Apollo Investment has reported calendar first quarter and fiscal full year results and there’s a good deal to unpack. The BDC is making some important strategic moves that could drastically change its future narrative.
The BDC Reporter looks ahead to Apollo Investment’s IQ 2022 earnings release and explains why investors should be paying close attention to multiple factors that could help or hinder the stock price.
The major markets balked at Meta’s results but the BDC sector fell only modestly. There was plenty of news, including earnings releases, a new acquisition, a dividend announcement and credit updates. We’re busy and getting busier.
The major indices dropped again. This time the BDC sector followed, but remains close to its highest levels. Outside of Main Street’s IVQ 2021 update – covered in a separate article – there were two credit developments worth knowing about.
After a brief pause most of the major indices were up, including the BDC sector. One high flying BDC is using the opportunity to issue new shares. We focused principally on a detailed credit review of Apollo Investment.
Apollo Investment continues to under-earn its distribution level, but is narrowing the gap. We discuss the tough choices ahead for the BDC’s advisor.
The markets were mixed but the BDC sector was up – slightly. In the tumult of IIIQ 2021 earnings we discuss the differing stories of three players seeking to “cover” their distribution with earnings.
The BDC rally marches on, but sector prices remain below the June record. Otherwise, we learn more about a smaller sized BDC’s debt raising plans and review an underperforming portfolio company reaching a decision point that might benefit two of its BDC lenders.
September began very slowly where BDC prices were concerned, and there was no news to report. On the credit front, though, we learned more about how the bankruptcy of Sequential Brands might play out. That’s important to two large BDCs.
August ended with a whimper where the major indices, and the BDC sector, were concerned. We run the numbers and discuss a just redeemed Baby Bond and a major corporate bankruptcy affecting two large cap BDCs.
We undertake an in-depth review of Apollo Investment’s portfolio and a multitude of underperforming companies. The BDC Reporter names names and projects what likely ultimate losses might look like.