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AFT - AFT: Fully Funded Distribution But Amortizing NAV - Something Doesn't Add Up
Apollo Senior Floating Rate Fund Inc.
2023-03-09 01:38:56 ET
Summary
The AFT fund primarily invests in senior secured loans.
The fund pays an attractive 10.2% distribution that is fully funded by NII.
However, an amortizing NAV suggests something is wrong with the fund's investment process, as it consistently suffers from realized and unrealized losses.