Apollo Investment Corporation Reports Financial Results for the Quarter and Year Ended … | Your money


Fourth quarter financial results:

Net investment income per share for the quarter was $0.42 compared to $0.35 for the three months ended December 31, 2021 Net asset value per share at the end of the quarter was $15.79 compared to 16, $08 as of December 31, 2021, a decrease of 1.8% attributable to a decline in Merx and certain non-core assets(1) New investment commitments made during the quarter totaled $116 million(2) Gross funding during the quarter totaled $220 million(3) consisting of $115 million in term loans and $105 million(4) in revolversGross outflows during the quarter totaled $274 million , primarily comprised of $10 million in term loan sales, $124 million in term loan repayments, $7 million in equity positions and $133 million in gross revolver repayments(5) — Sales and repayments include $7 million in second-tier business loans and $32 million from non-core assets. financingsNet leverage(6) as of March 31, 2022 was 1.51x, compared to 1.52x as of December 31, 2021Continued repurchase of common shares for $2.4 million(7)Declaration of a basic distribution of 0, $31 per share and an additional distribution of $0.05 per share for the quarter ending March 31, 2022(8)

NEW YORK, May 19, 2022 (GLOBE NEWSWIRE) — Apollo Investment Corporation (NASDAQ: AINV) or the “Company” or “Apollo Investment” today announced financial results for its fourth fiscal quarter and fiscal year ended March 31. 2022. The Company’s net investment income was $0.42 per share for the three months ended March 31, 2022, compared to $0.35 per share for the three months ended December 31, 2021. Net asset value (“NAV ”) of the Company was $15.79 per share as at March 31. , 2022, compared to $16.08 as of December 31, 2021.

On May 19, 2022, the Board of Directors declared a distribution of $0.31 per share payable on July 7, 2022 to shareholders of record as of June 16, 2022. On May 19, 2022, the Board of the Company also declared an additional distribution of $0.05 per share payable on July 7, 2022 to shareholders of record on June 16, 2022.

Mr. Howard Widra, Managing Director of Apollo Investment, said: “We continue to make substantial progress in reducing our exposure to non-core assets through the receipt of significant cash proceeds from the redemption of non-core assets. Pro forma for post-quarter-end redemptions and pending sales, non-core assets represent approximately 3% of the total portfolio, at fair value. Mr. Howard Widra continued, “Over the years, we have built a high quality, senior corporate loan portfolio that we believe is well positioned for the current and changing economic environment.

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FINANCIAL HIGHLIGHTS

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(1) The Company’s net leverage ratio is defined as outstanding debt plus amount payable for investments purchased, less amount receivable for investments sold, less cash and cash equivalents, less foreign currency, divided by net assets.

INVESTMENT PORTFOLIO AND ACTIVITY

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* Totals may not add up due to rounding.

OPERATIONAL RESULTS

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* Totals may not add up due to rounding.

(1) Based on the weighted average number of shares outstanding for the period presented.

SHARE BUYBACK PROGRAM *

During the three months ended March 31, 2022, the Company repurchased 60,605 shares at a weighted average price per share of $12.70, including commissions, for a total cost of $0.8 million. During the period from April 1, 2022 to May 18, 2022, the Company repurchased 128,522 shares at a weighted average price per share of $12.74, including commissions, for a total cost of $1.6 million.

Since the launch of the share buyback program and until May 18, 2022, the Company has repurchased 15,395,036 shares at a weighted average price per share of $15.97, including commissions, for a total cost of 245.8 million, leaving a maximum of $29.2 million available for future purchases under the current board authorization of $275 million.

* Share figures have been adjusted to reflect the 1 for 3 reverse stock split that was completed after market close on November 30, 2018.

LIQUIDITY

As of March 31, 2022, the Company’s debt securities outstanding, excluding deferred financing costs and debt discount of $4.9 million, totaled $1.555 billion, consisting of $350 million of unsecured notes Senior Notes (the “2025 Notes”) which will mature on March 3. , 2025, $125 million of unsecured notes (the “2026 Notes”) which will mature on July 16, 2026 and $1.080 billion outstanding under the facility. As of March 31, 2022, $26.9 million in standby letters of credit had been issued through the facility. The remaining capacity available under the facility was $703 million as of March 31, 2022, which is subject to compliance with a borrowing base that applies different rates of advance to different types of assets in the Company’s portfolio. .

CONFERENCE CALL / WEBCAST AT 8:00 AM EDT MAY 20, 2022 The Company will host a conference call on Friday, May 20, 2022 at 8:00 AM Eastern Time. All interested parties are invited to participate in the conference call by dialing (866) 342-8591 approximately 5-10 minutes prior to the call; international callers should dial (203) 518-9713. Attendees should reference Apollo Investment Corporation’s Fourth Quarter 2022 Earnings Call or Conference ID: AINVQ422 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be viewed via the events calendar in the Shareholders section of our website at www.apolloic.com. Following the call, you can access a replay of the event either by phone or audio webcast. The phone replay will be available approximately two hours after the live call and through June 10, 2022 by dialing (800) 688-9459; international callers should dial (402) 220-1373. A replay of the audio webcast will also be available later the same day. To access the audio webcast, please see the calendar of events in the Shareholders section of our website at www.apolloic.com.

ADDITIONAL INFORMATION

The Company provides an additional information package to provide more transparency in its financial results and to make its reports 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.

The composition of our portfolio and the weighted average returns as of March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021 were as follows:

APOLLO INVESTMENT CORPORATION STATEMENTS OF ASSETS AND LIABILITIES (In thousands, except per share and per share data)

APOLLO INVESTMENT CORPORATION STATEMENTS OF OPERATIONS (In thousands, except per share data)

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 Companies Act of 1940. The company invests primarily in various forms of leveraged investments, including secured and unsecured borrowings. , investments in the form of loans and/or equity investments in private companies in the middle market. The Company may also invest in securities of public companies and structured products and other investments such as bonds secured by loans and credit-linked notes. The Company seeks to provide private financing solutions to private businesses that do not have access to more traditional credit providers. Apollo Investment Corporation is managed by Apollo Investment Management, LP, a subsidiary of Apollo Global Management, Inc., a high-growth 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 regarding our future operating results. ; our business prospects and the prospects of our portfolio companies; the impact of the investments we plan 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 planned financing and investments; the adequacy of our liquidity 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 . These statements are based on currently available operational, 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 current expectations. Statements regarding the following matters, 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; measures taken by governmental authorities to contain the COVID-19 pandemic or address its impact; the impact of the COVID-19 pandemic on our financial condition, results of operations, liquidity and capital resources; return on equity; return on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; market prospects; future investment activity; and risks associated with changes in business conditions and the general economy. Undue reliance should not be placed on these forward-looking statements, as these statements speak only as of the date they are made. We do not undertake to update our forward-looking statements unless required by law.

For more information on the COVID-19 pandemic and its potential impact on the Company’s results of operations and financial condition, please refer to the COVID-19 Related Developments and Additional Information section of our form. 10-K for the period ended March 31, 2022.

Contact

Elizabeth Besen Head of Investor Relations Apollo Investment Corporation 212.822.0625 [email protected]

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