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"Apollo Investment Corporation, a Maryland corporation organized on February 2, 2004, is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes we have elected to be treated as a regulated investment company, or RIC, under the Internal Revenue Code of 1986, as amended (the “Code”). Our common stock is quoted on The Nasdaq Global Select Market under the symbol “AINV.” Our investment objective is to generate current income and capital appreciation. We invest primarily in various forms of debt investments including secured and unsecured debt, loan investments and/or equity in private middle market companies. We may also invest in the securities of public companies and structured products such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc., a leading global alternative investment manager, serves as our investment adviser".
IQ 2021 CREDIT UPDATE
AINV does not undertake an internal investment rating process. Here is the BDC Credit Reporter's evaluation. Total portfolio assets at 3/31/2021 were $2,716mn at cost and $2.449mn at FMV, a discount of (9.2%). AINV had 135 portfolio companies, of which 14 were rated as CCR 4 or CCR 5 on our 5 point credit performance scale. The cost of the underperformers was $665.25mn (including $310.8mn of Merxe Aviation) and the FMV $441.8mn (including $315.6mn of Merx Aviation). The discount was (34%).
Of the 14 underperformers, 8 were rated CCR 4 and 6 CCR 5. Overall, 5 are rated as non-material and are not reviewed by the BDC Credit Reporter. According to AINV "5.7% of total investments at amortized cost, or 1.4% of total investments at fair value, were on non-accrual status". This equates to $155mn and $34mn respectively.
Far and away the largest individual underperformer (by the BDC Credit Reporter's standards albeit not by AINV's) - is Merx Aviation, an aircraft leasing company which the BDC controls. Also of significant size either on a fair market value or income basis - or both - are Dynamic Product Tankers - an oil shipment business in which AINV has a substantial equity stake and SHD Oil & Gas, an E&P company. AINV owns 38% of SHD, also known as Spotted Hawk. There are more modest exposures to CarbonFree Chemicals (aka Maxus Capital Carbon), a chemical plant which AINV financed and has an equity stake in and to Ambrosia Buyer Corp, a manufacturer of kitchen equipment. AINV also has exposure to Paper Source, a stationery retailer that recently filed Chapter 11 and to Sequential Brands, a licensor of consumer brands, whose debt is currently in default and to Golden Bear 2016-R, a special securitized vehicle. Then there are 6 other companies whose fair market value is less than $10mn each. For the full list of AINV underperformers at IQ 2021, see the attached table.