,057,601
|
|
|
2,320
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2008
|
1,639,122
|
|
|
2,158
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2007
|
492,312
|
|
|
4,757
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
Fiscal 2006
|
323,852
|
|
|
4,798
|
|
|
—
|
|
|
N/A
|
|
|
||||
|
(1)
|
Total amount of each class of senior securities outstanding at the end of the period presented.
|
|
(2)
|
The asset coverage ratio for the total senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by the total senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the Asset Coverage Per Unit. In order to determine the Asset Coverage Per Unit for each class of debt, the Asset Coverage Per Unit was allocated based on the amount of indebtedness outstanding at the end of the period for each class of debt.
|
|
(3)
|
The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it.
|
|
(4)
|
Not applicable, except for with respect to the 2042 Notes, the 2043 Notes, and the Convertible Notes, as other senior securities do not have sufficient trading for an average market value per unit to be determined. The average market value per unit for each of the 2042 Notes, the 2043 Notes, and the Convertible Notes is based on the closing daily prices of such notes and is expressed per $100 of indebtedness (including for the 2042 Notes and the 2043 Notes, which were issued in $25 increments).
|
|
(5)
|
Included in this amount are foreign currency debt obligations as outlined in the table in note 6.
|
|
(6)
|
Restrictive legends were removed in 2012.
|
|
|
June 30, 2015
|
||||||||||||||
|
|
Date Issued /
Amended
|
|
Total Aggregate
Principal
Amount
Committed
|
|
Principal Amount
Outstanding
|
|
Fair Value
|
|
Final
Maturity
Date
|
||||||
|
Senior Secured Facility
|
2015
|
|
$
|
1,310,000
|
|
|
$
|
276,631
|
*
|
|
$
|
277,901
|
|
(1)
|
4/24/2020
|
|
Senior Secured Notes
|
2010
|
|
225,000
|
|
|
225,000
|
|
|
226,326
|
|
(1)
|
10/4/2015
|
|||
|
Senior Secured Notes (Series A)
|
2011
|
|
29,000
|
|
|
29,000
|
|
|
29,648
|
|
(1)
|
9/29/2016
|
|||
|
Senior Secured Notes (Series B)
|
2011
|
|
16,000
|
|
|
16,000
|
|
|
16,975
|
|
(1)
|
9/29/2018
|
|||
|
2042 Notes
|
2012
|
|
150,000
|
|
|
150,000
|
|
|
150,660
|
|
(2)
|
10/15/2042
|
|||
|
2043 Notes
|
2013
|
|
150,000
|
|
|
150,000
|
|
|
152,040
|
|
(2)
|
7/15/2043
|
|||
|
2025 Notes
|
2015
|
|
350,000
|
|
|
344,259
|
|
|
354,887
|
|
(1)
|
3/3/2025
|
|||
|
Convertible Notes
|
2011
|
|
200,000
|
|
|
200,000
|
|
|
202,600
|
|
(2)
|
1/15/2016
|
|||
|
Total Debt Obligations
|
|
|
$
|
2,430,000
|
|
|
$
|
1,390,890
|
|
|
$
|
1,411,037
|
|
|
|
|
*
|
Included in this amount is foreign currency debt obligations as outlined in the table in note 6.
|
|
(1)
|
The fair value of these debt obligations are categorized as Level 3 under ASC 820 as of
June 30, 2015
. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
|
|
(2)
|
The fair value of these debt obligations are categorized as Level 1 under ASC 820 as of
March 31, 2015
. The valuation is based on quoted prices of identical liabilities in active markets.
|
|
|
Three Months Ended June 30, 2015
|
Three Months Ended June 30, 2014
|
||||
|
Average outstanding debt balance
|
$
|
1,534,957
|
|
$
|
1,552,268
|
|
|
Maximum amount of debt outstanding
|
1,657,288
|
|
1,685,389
|
|
||
|
|
|
|
||||
|
Weighted average annualized interest cost, including commitment fees, but excluding debt issuance costs (1)
|
5.29
|
%
|
4.44
|
%
|
||
|
Annualized amortized debt issuance cost
|
0.56
|
%
|
0.43
|
%
|
||
|
Total annualized interest cost
|
5.85
|
%
|
4.87
|
%
|
||
|
(1)
|
Commitment fees for the
three months ended June 30, 2015
and
June 30, 2014
were $
811
and $
441
, respectively.
|
|
|
As of June 30, 2015
|
|
As of March 31, 2015
|
||||
|
Unfunded revolver obligations and bridge loans commitments (1)
|
$
|
74,362
|
|
|
$
|
206,294
|
|
|
Unfunded delayed draw commitments on senior loans to portfolio companies (2)
|
32,162
|
|
|
102,092
|
|
||
|
Unfunded delayed draw commitments on senior loans to portfolio companies (performance thresholds not met) (3)
|
10,130
|
|
|
23,436
|
|
||
|
Standby letters of credit issued for certain portfolio companies for which the Company and portfolio companies are liable (4)
|
22,398
|
|
|
34,433
|
|
||
|
(1)
|
The unfunded revolver obligations may or may not be funded to the borrowing party in the future. The amounts relate to loans with various maturity dates, but the entire amount was eligible for funding to the borrowers as of
June 30, 2015
, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that needs to be met prior to funding.
|
|
(2)
|
The Company’s commitment to fund delayed draw loans is triggered upon 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)
|
The borrowers are required to meet certain performance thresholds before the Company is obligated to fulfill the commitments and those performance thresholds were not met as of
June 30, 2015
.
|
|
(4)
|
For all these letters of credit issued and outstanding, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. None of the letters of credit issued and outstanding are recorded as a liability on the Company’s balance sheet as such letters of credit are considered in the valuation of the investments in the portfolio company.
|
|
•
|
our future operating results;
|
|
•
|
our business prospects and the prospects of our portfolio companies;
|
|
•
|
the impact of investments that we expect to make;
|
|
•
|
our contractual arrangements and relationships with third parties;
|
|
•
|
the dependence of our future success on the general economy and its impact on the industries in which we invest;
|
|
•
|
the ability of our portfolio companies to achieve their objectives;
|
|
•
|
our expected financings and investments;
|
|
•
|
the adequacy of our cash resources and working capital; and
|
|
•
|
the timing of cash flows, if any, from the operations of our portfolio companies.
|
|
•
|
investment advisory and management fees;
|
|
•
|
expenses incurred by AIM payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies;
|
|
•
|
calculation of our net asset value (including the cost and expenses of any independent valuation firm);
|
|
•
|
direct costs and expenses of administration, including independent registered public accounting and legal costs;
|
|
•
|
costs of preparing and filing reports or other documents with the SEC;
|
|
•
|
interest payable on debt, if any, incurred to finance our investments;
|
|
•
|
offerings of our common stock and other securities;
|
|
•
|
registration and listing fees;
|
|
•
|
fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments;
|
|
•
|
transfer agent and custodial fees;
|
|
•
|
taxes;
|
|
•
|
independent directors’ fees and expenses;
|
|
•
|
marketing and distribution-related expenses;
|
|
•
|
the costs of any reports, proxy statements or other notices to stockholders, including printing and postage costs;
|
|
•
|
our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;
|
|
•
|
organizational costs; and
|
|
•
|
all other expenses incurred by us or the Administrator in connection with administering our business, such as our allocable portion of overhead under the Administration Agreement, including rent and our allocable portion of the cost of our chief financial officer, chief compliance officer and their respective staffs.
|
|
(amounts in millions)
|
|
Three Months Ended June 30, 2015
|
|
Three Months Ended June 30, 2014
|
||||
|
Investment made in portfolio companies (1)
|
|
$
|
509
|
|
|
$
|
650
|
|
|
Investments sold
|
|
(334
|
)
|
|
(397
|
)
|
||
|
Net activity before repaid investments
|
|
175
|
|
|
253
|
|
||
|
Investments repaid
|
|
(198
|
)
|
|
(120
|
)
|
||
|
Net investment activity
|
|
$
|
(23
|
)
|
|
$
|
133
|
|
|
|
|
|
|
|
||||
|
Portfolio companies, at beginning of period
|
|
105
|
|
|
111
|
|
||
|
Number of new portfolio companies
|
|
10
|
|
|
25
|
|
||
|
Number of exited companies
|
|
(13
|
)
|
|
(19
|
)
|
||
|
Portfolio companies, at end of period
|
|
102
|
|
|
117
|
|
||
|
|
|
|
|
|
||||
|
Number of investments in existing portfolio companies
|
|
20
|
|
|
24
|
|
||
|
(1)
|
Investments were primarily made through a combination of primary and secondary debt investments.
|
|
|
|
June 30, 2015
|
|
March 31, 2015
|
||||
|
Portfolio composition, measured at fair value:
|
|
|
|
|
||||
|
Secured debt
|
|
64%
|
|
|
60%
|
|
||
|
Unsecured debt
|
|
10%
|
|
|
14%
|
|
||
|
Structured products and other (1)
|
|
12%
|
|
|
11%
|
|
||
|
Preferred equity
|
|
4%
|
|
|
5%
|
|
||
|
Common equity and warrants
|
|
10%
|
|
|
10%
|
|
||
|
Weighted average yields, at current cost basis, exclusive of securities on non-accrual status (2):
|
|
|
|
|
||||
|
Secured debt portfolio
|
|
11.5%
|
|
|
11.2%
|
|
||
|
Unsecured debt portfolio
|
|
11.3%
|
|
|
10.9%
|
|
||
|
Total debt portfolio
|
|
11.5%
|
|
|
11.2%
|
|
||
|
Income-bearing investment portfolio composition, measured at fair value:
|
|
|
|
|
||||
|
Fixed rate amount
|
|
$
|
1.1
|
billion
|
|
$
|
1.3
|
billion
|
|
Floating rate amount
|
|
$
|
1.5
|
billion
|
|
$
|
1.4
|
billion
|
|
Fixed rate %
|
|
41%
|
|
|
48%
|
|
||
|
Floating rate %
|
|
59%
|
|
|
52%
|
|
||
|
Income-bearing investment portfolio composition, measured at cost:
|
|
|
|
|
||||
|
Fixed rate amount
|
|
$
|
1.1
|
billion
|
|
$
|
1.4
|
billion
|
|
Floating rate amount
|
|
$
|
1.6
|
billion
|
|
$
|
1.4
|
billion
|
|
Fixed rate %
|
|
42%
|
|
|
50%
|
|
||
|
Floating rate %
|
|
58%
|
|
|
50%
|
|
||
|
(1)
|
Structured products and other such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”) are typically a form of securitization in which the cash flows of a portfolio of loans are pooled and passed on to different classes of debt and residual interest in order of seniority.
|
|
(2)
|
An investor's yield may be lower than the portfolio yield due to sales loads and other expenses.
|
|
(in thousands)
|
Three Months Ended June 30, 2015
|
|
Three Months Ended June 30, 2014
|
||||
|
Investment income
|
|
|
|
||||
|
Interest
|
$
|
84,354
|
|
|
$
|
93,623
|
|
|
Dividends
|
13,774
|
|
|
6,595
|
|
||
|
Other
|
3,538
|
|
|
2,362
|
|
||
|
Total investment income
|
$
|
101,666
|
|
|
$
|
102,580
|
|
|
Expenses
|
|
|
|
||||
|
Base management fees and performance-based incentive fees, net of amounts waived
|
$
|
(24,704
|
)
|
|
$
|
(26,426
|
)
|
|
Interest and other debt expenses, net of expense reimbursements
|
(22,416
|
)
|
|
(18,882
|
)
|
||
|
Administrative services expenses, net of expense reimbursements
|
(1,397
|
)
|
|
(1,433
|
)
|
||
|
Other general and administrative expenses
|
(2,163
|
)
|
|
(2,288
|
)
|
||
|
Net expenses
|
(50,680
|
)
|
|
(49,029
|
)
|
||
|
Net investment income
|
$
|
50,986
|
|
|
$
|
53,551
|
|
|
Realized and unrealized gain (loss) on investments, cash equivalents, and foreign currencies
|
|
|
|
||||
|
Net realized loss
|
$
|
(80,926
|
)
|
|
$
|
(13,333
|
)
|
|
Net change in unrealized gain
|
36,330
|
|
|
24,418
|
|
||
|
Net realized and unrealized gain (loss) from investments, cash equivalents and foreign currencies
|
(44,596
|
)
|
|
11,085
|
|
||
|
Net increase (decrease) in net assets resulting from operations
|
$
|
6,390
|
|
|
$
|
64,636
|
|
|
|
|
|
|
||||
|
Net investment income per share on per average share basis
|
$
|
0.22
|
|
|
$
|
0.23
|
|
|
Earnings per share - basic
|
$
|
0.03
|
|
|
$
|
0.27
|
|
|
Earnings per share - diluted
|
$
|
0.03
|
|
|
$
|
0.27
|
|
|
(in millions)
|
|
Net Realized Gain (Loss)
|
|
||
|
PlayPower Holdings Inc.*
|
|
$
|
(42.9
|
)
|
|
|
Molycorp, Inc.*
|
|
(22.1
|
)
|
|
|
|
PetroBakken Energy Ltd.*
|
|
(9.0
|
)
|
|
|
|
BCA Osprey II Limited *
|
|
(7.4
|
)
|
|
|
|
Venoco, Inc. (Denver Parent)*
|
|
(4.2
|
)
|
|
|
|
Other (net)
|
|
4.7
|
|
|
|
|
|
|
$
|
(80.9
|
)
|
|
|
(in millions)
|
|
Net Realized Gain (Loss)
|
|
||
|
Altegrity, Inc.*
|
|
$
|
(17.4
|
)
|
|
|
inVentiv Health, Inc.*
|
|
(2.4
|
)
|
|
|
|
First Data Corp.*
|
|
1.9
|
|
|
|
|
Exova Limited*
|
|
1.7
|
|
|
|
|
Other (net)
|
|
2.9
|
|
|
|
|
|
|
$
|
(13.3
|
)
|
|
|
(in millions)
|
|
Net Change in Unrealized Gain (Loss)
|
|
||
|
PlayPower Holdings Inc.*
|
|
$
|
21.8
|
|
|
|
Molycorp, Inc.*
|
|
20.4
|
|
|
|
|
PetroBakken Energy Ltd.*
|
|
10.6
|
|
|
|
|
Venoco, Inc. (Denver Parent)*
|
|
9.8
|
|
|
|
|
Generation Brands Holdings, Inc. (Quality Homes)
|
|
9.0
|
|
|
|
|
BCA Osprey II Limited*
|
|
5.6
|
|
|
|
|
SquareTwo (CA Holdings, Collect America, Ltd.)
|
|
(10.7
|
)
|
|
|
|
Artsonig Pty Ltd
|
|
(9.9
|
)
|
|
|
|
Miller Energy Resources, Inc.
|
|
(7.8
|
)
|
|
|
|
Magnetation, LLC
|
|
(6.4
|
)
|
|
|
|
Other (net)
|
|
(6.1
|
)
|
|
|
|
|
|
$
|
36.3
|
|
|
|
(in millions)
|
|
Net Change in Unrealized Gain (Loss)
|
|
||
|
Altegrity, Inc.*
|
|
$
|
16.6
|
|
|
|
PlayPower Holdings Inc.
|
|
6.9
|
|
|
|
|
Aventine Renewable Energy Holdings, Inc.
|
|
5.6
|
|
|
|
|
Generation Brands Holdings, Inc. (Quality Homes)
|
|
5.4
|
|
|
|
|
inVentiv Health, Inc.*
|
|
4.7
|
|
|
|
|
Merx Aviation Finance, LLC
|
|
4.5
|
|
|
|
|
PetroBakken Energy Ltd.*
|
|
2.4
|
|
|
|
|
River Cree Enterprises LP
|
|
1.9
|
|
|
|
|
Exova Limited*
|
|
(6.8
|
)
|
|
|
|
SquareTwo (CA Holdings, Collect America, Ltd.)
|
|
(4.5
|
)
|
|
|
|
Molycorp, Inc.
|
|
(3.6
|
)
|
|
|
|
LVI Group Investments, LLC
|
|
(2.3
|
)
|
|
|
|
U.S. Security Associates Holdings, Inc.
|
|
(2.0
|
)
|
|
|
|
Venoco, Inc. (Denver Parent)
|
|
(2.0
|
)
|
|
|
|
Other (net)
|
|
(2.4
|
)
|
|
|
|
|
|
$
|
24.4
|
|
|
|
|
Payments due by Period as of June 30, 2015 (in millions)
|
||||||||||||||||||
|
|
Total
|
|
Less than
1 year
|
|
1-3 years
|
|
3-5 years
|
|
More than
5 years
|
||||||||||
|
Senior Secured Facility (1)
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
277
|
|
|
$
|
—
|
|
|
Senior Secured Notes
|
$
|
225
|
|
|
$
|
225
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Senior Secured Notes (Series A)
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Senior Secured Notes (Series B)
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
2042 Notes
|
$
|
150
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150
|
|
|
2043 Notes
|
$
|
150
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150
|
|
|
2025 Notes
|
$
|
344
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
344
|
|
|
Convertible Notes
|
$
|
200
|
|
|
$
|
200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
(1)
|
At
June 30, 2015
, there was
$23.0 million
of letters of credit issued under the Senior Secured Facility that are not recorded as liabilities on the Company's Statement of Assets and Liabilities, and the Company had
$1,010.4 million
of unused capacity under its Senior Secured Facility.
|
|
(in thousands except per share data)
Basis Point Change
|
Net Investment Income
|
|
Net Investment Income per Share
|
||||
|
Up 400 basis points
|
$
|
30,605
|
|
|
$
|
0.129
|
|
|
Up 300 basis points
|
$
|
20,121
|
|
|
$
|
0.085
|
|
|
Up 200 basis points
|
$
|
9,807
|
|
|
$
|
0.041
|
|
|
Up 100 basis points
|
$
|
708
|
|
|
$
|
0.003
|
|
|
(a)
|
Exhibits
|
|
|
3.1
|
Articles of Amendment and Restatement, as amended (1)
|
|
|
3.2
|
Fourth Amended and Restated Bylaws (2)
|
|
|
10.1
|
Amended and Restated Senior Secured Revolving Credit Agreement, dated as of April 24, 2015, between Apollo Investment Corporation, the lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (3)
|
|
|
31.1
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
|
|
|
31.2
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
|
|
|
32.1
|
Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
|
|
|
32.2
|
Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)*
|
|
*
|
Filed herewith.
|
|
(1)
|
Incorporated by reference from the Registrant’s post-effective Amendment No. 1 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2, filed on August 14, 2006.
|
|
(2)
|
Incorporated by reference from the Registrant’s Form 10-K, filed on May 19, 2015.
|
|
(3)
|
Incorporated by reference from the Registrant's Form 8-K, filed on April 30, 2015.
|
|
|
APOLLO INVESTMENT CORPORATION
|
|
|
|
|
|
|
|
By:
|
/s/ JAMES C. ZELTER
|
|
|
James C. Zelter
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
By:
|
/s/ GREGORY W. HUNT
|
|
|
Gregory W. Hunt
|
|
|
|
Chief Financial Officer and Treasurer
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|