Investor Presentation

APOLLO INVESTMENT CORPORATION Investor Presentation

May 2021

Unless otherwise noted, information as of March 31, 2021

It should not be assumed that investments made in the future will be profitable or will equal the performance of the investments shown in this document. Disclaimers, Definitions, and Important Notes

Forward-Looking Statements We make forward-looking statements in this presentation and other filings we make with the SEC within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives, including information about our ability to generate attractive returns while attempting to mitigate risk. Words such as “believe,” “expect,” “anticipate,” “estimate,” “plan,” “continue,” “intend,” “should,” “may” or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; and other risks associated with investing including changes in business conditions and the general economy. Statements regarding the following subjects, among others, maybe forward looking: the macro- and micro-economic impact of the COVID- 19 pandemic; the severity and duration of the COVID-19 pandemic; actions taken by governmental authorities to contain the COVID-19 pandemic or treat its impact; the impact of the COVID-19 pandemic on our financial condition, results of operations, liquidity and capital resources. For additional information about the COVID-19 pandemic and its potential impact on the Company’s results of operations and financial condition, please refer to the COVID-19 Developments section and additional disclosure in our Form 10-K for the period ended March 31, 2021. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward- looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described in the company’s filings with the SEC. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation may contain statistics and other data that in some cases has been obtained from or compiled from information made available by third-party service providers. Past Performance Past performance is not indicative nor a guarantee of future returns, the realization of which is dependent on many factors, many of which are beyond the control of Apollo Global Management, Inc. (“AGM”); Apollo Investment Management, L.P. (the “Investment Adviser”); and the Company (collectively “Apollo”). There can be no assurances that future dividends will match or exceed historic ones, or that they will be made at all. Net returns give effect to all fees and expenses. Unless otherwise noted, information included herein is presented as of the date indicated on the cover page and may change at any time without notice. The Company is subject to certain significant risks relating to our business and investment objective. For more detailed information on risks relating to the Company, see the latest Form 10-K and subsequent quarterly reports filed on Form 10-Q. Financial Data Financial data used in this presentation for the periods shown is from the Company’s Form 10-K and Form 10-Q filings with the SEC during such periods. Unless otherwise indicated, the numbers shown herein are rounded and unaudited. Quarterly and annual financial information for the Company refers to fiscal periods. All share and per share data shown herein is adjusted for the one-for-three reverse stock split of the Company’s common stock which took effect at the close of business on November 30, 2018.

2 Disclaimers, Definitions, and Important Notes

AUM Definition Assets Under Management (“AUM”) refers to the investments AGM manages or with respect to which it has control, including capital it has the right to call from its investors pursuant to their capital commitments to various funds. AGM’s AUM equals the sum of: (i) the fair value of its private equity investments plus the capital that it is entitled to call from its investors pursuant to the terms of their capital commitments plus non-recallable capital to the extent a fund is within the commitment period in which management fees are calculated based on total commitments to the fund; (ii) the net asset value of AGM’s capital markets funds, other than certain senior credit funds, which are structured as collateralized loan obligations or certain collateralized loan obligation and collateralized debt obligation credit funds that have a fee generating basis other than mark-to-market asset values, plus used or available leverage and/or capital commitments; (iii) the gross asset values or net asset values of AGM’s real estate entities and the structured portfolio vehicle investments included within the funds AGM manages, which includes the leverage used by such structured portfolio vehicles; (iv) the incremental value associated with the reinsurance investments of the portfolio company assets that AGM manages; and (v) the fair value of any other investments that AGM manages plus unused credit facilities, including capital commitments for investments that may require pre-qualification before investment plus any other capital commitments available for investment that are not otherwise included in the clauses above. AGM’s AUM measure includes AUM for which it charges either no or nominal fees. AGM’s definition of AUM is not based on any definition of AUM contained in its operating agreement or in any of its Apollo fund management agreements. AGM considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) its ability to influence the investment decisions for existing and available assets; (2) its ability to generate income from the underlying assets in its funds; and (3) the AUM measures that it uses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, AGM’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers.

3 Agenda • Overview of AINV & Apollo’s Direct Origination Platform • Direct Lending Market Backdrop • Investment Strategy & Portfolio • Conclusion • Appendices

4 Overview of AINV & Apollo’s Direct Origination Platform

5 Overview of Apollo Investment Corporation (“AINV”)

Specialty Finance • Publicly traded (NASDAQ: AINV) business development company (“BDC”) treated for federal income tax purposes as a Company Focused on regulated investment company (“RIC”) Lending to US Middle • Primarily provides debt solutions to U.S. middle market companies with a focus on direct origination Market Companies • Since IPO in April 2004 and through March 31, 2021, invested $21.9 billion in 552 portfolio companies • $2.45 billion investment portfolio across 135 companies and 25 different industries, spanning a broad range of asset types1,2

• Externally managed by an affiliate3 of AGM, a leading alternative asset manager with approximately $461 billion of AUM2,4 Externally Managed by with expertise in private equity, credit and real assets Apollo Global • AGM was founded in 1990 Management (“AGM”) • AINV operates as part of AGM’s Direct Origination Business

Apollo Affiliation • Experienced management team Provides Significant • Broad product offering Benefits • Large and diverse direct origination team with joint front engine across AINV and MidCap Financial (“MidCap”)5

Distribution yield at market price Distribution yield at NAV Current Market Market capitalization Base 7 8.8% Base 9 7.8% Information 6 $915 million Base + Supplemental 8 10.3% Base + Supplemental 10 9.1%

1 On a fair value basis. 2 As of March 31, 2021. 3 Apollo Investment Management, L.P. 4 See definition of AUM at beginning of presentation. 5 MidCap Financial refers to MidCap FinCo Designated Activity Company, a designated activity company limited by shares incorporated under the laws of Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement between Apollo Capital Management, L.P. and MidCap FinCo Designated Activity Company. 6 As of May 24, 2021. 7 Most recent quarterly base distribution annualized divided by share price. 8 Most recent quarterly base and supplemental distribution annualized divided by share price. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution. 9 Most recent quarterly base distribution annualized divided by net asset value per share. 10 Most recent quarterly base and supplemental distribution annualized divided by net asset value per share. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.

6 Apollo Global Management Overview

Firm Profile Private Equity Credit Real Assets

Founded: 1990 174 Investment 261 Investment 111 Investment 2 AUM: ~$461 bn1 Professionals Professionals Professionals $89 bn in AUM1 $323 bn in AUM1 $48 bn in AUM1 Employees: 1,725

Offices Worldwide: 163

Key Attributes Global Footprint

Value-oriented, contrarian approach

London Frankfurt Opportunistic across market Los Angeles New York Luxembourg cycles Madrid Tokyo Bethesda Delhi Shanghai San Diego Houston Integrated platform across asset Mumbai Hong Kong classes and geographies Singapore

Deep industry knowledge

Sydney

All figures as of March 31, 2021, unless otherwise noted. Please refer to the beginning of this presentation for the definition of AUM. (1) Business segment AUM may not sum to total firm AUM due to rounding. (2) Private equity headcount includes executive officers and strategy. (3) Number may not be fully reflective of all Apollo affiliated office space worldwide.

7 Broad Credit Coverage and Experienced Team Apollo Credit $323 Billion in AUM & 261 Investment Professionals (1) Jim Zelter, Co-President and Chief Investment Officer of Credit Anthony Civale, Co-Chief Operating Officer John Zito, Senior Partner and Deputy Chief Investment Officer of Credit

Corporate Fixed Corporate Direct Structured Credit Consumer & Principal Structured Insurance Income Credit Origination & ABS Residential Credit Finance Group Solutions Group (3) $88 billion in AUM $74 billion in AUM $26 billion in AUM $28 billion in AUM $23 billion in AUM $17 billion in AUM (ISG) 39 Professionals 60 Professionals 48 Professionals (2) 15 Professionals 24 Professionals 12 Professionals 44 Professionals

Leadership

Jim Hassett Joseph Moroney Howard Widra Bret Leas Nancy De Liban Jamshid Ehsani Jeff Jacobs Brigitte Posch John Zito Tanner Powell Rob Graham Jim Galowski (4) Leslie Mapondera Gary Rothschild Matt O’Mara Justin Sendak Jasjit Singh

Strategies

• Investment grade • Senior secured loans • Middle market loans • CLO liabilities • Residential real estate • High Grade Alpha • Portfolio construction bonds • High yield • ABLs / revolvers • CLO equity – RMBS & whole (private capital & asset allocation loans efficient originations) • Sovereign bonds • Event-driven • Aircraft / aviation • Regulatory & solution • Asset & liability • Consumer whole • ADIP / ACRA management • Emerging markets • Multi-sector credit finance capital loans & ABS • Insurance ABS • Risk management • IG private placements • Large corporate • Life sciences • Synthetics • Conduit CMBS direct lending • Lender finance • Asset-backed • Life Settlements • Structuring for capital • Small balance CMLs efficiency • Dislocated credit • Bespoke / sell-side securities • Insurance Multi- sourcing Credit

Commercial Real European Hybrid Capital Infrastructure and Estate Debt Principal Finance Energy Credit Other Credit Related Robert Ruberton Scott Weiner Skardon Baker Various Strategies Matthew Michelini $30 billion in AUM $7 billion in AUM $3 billion in AUM $12 billion in AUM 32 Professionals 27 Professionals 13 Professionals 25 Professionals

Note: All strategies and leadership listed above reflect global coverage. AUM and headcount as of March 31, 2021. Subject to change at any time without notice. Please refer to the slides in this presentation entitled “Risk Factors and Definitions” for the definition of AUM. (1) Strategy headcounts exclude 19 global business professionals. (2) Includes headcounts for AOP. (3) ISG manages $264 bn in assets for affiliate insurance balance sheets, including those sub- advised by Apollo’s Credit, Private Equity, and Real Assets businesses. (4) In addition, serves as co-portfolio manager of the SCRF Funds and Partner, European Credit.

8 AGM’s Direct Origination Business Transformed by MidCap Fully integrated into Apollo’s Credit platform and serving as the hub of the Direct Origination Business

MidCap Financial Snapshot Business Overview . Privately held middle market-focused specialty finance firm that provides senior debt solutions to companies across all industries . Founded in 2008 and headquartered in Bethesda, Maryland with four additional primary offices in New York, Chicago, Los Angeles, and Atlanta . Only originates first lien senior secured assets, first mortgage loans and ABLs and only underwrites loans originated in-house . Acquired by an entity managed by Apollo Global Management in 2013

Scaled Platform . ~$8.2 billion of funds employed and manages / services ~$30 billion of commitments1 . 229 total professionals, 44 focused on origination as of March 31, 20211

Experienced Management Team . Deep industry expertise and average experience of ~20 years at blue chip lenders, including Merrill Lynch Capital, GE Capital, and Heller Financial . Members of the senior management team have worked together for over 20 years

Unique platform built over 10+ years with significant barriers to entry . Large, multi-asset class origination teams are challenging to replicate . Broad support from dozens of world-class financing partners provides capital strength . Scalable back-office infrastructure is unusual among asset managers and allows for broader product offerings . Direct origination team generates robust volume of senior floating rate loans on par with any peer . Wide funnel provides a large investment universe resulting in high degree of selectivity

Healthcare Financial MidCap Financial Partners (“HCFP”) MLC Healthcare MidCap Financial Holdings, Holdings, LLC MidCap launched in HCFP acquired by Heller Heller acquired by GE MLC acquired by GE formed Finance founded LLC formed acquired by Athene its current form

1993 1999 2001 2003 2007 2008 2013 2015

Notes: For discussion purposes only. Reflects the views and opinions of Apollo and MidCap Analysts. Subject to change at anytime without notice. Past performance is not indicative nor a guarantee of future returns. On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates, including Midcap, where terms other than price and quantity are negotiated, subject to the conditions included therein. 1 As of March 31, 2021.

9 AGM’s Direct Origination Diverse Product Offering and Dedicated Vehicles

Overview of Products Leveraged Life Sciences Asset Based Real Estate Lender Franchise Lending & Technology Lending Lending * Finance Lending * Lending

Product Capabilities Senior Cash Flow Debt First Mortgage Debt * Senior Asset Based Debt Senior Venture Debt

Providing Solutions for All Financing Needs of Middle Market Companies

Common Management Overlapping underwriting and portfolio management resources

Apollo Investment Corporation MidCap • Business development company (BDC) under the Investment Company • Full-service finance company focused on directly sourced middle market Act of 1940 that has elected to be treated as a regulated investment senior debt company (RIC) for federal income tax purposes • Business lines in asset-back loans, leveraged loans, real estate and • Focused on providing senior debt solutions to US middle market venture lending companies • Privately-held including by investors affiliated with Apollo Global • Publicly-listed on NASDAQ Global Select Market • $29.9 billion of commitments managed / serviced of which MidCap holds • $2.45 billion investment portfolio (on a fair value basis) across 135 $12.4 billion, of which $8.2 billion are funded and outstanding1 1 companies • Established 2008 ₋ 80% of the corporate lending portfolio is in investments made pursuant to the Company’s co-investment order1,2 • Established 2004

Additional capacity in select opportunistic credit accounts

1 As of March 31, 2021. 2 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates, including MidCap, where terms other than price and quantity are negotiated, subject to the conditions included therein. As of March 31, 2021, the corporate lending portfolio represented 79.1% of the total investment portfolio, at fair value, and excludes aviation, oil and gas, renewables, shipping and commodities. * AINV has not made a commitment pursuant to the exemptive order in this product category.

10 Direct Lending Market Backdrop

11 We Believe Direct Lending is an Attractive Asset Class

We believe direct lending is an attractive asset class with solid risk-adjusted returns. Directly originated loans can provide high current income with lower volatility and credit losses compared to other similar fixed income investment alternatives.

Higher Average Returns Lower Volatility of Returns Control of Origination is Designed to Result in Better Economics and Annualized Average Quarterly Returns Standard Deviation of Quarterly Total Risk-Adjust Returns 2004 – 4Q20 Returns 2004 –4Q20  Full due diligence access 9.1% 5.4% 5.1%  Control over credit 7.8% 7.7% documentation / covenant protections 5.1%  Relationship with borrower  Hold size flexibility & syndication 1.9% control 1.3%  Origination economics  Premium spreads

U.S. Middle U.S. Middle U.S. High Yield U.S. Middle U.S. Middle U.S. High Yield Market Market Leveraged Index Market Market Leveraged Index Senior Loans Loans Loan Index Senior Loans Loans Loan Index

Note: U.S. Middle Market Senior Loan data based on Cliffwater Senior Direct Lending-Senior Only (CDLI-S) U.S. Middle Market Loan data based on Cliffwater Direct Lending Index (CDLI), U.S. Leverage Loan Index data based on S&P LSTA all loans and High Yield Index based on Bloomberg Barclays US Corporate High Yield Bond Index. Index performance is shown for illustrative purposes only and does not reflect any deduction for fees and expenses. Subject to change.

12 We Believe Reduced Bank Lending Spurred Growth in Direct Lending Direct lending has grown in part due to bank consolidation and changes in bank lending preferences

Number of U.S. Banks Continues to Decline1 Banks’ Reduced Participation in Loan Market2

12,000 1 49% decline since 2000 0.9

10,000

0.8

0.7 8,000

0.6

6,000 0.5

0.4

4,000 0.3

0.2

2,000 0.1

0 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM 3/21 LTM 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Banks & Securities Firms Non-Banks

1. Source: Federal Deposit Insurance Corp. 2. Source: LCD’s Quarterly Leveraged Lending Review: 1Q 2021. Non-banks includes institutional investors and finance companies. Subject to change.

13 Middle Market Lending is Well Positioned for Growth

Middle Market Companies Account For $600 Significant Need for Refinancing of Significant Private Equity Dry Powder a Significant Portion of the U.S. Middle Market Loan Commitments 2 Supports Continued Demand for Loans 3 Economy 1

Why Sponsors Prefer Direct Lending Solutions . Customized financing solutions $500 Middle market loan commitments . Ease and speed of execution maturing through 1Q 2028 . Certainty of close . No need for a rating 200,000 U.S. middle market . Can provide delay draw term loans for future capital needs businesses . Sponsors able to keep valuations private $400 Non-sponsored syndicated ~$319 billion One-third of private sector GDP + Sponsored syndicated $300 ~$238 billion + Employs ~ 48 million people Estimated Sponsored direct $200 ~$358 billion

= $100 ~$915 billion in middle market loan commitments

$0 Feb-21 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20

1. Source: National Center for the Middle Market 4Q 2020 Middle Market Indicator. 2. Source: Refinitiv LPC’s MM Weekly, The Middle Market Opportunity, May 7, 2021. 3 Source: Prequin. As of May 2021. Based on North America buyout dry powder. Subject to change.

14 Investment Strategy & Portfolio

15 Apollo Investment Corporation Investment Strategy

Specialty lender primarily focused on providing solutions to U.S. corporate borrowers in the middle market

Primarily sources investments through the Apollo Direct Origination platform which generates robust volume of senior floating rate loans

AINV’s ability to co-invest alongside the broader Apollo platform enhances ability to win deals on the basis of size and certainty of execution1

Focused on true first lien exposure, but flexibility to invest across the capital structure

Robust leveraged lending platform with extensive coverage of middle market sponsors

Additional niche capabilities in asset-based lending, life sciences and technology lending, and lender finance

Prudent portfolio construction including granular position sizes and emphasis on diversification (by sponsor, industry and end market)

1 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates where terms other than price and quantity are negotiated, subject to the conditions included therein.

16 Investment Portfolio as March 31, 2021

Merx Aviation 1 Corporate Lending 3 $316 million or 12.9% of portfolio $1.9 billion1 or 79.1% of portfolio 80 aircraft (77 narrowbody, 2 widebody, 1 First Lien % 87% freighter) Floating Rate % 100% 10 aircraft types Sponsored % 87% 39 lessees in 25 countries Pursuant to co-investment order % 80% Weighted average age of aircraft ~11.5 years 8 Average Borrower Exposure $15.6mn Median EBITDA 4 $37mn Weighted average lease maturity ~4.4 years Weighted Average Net Leverage 4, 5, 6, 7 5.34x Weighted Average Attachment Point 4, 6, 7 0.6x Interest Coverage 4, 6, 7 2.9x Total Portfolio $2.45 bn1

Weighted Average Yield 2 Non-Core and Legacy 8.0% $196 million1 or 8.0% of portfolio

Strategy Fair Value % of portfolio Shipping $105 million 4.3% Oil & Gas $46 million 1.9% Renewables $20 million 0.8% Legacy & Other $26 million 1.1%

1 On a fair value basis. 2 Weighted average yield on debt investments. Based on average of beginning of period and end of period portfolio yield. On a cost basis. Exclusive of investments on non-accrual status. 3 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. 4 Source: Company data. 5 Through AINV position. 6 Excludes select investments where metric is not relevant or appropriate or data is not available. 7 Weighted average by cost. Current metric. 8 Weighted average age of aircraft is weighted by aircraft appraisal value for each aircraft which is updated on a semi-annual basis.

17 Portfolio by Industry 1

Portfolio Diversification

Healthcare & Pharmaceuticals 16.1%

High Tech Industries 13.9%

Aviation and Consumer Transport 13.6%

Business Services 13.2%

Transportation – Cargo, Distribution 5.6%

Consumer Services 4.8%

Beverage, Food & Tobacco 4.0%

Consumer Goods – Non-durable 3.6%

Diversified Investment Vehicles, Banking, Finance, Real Estate 2.5%

Advertising, Printing & Publishing 2.4%

Chemicals, Plastics & Rubber 2.3%

Automotive 2.1%

Energy – Oil & Gas 1.9%

Retail 1.7%

Media – Diversified & Production 1.7%

Education 1.7%

Manufacturing, Capital Equipment 1.5%

Insurance 1.4%

Aerospace & Defense 1.2%

Construction & Building 1.2%

Consumer Goods – Durable 1.2%

Telecommunications 0.9% 2 Other 1.5%

1 As of March 31, 2021. On a fair value basis 2 Other includes: Wholesale; Environmental Industries; and Energy – Electricity.

18 Portfolio Concentration

Portfolio by Origination Strategy ($ in millions) Top Ten Corporate Lending Portfolio Companies1,2 ($ in millions)

% of % of Corporate Fair Value Portfolio Rank Portfolio Company Lending $ 1,678 69% Leveraged Lending Fair Value Portfolio Life Sciences 127 5% 1 ChyronHego Corporation $ 90 4.6% Asset Based and Lender Finance 132 5% 2 NFA Group 41 2.1% Total Corporate Lending Portfolio $ 1,937 79% 3 Simplifi Holdings, Inc. 39 2.0% 316 13% Aviation 4 RA Outdoors, LLC (Active Outdoors) 38 1.9% 2,253 92% Total Core Assets 5 MAKS 34 1.8% Non-Core and Legacy 196 8% 6 Electro Rent Corporation 34 1.7% Total Portfolio $ 2,449 100% 7 Heniff and Superior 34 1.7% 8 McLarens 33 1.7% 9 PSI Services, LLC 32 1.7% 10 GoHealth 32 1.6% Top 10 Corporate Lending Portfolio Companies $ 406 21.0% Other 1,531 79.0% Total Corporate Lending Portfolio $ 1,937 100.0%

1 Based on corporate lending portfolio. 2 Top ten portfolio companies based on market value as of March 31, 2021.

19 Merx Diversified Platform Well-Positioned to Navigate The Current Environment

. Experienced senior management team with over 100 years of combined aviation experience across multiple economic cycles, with deep industry knowledge and strong relationships with key stakeholders globally

. Team of 25+ aviation professionals, further complemented by CFO, tax and operations support at Apollo

. Extensive experience in all aspects of aircraft underwriting, acquisition, financing, transaction structuring, technical management, lessee relationships and investment realization

. Long-standing industry relationships resulting in keeping aircraft on lease, ample cash on balance sheet to meet debt service and de-lever

. Defensive resilient predominately narrow body portfolio with conscious diversification across asset types, lessees, jurisdiction and lease maturities

. Diversified pools of value – not cross-collateralized

. Growing servicing platform – expands Merx’s revenue sources and aligns to growth in AGM’s overall aviation platform

20 Merx Aviation is Well-Diversified Fleet compares favorably with other major lessors in terms of asset, geography, age, maturity, and lessee diversification

Merx Portfolio1 Number of Aircraft by Type1 Aircraft by Age (years)1

80 aircraft 16 11 1 4 5 10 aircraft types 2 7 33 39 lessees in 25 countries 1 7 7 6 5 5 5 4 4 3 3 3 Weighted average age of aircraft 25 2 2 2 2 2 2 ~11.5 years 1 2 3 4 5 6 7 8 9 Weighted average lease maturity 737-800 A320-200 777-200F A321-200 A321neo 10 11 12 13 14 15 16 17 18 19 20 21 ~4.4 years A319-100 A330-200 737-700 737-900ER 787-8 # of aircraft by age (years)

Aircraft by Region1,3 Staggered Lease Maturity1,4 Aircraft Value by Lessee 1,2 4

4% 3% 14 13 6% 12 19 Lessees 9% 2% Each < 2% 10 10 8% 32% 23% 6% 10% 7 5 2% 2% 5% 3 2% 6% 2 21% 1 1 4% 22% 2% 4% 4% 4% 2% 3% Asia North America Europe 2% 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Latin America Africa Australia 3% 3% Middle East N/A # of leases maturing by year 3% 3%

1 As of March 31, 2021. 2 On a fair value basis. 3 Based on base value. Aircraft off lease are shown as N/A. 4 Excludes aircraft off lease. For more information about Merx, please visit www.merxaviation.com.

21 Credit Quality The credit quality of our portfolio companies has generally remained stable, despite the current challenging environment.

Median LTM EBITDA Net Leverage through AINV Position 1

5.93 x $ in millions 5.65 x 5.27 x 5.48 x 5.31 x 5.34 x

$35 $37 $37 $35 $34 $37

Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

Total Cash Interest Coverage 1 AINV Attachment Point 1

2.8 x 2.8 x 2.8 x 2.8 x 2.9 x 2.5 x

0.9 x 0.9 x 0.8 x 0.8 x 0.6 x 0.6 x

Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

Note: Past performance is not indicative nor a guarantee of future results. Source: Company data. 1 Based on corporate lending portfolio. Excludes select investments where metric is not relevant or appropriate or data is not available. Weighed average by cost. Current metric.

22 Credit Quality (continued) As of March 31, 2021, 5.7% of total investments at amortized cost, or 1.4% of total investments at fair value, were on non-accrual status. ($• in thousands) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Investments on Non-Accrual Status

Non-accrual investments at amortized cost $154,831 $155,313 $142,653 $181,943 $158,694

Non-accrual investments/total portfolio, at amortized cost 5.7% 5.6% 4.9% 6.1% 5.1%

Non-accrual investments at fair value $33,738 $28,014 $30,399 $46,729 $48,668

Non-accrual investments/total portfolio, at fair value 1.4% 1.1% 1.2% 1.7% 1.7%

Investments on Non-Accrual Status as of March 31, 2021 Industry Cost Fair Value

Ambrosia Buyer Corp. Business Services $20,536 $12,795

Crowne Automotive Automotive 1,293 398

Glacier Oil & Gas Corp. (f/k/a Miller Energy Resources, Inc.) Energy – Oil & Gas 36,926 8,111

KLO Holdings, LLC Consumer Goods – Durable 0 0

Solarplicity Group Limited (f/k/a AMP Solar UK) Energy – Electricity 7,637 2,534

Spotted Hawk Energy – Oil & Gas 88,439 9,899

Total $154,831 $33,738

Note: Numbers may not sum due to rounding

23 Conclusion

24 Reasons to Own AINV

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

Access to MidCap’s extensive highly differentiated sourcing 1

Significant expertise in niche verticals with flexible product set

Full-service product suite including term loans, revolver and agent capabilities

Well-diversified senior corporate lending portfolio, which we believe is resilient

Well-positioned to participate in large commitments

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

Good liquidity and no near-term debt maturities

Notes: Reflects the views of Apollo. For detailed information on risks relating to AINV, see the latest Form 10-K. 1 On March 29, 2016, the Company received an exemptive order from the SEC permitting greater flexibility to participate in co-investment transactions with certain of its affiliates, including MidCap, where terms other than price and quantity are negotiated, subject to the conditions included therein.

25 Appendices

26 Specialty Niches

• Secured loans to manufacturing, distribution, retail and services companies • Core product consists of revolvers advancing against accounts receivable and inventory; will selectively include term loans against fixed assets or as supported by cash flow Asset Based • High-touch asset class requiring liquidity for daily revolver fundings, collateral evaluation and diligence expertise, borrowing base monitoring capabilities and complex cash dominion structures • Leverages MidCap’s in-place portfolio and collateral monitoring infrastructure

• Low loan-to-value loans, covered by material asset values and cash on hand, made to borrowers in product development (e.g., biotech companies) or early commercialization • Enterprise value loans Life Sciences • Niche market with what we believe to be disproportionate risk reward • Typically have multiple sources of exit including strong equity support, well funded balance sheets, and liquidation value • No underwriting of science – only of cash support and development timeline

• Senior secured facilities made to lenders in various industries (consumer and commercial) secured by their underlying collateral • Typically benefit from multiple levels of credit support and protection in addition to support of underlying borrowers • Defined eligibility criteria or loan-by-loan approval, borrowing base structure with ability to remove specific assets, and Lender Finance corporate and/or personal recourse with various restrictive covenants • Highly structured transactions skewing towards larger commitments ($25+ million) to provide diversification of underlying collateral • We believe significant opportunities exist to fill the capital void left by large banks exiting and descaling in this asset class • MidCap Financial acquired PNC Bank’s Franchise Finance business Franchise Finance • Franchise finance loans to franchisees operating in the quick service restaurant (QSR) and other industries

27 Financial Highlights

($• in thousands, except per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Financial Highlights Net investment income per share $0.39 $0.43 $0.43 $0.43 $0.59 Net realized and change in unrealized gains (losses) from investments and $0.26 $0.08 $0.08 ($0.39) ($2.81) foreign currencies per share Earnings (loss) per share $0.65 $0.51 $0.51 $0.05 ($2.22)

Net asset value per share $15.88 $15.59 $15.44 $15.29 $15.70 Distribution recorded per common share $0.36 $0.36 $0.36 $0.45 $0.45 Net leverage ratio 1 1.36 x 1.43 x 1.56 x 1.66 x 1.71 x

Investment Activity

Commitments 2 Gross commitments made $105,503 $107,734 $17,500 $17,239 $153,442 Exits of commitments (167,784) (256,772) (180,291) (337,822) (212,483) Net investment commitments made ($62,281) ($149,038) ($162,791) ($320,583) ($59,041)

Funded Investment Activity Gross fundings, excluding Merx Aviation and revolvers $116,241 $105,450 $54,233 $52,968 $209,775 Net fundings, including Merx Aviation and revolvers ($52,646) ($130,108) ($103,104) ($94,971) $7,675

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

28 Portfolio Highlights

($• in thousands) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Portfolio by Strategy, at fair value ($) Leveraged lending $1,677,875 $1,674,018 $1,736,895 $1,761,933 $1,835,702 Life sciences 127,089 123,042 114,447 114,770 112,105 Asset based and lender finance 132,238 161,169 197,518 224,074 236,892 Corporate lending portfolio 1 $1,937,202 $1,958,230 $2,048,860 $2,100,777 $2,184,700 Merx Aviation 315,561 324,605 323,544 329,481 333,747 Core portfolio $2,252,763 $2,282,835 $2,372,404 $2,430,258 $2,518,446 Non-core and legacy 2 196,388 194,032 214,179 240,782 266,987 Total investment portfolio $2,449,151 $2,476,867 $2,586,583 $2,671,040 $2,785,433

Portfolio by Strategy, at fair value (%) Leveraged lending 69% 68% 67% 66% 66% Life sciences 5% 5% 4% 4% 4% Asset based and lender finance 5% 7% 8% 8% 9% Corporate lending portfolio 1 79% 79% 79% 79% 78% Merx Aviation 13% 13% 13% 12% 12% Core portfolio 92% 92% 92% 91% 90% Non-core and legacy 2 8% 8% 8% 9% 10% Total investment portfolio 100% 100% 100% 100% 100%

Weighted Average Yield on Debt Investments, average 3 Corporate lending portfolio 1 7.8% 7.8% 7.9% 8.1% 8.5% Merx Aviation 10.0%4 10.0% 10.0% 10.0% 12.0% Core portfolio 8.0% 8.0% 8.1% 8.4% 8.9% Non-core and legacy 2 8.8%5 8.8% 9.4% 8.8% 7.7% Total investment portfolio 8.0% 8.1% 8.1% 8.4% 8.9%

Number of portfolio companies, at period end 135 143 147 149 152

1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. 2 Non-core assets include oil & gas, structured credit, renewables, shipping and commodities. 3 Based on average of beginning of period and end of period portfolio yield. On a cost basis. Exclusive of investments on non-accrual status. 4 Based on yield on $191 million debt investment out of a total investment of $316 million, on a fair value basis. 5 Based on yield on $47 million of debt investments out of total non-core and legacy investments of $196 million, on a fair value basis.

29 Corporate Lending Portfolio Detail 1

($• in thousands) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Portfolio by Asset Class, measured at fair value ($) First lien $1,679,404 $1,693,609 $1,754,266 $1,794,208 $1,847,574 Second lien 229,499 247,336 284,216 297,618 328,709 Other 28,299 17,285 10,378 8,951 8,417 Total corporate lending portfolio $1,937,202 $1,958,230 $2,048,860 $2,100,777 $2,184,700

Portfolio by Asset Class, measured at fair value (%) First lien 87% 86% 86% 85% 85% Second lien 12% 13% 14% 14% 15% Other 1% 1% 1% 0% 0% Total corporate lending portfolio 100% 100% 100% 100% 100%

Weighted Average Spread over LIBOR of Floating Rate Assets (in bps) First lien 596 600 600 598 595 Second lien 871 866 682 860 854 Weighted average spread 628 633 638 636 635

Weighted Average Net Leverage 2, 3, 4, 5 First lien 5.27 x 5.24 x 5.55 x 5.88 x 5.33 x Second lien 5.80 x 5.68 x 6.09 x 6.16 x 6.01 x Weighted average net leverage 5.34 x 5.31 x 5.65 x 5.93 x 5.48 x

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

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

Other Metrics Pursuant to co-investment order % 80% 80% 78% 77% 76% Average borrower exposure $15,623 $14,835 $15,405 $15,561 $15,831 Interest coverage 2, 4, 5 2.9 x 2.8 x 2.8 x 2.8 x 2.8 x Attachment point 2, 4, 5 0.6 x 0.6 x 0.8 x 0.8 x 0.9 x 1 Corporate lending includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy investments. Non-core assets include oil & gas, structured credit, renewables, shipping and commodities 2 Source: Company data. 3 Through AINV position. 4 Excludes select investments where metric is not relevant or appropriate or data is not available. 5 Weighted average by cost. Current metric.

30 Corporate Lending Commitments 1

($• in thousands) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Gross Commitments Made by Asset Class First lien $105,503 $107,063 $17,500 $17,238 $153,439 Second lien 0 0 0 0 0 Other 0 671 0 0 1 Gross commitments made $105,503 $107,734 $17,500 $17,238 $153,440

Gross Commitments Made Information Number of portfolio companies 11 13 2 2 14 Average commitment size $9,591 $8,287 $8,750 $8,619 $10,960 Floating Rate % 100% 100% 100% 100% 100% Pursuant to co-investment order % 91% 92% 100% 12% 83%

Weighted Average Spread over LIBOR of New Floating Rate Commitments (in bps) First lien 690 598 614 401 580 Second lien N/A N/A N/A N/A N/A Weighted average spread 690 598 614 401 580

Weighted Average Net Leverage of New Commitments 2 First lien 4.2 x 4.4 x 4.7 x 4.4 x 4.8 x Second lien N/A N/A N/A N/A N/A Weighted average net leverage 4.2 x 4.4 x 4.7 x 4.4 x 4.8 x

Exits of Commitments by Asset Class First lien ($144,088) ($219,633) ($105,883) ($104,121) ($161,925) Second lien (21,961) (36,831) (17,750) (33,637) (49,489) Other (1,664) (308) 0 (30) 0 Exits of commitments ($167,714) ($256,772) ($123,633) ($137,788) ($211,414)

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

31 Funded Investment Activity

($• in thousands) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Fundings, excluding Merx Aviation and Revolvers

Gross fundings 1 $116,241 $105,450 $54,233 $52,968 $209,775 Sales and syndications 1 0 (17,802) (13,434) (67,828) (122,901) Repayments 1 (172,259) (184,919) (108,159) (48,947) (126,697) Net fundings, excluding Merx Aviation and revolvers ($56,019) ($97,271) ($67,360) ($63,806) ($39,823)

Merx Aviation Gross Fundings $10,500 $0 $0 $0 $0

Repayments (20,000) 0 0 0 0

Net fundings, Merx Aviation ($9,500) $0 $0 $0 $0

Revolvers, excluding Merx Aviation Gross Fundings $89,425 $51,726 $51,632 $84,921 $214,460

Sales and Syndications 0 0 (730) (1,279) 266 Repayments (76,552) (84,563) (86,646) (114,807) (167,227) Net fundings, revolvers $12,873 ($32,837) ($35,743) ($31,164) $47,499

Total Funded Investment Activity Gross Fundings $216,166 $157,176 $105,865 $137,889 $424,235

Sales and Syndications 0 (17,802) (14,164) (69,106) (122,635)

Repayments (268,811) (269,482) (194,805) (163,753) (293,924) Net fundings, including Merx Aviation and revolvers ($52,646) ($130,108) ($103,104) ($94,971) $7,675

Number of Portfolio Companies Number of portfolio companies, at beginning of period 143 147 149 152 151 Number of new portfolio companies 4 7 2 1 9 Number of exited portfolio companies (12) (11) (4) (4) (8) Number of portfolio companies, at period end 135 143 147 149 152

1 Excludes Merx Aviation and revolvers.

32 Net Asset Value Rollforward

($ in thousands, except per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Per Share NAV, beginning of period $15.59 $15.44 $15.29 $15.70 $18.27 Net investment income 0.39 0.43 0.43 0.43 0.59 Net realized and change in unrealized gains (losses) 0.26 0.08 0.08 (0.39) (2.81) Net increase (decrease) in net assets resulting from operations 0.65 0.51 0.51 0.05 (2.22) Repurchase of common stock – – – – 0.10 Distribution recorded 0.36 0.36 0.36 (0.45) (0.45) NAV, end of period $15.88 $15.59 $15.44 $15.29 $15.70

Total NAV, beginning of period $1,017,411 $1,007,738 $997,943 $1,024,315 $1,215,882 Net investment income 25,635 28,257 27,906 28,229 38,786 Net realized and change in unrealized gains (losses) 16,777 4,909 5,383 (25,234) (186,033) Net increase (decrease) in net assets resulting from operations 42,411 33,166 33,289 2,995 (147,247) Repurchase of common stock – – – – (14,954) Distributions recorded (23,493) (23,493) (23,493) (29,367) (29,367) NAV, end of period $1,036,329 $1,017,411 $1,007,738 $997,943 $1,024,315

Net Asset Value Per Share

$15.70 $15.29 $15.44 $15.59 $15.88

Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

Note: Numbers may not sum due to rounding.

33 Quarterly Operating Results

For the Three Months Ended ($ in thousands, except per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Total investment income Interest income (excluding PIK) $48,084 $50,415 $52,581 $53,626 $64,782 Dividend income 309 1,076 1,222 1,145 2,380 PIK interest income 1,753 1,627 925 1,514 1,143 Other income 680 1,246 163 384 3,294 Total investment income $50,825 $54,364 $54,891 $56,669 $71,600

Expenses Management fees $8,691 $8,957 $9,262 $9,524 $10,289 Performance-based incentive fees – – – – – Interest and other debt expenses 12,966 13,213 13,845 15,392 18,953 Administrative services expense 1,175 1,201 1,201 1,188 1,525 Other general and administrative expenses 2,459 2,813 2,778 2,446 2,185 Total expenses 25,291 26,184 27,085 28,550 32,952 Management and performance-based incentive fees waived and offset (25) – – – Expense reimbursements (75) (77) (100) (110) (138) Net expenses $25,191 $26,107 $26,986 $28,440 $32,814 Net investment income $25,635 $28,257 $27,906 $28,229 $38,786

Net realized gains (losses) ($3,379) ($6,711) ($2,999) ($8,417) $20 Net change in unrealized gains (losses) 20,156 11,620 8,382 (16,817) (186,053) Net realized and change in unrealized gains (losses) 16,777 4,909 5,383 (25,234) (186,033) Net increase (decrease) in net assets resulting from operations $42,411 $33,166 $33,289 $2,995 ($147,247)

Additional Data Net investment income per share $0.39 $0.43 $0.43 $0.43 $0.59 Earnings (loss) per share $0.65 $0.51 $0.51 $0.05 ($2.22) Distribution recorded per common share ($0.36) $0.36 $0.36 $0.45 $0.45 Weighted average shares outstanding 65,259,176 65,259,176 65,259,176 65,259,176 66,270,865 Shares outstanding, end of period 65,259,176 65,259,176 65,259,176 65,259,176 65,259,176

Note: Numbers may not sum due to rounding.

34 Quarterly Balance Sheet

($• in thousands, except share and per share data) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Assets Investments at fair value $2,449,151 $2,476,867 $2,586,583 $2,671,040 $2,785,433 Cash and cash equivalents (including foreign currencies) 54,624 54,175 31,334 44,394 43,676 Interest receivable 13,135 14,665 16,876 16,161 19,150 Receivable for investments sold 1,351 5,613 609 56,144 978

Other assets 1 26,227 27,460 17,968 21,236 21,820 Total Assets $2,544,488 $2,578,779 $2,653,369 $2,808,975 $2,871,058

Liabilities Debt $1,465,371 $1,512,313 $1,600,328 $1,755,104 $1,794,617 Payables for investments purchased – 108 38 499 – Distributions payable 23,493 23,493 23,493 29,367 29,367 Management and performance-base incentive fees payable 8,666 8,957 9,262 9,524 10,289 Interest payable 2,096 6,369 2,440 7,096 2,887 Accrued administrative services expense 794 2,503 2,324 2,158 2,797 Other liabilities and accrued expenses 7,739 7,625 7,745 7,284 6,787 Total Liabilities $1,508,159 $1,561,368 $1,645,631 $1,811,032 $1,846,743

Net Assets $1,036,329 $1,017,411 $1,007,738 $997,943 $1,024,315

Additional Data Net asset value per share $15.88 $15.59 $15.44 $15.29 $15.70 Debt-to-equity ratio 1.41 x 1.49 x 1.59 x 1.76 x 1.75 x

Net leverage ratio 2 1.36 x 1.43 x 1.56 x 1.66 x 1.71 x Shares outstanding, end of period 65,259,176 65,259,176 65,259,176 65,259,176 65,259,176

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

35 Funding Sources as of March 31, 2021

Debt Facilities ($ in thousands)

Debt Facilities Debt Issued/ Final Maturity Interest Principal Amount Amended Date Rate Outstanding

Senior Secured Facility (1.81 billion)1 12/22/2020 12/22/2025 L + 200 bps $1,119,186

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

Weighted Average Annualized Interest Cost2 & Total Debt Obligations 3.044% $1,469,186

Deferred Financing Cost and Debt Discount (3,814)

Total Debt Obligations, Net of Deferred Financing Cost and Debt Discount $1,465,371

Note: Numbers may not sum due to rounding. 1 Total commitments remain $1.810 billion until November 2022 and will decrease to $1.705 thereafter. 2 Includes the stated interest expense and commitment fees on the unused portion of the Senior Secured Facility. Excludes amortized debt issuance costs. For the three months ended March 31, 2021. Based on average debt obligations outstanding.

36 Interest Rate Exposure as of March 31, 2021

Investment Portfolio by Interest Rate Type 1 Funding Sources by Interest Rate Type

Fixed rate debt 14%

Fixed rate assets Common Floating rate 9% equity assets 41% 79% Variable rate assets 3% Floating rate Non yielding and debt non-accrual 45% assets 9%

Floating Asset Rate Floor Net Investment Income Interest Rate Sensitivity

Par or Cost % of Floating Rate Annual Net Investment Annual Net (in millions) Portfolio Income Investment Income (in millions) Per Share Interest Rate Floors Basis Point Change No Floor $122 6% Up 200 basis points $0.8 $0.012 < 1.00% 139 7% Up 100 basis points ($5.0) ($0.077) 1.00% to 1.24% 1,546 78% Up 50 basis points ($3.9) ($0.059) 1.25% to 1.49% 10 1% Down 25 basis points $0.4 $0.006 1.50% to 1.74% 74 4%

= or > 1.75% 82 4%

Total $1,973 100%

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

37 Realized and Change in Unrealized Gains (Losses) by Strategy

Gains (Losses)1 by Strategy, Total Gains (Losses)1 by Strategy, per Share ($ in millions) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Trailing 5 per share 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Trailing 5 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Quarters Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Quarters Leveraged lending $14.5 $19.7 $21.8 $3.0 ($61.4) ($2.4) Leveraged lending $0.22 $0.30 $0.33 $0.05 ($0.93) ($0.03) Life sciences ($0.3) $1.7 $1.1 $0.3 ($5.8) ($2.9) Life sciences ($0.00) $0.03 $0.02 $0.00 ($0.09) $0.04 Asset based and lender finance ($1.3) ($2.0) $2.2 $2.3 ($6.6) ($5.3) Asset based and lender finance ($0.02) ($0.03) $0.03 $0.04 ($0.10) $0.02 Fx gain (loss) on corporate lending ($0.6) ($8.6) ($7.3) ($1.0) $9.2 ($8.3) Fx gain (loss) on corporate lending ($0.01) ($0.13) ($0.11) ($0.01) $0.14 ($0.12) Corporate lending portfolio $12.4 $10.8 $17.8 $4.7 ($64.5) ($18.9) Corporate lending portfolio $0.19 $0.17 $0.27 $0.07 ($0.97) ($0.27) Merx Aviation $0.5 $1.1 ($5.9) ($4.3) ($29.3) ($38.0) Merx Aviation $0.01 $0.02 ($0.09) ($0.07) ($0.44) ($0.58) Core portfolio $12.8 $11.9 $11.8 $0.4 ($93.9) ($57.0) Core portfolio $0.20 $0.18 $0.18 $0.01 ($1.42) ($0.85) Oil & Gas $2.9 ($11.6) ($6.1) ($3.7) ($52.3) ($70.8) Oil & Gas $0.05 ($0.18) ($0.09) ($0.06) ($0.79) ($1.07) Renewables $1.1 $4.3 ($1.2) ($0.3) ($14.0) ($10.1) Renewables $0.02 $0.07 ($0.02) $0.00 ($0.21) ($0.15) Shipping ($0.4) $0.2 $0.0 ($9.3) ($1.5) ($11.0) Shipping ($0.01) $0.00 $0.00 ($0.14) ($0.02) ($0.16) Legacy & Other $0.3 $0.3 $0.9 ($12.4) ($24.8) ($35.7) Legacy & Other $0.01 $0.00 $0.01 ($0.19) ($0.37) ($0.54) Fx gain (loss) non-core ($0.0) ($0.1) ($0.1) $0.0 $0.5 $0.3 Fx gain (loss) non-core ($0.00) ($0.00) $0.00 $0.00 $0.01 $0.01 Non-core and legacy $3.9 ($7.0) ($6.5) ($25.6) ($92.2) ($127.3) Non-core and legacy $0.06 ($0.11) ($0.10) ($0.39) ($1.39) ($1.93) Total investment portfolio $16.8 $4.9 $5.4 ($25.2) ($186.0) ($184.1) Total investment portfolio $0.26 $0.08 $0.08 ($0.39) ($2.81) ($2.79)

Corporate Lending Gain (Loss) by Lien Type Corporate Lending Gain (Loss) by Lien Type ($ in millions) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Trailing 5 per share 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Trailing 5 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Quarters Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Quarters 1st lien corporate lending $9.7 $13.8 $14.6 $4.2 ($52.5) ($10.2) 1st lien corporate lending $0.15 $0.21 $0.22 $0.06 ($0.79) ($0.14) 2nd lien corporate Lending $2.7 ($2.9) $3.2 $0.5 ($12.1) ($8.7) 2nd lien corporate Lending $0.04 ($0.05) $0.05 $0.01 ($0.18) ($0.13) Corporate lending portfolio $12.4 $10.8 $17.8 $4.7 ($64.5) ($18.9) Corporate lending portfolio $0.19 $0.17 $0.27 $0.07 ($0.97) ($0.27)

1 Realized and changed in unrealized gains (losses).

38 Outstanding Commitments

($ in thousands) 4Q'21 3Q'21 2Q'21 1Q'21 4Q'20 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Revolver Obligations and Bridge Loans Funded 1 $110,773 $98,160 $135,638 $176,969 $208,998 Unfunded 1, 2 264,461 310,491 281,665 275,095 269,716 Par $375,235 $408,651 $417,303 $452,064 $478,715

Unfunded Revolver and Bridge Loan Availability 3 Unavailable $113,120 $98,561 $98,710 $95,417 $131,841 Available 151,341 211,930 182,955 179,678 137,876 Total Unfunded $264,461 $310,491 $281,665 $275,095 $269,718

Delayed Draw Term Loans 4 Par $172,247 $186,123 $175,748 $194,788 $230,778 Number of borrowers 37 38 36 38 46

See Note 8 (Commitments and Contingencies) in the Company's Form 10-K for the period ended March 31, 2021 for additional information. 1 The funded revolver obligations include standby letters of credit issued and outstanding under the Senior Secured Facility. The unfunded revolver obligations include all other standby letters of credit issued and outstanding. 2 The unfunded revolver obligations relate to loans with various maturity dates. 3 Revolver availability is determined based on each loan’s respective credit agreement which includes covenants that need to be met prior to funding and / or collateral availability for asset-based revolver obligations. 4 The delayed draw term loans include conditionality for the use of proceeds and are generally only accessible for acquisitions and also require lender approval. In addition, the delayed draw term loans require the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants.

39 Shareholder Alignment

Fee Structure Closely Aligns the Incentives of the Manager with the Interests of the Shareholders • The base management fee was permanently reduced 1 from an annual rate of 2.0% of the Company’s gross assets to - 1.5% of gross assets up to 1.0x debt-to-equity - 1.0% of gross assets in excess of 1.0x debt-to-equity 2

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

Share Repurchase Program • Board of Directors has authorized $250 million of share repurchases of which the Company has repurchased $223.1 million 4 • The Company has approximately $26.9 million available for stock repurchases 5

1 Effective April 1, 2018. 2 The Company announced that on April 4, 2018, its Board of Directors approved the application of the modified asset coverage requirements set forth in new Section 61(a)(2) of the Investment Company Act of 1940, as amended by the SBCAA. As a result, the asset coverage ratio test applicable to the Company decreased from 200% to 150%, effective April 4, 2019. 3 The calculation of the incentive fee with the total return requirement began on January 1, 2019. The incentive fee rate and performance threshold remain 20% and 7% respectively. There was no change to the catch-up provision. For the period between April 1, 2018 through December 31, 2018, the incentive fee rate was waived to 15%, subject to the 7% annualized performance threshold. 4 Since the inception of the share repurchase program and through May 19, 2021. Inclusive of commissions. 5 As of May 19, 2021.

40 Contact Information

For more information, please contact:

Elizabeth Besen Gregory W. Hunt Investor Relations Manager Chief Financial Officer and Treasurer Phone: (212) 822-0625 Phone: (212) 822-0655 Email: [email protected] Email: [email protected]