Apollo Investment Corp. (AINV) Misses Q1 EPS by 2c

Apollo Investment Corp. (NASDAQ: AINV) reported Q1 EPS of $0.43, $0.02 worse than the analyst estimate of $0.45.

• 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)

For earnings history and earnings-related data on Apollo Investment Corp. (AINV) click here.

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