AINV - Apollo Investment gears up for new investments after reducing leverage

Apollo Investment (AINV) achieves net leverage near the low end of its target range in Q4 with net repayments of $130M.Net leverage ratio also benefited from net appreciation on its portfolio as well as retained earnings, the company said."Our corporate lending portfolio continued to recover some of the unrealized losses incurred during the March 2020 quarter," said CEO Howard Widra. "Given our reduced leverage, we have begun to shift our focus to making new investments."New investments made during Q4 totaled $108M vs. $18M in Q3.Q4 net investment income per share of 43 cents vs. average analyst estimate of 39 cents; compares with 43 cents in Q3.Total investment income of $54.4M vs. consensus of $54.3M and $54.9M in Q3.Net asset value per share was $15.59 at Dec. 31 vs. $15.44 at Sept. 30.Gross fundings were $157M, consisting of $97M of term loans and $52M of revolvers; compares with gross fundings of

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Apollo Investment gears up for new investments after reducing leverage