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Author: Hohum777 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 828  
Subject: AINV results Date: 11/5/2011 2:33 PM
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AINV calendar year ends in March. That shift tends to move things off kilter e.g. is the dividend
paid in mid-Sept for the previous Q, or the one ending Sept 30th? The next dividend gets paid mid-Dec.

Company maintained dividend, but NAV took a major hit, from $9.76/sh => $8.12/sh. This is not good
since the typical avenue for BDC growth has been to attract new investors by offering new shares at a
discount to NAV. With AINV currently trading at roughly NAV, that means something less than $8/sh.

The most recent earnings call:
http://seekingalpha.com/article/305503-apollo-investment-s-c...

AINV mgmt indicated the NAV had room for recovery. One analyst inquired about some "newer"
investments that had not been there before. Level 3 (LVLT) was one. I think it was LUK
who had once placed a bet on Level 3. Stock had been trading in the single digits until a recent
reverse split. The company likes to keep its leverage under .8, and is currently at .77, so another
reason to worry about a dilution if investments aren't monetized.

One more investment in non-accrual in Q2, total two.

Have had an AINV stake for many years. Its size has gone up-and-down over the
years. Probably time for me to trim- likely on the run-up to the dividend payout.
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