AINV-2014.6.30-10Q
Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarter Ended June 30, 2014
¨    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Commission File Number: 814-00646
APOLLO INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
 
Maryland
52-2439556
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
9 West 57th Street
37th Floor
New York, N.Y.
10019
(Address of principal executive office)
(Zip Code)
(212) 515-3450
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes x  No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ¨  No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer
x
Accelerated filer
¨
Non-accelerated filer  
¨
Smaller Reporting Company  
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ¨  No x
The number of shares of the registrant’s Common Stock, $.001 par value, outstanding as of August 7, 2014 was 236,741,351.
 
 
 
 



Table of Contents

APOLLO INVESTMENT CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2014
TABLE OF CONTENTS
 

 
 
PAGE  
 
PART I. FINANCIAL INFORMATION
 
 
 
 
Item 1.
FINANCIAL STATEMENTS
 
 
 
 
Statements of Assets and Liabilities as of June 30, 2014 and March 31, 2014
 

 
 
Statements of Operations for the three months ended June 30, 2014 and June 30, 2013
 

 
 
Statements of Changes in Net Assets for the three months ended June 30, 2014 and the year ended March 31, 2014
 

 
 
Statements of Cash Flows for the three months ended June 30, 2014 and June 30, 2013
 

 
 
Schedule of Investments as of June 30, 2014
 
 
 
 
Schedule of Investments as of March 31, 2014
 
 
 
 
Notes to Financial Statements
 
 
 
 
Report of Independent Registered Public Accounting Firm
 
 
 
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
 
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
 
 
 
Item 4.
Controls and Procedures
 
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
Item 1.
Legal Proceedings
 
 
 
Item 1A.
Risk Factors
 
 
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
 
 
 
Item 3.
Defaults Upon Senior Securities
 
 
 
Item 4.
Mine Safety Disclosures
 
 
 
Item 5.
Other Information
 
 
 
Item 6.
Exhibits
 
 
 
 
Signatures


Table of Contents

PART I. FINANCIAL INFORMATION
In this Quarterly Report, “Apollo Investment”, the “Company”, “AIC”, “we”, “us” and “our” refer to Apollo Investment Corporation unless the context otherwise states.

Item 1. Financial Statements

APOLLO INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share amounts)
 
 
June 30, 2014 (unaudited)

March 31, 2014
Assets
 
 
 
Non-controlled/non-affiliated investments, at fair value (cost — $2,790,135 and $2,714,971, respectively)
$
2,829,627


$
2,751,896

Non-controlled/affiliated investments, at fair value (cost — $162,796 and $153,721, respectively)
161,412


144,628

Controlled investments, at fair value (cost — $647,103 and $590,060, respectively)
653,669


582,147

Total investments (cost — $3,600,034 and $3,458,752, respectively)
3,644,708


3,478,671

Cash
10,177


13,413

Foreign currency (cost — $1,384 and $1,305, respectively)
1,386


1,323

Receivable for investments sold
86,874


72,918

Interest receivable
32,829


40,106

Dividends receivable
5,050


3,627

Deferred financing costs
30,010


31,601

Prepaid expenses and other assets
1,315


292

Total assets
$
3,812,349


$
3,641,951

Liabilities
 
 
 
Debt (see note 6 & 9)
$
1,571,018


$
1,372,261

Payable for investments purchased
70,580


119,577

Dividends payable
47,348


47,348

Management and performance-based incentive fees payable (see note 3)
33,362


31,108

Interest payable
14,718


14,318

Accrued administrative expenses
2,747


1,915

Other liabilities and accrued expenses
3,703


3,813

Total liabilities
$
1,743,476


$
1,590,340

Net Assets
 
 
 
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
$
237


$
237

Paid-in capital in excess of par (see note 2)
3,221,802


3,221,829

Over-distributed net investment income (see note 2)
(47,791
)

(53,995
)
Accumulated net realized loss (see note 2)
(1,146,738
)

(1,133,405
)
Net unrealized gain
41,363


16,945

Total net assets
$
2,068,873


$
2,051,611

Total liabilities and net assets
$
3,812,349


$
3,641,951

Net asset value per share
$
8.74


$
8.67


See notes to financial statements.
3

Table of Contents

APOLLO INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share amounts)
 
Three Months Ended
 
June 30, 2014
 
June 30, 2013
INVESTMENT INCOME:
 
 
 
From non-controlled/non-affiliated investments:
 
 
 
Interest
$
82,547

 
$
75,561

Dividends
841

 
4,264

Other income
2,256

 
4,476

From non-controlled/affiliated investments:

 
 
Interest
1,956

 
703

Dividends
3,946

 
4,825

From controlled investments:

 
 
Interest
9,120

 
4,910

Dividends
1,808

 
1,896

Other income
106

 
38

Total investment income
$
102,580

 
$
96,673

EXPENSES:

 
 
Management fees (see note 3)
$
18,111

 
$
14,757

Performance-based incentive fees (see note 3)
12,467

 
12,449

Interest and other debt expenses
18,902

 
15,845

Administrative services expense
1,433

 
1,097

Other general and administrative expenses
2,288

 
2,132

Total expenses
53,201

 
46,280

Management and performance-based incentive fees waived (see note 3)
$
(4,152
)
 
$
(1,974
)
Expense reimbursements (see note 3)
(20
)
 

Net expenses
$
49,029

 
$
44,306

Net investment income
$
53,551

 
$
52,367

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CASH EQUIVALENTS, FOREIGN CURRENCIES AND DERIVATIVES:
 
 
 
Net realized gain (loss):
 
 
 
Investments and cash equivalents
 
 
 
Non-controlled/non-affiliated investments
$
(11,716
)
 
$
(105,876
)
Non-controlled/affiliated investments
(107
)
 

Controlled investments

 
7,966

Net realized loss from investments and cash equivalents
$
(11,823
)
 
$
(97,910
)
Foreign currencies

 
 
Non-controlled/non-affiliated investments
$
380

 
$
(177
)
Non-controlled/affiliated investments

 

Controlled investments

 
(11
)
Foreign debt
(1,890
)
 
2,164

Net realized gain (loss) from foreign currencies
$
(1,510
)
 
$
1,976

Net realized gain (loss)
$
(13,333
)
 
$
(95,934
)
Net change in unrealized gain (loss):
 
 
 
Investments and cash equivalents
 
 
 
Non-controlled/non-affiliated investments
$
2,595

 
$
64,225

Non-controlled/affiliated investments
7,709

 
(3,933
)

See notes to financial statements.
4

Table of Contents

APOLLO INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (unaudited) (continued)
(in thousands, except per share amounts)
Controlled investments
14,501

 
(3,098
)
Net change in unrealized gain (loss) from investments and cash equivalents
$
24,805

 
$
57,194

Foreign currencies


 
 
Non-controlled/non-affiliated investments
$
(177
)
 
$
226

Non-controlled/affiliated investments

 

Controlled investments
(79
)
 
(1
)
Foreign debt
(131
)
 
(1,903
)
Net change in unrealized gain (loss) from foreign currencies
$
(387
)
 
$
(1,678
)
Derivatives
$

 
$
6,855

Net change in unrealized gain
$
24,418

 
$
62,371

Net realized and unrealized gain (loss) from investments, cash equivalents, foreign currencies and derivatives
11,085

 
(33,563
)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$
64,636

 
$
18,804

EARNINGS PER SHARE — BASIC (see note 4)
$
0.27

 
$
0.09

EARNINGS PER SHARE — DILUTED (see note 4)
$
0.27

 
$
0.09


See notes to financial statements.
5

Table of Contents

APOLLO INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
(in thousands, except shares)
 
 
Three months ended June 30, 2014 (unaudited)
 
Year ended March 31, 2014
Increase (decrease) in net assets from operations:
 
 
 
Net investment income
$
53,551

 
$
201,248

Net realized loss
(13,333
)
 
(106,507
)
Net change in unrealized gain
24,418

 
176,131

Net increase in net assets resulting from operations
64,636

 
270,872

 
 
 
 
Dividends and distributions to stockholders (see note 2):
 
 
 
Distribution of income
(47,348
)
 
(182,193
)
Return of capital

 

Total dividends and distributions to stockholders
(47,348
)
 
(182,193
)
 
 
 
 
Capital share transactions:
 
 
 
Net proceeds from shares sold

 
286,553

Less offering costs
(26
)
 
(1,010
)
Reinvestment of dividends

 

Net increase (decrease) in net assets from capital share transactions
(26
)
 
285,543

 
 
 
 
Total increase (decrease) net assets:
17,262

 
374,222

Net assets at beginning of period
2,051,611

 
1,677,389

Net assets at end of period
$
2,068,873

 
$
2,051,611

 
 
 
 
Capital share activity
 
 
 
Shares sold

 
33,850,000

Shares issued from reinvestment of dividends

 

Net capital share activity

 
33,850,000


See notes to financial statements.
6

Table of Contents

APOLLO INVESTMENT CORPORATION
STATEMENTS OF CASH FLOWS (unaudited)
(in thousands) 
 
Three months ended June 30,
 
2014
 
2013
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net increase in net assets resulting from operations
$
64,636

 
$
18,804

Adjustments to reconcile net increase (decrease):
 
 
 
PIK interest and dividends
(11,545
)
 
(12,098
)
Net amortization on investments
(2,688
)
 
(2,285
)
Amortization of deferred financing costs
1,746

 
1,821

Increase (decrease) from foreign currency transactions
(1,831
)
 
2,123

Net change in unrealized gain on investments, cash equivalents, foreign currencies and derivatives
(24,418
)
 
(62,371
)
Net realized loss on investments, cash equivalents, and foreign currencies
13,333

 
95,934

Changes in operating assets and liabilities:
 
 
 
Restricted cash

 
(5,180
)
Purchase of investments and cash equivalents
(649,512
)
 
(788,349
)
Proceeds from derivatives

 
4,156

Proceeds from disposition of investments and cash equivalents
510,753

 
572,722

Increase in receivables for investments sold
(13,956
)
 
(2,415
)
Decrease in interest receivable
7,277

 
7,541

Increase in dividends receivable
(1,423
)
 
(2,147
)
Increase in prepaid expenses and other assets
(1,023
)
 
(675
)
Increase (decrease) in payable for investments purchased
(48,997
)
 
75,538

Increase in management and performance-based incentive fees payable
2,254

 
2,658

Increase in interest payable
400

 
669

Increase in accrued administrative expenses
832

 
233

Increase (decrease) in other liabilities and accrued expenses
(110
)
 
695

Net cash (used in) provided by operating activities
$
(154,272
)
 
$
(92,626
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Net proceeds from the issuance of common stock
$

 
$
182,273

Offering costs for the issuance of common stock
(26
)
 
(350
)
Dividends paid in cash
(47,348
)
 
(40,578
)
Proceeds from debt
956,000

 
681,559

Payments on debt
(757,356
)
 
(713,912
)
Deferred financing costs paid
(155
)
 
(5,344
)
Net cash provided by financing activities
$
151,115

 
$
103,648

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
$
(3,157
)
 
$
11,022

Effect of exchange rates on cash balances
(16
)
 
(135
)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
$
14,736

 
$
6,197

CASH AND CASH EQUIVALENTS, END OF YEAR
$
11,563

 
$
17,084



See notes to financial statements.
7

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2014
(in thousands)
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—136.8%
 
Interest Rate
 
Maturity Date
 
Industry
 
Par Amount*
 
Cost
 
Fair
Value (1)
CORPORATE DEBT—125.6%
SECURED DEBT—87.4%
1st Lien Secured Debt—37.3%
 Altegrity, Inc. t
 
9.500%
 
7/1/19
 
 Diversified Service
 
$
3,000

 
$
3,000

 
$
3,023

 Altegrity, Inc. †
 
L+825
 
7/1/19
 
 Diversified Service
 
4,500

 
4,433

 
4,444

 Archroma ‡
 
9.50% (L+825, 1.25% Floor)
 
10/1/18
 
 Chemicals
 
45,459

 
44,972

 
46,198

 Avanti Communication Group PLC t
 
10.000%
 
10/1/19
 
 Telecommunications
 
2,891

 
3,035

 
3,068

 Avaya, Inc., (Revolver) †
 
2.90% (L+275) Funded, 0.50% Unfunded
 
10/26/16
 
 Telecommunications
 
18,392

 
18,392

 
16,967

 Aveta, Inc.
 
9.75% (L+825, 1.50% Floor)
 
12/12/17
 
 Healthcare
 
58,287

 
56,987

 
58,797

 Caza Petroleum, Inc.
 
12.00% (L+1000, 2.00% Floor)
 
5/23/17
 
 Oil and Gas
 
45,000

 
43,701

 
44,145

 Confie Seguros Holding II Co., (Revolver) †
 
6.75% (P+350, 3.25% Floor) Funded, 0.50% Unfunded
 
12/10/18
 
 Insurance
 
210

 
210

 
191

 Deep Gulf Energy II, LLC
 
11.500%
 
3/31/17
 
 Oil and Gas
 
25,000

 
25,000

 
25,000

 Delta Educational Systems, Inc.
 
16.00% (8.00% Cash/8.00% PIK)
 
12/11/16
 
 Education
 
5,546

 
5,546

 
5,546

 Evergreen Tank Solutions, Inc.
 
9.50% (L+800, 1.50% Floor)
 
9/28/18
 
 Containers, Packaging, and Glass
 
41,214

 
40,734

 
41,420

 Extraction Oil & Gas Holdings, LLC
 
11.000%
 
5/29/19
 
 Oil and Gas
 
25,000

 
24,630

 
24,625

 GenCorp, Inc. ‡
 
9.50% (L+850, 1.00% Floor)
 
4/18/22
 
 Aerospace and Defense
 
39,500

 
39,500

 
39,500

 Great Bear Petroleum Operating, LLC
 
12.000%
 
10/1/17
 
 Oil and Gas
 
5,064

 
5,064

 
5,064

 Hunt Companies, Inc. t
 
9.625%
 
3/1/21
 
 Buildings and Real Estate
 
41,210

 
40,714

 
43,322

 Lee Enterprises, Inc. t
 
9.500%
 
3/15/22
 
 Media
 
13,000

 
13,000

 
13,894

 M&G Chemicals, S.A. ‡
 
8.73% (L+850)
 
3/28/16
 
 Chemicals
 
5,000

 
5,000

 
5,000

 Magnetation, LLC t
 
11.000%
 
5/15/18
 
 Mining
 
16,400

 
16,455

 
17,999

 Maxus Capital Carbon SPE I, LLC (Skyonic Corp.)
 
13.000%
 
9/18/19
 
 Chemicals
 
60,000

 
60,000

 
60,000

 Molycorp, Inc. ‡
 
10.000%
 
6/1/20
 
 Diversified Natural Resources, Precious Metals and Minerals
 
50,424

 
49,990

 
46,453

 My Alarm Center, LLC †
 
8.50% (L+750, 1.00% Floor)
 
1/9/18
 
 Business Services
 
42,613

 
42,613

 
42,613

 My Alarm Center, LLC †
 
8.50% (L+750, 1.00% Floor)
 
1/9/18
 
 Business Services
 
4,661

 
4,661

 
4,661

 Osage Exploration & Development, Inc. ‡
 
13.00% (L+1100, 2.00% Floor)
 
4/27/16
 
 Oil and Gas
 
25,000

 
24,588

 
24,250

 Panda Sherman Power, LLC
 
9.00% (L+750, 1.50% Floor)
 
9/14/18
 
 Energy
 
15,000

 
14,830

 
15,375

 Panda Temple Power, LLC
 
11.50% (L+1000, 1.50% Floor)
 
7/17/18
 
 Energy
 
25,500

 
25,117

 
26,217

 Pelican Energy, LLC ‡
 
10.00% (7.00% Cash/3.00% PIK)
 
12/31/18
 
 Oil and Gas
 
24,119

 
23,209

 
24,601

 Reichhold Holdings International B.V. ‡
 
10.75% (L+975, 1.00% Floor)
 
12/19/16
 
 Chemicals
 
22,500

 
22,500

 
22,500

 Sand Waves, S.A. (Endeavour Energy UK Limited) ‡
 
9.750%
 
12/31/15
 
 Oil and Gas
 
12,083

 
12,083

 
12,083


See notes to financial statements.
8

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2014
(in thousands, except shares)
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—136.8%
 
Interest Rate
 
Maturity Date
 
Industry
 
Par Amount*
 
Cost
 
Fair
Value (1)
1st Lien Secured Debt—37.3% (continued)
 Spotted Hawk Development, LLC ‡
 
14.00% (13.00% Cash/1.00% PIK)
 
6/30/16
 
 Oil and Gas
 
$
32,386

 
$
31,847

 
$
32,386

 Sunrun Solar Owner IX, LLC
 
9.079%
 
12/31/24
 
 Energy
 
3,574

 
3,422

 
3,422

 UniTek Global Services, Inc., (Revolver)†
 
10.25% (L+925, 1.00% Floor) Funded, 2.00% Unfunded
 
4/15/16
 
 Telecommunications
 
37,652

 
37,652

 
37,652

 Walter Energy, Inc. t
 
9.500%
 
10/15/19
 
 Mining
 
21,257

 
21,676

 
21,636

Total 1st Lien Secured Debt
 
$
764,561

 
$
772,052

 
Unfunded Revolver Obligations—(0.3)%
 Avaya, Inc., (Unfunded Revolver) (8)
 
L+275 Funded, 0.50% Unfunded
 
10/26/16
 
 Telecommunications
 
$
18,392

 
$
(4,699
)
 
$
(1,425
)
 BMC Software, Inc., (Unfunded Revolver) (8)
 
L+400 Funded, 0.50% Unfunded
 
9/10/18
 
 Business Services
 
30,760

 
(3,281
)
 
(2,768
)
 Confie Seguros Holding II Co., (Unfunded Revolver) (8) †
 
P+350 Funded, 0.50% Unfunded
 
12/10/18
 
 Insurance
 
3,641

 
(409
)
 
(328
)
 Laureate Education, Inc., (Unfunded Revolver) (8)‡
 
L+375 Funded, 0.625% Unfunded
 
6/16/16
 
 Education
 
28,880

 
(2,888
)
 
(2,455
)
 Reichhold Holdings International B.V., (Unfunded Revolver) ‡†
 
L+600 Funded, 1.50% Unfunded
 
12/19/16
 
 Chemicals
 
12,500

 

 

 Salix Pharmaceuticals, Ltd., (Unfunded Revolver) (8)‡†
 
L+300 Funded, 0.50% Unfunded
 
1/2/19
 
 Healthcare
 
24,867

 
(1,822
)
 
(249
)
 UniTek Global Services, Inc., (Unfunded Revolver) †
 
L+925 Funded, 2.00% Unfunded
 
4/15/16
 
 Telecommunications
 
15,702

 

 

 Walter Energy, Inc., (Unfunded Revolver) (8)‡
 
L+550 Funded, 0.625% Unfunded
 
10/1/17
 
 Mining
 
1,923

 
(215
)
 
(101
)
Total Unfunded Revolver Obligations
 
$
(13,314
)
 
$
(7,326
)
 
Letters of Credit— (0.0)%
 Confie Seguros Holding II Co., Letter of Credit (8)†
 
4.500%
 
10/27/14
 
 Insurance
 
$
600

 
$

 
$
(54
)
 Confie Seguros Holding II Co., Letter of Credit (8)†
 
4.500%
 
1/13/15
 
 Insurance
 
50

 

 
(5
)
 Salix Pharmaceuticals, Ltd., Letter of Credit ‡†
 
3.000%
 
2/10/15
 
 Healthcare
 
8

 
3

 

 Salix Pharmaceuticals, Ltd., Letter of Credit (8)‡†
 
3.000%
 
2/10/15
 
 Healthcare
 
125

 
48

 
(1
)
 UniTek Global Services, Inc., Letter of Credit †
 
9.250%
 
12/15/14
 
 Telecommunications
 
5,446

 

 

 UniTek Global Services, Inc., Letter of Credit †
 
9.250%
 
3/18/15
 
 Telecommunications
 
1,000

 

 

 UniTek Global Services, Inc., Letter of Credit †
 
9.250%
 
3/18/15
 
 Telecommunications
 
2,700

 

 

 UniTek Global Services, Inc., Letter of Credit †
 
9.250%
 
3/26/15
 
 Telecommunications
 
12,500

 

 

 Walter Energy, Inc., Letter of Credit (8)(9)‡†
 
5.500%
 
9/18/14- 7/4/15
 
 Mining
 
86

 

 
(5
)
 Walter Energy, Inc., Letter of Credit (8)(9)‡†
 
5.500%
 
11/28/15- 8/31/15
 
 Mining
 
CAD
192

 

 
(9
)
Total Letters of Credit
 
$
51

 
$
(74
)
 

See notes to financial statements.
9

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2014
(in thousands, except shares)
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—136.8%
 
Interest Rate
 
Maturity Date
 
Industry
 
Par Amount*
 
Cost
 
Fair
Value (1)
2nd Lien Secured Debt—50.4%
 Active Network, Inc.
 
9.50% (L+850, 1.00% Floor)
 
11/15/21
 
 Business Services
 
$
22,910

 
$
22,801

 
$
22,995

 American Energy - Utica, LLC (10)
 
11.00% (L+950, 1.50% Floor)
 
9/30/18
 
 Oil and Gas
 
10,869

 
10,764

 
11,521

 Aptean, Inc.
 
8.50% (L+750, 1.00% Floor)
 
2/26/21
 
 Business Services
 
11,322

 
11,158

 
11,506

 Armor Holdings, Inc. (American Stock Transfer and Trust Company)
 
10.25% (L+900, 1.25% Floor)
 
12/26/20
 
 Financial Services
 
8,000

 
7,855

 
7,960

 Asurion Corporation
 
8.50% (L+750, 1.00% Floor)
 
3/3/21
 
 Insurance
 
90,400

 
89,086

 
94,072

 BancTec Group, LLC ‡
 
11.75% (L+1075, 1.00% Floor)
 
4/3/20
 
 Business Services
 
40,000

 
39,224

 
39,200

 BJ's Wholesale Club, Inc.
 
8.50% (L+750, 1.00% Floor)
 
3/26/20
 
 Retail
 
15,000

 
14,927

 
15,450

 Confie Seguros Holding II Co.
 
10.25% (L+900, 1.25% Floor)
 
5/8/19
 
 Insurance
 
27,344

 
27,105

 
27,652

 Consolidated Precision Products Corp.
 
8.75% (L+775, 1.00% Floor)
 
4/30/21
 
 Aerospace and Defense
 
8,940

 
8,898

 
9,046

 Del Monte Foods Co.
 
8.25% (L+725, 1.00% Floor)
 
8/18/21
 
 Beverage, Food, and Tobacco
 
2,146

 
2,126

 
2,113

 Deltek, Inc.
 
10.00% (L+875, 1.25% Floor)
 
10/10/19
 
 Business Services
 
27,273

 
27,032

 
27,921

 DSI Renal, Inc.
 
7.75% (L+675, 1.00% Floor)
 
10/22/21
 
 Healthcare
 
3,300

 
3,276

 
3,325

 Elements Behavioral Health, Inc.
 
9.25% (L+825, 1.00% Floor)
 
2/11/20
 
 Healthcare
 
9,500

 
9,410

 
9,488

 Emerald 3 Limited ‡
 
8.00% (L+700, 1.00% Floor)
 
5/9/22
 
 Business Services
 
3,179

 
3,143

 
3,179

 Flexera Software, LLC
 
8.00% (L+700, 1.00% Floor)
 
4/2/21
 
 Business Services
 
4,250

 
4,228

 
4,266

 Garden Fresh Restaurant Corp. †
 
14.50% (L+1300 PIK, 1.50% Floor)
 
1/1/19
 
 Restaurants
 
35,764

 
33,654

 
31,830

 Garden Fresh Restaurant Corp. †
 
7.25% (L+575 PIK, 1.50% Floor)
 
1/1/19
 
 Restaurants
 
7,800

 
5,831

 
5,304

 GCA Services Group, Inc.
 
9.25% (L+800, 1.25% Floor)
 
11/1/20
 
 Diversified Service
 
22,838

 
22,937

 
23,066

 Genex Holdings, Inc.
 
8.75% (L+775, 1.00% Floor)
 
5/30/22
 
 Healthcare
 
5,320

 
5,267

 
5,370

 Grocery Outlet, Inc.
 
10.50% (L+925, 1.25% Floor)
 
6/17/19
 
 Grocery
 
8,674

 
8,531

 
8,847

 GTCR Valor Companies, Inc.
 
L+850
 
11/21/21
 
 Business Services
 
35,000

 
34,650

 
34,825

 HD Vest, Inc. ‡
 
9.25% (L+800, 1.25% Floor)
 
6/18/19
 
 Financial Services
 
9,396

 
9,294

 
9,384

 Healogics, Inc.
 
9.25% (L+800, 1.25% Floor)
 
2/5/20
 
 Healthcare
 
10,000

 
10,106

 
10,242

 Insight Pharmaceuticals, LLC
 
13.25% (L+1175, 1.50% Floor)
 
8/25/17
 
 Consumer Products
 
15,448

 
15,255

 
15,410

 Institutional Shareholder Services, Inc.
 
8.50% (L+750, 1.00% Floor)
 
4/30/22
 
 Financial Services
 
9,640

 
9,544

 
9,640

 Kronos, Inc.
 
9.75% (L+850, 1.25% Floor)
 
4/30/20
 
 Business Services
 
92,516

 
91,561

 
96,448

 Learfield Communications, Inc.
 
8.75% (L+775, 1.00% Floor)
 
10/8/21
 
 Media
 
15,000

 
14,859

 
15,300


See notes to financial statements.
10

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2014
(in thousands, except shares)
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—136.8%
 
Interest Rate
 
Maturity Date
 
Industry
 
Par Amount*
 
Cost
 
Fair
Value (1)
2nd Lien Secured Debt—50.4% (continued)
 Miller Energy Resources, Inc. ‡
 
11.75% (L+975, 2.00% Floor)
 
2/3/18
 
 Oil and Gas
 
$
87,500

 
$
85,892

 
$
85,750

 MSC Software Corp. ‡
 
8.50% (L+750, 1.00% Floor)
 
5/28/21
 
 Business Services
 
20,448

 
20,244

 
20,652

 Ranpak Corp.
 
8.50% (L+725, 1.25% Floor)
 
4/23/20
 
 Packaging
 
22,000

 
21,808

 
22,468

 RegionalCare Hospital Partners, Inc.
 
10.50% (L+950, 1.00% Floor)
 
10/23/19
 
 Healthcare
 
10,000

 
9,508

 
9,953

 River Cree Enterprises LP t
 
11.000%
 
1/20/21
 
 Hotels, Motels, Inns and Gaming
 
CAD
33,000

 
31,110

 
33,673

 SiTV, Inc. t
 
10.375%
 
7/1/19
 
 Cable Television
 
$
2,219

 
2,219

 
2,277

 Sprint Industrial Holdings, LLC
 
11.25% (L+1000, 1.25% Floor)
 
11/14/19
 
 Containers, Packaging, and Glass
 
14,163

 
13,935

 
14,305

 SquareTwo Financial Corp. (Collect America, Ltd.) ‡
 
11.625%
 
4/1/17
 
 Financial Services
 
66,079

 
64,944

 
63,436

 Stadium Management Corp.
 
9.25% (L+825, 1.00% Floor)
 
2/27/21
 
 Business Services
 
19,900

 
19,900

 
20,248

 TASC, Inc.
 
12.000%
 
5/23/21
 
 Aerospace and Defense
 
14,077

 
13,372

 
13,971

 Tectum Holdings, Inc
 
9.00% (L+800, 1.00% Floor)
 
3/12/19
 
 Auto Sector
 
17,670

 
17,586

 
17,648

 Transfirst Holdings, Inc.
 
7.50% (L+650, 1.00% Floor)
 
6/27/18
 
 Financial Services
 
22,500

 
22,435

 
22,669

 TriMark USA, LLC
 
10.00% (L+900, 1.00% Floor)
 
8/12/19
 
 Distribution
 
27,000

 
26,490

 
27,337

 U.S. Renal Care, Inc. †
 
10.25% (L+900, 1.25% Floor)
 
1/3/20
 
 Healthcare
 
11,927

 
11,978

 
12,136

 U.S. Renal Care, Inc. †
 
8.50% (L+750, 1.00% Floor)
 
7/3/20
 
 Healthcare
 
12,120

 
11,936

 
12,302

 Velocity Technology Solutions, Inc.
 
9.00% (L+775, 1.25% Floor)
 
9/28/20
 
 Business Services
 
16,500

 
16,180

 
16,170

 Vertafore, Inc.
 
9.75% (L+825, 1.50% Floor)
 
10/27/17
 
 Business Services
 
50,436

 
50,183

 
51,487

 Walter Energy, Inc. t
 
11.000%
 
4/1/20
 
 Mining
 
22,554

 
21,138

 
18,823

 Winebow Group
 
L+750
 
1/1/22
 
 Beverage, Food, and Tobacco
 
2,582

 
2,562

 
2,588

 Xand Operations, LLC
 
8.50% (L+750, 1.00% Floor)
 
5/13/20
 
 Telecommunications
 
20,000

 
19,803

 
19,800

Total 2nd Lien Secured Debt
 
$
1,025,745

 
$
1,043,053

TOTAL SECURED DEBT
 
$
1,777,043

 
$
1,807,705

 

See notes to financial statements.
11

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2014
(in thousands, except shares)
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—136.8%
 
Interest Rate
 
Maturity Date
 
Industry
 
Par Amount*
 
Cost
 
Fair
Value (1)
UNSECURED DEBT—38.2%
 American Tire Distributors, Inc. t
 
11.500%
 
6/1/18
 
 Distribution
 
$
25,000

 
$
25,000

 
$
25,500

 American Tire Distributors, Inc. †
 
11.500%
 
6/1/18
 
 Distribution
 
40,000

 
39,353

 
40,800

 Artsonig Pty Ltd. t
 
11.500%
 
4/1/19
 
 Transportation
 
20,000

 
19,712

 
19,900

 BCA Osprey II Limited (British Car Auctions) †‡
 
12.50% PIK
 
8/17/17
 
 Transportation
 
14,333

 
19,731

 
20,370

 BCA Osprey II Limited (British Car Auctions) †‡
 
12.50% PIK
 
8/17/17
 
 Transportation
 
£
23,566

 
37,603

 
41,826

 Ceridian Corp. t
 
11.000%
 
3/15/21
 
 Diversified Service
 
$
34,000

 
34,000

 
39,334

 Ceridian Corp. †
 
11.250%
 
11/15/15
 
 Diversified Service
 
35,800

 
35,800

 
35,830

 Ceridian Corp. †
 
12.25% Cash (12.25% Cash or 13.00% PIK)
 
11/15/15
 
 Diversified Service
 
14,420

 
14,420

 
14,432

 Delta Educational Systems, Inc.
 
16.00% (10.00% Cash/6.00% PIK)
 
5/12/17
 
 Education
 
22,001

 
21,691

 
21,088

 Denver Parent Corp. (Venoco) t
 
12.250%
 
8/15/18
 
 Oil and Gas
 
15,000

 
14,649

 
14,512

 Energy & Exploration Partners, Inc. †
 
15.000%
 
4/8/18
 
 Oil and Gas
 
25,000

 
22,520

 
23,750

 Energy & Exploration Partners, Inc. †
 
15.000%
 
12/12/18
 
 Oil and Gas
 
4,464

 
4,270

 
4,241

 Energy & Exploration Partners, Inc. †
 
15.000%
 
12/12/18
 
 Oil and Gas
 
2,679

 
2,476

 
2,545

 Energy & Exploration Partners, Inc. †
 
15.000%
 
3/27/19
 
 Oil and Gas
 
8,036

 
7,664

 
7,634

 First Data Corp.
 
11.250%
 
1/15/21
 
 Financial Services
 
67,000

 
66,979

 
78,348

 inVentiv Health, Inc. t
 
11.000%
 
8/15/18
 
 Healthcare
 
65,250

 
65,250

 
62,069

 My Alarm Center, LLC
 
16.25% (12.00% Cash/4.25% PIK)
 
7/9/18
 
 Business Services
 
4,145

 
4,145

 
4,145

 Niacet Corporation
 
13.000%
 
8/28/18
 
 Chemicals
 
12,500

 
12,500

 
12,625

 PetroBakken Energy Ltd. t
 
8.625%
 
2/1/20
 
 Oil and Gas
 
44,045

 
44,234

 
46,412

 Radio One, Inc. t
 
9.250%
 
2/15/20
 
 Broadcasting & Entertainment
 
14,804

 
14,804

 
16,155

 Sorenson Communications Holdings, LLC t
 
13.00% PIK
 
10/31/21
 
 Consumer Products
 
68

 
46

 
63

 Symbion, Inc.
 
11.000%
 
8/23/15
 
 Healthcare
 
8,488

 
8,499

 
8,555

 U.S. Security Associates Holdings, Inc.
 
11.000%
 
7/28/18
 
 Business Services
 
135,000

 
135,000

 
137,570

 Univar, Inc.
 
10.500%
 
6/30/18
 
 Distribution
 
20,000

 
20,000

 
20,000

 Varietal Distribution t
 
10.750%
 
6/30/17
 
 Distribution
 
22,204

 
21,927

 
22,204

 Varietal Distribution t
 
10.750%
 
6/30/17
 
 Distribution
 
11,574

 
15,086

 
15,846

 Venoco, Inc.
 
8.875%
 
2/15/19
 
 Oil and Gas
 
$
55,824

 
55,844

 
54,638

TOTAL UNSECURED DEBT
 
$
763,203

 
$
790,392

TOTAL CORPORATE DEBT
 
$
2,540,246

 
$
2,598,097

STRUCTURED PRODUCTS AND OTHER—7.0%
 Craft 2013-1, Credit-Linked Note †‡
 
9.48% (L+925)
 
4/17/22
 
 Diversified Investment Vehicle
 
$
25,000

 
$
25,100

 
$
24,553

 Craft 2013-1, Credit-Linked Note †‡
 
9.48% (L+925)
 
4/17/22
 
 Diversified Investment Vehicle
 
7,625

 
7,759

 
7,541

 Craft 2014-1A, Credit-Linked Note ‡
 
9.89% (L+965)
 
5/15/21
 
 Diversified Investment Vehicle
 
38,500

 
38,500

 
37,898

 Dark Castle Holdings, LLC
 
N/A
 
N/A
 
 Media
 
24,395

 
1,189

 
2,158

 JP Morgan Chase & Co., Credit-Linked Note ‡
 
12.48% (L+1225)
 
12/20/21
 
 Diversified Investment Vehicle
 
43,250

 
42,786

 
43,382

NXT Capital CLO 2014-1, LLC ‡
 
5.80% (L+550)
 
4/23/26
 
 Diversified Investment Vehicle
 
5,000

 
4,655

 
4,652

 Renaissance Umiat, LLC, ACES Tax Receivable ****‡
 
N/A
 
N/A
 
 Oil and Gas
 

 
7,153

 
8,084

 Renaissance Umiat, LLC, ACES Tax Receivable ****‡

N/A

N/A

 Oil and Gas



16,967


17,423

TOTAL STRUCTURED PRODUCTS AND OTHER
 
$
144,109

 
$
145,691

 
 
 
 
 
 
 

See notes to financial statements.
12

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2014
(in thousands, except shares)
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—136.8%
 
Interest Rate
 
Maturity Date
 
Industry
 
Par Amount*
 
Cost
 
Fair
Value (1)
PREFERRED EQUITY—2.0%
 
Shares
 

 

 CA Holding, Inc. (Collect America, Ltd.), Series A Preferred Stock ‡
 
N/A
 
N/A
 
 Financial Services
 
7,961

 
$
788

 
$
1,592

 Crowley Holdings, Series A Preferred Stock
 
12.00% (10.00% Cash/2.00% PIK)
 
N/A
 
 Cargo Transport
 
22,500

 
22,736

 
22,810

 Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Preferred Stock (Convertible) ***
 
12.50% PIK
 
N/A
 
 Education
 
332,500

 
6,863

 

 Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Preferred Stock ***
 
13.50% PIK
 
N/A
 
 Education
 
12,360

 
27,686

 
13,322

 Varietal Distribution Holdings, LLC, Class A Preferred Unit
 
8.00% PIK
 
N/A
 
 Distribution
 
3,097

 
5,393

 
3,570

TOTAL PREFERRED EQUITY
 
$
63,466

 
$
41,294

EQUITY—2.2%
Common Equity/Interests—1.7%
 AHC Mezzanine, LLC (Advanstar), Common Stock **
 
N/A
 
N/A
 
 Media
 
25,016

 
$
1,063

 
$
370

 ATD Corporation (Accelerate Parent Corp.), Common Stock **
 
N/A
 
N/A
 
 Distribution
 
3,225,514

 
3,276

 
4,260

 CA Holding, Inc. (Collect America, Ltd.), Series A Common Stock **‡
 
N/A
 
N/A
 
 Financial Services
 
25,000

 
2,500

 
176

 CA Holding, Inc. (Collect America, Ltd.), Series AA Common Stock **‡
 
N/A
 
N/A
 
 Financial Services
 
4,294

 
429

 
859

 Caza Petroleum, Inc., Net Profits Interest **
 
N/A
 
N/A
 
 Oil and Gas
 

 
1,202

 
1,517

 Caza Petroleum, Inc., Overriding Royalty Interest **
 
N/A
 
N/A
 
 Oil and Gas
 

 
339

 
395

 Clothesline Holdings, Inc. (Angelica Corporation), Common Stock **
 
N/A
 
N/A
 
 Healthcare
 
6,000

 
6,000

 
1,588

 Explorer Coinvest, LLC (Booz Allen), Common Stock **‡
 
N/A
 
N/A
 
 Business Services
 
295,159

 
2,259

 
5,830

 Garden Fresh Restaurant Holdings, LLC., Common Stock **
 
N/A
 
N/A
 
 Restaurants
 
50,000

 
5,000

 

 Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Common Stock **
 
N/A
 
N/A
 
 Education
 
17,500

 
175

 

 GS Prysmian Co-Invest L.P. (Prysmian Cables & Systems), Limited Partnership (2)(3)**‡
 
N/A
 
N/A
 
 Manufacturing
 

 

 
133

 JV Note Holdco, LLC (DSI Renal, Inc.), Common Equity / Interest **
 
N/A
 
N/A
 
 Healthcare
 
9,303

 
85

 

 Pelican Energy, LLC, Net Profit Interest **‡
 
N/A
 
N/A
 
 Oil and Gas
 
941,633

 
942

 
1,394

 RC Coinvestment, LLC (Ranpak Corp.), Common Stock **
 
N/A
 
N/A
 
 Packaging
 
50,000

 
5,000

 
9,066

 Sorenson Communications Holdings, LLC, Class A Common Stock **
 
N/A
 
N/A
 
 Consumer Products
 
587

 

 
52

 Univar, Inc., Common Stock **
 
N/A
 
N/A
 
 Distribution
 
900,000

 
9,000

 
9,450

 Varietal Distribution Holdings, LLC, Class A Common Unit **
 
N/A
 
N/A
 
 Distribution
 
28,028

 
28

 

Total Common Equity/Interests
 
$
37,298

 
$
35,090


See notes to financial statements.
13

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2014
(in thousands, except warrants)
INVESTMENTS IN NON-CONTROLLED/NON-AFFILIATED INVESTMENTS—136.8%
 
Interest Rate
 
Maturity Date
 
Industry
 
Warrants
 
Cost
 
Fair
Value (1)
Warrants—0.5%
 CA Holding, Inc. (Collect America, Ltd.), Common Stock Warrants **‡
 
N/A
 
N/A
 
 Financial Services
 
7,961

 
$
8

 
$

 Energy & Exploration Partners, Inc., Common Stock Warrants **
 
N/A
 
N/A
 
 Oil and Gas
 
60,778

 
2,374

 
863

 Fidji Luxco (BC) S.C.A., Common Stock Warrants (2)**‡
 
N/A
 
N/A
 
 Electronics
 
18,113

 
182

 
5,036

 Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Class A-1 Preferred Stock Warrants **
 
N/A
 
N/A
 
 Education
 
45,947

 
459

 

 Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Class B-1 Preferred Stock Warrants **
 
N/A
 
N/A
 
 Education
 
104,314

 
1,043

 

 Gryphon Colleges Corp. (Delta Educational Systems, Inc.), Common Stock Warrants **
 
N/A
 
N/A
 
 Education
 
9,820

 
98

 

 Osage Exploration & Development, Inc., Common Stock Warrants **‡
 
N/A
 
N/A
 
 Oil and Gas
 
1,496,843

 

 
1,386

 Spotted Hawk Development, LLC, Common Stock Warrants **‡
 
N/A
 
N/A
 
 Oil and Gas
 
54,545

 
852

 
2,170

Total Warrants
 
$
5,016

 
$
9,455

TOTAL EQUITY
 
$
42,314

 
$
44,545

Total Investments in Non-Controlled/ Non-Affiliated Investments
 
$
2,790,135

 
$
2,829,627


See notes to financial statements.
14

Table of Contents

APOLLO INVESTMENT CORPORATION
SCHEDULE OF INVESTMENTS (unaudited) (continued)
June 30, 2014
(in thousands, except shares and warrants)
INVESTMENTS IN NON-CONTROLLED/AFFILIATED
INVESTMENTS—7.8%(4)
 
Interest Rate
 
Maturity Date
 
Industry
 
Par
Amount*
 
Cost
 
Fair
Value (1)
CORPORATE DEBT—0.8%
SECURED DEBT—0.8%
1st Lien Secured Debt—0.8%
 Aventine Renewable Energy Holdings, Inc. †
 
15.00% (12.00% Cash/3.00% PIK)
 
9/23/16
 
 Chemicals
 
$
2,757

 
$
2,641

 
$
2,568

 Aventine Renewable Energy Holdings, Inc. †
 
15.00% PIK (15.00% PIK or 10.50% Cash)
 
9/22/17
 
 Chemicals
 
14,601

 
17,519

 
10,987

 Aventine Renewable Energy Holdings, Inc. †
 
25.00% PIK
 
9/24/16
 
 Chemicals
 
4,008

 
4,008

 
4,008

Total 1st Lien Secured Debt
 
$
24,168

 
$
17,563

TOTAL SECURED DEBT
 
$
24,168

 
$
17,563

TOTAL CORPORATE DEBT
 
$
24,168

 
$
17,563

 
 
 
 
 
 
 
 
 
 
 
 
 
STRUCTURED PRODUCTS AND OTHER—6.3%
 Golden Hill CLO I, LLC, Equity ‡¢
 
N/A
 
N/A
 
Diversified Investment Vehicle
 
$
13,195

 
$
13,728

 
$
13,248

 Highbridge Loan Management 3-2014, Ltd., Class D Notes †‡¢
 
5.22% (L+500)
 
1/18/25
 
Diversified Investment Vehicle
 
5,000

 
4,645

 
4,655

 Highbridge Loan Management 3-2014, Ltd., Class E Notes †‡¢
 
6.22% (L+600)
 
1/18/25
 
Diversified Investment Vehicle
 
2,485

 
2,267

 
2,295

 Highbridge Loan Management 3-2014, Ltd., Subordinated Notes †‡¢
 
N/A
 
1/18/25
 
Diversified Investment Vehicle
 
8,163

 
7,527

 
7,111

 Jamestown CLO I LTD, Subordinated Notes ‡¢
 
N/A
 
11/5/24
 
Diversified Investment Vehicle
 
4,325

 
3,553

 
3,941

 MCF CLO I, LLC, Membership Interests ‡¢
 
N/A
 
N/A
 
Diversified Investment Vehicle
 
38,918

 
36,898

 
40,798

 MCF CLO III, LLC, Class E Notes ‡¢
 
4.81% (L+445)
 
1/20/24
 
Diversified Investment Vehicle
 
12,750

 
11,375

 
11,331

 MCF CLO III, LLC, Membership Interests ‡¢
 
N/A
 
1/20/24
 
Diversified Investment Vehicle
 
41,900

 
39,183

 
38,843

 Slater Mill Loan Fund LP, LP Certificates ‡¢
 
N/A
 
N/A
 
Diversified Investment Vehicle
 
8,375

 
6,017

 
7,691

TOTAL STRUCTURED PRODUCTS AND OTHER
 
$
125,193

 
$
129,913

 
 
 
 
 
 
 
 
 
 
 
 
 
PREFERRED EQUITY—0.4%
 
 
 
 
 
 
 
Shares
 
 
 
 
 Renewable Funding Group, Inc., Series B Preferred Stock
 
N/A
 
N/A
 
 Finance
 
1,505,868

 
$
8,750

 
$
8,750

Total Preferred Equity
 
$
8,750

 
$
8,750

 
 
 
 
 
 
 
 
 
 
 
 
 
EQUITY—0.3%
 
 
 
 
 
 
 
 
 
 
 
 
Common Equity/Interests—0.1%
 
Shares
 

 

 Aventine Renewable Energy Holdings, Inc., Common Stock **
 
N/A
 
N/A
 
 Chemicals
 
262,036

 
$
689

 
$
762

Total Common Equity/Interests
 
$
689