Apollo Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2018
Business Wire 30-Oct-2018 4:00 PM
Board of Directors Approves a One-for-Three Reverse Stock Split and
Authorizes a New $50 Million Stock Repurchase Plan
Fiscal Second Quarter and Other Recent Highlights:
-
Net investment income per share for the quarter was $0.15 compared
to $0.15 for the quarter ended June 30, 2018
-
Net asset value per share as of the end of the quarter was $6.47
compared to $6.47 as of June 30, 2018
-
Continued to successfully execute portfolio repositioning strategy
with core strategies(1) representing 78% of
the portfolio(2) as of the end of the quarter
-
Net leverage(3) as of the end of the
quarter was 0.68x, compared to 0.78x as of June 30, 2018
-
Board of Directors approves a one-for-three reverse stock split
-
Declared a distribution of $0.15 per share (or $0.45 per share
adjusted for the one-for-three reverse stock split)
-
Repurchased 2.9 million shares of common stock for an aggregate
cost of $16.1 million during the quarter
-
Board of Directors authorizes a new $50 million stock repurchase
plan
-
Received $1.59 billion of commitments for an amendment to the
Senior Secured Facility which is expected to close in early November.
The amendment reduces the asset coverage covenant from 200% to 150%,
increases the size of the facility by $400 million, and extends the
maturity from December 2021 to November 2023
Apollo Investment Corporation (NASDAQ:AINV) or the "Company," or "Apollo
Investment," today announced financial results for its second fiscal
quarter ended September 30, 2018. The Company's net investment income
was $0.15 per share for the quarter ended September 30, 2018, compared
to $0.15 per share for the quarter ended June 30, 2018. The Company's
net asset value ("NAV") was $6.47 per share as of
September 30, 2018, compared to $6.47 as of June 30, 2018.
On October 30, 2018, the Board of Directors (the "Board") declared a
distribution of $0.15 per share (or $0.45 adjusted for the one-for-three
reverse stock split), payable on January 4, 2019 to shareholders of
record as of December 20, 2018.
The Company also announced today that the Board has approved a
one-for-three reverse stock split of the Company's common stock which
will be effective as of the close of business as of November 30, 2018
(the "Effective Time"). The Company's common stock is expected to begin
trading on a split-adjusted basis at the market open on December 3, 2018.
___________________(1) Core strategies include corporate lending,
aviation, life sciences, asset based and lender finance.(2) On a
fair value basis.(3) 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.
The Company also announced today that the Board has approved a new stock
repurchase plan (the "Repurchase Plan") to acquire up to $50 million of
the Company's common stock. The new Repurchase Plan is in addition to
the Company's existing share repurchase authorization, of which
approximately $3.3 million of repurchase capacity remains. Accordingly,
the Company now has approximately $53.3 million available for stock
repurchases under its repurchase program.
Mr. Howard Widra, Apollo Investment's Chief Executive Officer commented,
"During the quarter, our investment activity focused on senior first
lien floating rate loans sourced by Apollo's Direct Origination
platform. Nearly all of the investments made during the quarter have a
reduced risk profile in terms of both leverage and spread, consistent
with our plan to prudently grow assets and increase leverage over time."
Mr. Widra continued, "We believe that a higher nominal stock price from
the reverse stock authorized by our Board will attract a much broader
universe of investors and reduce the volatility of our stock. In
addition, the Board's decision to expand our share repurchase program
underscores our commitment to creating value for our shareholders."
One-for-Three Reverse Stock Split
The Company has retained its transfer agent, American Stock Transfer &
Trust Company, LLC ("AST"), to act as its exchange agent for the reverse
stock split. Stockholders are not required to take any action to
effectuate the exchange of their shares. The reverse stock split will
apply to all of the Company's outstanding shares of common stock and
therefore will not affect any stockholder's relative ownership
percentage.
At the Effective Time, every three issued and outstanding shares of
common stock will be converted into one issued and outstanding share
without any change in the par value per share. No fractional shares will
be issued in connection with the reverse stock split as the Company
intends to cancel fractional shares associated with the reverse stock
split. The number of authorized shares of common stock will not be
adjusted for the reverse stock split. AINV's common stock will continue
trading on the NASDAQ under the ticker symbol "AINV" but will trade
under a new CUSIP number.
Each stockholder holding fractional shares will be entitled to receive
cash in lieu of such fractional shares. Stockholders of record will be
receiving information from AST regarding their stock ownership following
the reverse stock split and cash in lieu of fractional share payment, if
applicable. Stockholders who hold shares in brokerage accounts are
encouraged to contact their brokers as brokers may have different
procedures for processing the reverse stock split and making payment for
fractional shares. For further information, stockholders should contact
AST by telephone at 1-888-777-0324.
Stock Repurchase Plan
Under the Repurchase Plan, the Company may, but is not obligated to,
repurchase its outstanding common stock in the open market from time to
time provided that the Company complies with the prohibitions under its
insider trading policies and the requirements of Rule 10b-18 of the
Exchange Act, including certain price, market volume and timing
constraints. The Company intends to allocate a portion of the authorized
amount under the Repurchase Plan to be repurchased in accordance with
Rule 10b5-1 of the Exchange Act (the "10b5-1 Plan"). The Repurchase Plan
and the 10b5-1 Plan are designed to allow the Company to repurchase its
shares both during its open window periods and at times when it
otherwise might be prevented from doing so under applicable insider
trading laws or because of self-imposed trading blackout periods. The
Repurchase Plan does not have an expiration date and may continue to be
modified or discontinued at any time.
|
FINANCIAL HIGHLIGHTS
|
|
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
($ in billions, except per share data)
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
Total assets
|
|
$
|
2.39
|
|
|
$
|
2.57
|
|
|
$
|
2.31
|
|
|
$
|
2.42
|
|
|
$
|
2.45
|
|
|
Investment portfolio (fair value)
|
|
$
|
2.32
|
|
|
$
|
2.50
|
|
|
$
|
2.25
|
|
|
$
|
2.35
|
|
|
$
|
2.36
|
|
|
Debt outstanding
|
|
$
|
0.95
|
|
|
$
|
1.10
|
|
|
$
|
0.79
|
|
|
$
|
0.88
|
|
|
$
|
0.86
|
|
|
Net assets
|
|
$
|
1.37
|
|
|
$
|
1.39
|
|
|
$
|
1.42
|
|
|
$
|
1.44
|
|
|
$
|
1.47
|
|
|
Net asset value per share
|
|
$
|
6.47
|
|
|
$
|
6.47
|
|
|
$
|
6.56
|
|
|
$
|
6.60
|
|
|
$
|
6.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt-to-equity ratio
|
|
0.69
|
x
|
|
0.79
|
x
|
|
0.56
|
x
|
|
0.61
|
x
|
|
0.59
|
x
|
|
Net leverage ratio (1)
|
|
0.68
|
x
|
|
0.78
|
x
|
|
0.57
|
x
|
|
0.62
|
x
|
|
0.59
|
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
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|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
(in millions)*
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Investments made in portfolio companies
|
|
$
|
|
363.6
|
|
|
$
|
|
265.4
|
|
|
$
|
|
722.5
|
|
|
$
|
|
607.5
|
|
|
Investments sold
|
|
(163.2
|
)
|
|
(11.7
|
)
|
|
(178.1
|
)
|
|
(21.7
|
)
|
|
Net activity before repaid investments
|
|
200.3
|
|
|
253.7
|
|
|
544.4
|
|
|
585.8
|
|
|
Investments repaid
|
|
(372.1
|
)
|
|
(328.1
|
)
|
|
(465.8
|
)
|
|
(570.1
|
)
|
|
Net investment activity
|
|
$
|
|
(171.7
|
)
|
|
$
|
|
(74.4
|
)
|
|
$
|
|
78.6
|
|
|
$
|
|
15.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio companies at beginning of period
|
|
96
|
|
|
84
|
|
|
90
|
|
|
86
|
|
|
Number of new portfolio companies
|
|
9
|
|
|
12
|
|
|
16
|
|
|
23
|
|
|
Number of exited portfolio companies
|
|
(7
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|
(22
|
)
|
|
Portfolio companies at end of period
|
|
98
|
|
|
87
|
|
|
98
|
|
|
87
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of investments made in existing portfolio companies
|
|
16
|
|
|
11
|
|
|
24
|
|
|
16
|
|
|
____________________
|
|
* Totals may not foot due to rounding.
|
|
|
|
OPERATING RESULTS
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
(in millions)*
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Net investment income
|
|
$
|
|
32.2
|
|
|
$
|
|
34.2
|
|
|
$
|
|
63.7
|
|
|
$
|
|
67.5
|
|
|
Net realized and change in unrealized losses
|
|
(4.1
|
)
|
|
(2.4
|
)
|
|
$
|
|
(22.4
|
)
|
|
$
|
|
(6.9
|
)
|
|
Net increase in net assets resulting from operations
|
|
$
|
|
28.0
|
|
|
$
|
|
31.8
|
|
|
$
|
|
41.3
|
|
|
$
|
|
60.6
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share)* (1)
|
|
|
|
|
|
|
|
|
|
Net investment income on per average share basis
|
|
$
|
|
0.15
|
|
|
$
|
|
0.16
|
|
|
$
|
|
0.30
|
|
|
$
|
|
0.31
|
|
|
Net realized and change in unrealized loss per share
|
|
$
|
|
(0.02
|
)
|
|
$
|
|
(0.01
|
)
|
|
$
|
|
(0.10
|
)
|
|
$
|
|
(0.03
|
)
|
|
Earnings per share
|
|
$
|
|
0.13
|
|
|
$
|
|
0.14
|
|
|
$
|
|
0.19
|
|
|
$
|
|
0.28
|
|
|
____________________
|
|
* 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, 2018, the Company
repurchased 2,868,300 shares at a weighted average price per share of
$5.61, inclusive of commissions, for a total cost of $16.1 million.
During the period from October 1, 2018 through October 29, 2018, the
Company repurchased 482,400 shares at a weighted average price per share
of $5.49 inclusive of commissions, for a total cost of $2.6 million.
Since the inception of the share repurchase program and through October
29, 2018, the Company repurchased 25,166,757 shares at a weighted
average price per share of $5.83, inclusive of commissions, for a total
cost of $146.7 million. The Company now has approximately $53.3 million
available for stock repurchases under its repurchase program inclusive
of the newly authorized $50 million stock repurchase plan.
CONFERENCE CALL / WEBCAST AT 5:00 PM EDT ON OCTOBER 30, 2018
The Company will host a conference call on Tuesday, October 30, 2018 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 #7468358 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 20, 2018 by dialing (800) 585-8367; international callers
please dial (404) 537-3406, reference Conference ID #7468358. 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 INFORMATION
The 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, 2018, June 30, 2018, March 31, 2018, December 31, 2017, and
September 30, 2017 were as follows:
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
|
|
2018
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
Portfolio composition, at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
Secured debt
|
|
84%
|
|
84%
|
|
82%
|
|
81%
|
|
80%
|
|
Unsecured debt
|
|
3%
|
|
4%
|
|
5%
|
|
5%
|
|
5%
|
|
Structured products and other
|
|
3%
|
|
3%
|
|
3%
|
|
4%
|
|
5%
|
|
Preferred equity
|
|
1%
|
|
1%
|
|
1%
|
|
1%
|
|
1%
|
|
Common equity/interests and warrants
|
|
9%
|
|
8%
|
|
9%
|
|
9%
|
|
9%
|
|
Weighted average yields, at amortized cost (1):
|
|
|
|
|
|
|
|
|
|
|
|
Secured debt portfolio (2)
|
|
10.7%
|
|
10.7%
|
|
10.7%
|
|
10.5%
|
|
10.3%
|
|
Unsecured debt portfolio (2)
|
|
11.0%
|
|
11.4%
|
|
11.3%
|
|
11.2%
|
|
11.2%
|
|
Total debt portfolio (2)
|
|
10.7%
|
|
10.7%
|
|
10.7%
|
|
10.5%
|
|
10.3%
|
|
Total portfolio (3)
|
|
9.7%
|
|
9.7%
|
|
9.6%
|
|
9.6%
|
|
9.7%
|
|
Interest rate type, at fair value (4):
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate amount
|
|
$0.1 billion
|
|
$0.1 billion
|
|
$0.1 billion
|
|
$0.1 billion
|
|
$0.1 billion
|
|
Floating rate amount
|
|
$1.3 billion
|
|
$1.4 billion
|
|
$1.2 billion
|
|
$1.3 billion
|
|
$1.2 billion
|
|
Fixed rate, as percentage of total
|
|
6%
|
|
6%
|
|
8%
|
|
8%
|
|
9%
|
|
Floating rate, as percentage of total
|
|
94%
|
|
94%
|
|
92%
|
|
92%
|
|
91%
|
|
Interest rate type, at amortized cost (4):
|
|
|
|
|
|
|
|
|
|
|
|
Fixed rate amount
|
|
$0.1 billion
|
|
$0.1 billion
|
|
$0.1 billion
|
|
$0.1 billion
|
|
$0.1 billion
|
|
Floating rate amount
|
|
$1.3 billion
|
|
$1.4 billion
|
|
$1.2 billion
|
|
$1.2 billion
|
|
$1.2 billion
|
|
Fixed rate, as percentage of total
|
|
6%
|
|
6%
|
|
8%
|
|
9%
|
|
9%
|
|
Floating rate, as percentage of total
|
|
94%
|
|
94%
|
|
92%
|
|
91%
|
|
91%
|
|
____________________
|
|
(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 30,2018
|
|
March 31, 2018
|
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Investments at fair value:
|
|
|
|
|
|
Non-controlled/non-affiliated investments (cost — $1,511,531 and
$1,471,492, respectively)
|
|
$
|
1,479,233
|
|
|
$
|
1,450,033
|
|
|
Non-controlled/affiliated investments (cost — $67,911 and $73,943,
respectively)
|
|
58,963
|
|
|
68,954
|
|
|
Controlled investments (cost — $770,675 and $723,161, respectively)
|
|
786,545
|
|
|
729,060
|
|
|
Cash and cash equivalents
|
|
17,124
|
|
|
14,035
|
|
|
Foreign currencies (cost — $2,139 and $1,292, respectively)
|
|
2,134
|
|
|
1,298
|
|
|
Cash collateral on options contracts
|
|
1,865
|
|
|
5,016
|
|
|
Receivable for investments sold
|
|
3,158
|
|
|
2,190
|
|
|
Interest receivable
|
|
21,939
|
|
|
22,272
|
|
|
Dividends receivable
|
|
2,550
|
|
|
2,550
|
|
|
Deferred financing costs
|
|
12,094
|
|
|
14,137
|
|
|
Variation margin receivable on options contracts
|
|
—
|
|
|
1,846
|
|
|
Prepaid expenses and other assets
|
|
1,187
|
|
|
419
|
|
|
Total Assets
|
|
$
|
2,386,792
|
|
|
$
|
2,311,810
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Debt
|
|
$
|
946,236
|
|
|
$
|
789,846
|
|
|
Payable for investments purchased
|
|
3,877
|
|
|
41,827
|
|
|
Distributions payable
|
|
31,942
|
|
|
32,447
|
|
|
Management and performance-based incentive fees payable
|
|
16,853
|
|
|
16,585
|
|
|
Interest payable
|
|
5,695
|
|
|
5,310
|
|
|
Accrued administrative services expense
|
|
2,232
|
|
|
2,507
|
|
|
Variation margin payable on options contracts
|
|
534
|
|
|
—
|
|
|
Other liabilities and accrued expenses
|
|
8,271
|
|
|
5,202
|
|
|
Total Liabilities
|
|
$
|
1,015,640
|
|
|
$
|
893,724
|
|
|
|
|
|
|
|
|
Net Assets
|
|
$
|
1,371,152
|
|
|
$
|
1,418,086
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
Common stock, $0.001 par value (400,000,000 shares authorized;
212,056,994 and 216,312,096 shares issued and outstanding,
respectively)
|
|
$
|
212
|
|
|
$
|
216
|
|
|
Paid-in capital in excess of par
|
|
2,612,529
|
|
|
2,636,507
|
|
|
Accumulated over-distributed net investment income
|
|
(10,750
|
)
|
|
(10,229
|
)
|
|
Accumulated net realized loss
|
|
(1,197,728
|
)
|
|
(1,166,471
|
)
|
|
Net unrealized loss
|
|
(33,111
|
)
|
|
(41,937
|
)
|
|
Net Assets
|
|
$
|
1,371,152
|
|
|
$
|
1,418,086
|
|
|
|
|
|
|
|
|
Net Asset Value Per Share
|
|
$
|
6.47
|
|
|
$
|
6.56
|
|
|
|
|
APOLLO INVESTMENT CORPORATION
|
|
STATEMENTS OF OPERATIONS (Unaudited)
|
|
(In thousands, except per share data)
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Six Months Ended September 30,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Investment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (excluding Payment-in-kind ("PIK") interest income)
|
|
$
|
44,586
|
|
|
$
|
39,319
|
|
|
$
|
84,029
|
|
|
$
|
78,271
|
|
|
PIK interest income
|
|
816
|
|
|
2,118
|
|
|
2,066
|
|
|
4,174
|
|
|
Other income
|
|
1,810
|
|
|
2,647
|
|
|
3,213
|
|
|
3,777
|
|
|
Non-controlled/affiliated investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (excluding PIK interest income)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
115
|
|
|
Dividend income
|
|
295
|
|
|
981
|
|
|
607
|
|
|
2,068
|
|
|
PIK interest income
|
|
—
|
|
|
2,501
|
|
|
—
|
|
|
4,938
|
|
|
Other income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(306
|
)
|
|
Controlled investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income (excluding PIK interest income)
|
|
15,075
|
|
|
14,241
|
|
|
29,565
|
|
|
29,315
|
|
|
Dividend income
|
|
1,985
|
|
|
3,303
|
|
|
7,250
|
|
|
8,153
|
|
|
PIK interest income
|
|
1,467
|
|
|
1,351
|
|
|
2,895
|
|
|
2,668
|
|
|
Total Investment Income
|
|
$
|
66,034
|
|
|
$
|
66,462
|
|
|
$
|
129,625
|
|
|
$
|
133,173
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
$
|
9,258
|
|
|
$
|
12,290
|
|
|
$
|
18,131
|
|
|
$
|
24,415
|
|
|
Performance-based incentive fees
|
|
6,359
|
|
|
8,037
|
|
|
13,782
|
|
|
15,949
|
|
|
Interest and other debt expenses
|
|
14,903
|
|
|
13,832
|
|
|
28,480
|
|
|
28,047
|
|
|
Administrative services expense
|
|
1,857
|
|
|
1,692
|
|
|
3,495
|
|
|
3,368
|
|
|
Other general and administrative expenses
|
|
3,524
|
|
|
1,620
|
|
|
6,056
|
|
|
4,176
|
|
|
Total expenses
|
|
35,901
|
|
|
37,471
|
|
|
69,944
|
|
|
75,955
|
|
|
Management and performance-based incentive fees waived
|
|
(1,834
|
)
|
|
(5,081
|
)
|
|
(3,690
|
)
|
|
(10,091
|
)
|
|
Expense reimbursements
|
|
(196
|
)
|
|
(85
|
)
|
|
(339
|
)
|
|
(168
|
)
|
|
Net Expenses
|
|
$
|
33,871
|
|
|
$
|
32,305
|
|
|
$
|
65,915
|
|
|
$
|
65,696
|
|
|
Net Investment Income
|
|
$
|
32,163
|
|
|
$
|
34,157
|
|
|
$
|
63,710
|
|
|
$
|
67,477
|
|
|
Net Realized and Change in Unrealized Gains (Losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated investments
|
|
$
|
228
|
|
|
$
|
(7,309
|
)
|
|
$
|
(9,718
|
)
|
|
$
|
(97,148
|
)
|
|
Non-controlled/affiliated investments
|
|
2,007
|
|
|
—
|
|
|
2,007
|
|
|
(146,840
|
)
|
|
Option contracts
|
|
(10,311
|
)
|
|
(5
|
)
|
|
(23,520
|
)
|
|
(5
|
)
|
|
Foreign currency transactions
|
|
2
|
|
|
3,695
|
|
|
(26
|
)
|
|
6,619
|
|
|
Net realized losses
|
|
(8,074
|
)
|
|
(3,619
|
)
|
|
(31,257
|
)
|
|
(237,374
|
)
|
|
Net change in unrealized gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled/non-affiliated investments
|
|
(5,717
|
)
|
|
10,049
|
|
|
(10,839
|
)
|
|
101,287
|
|
|
Non-controlled/affiliated investments
|
|
(3,094
|
)
|
|
1,489
|
|
|
(3,960
|
)
|
|
157,219
|
|
|
Controlled investments
|
|
1,393
|
|
|
1,284
|
|
|
9,973
|
|
|
(5,784
|
)
|
|
Option contracts
|
|
10,926
|
|
|
(1,873
|
)
|
|
10,359
|
|
|
(1,873
|
)
|
|
Foreign currency translations
|
|
432
|
|
|
(9,700
|
)
|
|
3,293
|
|
|
(20,384
|
)
|
|
Net change in unrealized losses
|
|
3,940
|
|
|
1,249
|
|
|
8,826
|
|
|
230,465
|
|
|
Net Realized and Change in Unrealized Losses
|
|
$
|
(4,134
|
)
|
|
$
|
(2,370
|
)
|
|
$
|
(22,431
|
)
|
|
$
|
(6,909
|
)
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations
|
|
$
|
28,029
|
|
|
$
|
31,787
|
|
|
$
|
41,279
|
|
|
$
|
60,568
|
|
|
Earnings Per Share — Basic
|
|
$
|
0.13
|
|
|
$
|
0.14
|
|
|
$
|
0.19
|
|
|
$
|
0.28
|
|
|
Earnings Per Share — Diluted
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
|
|
|
|
|
About Apollo Investment Corporation
Apollo 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, LLC, 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: 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181030005850/en/
