MidCap Financial Q1 2021 Earnings Report
Key Takeaways
Apollo Investment Corporation reported net investment income of $0.43 per share for the quarter ended June 30, 2020, and net asset value per share of $15.29 as of June 30, 2020. The company made considerable progress reducing the Fund’s leverage by exiting approximately $233 million of investments on a gross basis, or $95 million on a net basis, which reduced AINV’s net leverage to 1.66x at the end of June.
Net investment income per share for the quarter was $0.43 compared to $0.59 for the quarter ended March 31, 2020.
Net asset value per share as of the end of the quarter was $15.29 compared to $15.70 as of March 31, 2020, a 2.6% decrease due to a net loss on non-core and legacy assets partially offset by a net gain on the corporate lending portfolio.
New investment commitments made during the quarter totaled $17 million.
Net leverage as of the end of the quarter was 1.66x, down from 1.71x as of March 31, 2020.
MidCap Financial
MidCap Financial
Forward Guidance
The company expects to declare a quarterly supplemental distribution in an amount to be determined each quarter, in addition to a quarterly base distribution of $0.31 per share.