TPVG - Apollo Investment: Trading Far Below Net Asset Value But NAV May Be Headed Lower

• Many BDC's like Apollo Investment are trading far below their book value today and offer double-digit dividend yields.
• Apollo's book value has likely risen over the past few weeks due to a collapse in lending rates for high-credit-risk assets.
• Despite its 12% dividend yield and significant book value discount, I believe investors should be wary of Apollo.
• Apollo has been hit hard by its aircraft leasing business and its non-cyclical holdings which have not been hit hard are risky bets due to the intangibility of their assets.

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