Since the initial public offering of Apollo Investment in April 2004, and through December 31, 2012, invested capital totaled $9.9 billion in 204 portfolio companies. Over the same period, Apollo Investment completed transactions with more than 100 different financial sponsors.
At December 31, 2012, 61% or $1.4 billion of our income-bearing investment portfolio is fixed rate and 39% or $0.9 billion was floating rate, measured at fair value. On a cost basis, 61% or $1.5 billion of our income-bearing investment portfolio is fixed rate and 39% or $1.0 billion is floating rate. At March 31, 2012, 67% or $1.6 billion of our income-bearing investment portfolio was fixed rate and 33% or $0.8 billion is floating rate, measured at fair value. On a cost basis, 65% or $1.7 billion of our income-bearing investment portfolio was fixed rate and 35% or $0.9 billion was floating rate at March 31, 2012.
(1) Includes value of collateralized loan obligations.
APOLLO INVESTMENT CORPORATION STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except per share amounts) December 31, 2012 March 31, (unaudited) 2012 ------------- -------------AssetsNon-controlled/non-affiliated investments, at fair value (cost--$2,514,108 and $2,642,702, respectively) $ 2,355,739 $ 2,490,672Controlled investments, at fair value (cost-- $301,791 and $208,882, respectively) 271,284 186,408Cash 41,521 1,665Foreign currency (cost--$2,168 and $1,013, respectively) 2,169 1,013Receivable for investments sold 36,128 19,606Interest receivable 42,949 54,409Dividends receivable 1 2,898Deferred financing costs 28,621 17,309Prepaid expenses and other assets 1,086 1,283 ------------- ------------- Total assets $ 2,779,498 $ 2,775,263 ------------- -------------LiabilitiesDebt $ 1,040,944 $ 1,009,337Payable for investments 4,000 --Dividends payable 40,578 39,409Management and performance-based incentive fees payable 25,213 24,402Interest payable 12,078 10,102Accrued administrative expenses 1,385 3,420Other liabilities and accrued expenses 3,153 3,362 ------------- ------------- Total liabilities $ 1,127,351 $ 1,090,032 ------------- -------------Net AssetsCommon stock, par value $.001 per share, 400,000 and 400,000 common shares authorized, respectively, and 202,891 and 197,043 issued and outstanding, respectively $ 203 $ 197Paid-in capital in excess of par 2,936,321 2,886,327Over-distributed net investment income (31,337) (34,896)Accumulated net realized loss (1,064,137) (995,426)Net unrealized depreciation (188,903) (170,971) ------------- ------------- Total net assets $ 1,652,147 $ 1,685,231 ------------- ------------- Total liabilities and net assets $ 2,779,498 $ 2,775,263 ------------- -------------Net asset value per share $ 8.14 $ 8.55 ------------- ------------- APOLLO INVESTMENT CORPORATION STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share amounts) Three months ended Nine months ended -------------------------- -------------------------- December 31, December 31, December 31, December 31, 2012 2011 2012 2011 ------------ ------------ ------------ ------------INVESTMENT INCOME:From non- controlled/non- affiliated investments: Interest $ 73,245 $ 77,220 $ 216,157 $ 238,264 Dividends 84 1,125 2,102 5,410 Other income 5,121 3,521 13,620 16,761From non- controlled/affiliat ed investments: Interest -- -- -- 899From controlled investments: Interest 2,431 1,297 5,025 2,565 Dividends 2,331 652 10,473 8,489 ------------ ------------ ------------ ------------ Total investment income $ 83,212 $ 83,815 $ 247,377 $ 272,388 ------------ ------------ ------------ ------------EXPENSES: Management fees $ 13,456 $ 14,693 $ 40,346 $ 46,171 Performance-based incentive fees 10,047 9,634 29,919 29,398 Interest and other debt expenses 14,651 16,926 42,757 50,222 Administrative services expense 1,118 1,500 2,637 3,887 Other general and administrative expenses 1,860 2,524 6,424 10,978 ------------ ------------ ------------ ------------ Total expenses 41,132 45,277 122,083 140,656 ------------ ------------ ------------ ------------ Net investment income $ 42,080 $ 38,538 $ 125,294 $ 131,732 ------------ ------------ ------------ ------------REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CASH EQUIVALENTS AND FOREIGN CURRENCIES: Net realized gain (loss): Investments and cash equivalents $ (10,366) $ (276,031) $ (69,380) $ (340,621) Foreign currencies 1,061 1,036 669 (507) ------------ ------------ ------------ ------------ Net realized loss (9,305) (274,995) (68,711) (341,128) ------------ ------------ ------------ ------------ Net change in unrealized depreciation/appr eciation: Investments and cash equivalents (51,309) 298,005 (14,426) (7,464) Foreign currencies (4,210) 2,149 (3,506) 13,363 ------------ ------------ ------------ ------------ Net change in unrealized depreciation/ appreciation (55,519) 300,154 (17,932) 5,899 ------------ ------------ ------------ ------------ Net realized and unrealized gain (loss) from investments, cash equivalents and foreign currencies (64,824) 25,159 (86,643) (335,229) ------------ ------------ ------------ ------------NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ (22,744) $ 63,697 $ 38,651 $ (203,497)EARNINGS GAIN (LOSS) PER SHARE - BASIC $ (0.11) $ 0.32 $ 0.19 $ (1.04) ------------ ------------ ------------ ------------EARNINGS GAIN (LOSS) PER SHARE - DILUTED $ (0.11) $ 0.31 $ 0.19 $ (1.04) ------------ ------------ ------------ ------------
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 Company Act of 1940. The Company provides private debt market solutions to middle market companies in the form of senior secured, mezzanine and asset based loans and may also acquire equity interests. The Company seeks to provide private financing solutions for private companies that do not have access to the more traditional providers of credit. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, LLC, a leading global alternative investment manager. For more information, please visit http://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 as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; 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 expected financings and investments; the adequacy of our cash resources 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. Such statements are based on currently available operating, 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 our present expectations. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.
Contact
Elizabeth Besen
Investor Relations Manager
Apollo Investment Corporation
(212) 822-0625
ebesen@apollolp.com
