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Apollo Investment Corporation - Closed E - AINV | ValueForum Member Stock Ratings

Last rating update for AINV was made by a ValueForum member on Jun. 18 2013, 3:27 PM ET. Factoring this and past ratings, on average AINV is rated 1.82 on a scale of Strong Buy (1.00) to Strong Sell (5.00) by 11 different member(s) of ValueForum.com. Full rating pages available to members only (click here) contain additional rating information including commentary by the 11 member(s) who entered the ratings. These ratings are posted by site users; this content is not intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by ValueForum.com

APOLLO INVESTMENT CORPORATION - CLOSED E (NASD: AINV)
Last Trade
4:00 p.m. - 12.16
Change
 0.12 ( 1.00%)
Shares Traded
2,708
Day's Volume
444,097
Book Value
NA
Price/Book
NA
Beta
1.034
Day's Range
11.92 - 12.25
Prev Close
12.04
Open
11.95
52 Wk Range
5.20 - 17.70
EPS
-1.73
PE
NA
Quarterly Div/Shr
0.31
Ex-Div
12/18/20
Yield
10.20%
Shares Out.
65.26M
Market Cap.
793.55M
  • 1 Year Stock Performance:

CAGR - Chart the growth of a $10K investment in AINV

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Thu, 07 Jan 2021
17:26:11 +0000
3 Big Dividend Stocks Yielding at Least 8%; Wells Fargo Says ‘Buy’
With the Georgia election behind us, and the Trump Administration on the way out, the near- to mid-term political landscape is growing clearer: The Biden Administration will be able to cater to its progressive base, now that it rests on majorities – however thin – in both Houses of Congress. Predictability is good for the markets, and we’re likely to have that, at least until 2022. Which makes this the time to lock in the defensive portfolio plays.The research analysts at Wells Fargo have been searching the markets for the ‘right’ buys, and their picks bear a closer look. They’ve been tapping high-yielding dividend payers as an investment play of choice.The TipRanks database sheds some additional light on three of the firm's picks – stocks with dividends yielding 8% or better.Apollo Investment Corporation (AINV)One good place to look for high return dividends is among the market’s business development companies. These companies offer specialty financing to the middle market, providing credit and funding for small to medium business customers who would otherwise have difficulty accessing capital markets.Apollo Investment is a typical example, with an investment portfolio valued at $2.59 billion. Apollo has investments in 147 companies, with average exposure of $15.9 million. The bulk of its portfolio, 86%, is first lien secured debt. Healthcare, business services, aviation and transport, and high-tech companies make up more than half of Apollo’s investment targets.In Q3CY20 (the company’s fiscal Q2 of 2021), Apollo posted an EPS of 43 cents per share, flat sequentially but down 18% year-over-year. The company boasted $268 million available liquid assets, and $287 million in available credit under its secured facility at the end of the quarter. Since then, Apollo has amended its revolving credit facility by extending maturity to December 2025.On the dividend front, Apollo has maintained its payments to regular shareholders despite the corona pandemic. Apollo’s most recent payment, in November, was s 31-cent regular dividend plus a 5-cent special dividend. The current yield is an impressive 11.6%.Covering AINV for Well Fargo, analyst Finian O’Shea noted, “Legacy’s impact has whittled away, adding just $3 million to the top line this quarter, for an annualized yield on FV of ~5.5%. We think there is very little downside to NOI from the legacy book, and view any realizations and re-deployments as a big positive to the stock.”O’Shea gives Apollo an Overweight (i.e. Buy) rating, and a price target which, at $12.50, implies a 12% upside from current levels. (To watch O’Shea’s track record, click here)Overall, Apollo has two reviews on record, and they are split – 1 Buy and 1 Hold – for a Moderate Buy consensus view. The stock is selling for $11.17, and its $11.50 average price target suggests a modest 3% upside. (See AINV stock analysis on TipRanks)Goldman Sachs BDC (GSBD)Next up, Goldman Sachs BDS, is the banking giant’s entry into the specialty finance business development segment. GSBD is a subsidiary of Goldman, and focuses on mid-market companies, providing closed-end management investment services and middle-market credit access.GSBD’s share performance in 2020 showed a steady rebound from the initial recession caused by the corona crisis last winter. By year’s end, the stock was trading its January 2020 levels.In November, the company felt confident enough to price an offering of $500 million in unsecured notes, at interest of 2.875% and due in January 2026. The funds raised will be used to pay down the revolving credit facility, improving interest on existing debt.Also in November, GSBD reported 80 cents EPS for the quarter ending September 30. The earnings were strong enough to support a solid dividend of 45 cents per share – and the company announced a special dividend payment, of 15 cents, to be paid in three installments during 2021. The regular dividend currently has a yield exceeding 9%.Among the bulls is Wells Fargo's Finian O’Shea, who also covers AINV. The analyst wrote, "[We] believe the high-quality investment platform and shareholder friendly structure will continue to drive attractive forward returns… GSBD is quality at a good price... For those who buy BDCs, GSBD will likely always be in the portfolio discussion as we see it, given its quality of earnings and shareholder orientation.”With that in mind, O’Shea rates GSBD an Overweight (i.e. Buy), along with a $19.50 price target. This figure implies a 5% upside from current levels. (To watch O’Shea’s track record, click here)Once again, this is a stock with an even split between Buy and Hold reviews, making for a Moderate Buy analyst consensus rating. The shares are priced at $18.59 and the average price target of $19.50 matches O’Shea’s. (See GSBD stock analysis on TipRanks)ExxonMobil (XOM)From BDCs we’ll move on to the oil industry. Exxon Mobil is one of Big Oil’s players, with a market cap of $190 billion and 2019 revenues (the last year for which full-year figures are available) of $264.9 billion. The company produces approximately 2.3 billion barrels of oil equivalent daily, putting it in the top five of global hydrocarbon producers.Low prices in 2H19, and the corona crisis in 1H20, drove revenues down in the first part of last year – but that reversed in Q3 when XOM reported $45.7 billion at the top line. While down year-over-year, this was up 40% sequentially.Despite all of the headwinds facing the oil industry over the past 18 months, XOM has kept its dividend reliable, and paid out the most recent distribution in December 2020. That payment was 87 cents per regular share, annualizing to $3.48 and giving a yield of 8.4%.In a note on the big oil companies, Wells Fargo’s Roger Read writes, “In 2021, we expect more supportive macro tailwinds, but realize significant challenges exist and maintain an average Brent price below $50…”Switching his view to XOM in particular, the analyst adds, “We do not expect production growth and only minimal free cashflow generation, which is inclusive of disposition proceeds. However, this represents a significant change from the last several years of significant cash burns and increased leverage. In our view, this is likely enough to lift the shares a bit higher and lessen worries about dividend sustainability.”In light of his comments, Read rates XOM shares an Overweight (i.e. Buy), and his $53 price target indicates room for 17% upside growth in the coming year. (To watch Read’s track record, click here)That Wall Street still views the energy industry with a cautious eye is clear from XOM’s analyst consensus rating -- Hold. That is based on 10 reviews, including 3 Buys, 6 Holds, and 1 Sell. The shares are selling for $45.15, and their $47.33 average price target suggests a modest upside of ~5% (See XOM stock analysis on TipRanks)To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
Tue, 05 Jan 2021
13:00:00 +0000
Apollo Investment Corporation Schedules Earnings Release and Conference Call for Third Quarter Fiscal Year 2021
NEW YORK, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Apollo Investment Corporation (NASDAQ: AINV) (the “Company”) announced today that it will report results for the quarter ended December 31, 2020, after market close on Thursday, February 4, 2021. The Company will also host a conference call on Thursday, February 4, 2021 at 5:00 p.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID 6155998 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholders section of our website at www.apolloic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through February 26, 2021 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID 6155998. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholders section of our website at www.apolloic.com.About Apollo Investment CorporationApollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager. For more information, please visit www.apolloic.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: 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; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.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-Q for the period ended September 30, 2020.ContactElizabeth Besen Investor Relations Manager Apollo Investment Corporation (212) 822-0625 ebesen@apollo.com
Wed, 23 Dec 2020
13:00:00 +0000
Apollo Investment Corporation Amends and Extends Its Senior Secured Revolving Credit Facility
Final Maturity Extended to 2025 with Pricing and Advance Rates Remaining UnchangedNEW YORK, Dec. 23, 2020 (GLOBE NEWSWIRE) -- Apollo Investment Corporation (NASDAQ: AINV) (the “Company”) announced today that it has extended the final maturity of its senior secured revolving credit facility (the “Facility”) by approximately 2 years from November 19, 2023 to December 22, 2025. Total commitments to the Facility will remain $1.81 billion until November 19, 2022 and will decrease to $1.705 billion thereafter. Pricing and advance rates remain unchanged on the Facility.  The minimum shareholders’ equity covenant on the Facility was amended. All other financial covenants were unchanged. JPMorgan Chase Bank, N.A., Truist Securities, Inc., BMO Capital Markets Corp., and MUFG Union Bank, N.A. are Joint Bookrunners and Joint Lead Arrangers on the Facility. JPMorgan Chase Bank, N.A is the Administrative Agent on the Facility.   “We are pleased to announce the extension of our revolving credit facility which enhances our liquidity position,” said Howard Widra, Chief Executive Officer of the Company.Mr. Gregory W. Hunt, the Company’s Chief Financial Officer, commented, “We greatly appreciate the support of our lenders in this extension which demonstrates their confidence in our platform and strategy.”For further information, please see the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2020.About Apollo Investment CorporationApollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager. For more information, please visit www.apolloic.com.Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: 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; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.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-Q for the period ended September 30, 2020.ContactElizabeth Besen Investor Relations Manager Apollo Investment Corporation (212) 822-0625 ebesen@apollo.com
Wed, 02 Dec 2020
15:55:45 +0000
Hedge Funds Are Selling Apollo Investment Corp. (AINV)
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We have processed the filings of the more than 817 world-class investment firms that we track and now have access to the collective wisdom contained in […]
Thu, 05 Nov 2020
22:55:10 +0000
Apollo Investment (AINV) Tops Q2 Earnings Estimates
Apollo Investment (AINV) delivered earnings and revenue surprises of 10.26% and -0.92%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Thu, 05 Nov 2020
21:15:00 +0000
Apollo Investment Corp. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 5, 2020 / Apollo Investment Corp.
Thu, 05 Nov 2020
21:00:00 +0000
Apollo Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2020
Fiscal Second Quarter and Other Recent Highlights: * Net investment income per share for the quarter was $0.43 compared to $0.43 for the quarter ended June 30, 2020   * Net asset value per share as of the end of the quarter was $15.44 compared to $15.29 as of June 30, 2020, an increase of 1.0% driven by a net gain on the corporate lending portfolio(1) and retained earnings, partially offset by a net loss on Merx and on non-core and legacy assets(2) * New investment commitments made during the quarter totaled $18 million(3) * Gross fundings during the quarter totaled $106 million consisting of $54 million of term loans and $52 million of revolvers * Gross exits during the quarter totaled $209 millions consisting of $13 million of term loan sales, $1 million of revolver sales, $108 million of term loan repayments, and $87 million of gross revolver paydowns * Net paydowns during the quarter totaled $103 million, consisting of $67 million of net term loan paydowns and $36 million of net revolver paydowns \- Gross paydowns subsequent to quarter end total approximately $130 million(4) * Net leverage(5) as of the end of the quarter was 1.56x, down from to 1.66x as of June 30, 2020 * Declared a distribution of $0.31 per share and a supplemental distribution of $0.05 per share for the quarter ending December 31, 2020 * $268 million of immediately available liquidity and $287 million of additional capacity under the Senior Secured Facility as of September 30, 2020(6)NEW YORK, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its second fiscal quarter ended September 30, 2020. The Company’s net investment income was $0.43 per share for the quarter ended September 30, 2020, compared to $0.43 per share for the quarter ended June 30, 2020. The Company’s net asset value (“NAV”) was $15.44 per share as of September 30, 2020, compared to $15.29 as of June 30, 2020.On November 5, 2020, the Board of Directors declared a distribution of $0.31 per share payable on January 7, 2021 to shareholders of record as of December 21, 2020. On November 5, 2020, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on January 7, 2021 to shareholders of record as of December 21, 2020.Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “During the quarter, we made significant progress deleveraging to within our target range of 1.40x to 1.60x. Net leverage at the end of September was 1.56x, down from 1.66x at the end of June. The quarter over quarter decline was due to a combination of strong repayment activity, a net gain on the portfolio, and retained earnings. Notably, repayments included $21 million from non-core assets which we continue to seek to monetize. Furthermore, we have visibility into meaningful additional repayments for the remainder December quarter. Given the reduction in our leverage, combined with our better understanding of how our portfolio companies have been affected by the pandemic and of their expected performance, we can now shift our focus to making new commitments.” Mr. Howard Widra continued, “As announced last quarter, in addition to a quarterly base distribution of 31-cents per share, the Company’s Board of Directors expects to also declare a supplemental distribution in an amount to be determined each quarter. To that end, the Board of Directors, at the recommendation of management, has declared a 5-cent supplemental distribution for the quarter.” ___________________ (1) Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation Finance, LLC ("Merx") and non-core and legacy assets. (2) Non-core and legacy assets include oil & gas, renewables, shipping, commodities, and legacy assets. (3) For corporate lending portfolio. (4) From October 1, 2020 through November 3, 2020. (5) 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. (6) As of September 30, 2020, aggregate lender commitments under the Senior Secured Facility (the “Facility”) totaled $1.81 billion and there were $1.25 billion of outstanding borrowings under the Facility and $0.2 million of letters of credit issued under the Facility. Accordingly, there was $555 million of unused capacity under the Facility as of September 30, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. As of September 30, 2020, the Company had immediate access to $268 million under the Facility based on the Company’s borrowing base and $287 million of additional capacity.FINANCIAL HIGHLIGHTS($ in billions, except per share data)September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Total assets$2.65  $2.81  $2.87  $3.06  $2.89  Investment portfolio (fair value)$2.59  $2.67  $2.79  $2.97  $2.80  Debt outstanding$1.60  $1.76  $1.79  $1.79  $1.58  Net assets$1.01  $1.00  $1.02  $1.22  $1.25  Net asset value per share$15.44  $15.29  $15.70  $18.27  $18.69             Debt-to-equity ratio1.59 x 1.76 x 1.75 x 1.47 x 1.26 x Net leverage ratio (1)1.56 x 1.66 x 1.71 x 1.43 x 1.24 x ___________________(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.PORTFOLIO AND INVESTMENT ACTIVITY  Three Months Ended September 30, Six Months Ended September 30, (in millions)*2020 2019 2020 2019 Investments made in portfolio companies$105.9   $476.7   $243.8   $912.0   Investments sold(14.2)  (20.0)  (83.3)  (29.6)  Net activity before repaid investments91.7   456.7   160.5   882.4   Investments repaid(194.8)  (249.7)  (358.6)  (460.4)  Net investment activity$(103.1)  $207.1   $(198.1)  $422.1            Portfolio companies at beginning of period149   129   152   113   Number of new portfolio companies2   14   3   35   Number of exited portfolio companies(4)  (4)  (8)  (9)  Portfolio companies at end of period147   139   147   139            Number of investments made in existing portfolio companies29   48   49   54   ___________________* Totals may not foot due to rounding.OPERATING RESULTS  Three Months Ended September 30, Six Months Ended September 30, (in millions)*2020 2019 2020 2019 Net investment income$27.9   $35.7   $56.1   $70.3   Net realized and change in unrealized gains (losses)5.4   (28.7)  (19.9)  (39.4)  Net increase in net assets resulting from operations$33.3   $7.1   $36.3   $30.9            (per share)* (1)        Net investment income on per average share basis$0.43   $0.53   $0.86   $1.03   Net realized and change in unrealized gain (loss) per share0.08   (0.43)  (0.30)  (0.58)  Earnings per share — basic$0.51   $0.10   $0.56   $0.45   ___________________* Totals may not foot due to rounding.(1) Based on the weighted average number of shares outstanding for the period presented.SHARE REPURCHASE PROGRAM *During the three months ended September 30, 2020, the Company did not repurchase any shares. Since the inception of the share repurchase program and through November 4, 2020, the Company repurchased 13,654,578 shares at a weighted average price per share of $16.34, inclusive of commissions, for a total cost of $223.1 million, leaving a maximum of $26.9 million available for future purchases under the current Board authorization of $250 million.* Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018.LIQUIDITYAs of September 30, 2020, the Company’s outstanding debt obligations, excluding deferred financing cost and debt discount of $4.3 million, totaled $1.605 billion which was comprised of $350 million of Senior Unsecured Notes (the “2025 Notes”) which will mature on March 3, 2025 and $1.255 billion outstanding under the Facility. As of September 30, 2020, $0.2 million in standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was $555 million as of September 30, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio.CONFERENCE CALL / WEBCAST AT 5:00 PM EST ON NOVEMBER 5, 2020The Company will host a conference call on Thursday, November 5, 2020 at 5:00 p.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID 8085183 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholder section of our website at www.apolloic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through November 26, 2020 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID 8085183.  A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholder section of the Company’s website at www.apolloic.com.SUPPLEMENTAL INFORMATIONThe Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company’s website under Presentations at www.apolloic.com.Our portfolio composition and weighted average yields as of September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019 were as follows: September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 Portfolio composition, at fair value:          First lien secured debt77% 78% 81% 78% 74% Second lien secured debt11% 12% 13% 14% 17% Total secured debt89% 90% 94% 92% 91% Unsecured debt1% —% —% —% —% Structured products and other0% 0% 0% 0% 2% Preferred equity0% 0% 0% 1% 1% Common equity/interests and warrants10% 10% 6% 7% 6% Weighted average yields, at amortized cost (1):          First lien secured debt (2)7.9% 7.9% 8.5% 8.7% 9.0% Second lien secured debt (2)9.8% 9.8% 10.2% 10.7% 11.0% Total secured debt (2)8.1% 8.1% 8.7% 9.1% 9.4% Unsecured debt portfolio (2)5.3% —% —% —% —% Total debt portfolio (2)8.1% 8.1% 8.7% 9.1% 9.4% Total portfolio (3)6.7% 6.8% 8.0% 8.6% 8.9% Interest rate type, at fair value (4):          Fixed rate amount—  —  —  —  —  Floating rate amount$2.0 billion  $2.1 billion  $2.2 billion  $2.2 billion  $2.0 billion  Fixed rate, as percentage of total—  —  —  —  —  Floating rate, as percentage of total100% 100% 100% 100% 100% Interest rate type, at amortized cost (4):          Fixed rate amount—  —  —  —  —  Floating rate amount$2.1 billion  $2.2 billion  $2.3 billion  $2.3 billion  $2.0 billion  Fixed rate, as percentage of total—% —% —% —% —% Floating rate, as percentage of total100% 100% 100% 100% 100% (1) An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses. (2) Exclusive of investments on non-accrual status. (3) Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status. (4) The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status.APOLLO INVESTMENT CORPORATION STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data) September 30, 2020 March 31, 2020  (Unaudited)   Assets    Investments at fair value:    Non-controlled/non-affiliated investments (cost — $2,110,330 and $2,298,548, respectively)$2,046,701   $2,191,327   Non-controlled/affiliated investments (cost — $146,430 and $135,346, respectively)56,976   60,241   Controlled investments (cost — $633,778 and $655,719, respectively)482,906   533,865   Cash and cash equivalents25,825   37,301   Foreign currencies (cost — $5,539 and $6,369, respectively)5,509   6,375   Receivable for investments sold609   978   Interest receivable16,876   19,151   Dividends receivable3,160   5,034   Deferred financing costs13,732   16,054   Prepaid expenses and other assets1,075   732   Total Assets$2,653,369   $2,871,058        Liabilities    Debt$1,600,328   $1,794,617   Payable for investments purchased39   —   Distributions payable23,493   29,367   Management and performance-based incentive fees payable9,262   10,289   Interest payable2,440   2,887   Accrued administrative services expense2,324   2,796   Other liabilities and accrued expenses7,745   6,787   Total Liabilities$1,645,631   $1,846,743        Net Assets$1,007,738   $1,024,315        Net Assets    Common stock, $0.001 par value (130,000,000 shares authorized; 65,259,176 and 65,259,176 shares issued and outstanding, respectively)$65   $65   Capital in excess of par value2,099,876   2,099,876   Accumulated under-distributed (over-distributed) earnings(1,092,203)  (1,075,626)  Net Assets$1,007,738   $1,024,315        Net Asset Value Per Share$15.44   $15.70              APOLLO INVESTMENT CORPORATION STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) Three Months Ended September 30, Six Months Ended September 30,  2020 2019 2020 2019 Investment Income        Non-controlled/non-affiliated investments:        Interest income (excluding Payment-in-kind (“PIK”) interest income)$46,139   $51,489   $93,502   $98,493   Dividend income—   5   —   66   PIK interest income925   732   2,073   5,438   Other income163   2,185   547   3,122   Non-controlled/affiliated investments:        Interest income (excluding PIK interest income)4   —   12   —   Dividend income331   313   676   632   PIK interest income—   —   —   —   Other income—   —   —   —   Controlled investments:        Interest income (excluding PIK interest income)6,438   12,271   12,331   24,910   Dividend income891   2,451   1,691   2,451   PIK interest income—   872   728   1,722   Other income—   —   —   —   Total Investment Income$54,891   $70,318   $111,560   $136,834   Expenses        Management fees$9,262   $10,190   $18,786   $19,729   Performance-based incentive fees—   1,911   —   1,911   Interest and other debt expenses13,845   18,735   29,237   36,246   Administrative services expense1,201   1,542   2,389   3,267   Other general and administrative expenses2,777   2,305   5,224   5,609   Total expenses27,085   34,683   55,636   66,762   Management and performance-based incentive fees waived—   —   —   —   Expense reimbursements(100)  (99)  (210)  (196)  Net Expenses$26,985   $34,584   $55,426   $66,566   Net Investment Income$27,906   $35,734   $56,134   $70,268   Net Realized and Change in Unrealized Gains (Losses)        Net realized gains (losses):        Non-controlled/non-affiliated investments$590   $(5,701)  $(8,039)  $(5,710)  Non-controlled/affiliated investments(3,653)  —   (3,653)  1,089   Controlled investments—   —   —   —   Foreign currency transactions64   (1,387)  276   (1,185)  Extinguishment of debt—   (4,375)  —   (4,375)  Net realized gains (losses)(2,999)  (11,463)  (11,416)  (10,181)  Net change in unrealized gains (losses):        Non-controlled/non-affiliated investments21,680   (7,463)  32,248   (11,508)  Non-controlled/affiliated investments5,957   (1,659)  (3,006)  (750)  Controlled investments(11,769)  (13,069)  (29,017)  (22,765)  Foreign currency translations(7,486)  4,988   (8,660)  5,833   Net change in unrealized gains (losses)8,382   (17,203)  (8,435)  (29,190)  Net Realized and Change in Unrealized Gains (Losses)$5,383   $(28,666)  $(19,851)  $(39,371)  Net Increase (Decrease) in Net Assets Resulting from Operations$33,289   $7,068   $36,283   $30,897   Earnings (Loss) Per Share — Basic$0.51   $0.10   $0.56   $0.45   About Apollo Investment CorporationApollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager. For more information, please visit www.apolloic.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: 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; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.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-Q for the period ended September 30, 2020.ContactElizabeth Besen Investor Relations Manager Apollo Investment Corporation 212.822.0625 ebesen@apollo.com
Thu, 29 Oct 2020
16:34:04 +0000
Earnings Preview: Apollo Investment (AINV) Q2 Earnings Expected to Decline
Apollo Investment (AINV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Thu, 01 Oct 2020
20:00:00 +0000
Apollo Investment Corporation Schedules Earnings Release and Conference Call for Second Quarter Fiscal Year 2021
NEW YORK, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Apollo Investment Corporation (NASDAQ: AINV) (the “Company”) announced today that it will report results for the quarter ended September 30, 2020, after market close on Thursday, November 5, 2020. The Company will also host a conference call on Thursday, November 5, 2020 at 5:00 p.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID 8085183 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholders section of our website at www.apolloic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through November 26, 2020 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID 8085183. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholders section of our website at www.apolloic.com.About Apollo Investment CorporationApollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager. For more information, please visit www.apolloic.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: 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; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.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-Q for the period ended June 30, 2020.ContactElizabeth Besen Investor Relations Manager Apollo Investment Corporation (212) 822-0625 ebesen@apollo.com
Wed, 12 Aug 2020
10:56:10 +0000
New Strong Sell Stocks for August 12th
Here are 5 stocks added to the Zacks Rank 5 (Strong Sell) List today.
Mon, 10 Aug 2020
13:07:01 +0000
Apollo Investment (AINV) Stock Down 1.3% on Q1 Earnings Miss
While decline in total investment income hurts Apollo Investment's (AINV) fiscal Q1 results, lower costs offer some support.
Thu, 06 Aug 2020
20:00:00 +0000
Apollo Investment Corporation Reports Financial Results for the Quarter Ended June 30, 2020
Fiscal First Quarter and Other Recent Highlights: * Net investment income per share for the quarter was $0.43 compared to $0.59 for the quarter ended March 31, 2020 * Net asset value per share as of the end of the quarter was $15.29 compared to $15.70 as of March 31, 2020, a 2.6% decrease due to a net loss on non-core and legacy assets (1) partially offset by a net gain on the corporate lending portfolio (2) * New investment commitments made during the quarter totaled $17 million (3) * Gross fundings during the quarter totaled $138 million consisting of $53 million of term loans and $85 million of revolvers * Gross exits during the quarter totaled $233 million consisting of $68 million of term loan sales, $49 million of term loan repayments, and $116 million of gross revolver paydowns * Net paydowns during the quarter totaled $95 million, consisting of $64 million of net term loan paydowns and $31 million of net revolver paydowns – Net paydowns subsequent to quarter end total approximately $50 million (4) * Net leverage (5) as of the end of the quarter was 1.66x, down from 1.71x as of March 31, 2020 * Received 97% of contractual interest payments during the quarter * Declared a base distribution of $0.31 per share and a supplemental distribution of $0.05 per share for the quarter ending September 30, 2020 * $243 million of immediately available liquidity and $205 million of additional capacity under the Senior Secured Facility as of June 30, 2020 (6) * Kroll Bond Rating Agency affirmed the Company's investment grade rating in July (7) NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its first fiscal quarter ended June 30, 2020. The Company’s net investment income was $0.43 per share for the quarter ended June 30, 2020, compared to $0.59 per share for the quarter ended March 31, 2020. The Company’s net asset value (“NAV”) was $15.29 per share as of June 30, 2020, compared to $15.70 as of March 31, 2020.On August 6, 2020, the Company’s Board of Directors (the “Board”) declared a base distribution of $0.31 per share payable on October 7, 2020 to shareholders of record as of September 21, 2020. On August 6, 2020, the Company’s Board also declared a supplemental distribution of $0.05 per share payable on October 7, 2020 to shareholders of record as of September 21, 2020. Going forward, in addition to a quarterly base distribution of $0.31 per share, the Board expects to declare a quarterly supplemental distribution in an amount to be determined each quarter. There can be no assurances that the Board will continue to declare a base distribution of $0.31 per share or a supplemental distribution.Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “During the quarter, we made considerable progress reducing the Fund’s leverage by exiting approximately $233 million of investments on a gross basis, or $95 million on a net basis, which reduced AINV’s net leverage to 1.66x at the end of June. Since the end of the quarter, we have continued to reduce our leverage and we have visibility into meaningful additional repayments for the remainder of the September quarter and for the December quarter. We remain focused on further deleveraging to within our target range of 1.4x to 1.6x over the coming quarters.” Mr. Howard Widra, continued, “In light of the challenges and uncertainty created by the COVID-19 pandemic, and our plans to further reduce the Fund’s leverage, we have reassessed the long-term earnings power of the portfolio and have concluded that it is prudent to adjust the distribution at this time. We believe a distribution level should reflect the prevailing market environment and be aligned with the long-term earnings power of the portfolio. To that end, the Board of Directors, at the recommendation of management, has declared a 31-cent base distribution and a 5-cent supplemental distribution for the quarter. Going forward, in addition to a quarterly base distribution of 31 cents per share, the Company’s Board of Directors expects to also declare a supplemental distribution in an amount to be determined each quarter. The base / supplemental distribution construct is intended to provide shareholders with a minimum annualized yield on NAV of 8%, a level which is consistent with some of our peers, and allow for some upside via a supplemental distribution.”___________________(1) Non-core and legacy assets include oil & gas, renewables, shipping, commodities, and legacy assets. (2) Corporate lending portfolio includes leveraged lending, life sciences, asset based and lender finance. Excludes Merx Aviation and non-core and legacy assets. (3) For corporate lending portfolio. (4) From July 1, 2020 through August 4, 2020. Includes one loan with documents in escrow. (5) The 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. (6) As of June 30, 2020, aggregate lender commitments under the Senior Secured Facility (the “Facility”) totaled $1.81 billion and there were $1.410 billion of outstanding borrowings under the Facility and $6.2 million of letters of credit issued under the Facility. Accordingly, there was $394 million of unused capacity under the Facility as of June 30, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio. As of June 30, 2020, the Company had immediate access to $227 million under the Facility based on the Company’s borrowing base and $167 million of additional capacity. Adjusting for the sale of over $50 million of assets that occurred near the end of the quarter, but settled subsequent to quarter end, the Company had immediate access to $243 million under the Facility based on the Company’s borrowing base, and $205 million of additional capacity under the Facility. (7) Kroll Bond Rating Agency affirmed the Company's issuer and senior unsecured debt ratings of ‘BBB-’ with a Negative Outlook in July 2020.FINANCIAL HIGHLIGHTS($ in billions, except per share data) June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Total assets $2.81  $2.87  $3.06  $2.89  $2.70  Investment portfolio (fair value) $2.67  $2.79  $2.97  $2.80  $2.62  Debt outstanding $1.76  $1.79  $1.79  $1.58  $1.35  Net assets $1.00  $1.02  $1.22  $1.25  $1.29  Net asset value per share $15.29  $15.70  $18.27  $18.69  $19.00              Debt-to-equity ratio 1.76  x    1.75 x    1.47 x    1.26 x    1.05 x    Net leverage ratio (1) 1.66  x    1.71 x    1.43 x    1.24 x    1.03 x    ___________________(1) The 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.PORTFOLIO AND INVESTMENT ACTIVITY   Three Months Ended June 30, (in millions)* 2020 2019 Investments made in portfolio companies $137.9  $435.3  Investments sold (69.1) (9.6) Net activity before repaid investments 68.8  425.7  Investments repaid (163.8) (210.7) Net investment activity $(95.0) $215.0        Portfolio companies at beginning of period 152  113  Number of new portfolio companies 1  21  Number of exited portfolio companies (4) (5) Portfolio companies at end of period 149  129        Number of investments made in existing portfolio companies 35  30  ___________________* Totals may not foot due to rounding.OPERATING RESULTS   Three Months Ended June 30, (in millions)* 2020 2019 Net Investment Income $28.2  $34.5  Net Realized and Change in Unrealized Gains (Losses) (25.2) (10.7) Net Increase in Net Assets Resulting from Operations $3.0  $23.8        (per share)* (1)     Net Investment Income $0.43  $0.50  Net Realized and Change in Unrealized Gains (Losses) $(0.39) $(0.16) Earnings per share — basic $0.05  $0.35  ___________________* Totals may not foot due to rounding.(1) Based on the weighted average number of shares outstanding for the period presented.SHARE REPURCHASE PROGRAM *During the three months ended June 30, 2020, the Company did not repurchase any shares. Since the inception of the share repurchase program and through August 5, 2020, the Company repurchased 13,654,578 shares at a weighted average price per share of $16.34, inclusive of commissions, for a total cost of $223.1 million, leaving a maximum of $26.9 million available for future purchases under the current Board authorization of $250 million.* Share figures have been adjusted for the 1-for-3 reverse stock split which was completed after market close on November 30, 2018.LIQUIDITYAs of June 30, 2020, the Company’s outstanding debt obligations, excluding deferred financing cost and debt discount of $4.5 million, totaled $1.760 billion which was comprised of $350 million of Senior Unsecured Notes (the “2025 Notes”) which will mature on March 3, 2025 and $1.410 billion outstanding under the Facility. As of June 30, 2020, $6.2 million in standby letters of credit were issued through the Facility. The available remaining capacity under the Facility was $394 million as of June 30, 2020, which is subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio.CONFERENCE CALL / WEBCAST AT 5:00 PM EDT ON AUGUST 6, 2020The Company will host a conference call on Thursday, August 6, 2020 at 5:00 p.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID 2149921 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholder section of our website at www.apolloic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through August 27, 2020 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID 2149921. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholder section of the Company’s website at www.apolloic.com.SUPPLEMENTAL INFORMATIONThe Company provides a supplemental information package to offer more transparency into its financial results and make its reporting more informative and easier to follow. The supplemental package is available in the Shareholders section of the Company’s website under Presentations at www.apolloic.com.Our portfolio composition and weighted average yields as of June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019, and June 30, 2019 were as follows:  June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 Portfolio composition, at fair value:                First lien secured debt 78% 81% 78% 74% 69% Second lien secured debt 12% 13% 14% 17% 21% Total secured debt 90% 94% 92% 91% 90% Unsecured debt —% —% —% —% —% Structured products and other 0% 0% 0% 2% 2% Preferred equity 0% 0% 1% 1% 1% Common equity/interests and warrants 10% 6% 7% 6% 7% Weighted average yields, at amortized cost (1):                First lien secured debt (2) 7.9% 8.5% 8.7% 9.0% 9.3% Second lien secured debt (2) 9.8% 10.2% 10.7% 11.0% 11.3% Total secured debt (2) 8.1% 8.7% 9.1% 9.4% 9.8% Unsecured debt portfolio (2) —% —% —% —% —% Total debt portfolio (2) 8.1% 8.7% 9.1% 9.4% 9.8% Total portfolio (3) 6.8% 8.0% 8.6% 8.9% 9.2% Interest rate type, at fair value (4):                Fixed rate amount —  —  —  —  —  Floating rate amount $2.1 billion  $2.2 billion  $2.2 billion  $2.0 billion  $1.8 billion  Fixed rate, as percentage of total —% —% —% —% 1% Floating rate, as percentage of total 100% 100% 100% 100% 99% Interest rate type, at amortized cost (4):                Fixed rate amount —  —  —  —  —  Floating rate amount $2.2 billion  $2.3 billion  $2.3 billion  $2.0 billion  $1.8 billion  Fixed rate, as percentage of total —% —% —% —% 1% Floating rate, as percentage of total 100% 100% 100% 100% 99% (1) An investor’s yield may be lower than the portfolio yield due to sales loads and other expenses. (2) Exclusive of investments on non-accrual status. (3) Inclusive of all income generating investments, non-income generating investments and investments on non-accrual status. (4) The interest rate type information is calculated using the Company’s corporate debt portfolio and excludes aviation, oil and gas, structured credit, renewables, shipping, commodities and investments on non-accrual status. APOLLO INVESTMENT CORPORATION STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except share and per share data)  June 30, 2020 March 31, 2020   (Unaudited)   Assets     Investments at fair value:     Non-controlled/non-affiliated investments (cost — $2,200,352 and $2,298,548, respectively) $2,103,741  $2,191,327  Non-controlled/affiliated investments (cost — $135,313 and $135,346, respectively) 51,204  60,241  Controlled investments (cost — $655,198 and $655,719, respectively) 516,095  533,865  Cash and cash equivalents 35,255  37,301  Foreign currencies (cost — $9,138 and $6,369, respectively) 9,139  6,375  Receivable for investments sold 56,144  978  Interest receivable 16,161  19,151  Dividends receivable 5,379  5,034  Deferred financing costs 14,898  16,054  Prepaid expenses and other assets 959  732  Total Assets $2,808,975  $2,871,058        Liabilities     Debt $1,755,104  $1,794,617  Payable for investments purchased 499  —  Distributions payable 29,367  29,367  Management and performance-based incentive fees payable 9,524  10,289  Interest payable 7,096  2,887  Accrued administrative services expense 2,158  2,796  Other liabilities and accrued expenses 7,284  6,787  Total Liabilities $1,811,032  $1,846,743        Net Assets $997,943  $1,024,315        Net Assets     Common stock, $0.001 par value (130,000,000 shares authorized; 65,259,176 and 65,259,176 shares issued and outstanding, respectively) $65  $65  Capital in excess of par value 2,099,876  2,099,876  Accumulated under-distributed (over-distributed) earnings (1,101,998) (1,075,626) Net Assets $997,943  $1,024,315        Net Asset Value Per Share $15.29  $15.70  APOLLO INVESTMENT CORPORATION STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data)  Three Months Ended June 30,   2020 2019 Investment Income     Non-controlled/non-affiliated investments:     Interest income (excluding Payment-in-kind (“PIK”) interest income) $47,726  $47,004  Dividend income —  62  PIK interest income 786  4,706  Other income 384  937  Non-controlled/affiliated investments:     Interest income (excluding PIK interest income) 8  —  Dividend income 345  319  PIK interest income —  —  Other income —  —  Controlled investments:     Interest income (excluding PIK interest income) 5,892  12,638  Dividend income 800  —  PIK interest income 728  850  Other income —  —  Total Investment Income $56,669  $66,516  Expenses     Management fees $9,524  $9,539  Performance-based incentive fees —  —  Interest and other debt expenses 15,392  17,511  Administrative services expense 1,188  1,725  Other general and administrative expenses 2,446  3,305  Total expenses 28,550  32,080  Management and performance-based incentive fees waived —  —  Expense reimbursements (110) (98) Net Expenses $28,440  $31,982  Net Investment Income $28,229  $34,534  Net Realized and Change in Unrealized Gains (Losses)     Net realized gains (losses):     Non-controlled/non-affiliated investments $(8,629) $(9) Non-controlled/affiliated investments —  1,089  Controlled investments —  —  Foreign currency transactions 212  202  Net realized gains (losses) (8,417) 1,282  Net change in unrealized gains (losses):     Non-controlled/non-affiliated investments 10,607  (4,046) Non-controlled/affiliated investments (9,002) 910  Controlled investments (17,248) (9,696) Foreign currency translations (1,174) 845  Net change in unrealized gains (losses) (16,817) (11,987) Net Realized and Change in Unrealized Gains (Losses) $(25,234) $(10,705) Net Increase (Decrease) in Net Assets Resulting from Operations $2,995  $23,829  Earnings (Loss) Per Share — Basic $0.05  $0.35  About Apollo Investment CorporationApollo Investment Corporation (NASDAQ: AINV) is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in various forms of debt investments, including secured and unsecured debt, loan investments, and/or equity in private middle-market companies. The Company may also invest in the securities of public companies and structured products and other investments such as collateralized loan obligations and credit-linked notes. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager. For more information, please visit www.apolloic.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies. We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: 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; the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.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-Q for the period ended June 30, 2020.ContactElizabeth Besen Investor Relations Manager Apollo Investment Corporation 212.822.0625 ebesen@apollo.com
Tue, 04 Aug 2020
15:11:05 +0000
Insider Sells Apollo Investment's Stock
Shares of Apollo Investment Inc (NASDAQ:AINV) increased by 1.4% from the previous closing price. A Form 4 filing filed with the SEC on Tuesday, August 4 showed that Stein Elliot Jr sold 2,499 shares at an average price of $17.18. The transaction moved the executive's stake in Apollo Investment Inc. to 4,674 shares.The Importance of Insider Transactions While transactions from an insider shouldn't be used as the sole item to make an investment or trading decision, an insider buying or selling stock in their company can be a good added factor that leads to more conviction in a decision.When an insider buys stock after an important sell off, that can indicate the insider's faith in the success of the organization. Henceforth, if the stock is bought at new highs, it might be because the insider feels that the stock is not overvalued. Insiders who sell stock at new lows could be anticipating some capitulation moment. If the insider sells at new highs, it could point to the intention to "take some profit" and "lock in a gain."Transaction Codes To Focus On Investors prefer focusing on transactions which take place in the open market, indicated in the Form 4 with codes P for purchase and S for sale. If the transaction was an open-market transaction, that means that the insider made a concious decision for the company's stock moving forward.Transaction codes other than P or S are often viewed with less conviction as they are often not tied to a decision by the exec. As an example, transaction code C indicates the conversion of an option. Transaction code A indicates the insider may have been forced to sell shares in order to receive compensation the exec was promised upon being hired by a company.See more from Benzinga * Insider Buys Harpoon Therapeutics's Shares * CSG Systems International's Earnings Outlook * Fitbit's Earnings: A Preview(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Thu, 30 Jul 2020
16:33:04 +0000
Earnings Preview: Apollo Investment (AINV) Q1 Earnings Expected to Decline
Apollo Investment (AINV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Mon, 06 Jul 2020
03:11:30 +0000
Apollo Investment Corp. (AINV): Hedge Funds Are Nibbling
How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]
Wed, 01 Jul 2020
13:00:10 +0000
Apollo Investment Corporation Schedules Earnings Release and Conference Call for First Quarter Fiscal Year 2021
Apollo Investment Corporation (AINV) (the “Company”) announced today that it will report results for the quarter ended June 30, 2020, after market close on Thursday, August 6, 2020. The Company will also host a conference call on Thursday, August 6, 2020 at 5:00 p.m. Eastern Time. Participants should reference Apollo Investment Corporation or Conference ID # 2149921 when prompted.
Wed, 01 Jul 2020
12:30:10 +0000
Funds Managed by Apollo and Merx Aviation Complete Sale-Leaseback Transaction with Delta Air Lines
Apollo Global Management, Inc. (APO) (together with its consolidated subsidiaries “Apollo”) and Merx Aviation (“Merx”),  a global aircraft leasing, management and finance company, announced the completion by certain funds managed by affiliates of Apollo and Merx of a sale and leaseback transaction with Delta Air Lines of ten Airbus A220-100 aircraft. The aircraft, manufactured in 2019, were acquired by an aviation platform established by Apollo, which invests in a diverse set of aircraft types, vintages and jurisdictions and is serviced by Merx.
Tue, 30 Jun 2020
12:35:12 +0000
Implied Volatility Surging for Apollo Investment (AINV) Stock Options
Investors need to pay close attention to Apollo Investment (AINV) stock based on the movements in the options market lately.
Wed, 24 Jun 2020
13:30:01 +0000
Should Value Investors Consider Apollo Investment (AINV) Now?
Let's see if Apollo Investment (AINV) stock is a good choice for value-oriented investors right now from multiple angles
Thu, 21 May 2020
21:30:37 +0000
Apollo Investment Corp (AINV) Q4 2020 Earnings Call Transcript
Speaking on today's call are Howard Widra, Chief Executive Officer. Please note that they are the property of Apollo Investment Corporation and that any unauthorized broadcast in any form is strictly prohibited. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future results, our business prospects and the prospects of our portfolio companies.

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Apollo Investment Corporation - Closed E (AINV)