Apollo Senior Floating Rate Fund Inc.
AFT
New York Stock Exchange- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Joseph Moroney CFA
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 9 West 57th Street New York City NY United States of America 10019
- IPO Date
- Feb 25, 2011
- CIK
- 0001502573
- Website
- agmfunds.com
- Similar Companies
- Business
- Apollo Senior Floating Rate Fund Inc. (NYSE: AFT) is a closed-end management investment company that seeks current income and capital preservation by investing primarily in senior secured, floating-rate loans to below-investment grade corporate borrowers, emphasizing strong collateral coverage, structural seniority, and solid credit fundamentals. The fund targets fixed income markets through first-lien senior loans and similar investments paying floating interest rates generally quoted as spreads over reference floating rate benchmarks; under normal market conditions, it allocates at least 80% of managed assets, including leverage, to floating rate senior loans and comparable instruments. Launched in 2011 and managed by Apollo Credit Management, LLC, an affiliate of Apollo Global Management, Inc., the fund elected to be taxed as a regulated investment company under the U.S. Internal Revenue Code and historically operated from New York with a focus on U.S. middle-market companies. In a major strategic development, Apollo Senior Floating Rate Fund Inc. merged with and into MidCap Financial Investment Corporation (NASDAQ: MFIC) on July 22, 2024, following stockholder approvals in June 2024 and MFIC's approval in May 2024; this transaction integrated AFT's portfolio into MFIC alongside a parallel merger of Apollo Tactical Income Fund Inc., with AFT shareholders receiving MFIC shares based on net asset values adjusted for distributions. The merger, initially announced in November 2023 and accelerated from an expected first-half 2024 close, included a $0.25 per share cash payment from an Apollo affiliate and positioned former AFT stakeholders to own approximately 16% of the combined entity, enhancing MFIC's scale in directly originated first-lien senior secured loans to U.S. middle-market firms with EBITDA generally under $75 million. Post-merger, AFT shares ceased trading, and operations continue under MFIC, which may also pursue first lien unitranche, second lien, unsecured, subordinated, mezzanine loans, and equities in private and public middle-market companies.