Apollo Investment Corporation Reports Financial Results for the Quarter Ended June 30, 2018
NEW YORK--(BUSINESS WIRE)--Aug 8, 2018--Apollo Investment Corporation (NASDAQ: AINV) or the “Company,” or “Apollo Investment,” today announced financial results for its first fiscal quarter ended June 30, 2018. The Company’s net investment income was $0.15 per share for the quarter ended June 30, 2018, compared to $0.15 per share for the quarter ended March 31, 2018. The Company’s net asset value (“NAV”) was $6.47 per share as of June 30, 2018, compared to $6.56 as of March 31, 2018.
On August 8, 2018, the Board of Directors declared a distribution of $0.15 per share, payable on October 9, 2018 to shareholders of record as of September 24, 2018.
Mr. Howard Widra, Apollo Investment’s Chief Executive Officer commented, “We continue to make considerable progress executing our strategy. During the quarter, we deployed over $350 million with a focus on our core strategies, which now account for 80% of the portfolio, on a fair value basis. We also continue to prepare for the increase in our regulatory leverage which will become effective in April 2019 and which we believe will enable us to accelerate our de-risking investment strategy.”
SHARE REPURCHASE PROGRAM
During the three months ended June 30, 2018, the Company repurchased 1,386,802 shares at a weighted average price per share of $5.68, inclusive of commissions, for a total cost of $7.9 million. During the period from July 1, 2018 through August 7, 2018, the Company repurchased 26,600 shares at a weighted average price per share of $5.58 inclusive of commissions, for a total cost of $0.1 million. Since the inception of the share repurchase program and through August 7, 2018, the Company repurchased 21,842,657 shares at a weighted average price per share of $5.87, inclusive of commissions, for a total cost of $128.1 million, leaving a maximum of $21.9 million available for future purchases under the current Board authorization of $150 million.
CONFERENCE CALL / WEBCAST AT 5:00 PM EDT ON AUGUST 8, 2018
The Company will host a conference call on Wednesday, August 8, 2018 at 5:00 p.m. Eastern Time. All interested parties are welcome to participate in the conference call by dialing (888) 802-8579 approximately 5-10 minutes prior to the call; international callers should dial (973) 633-6740. Participants should reference Apollo Investment Corporation or Conference ID #2687069 when prompted. A simultaneous webcast of the conference call will be available to the public on a listen-only basis and can be accessed through the Events Calendar in the Shareholder section of our website at www.apolloic.com. Following the call, you may access a replay of the event either telephonically or via audio webcast. The telephonic replay will be available approximately two hours after the live call and through August 29, 2018 by dialing (800) 585-8367; international callers please dial (404) 537-3406, reference Conference ID #2687069. A replay of the audio webcast will also be available later that same day. To access the audio webcast please visit the Events Calendar in the Shareholder section of the Company’s website at www.apolloic.com.
The Company provides a supplemental information package to offer more transparency into its financial results and make its reporting 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.
Our portfolio composition and weighted average yields as of June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017, and June 30, 2017 were as follows:
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