Apollo Investment (NASDAQ: AINV at https://www.webull.com/quote/nasdaq-ainv) is providing capital to middle-market companies with annual revenues ranging from $50 million to $2 billion. For the quarter and 12 months ending Sept. 30, Apollo hauled in investment income of $70.3 million and $262.3 million, respectively. Net investment income was $35.7 million and $130.2 million, respectively, in those same periods. Apollo’s portfolio is spaning a variety of industries including healthcare, aircraft leasing, tech, oil and gas, transportation, retail, and automotive, among others. As of Sept. 30, Apollo had 139 companies in its portfolio. Apollo committed $377 million to 22 investments in the third quarter. During the quarter, Apollo reduced its exposure to second-lien loans to 22% of the loan portfolio. First-lien loans now comprise 77% of the loans.

Q2 NII misses and dividend cut

  • Apollo Investment (NASDAQ: AINV)drops 4.6% in after-hours trading after Q2 net investment income per share of 43 cents misses the average analyst estimate of 45 cents.
  • Declined from 59 cents in Q1.
  • Board declares a base distribution of 32 cents per share payable on Oct. 7, 2020, to shareholders of record as of Sept. 21, 2020, down from its previous dividend of 45 cents; also declares a supplemental distribution of 5 cents per share.
  • Going forward, in addition to a quarterly base distribution of 31 cents per share, the board expects to declare a quarterly supplemental distribution in an amount to be determined each quarter.
  • Net asset value per share at June 30 was $15.29, down 2.6% from $15.70 at March 31, due to a net loss on non-core and legacy assets partly offset.
  • Q2 new investments made during the quarter totaled $17M.
  • Gross fundings totaled $138M, consisting of $53M of term loans and $85M of revolvers.
  • Gross exits totaled $233M, consisting of $68M of term loan sales, $49M of term loan repayments, and $116M of gross revolver paydowns.
  • Net leverage at 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.
  • Previously: Apollo Investment NII misses by $0.02, misses on total investment income (Aug. 6)

The Declarations Of Dividend

  • Apollo Investment (NASDAQ: AINV)declares $0.31/share quarterly dividend, -31.1% decrease from prior dividend of $0.45.
  • Forward yield 12.72%
  • Payable Oct. 7; for shareholders of record Sept. 21; ex-div Sept. 18.
  • Additionally, the board declared a supplemental distribution of $0.05/share, payable along with the quarterly dividend.
  • Shares -4.6%.

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