Apollo Investment Corp. (AINV) Tops Q3 EPS by 4c

Apollo Investment Corp. (NASDAQ: AINV) reported Q3 EPS of $0.43, $0.04 better than the analyst estimate of $0.39.

• Net investment income per share for the quarter was $0.43 compared to $0.43 for the quarter ended September 30, 2020
• Net asset value per share as of the end of the quarter was $15.59 compared to $15.44 as of September 30, 2020, an increase of 1.0% driven primarily by a net gain on the corporate lending portfolio(1) and a realized gain on a non-core renewable investment
• New investment commitments made during the quarter totaled $108 million(2)
• Gross fundings during the quarter totaled $157 million primarily consisting of $97 million of term loans and $52 million of revolvers
• Gross exits during the quarter totaled $287 million primarily consisting of $3 million of term loan sales, $184 million of term loan repayments, and $85 million of gross revolver paydowns
• Net paydowns during the quarter totaled $130 million primarily consisting of $90 million of net term loan paydowns and $33 million of net revolver paydowns
• Net leverage(3) as of the end of the quarter was 1.43x, down from 1.56x as of September 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
• Amended and extended the Company’s Senior Secured Facility (the “Facility”) in December; Final maturity extended to 2025; Pricing and advance rates were unchanged on the Facility(4)
• $330 million of immediately available liquidity and $313 million of additional capacity under the Facility as of December 31, 2020(5)

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

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