Apollo Tactical Income Fund Inc. | ||||||||
Schedule of Investments | ||||||||
March 31, 2021 (unaudited) | ||||||||
Principal | ||||||||
Amount ($) | Value ($) | |||||||
Senior Loans - 93.3%(a) | ||||||||
AEROSPACE & DEFENSE - 5.1% | ||||||||
Guidehouse, LLP | ||||||||
First Lien Term Loan, (1M LIBOR + 4.00%, 0.00% Floor), 4.11%, 05/01/25(c) | 2,705,686 | 2,711,003 | ||||||
Kestrel Bidco, Inc. (Canada) | ||||||||
First Lien Term Loan B, (6M LIBOR + 3.00%, 1.00% Floor), 4.00%, 12/11/26(c)(e) | 1,135,560 | 1,103,600 | ||||||
MRO Holdings, Inc. | �� | |||||||
First Lien Term Loan B, (3M LIBOR + 5.00%, 0.00% Floor), 5.20%, 06/04/26(c) | 3,137,186 | 3,036,545 | ||||||
Pae Holding Corporation | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.50%, 0.75% Floor), 5.25%, 10/19/27(c) | 2,197,044 | 2,202,536 | ||||||
Peraton Corp. | ||||||||
First Lien Term Loan B, (2M LIBOR + 3.75%, 0.75% Floor), 4.50%, 02/01/28(c) | 1,583,609 | 1,586,254 | ||||||
Transdigm, Inc. | ||||||||
First Lien Term Loan F, (1M LIBOR + 2.25%, 0.00% Floor), 2.36%, 12/09/25(b)(c) | 1,580,112 | 1,549,497 | ||||||
12,189,435 | ||||||||
AUTOMOTIVE - 0.5% | ||||||||
Truck Hero, Inc. | ||||||||
First Lien Term Loan, (1M LIBOR + 3.75%, 0.75% Floor), 4.50%, 01/31/28(c) | 1,174,737 | 1,173,680 | ||||||
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.4% | ||||||||
Alliant Holdings Intermediate, LLC | ||||||||
First Lien Term Loan B3, (1M LIBOR + 3.75%, 0.50% Floor), 4.25%, 11/05/27(c) | 653,144 | 653,086 | ||||||
Asurion, LLC | ||||||||
Second Lien Term Loan B3, (1M LIBOR + 5.25%, 0.00% Floor), 5.36%, 01/31/28(c) | 1,214,815 | 1,238,959 | ||||||
Edelman Financial Center, LLC | ||||||||
First Lien Term Loan, (LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/15/28(b)(c) | 1,477,670 | 1,471,671 | ||||||
3,363,716 | ||||||||
BEVERAGE, FOOD & TOBACCO - 2.2% | ||||||||
Froneri US, Inc. (United Kingdom) | ||||||||
Second Lien Term Loan, (1M LIBOR + 5.75%, 0.00% Floor), 5.86%, 01/31/28(c)(e) | 1,559,322 | 1,583,694 | ||||||
Winebow Holdings, Inc. | ||||||||
First Lien Term Loan, (1M LIBOR + 3.75%, 1.00% Floor), 4.75%, 07/01/21(c) | 3,808,063 | 3,785,214 | ||||||
5,368,908 | ||||||||
CAPITAL EQUIPMENT - 1.5% | ||||||||
Safe Fleet Holdings, LLC | ||||||||
First Lien Term Loan, (6M LIBOR + 3.00%, 1.00% Floor), 4.00%, 02/03/25(c) | 2,243,603 | 2,206,359 | ||||||
Second Lien Term Loan, (6M LIBOR + 6.75%, 1.00% Floor), 7.75%, 02/02/26(c) | 1,403,846 | 1,362,608 | ||||||
3,568,967 | ||||||||
CHEMICALS, PLASTICS, & RUBBER - 3.9% | ||||||||
Charter NEX US, Inc. | ||||||||
First Lien Term Loan, (1M LIBOR + 4.25%, 0.75% Floor), 5.00%, 12/01/27(c) | 2,241,393 | 2,248,801 | ||||||
CPC Acquisition Corp. | ||||||||
First Lien Term Loan, (6M LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/29/27(c) | 1,004,405 | 1,006,083 | ||||||
Polar US Borrower, LLC | ||||||||
First Lien Term Loan, (1M LIBOR + 4.75%, 0.00% Floor), 4.86%, 10/15/25(c) | 1,974,747 | 1,964,874 | ||||||
Pretium PKG Holdings, Inc. | ||||||||
First Lien Term Loan, (6M LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/05/27(c) | 2,304,897 | 2,305,853 | ||||||
Vantage Specialty Chemicals, Inc. | ||||||||
First Lien Term Loan, (3M LIBOR + 3.50%, 1.00% Floor), 4.50%, 10/28/24(b)(c) | 1,994,845 | 1,888,460 | ||||||
9,414,071 | ||||||||
CONSTRUCTION & BUILDING - 1.1% | ||||||||
Associated Asphalt Partners, LLC | ||||||||
First Lien Term Loan B, (1M LIBOR + 5.25%, 1.00% Floor), 6.25%, 04/05/24(c) | 2,798,037 | 2,619,662 | ||||||
CONSUMER GOODS: DURABLE - 0.5% | ||||||||
Hayward Industries, Inc. | ||||||||
First Lien Incremental Term Loan, (1M LIBOR + 3.75%, 0.75% Floor), 4.50%, 08/04/26(c) | 1,275,344 | 1,277,735 | ||||||
CONSUMER GOODS: NON-DURABLE - 0.3% | ||||||||
Coty, Inc. | ||||||||
First Lien Term Loan A, (1M LIBOR + 1.50%, 0.00% Floor), 1.60%, 04/05/23(b)(c) | 767,284 | 741,388 | ||||||
Apollo Tactical Income Fund Inc. | ||||||||
Schedule of Investments | ||||||||
March 31, 2021 (unaudited) | ||||||||
Principal | ||||||||
Amount ($) | Value ($) | |||||||
Senior Loans(a) (continued) | ||||||||
CONTAINERS, PACKAGING & GLASS - 1.7% | ||||||||
Anchor Glass Container Corp. | ||||||||
First Lien Term Loan, (3M LIBOR + 2.75%, 1.00% Floor), 3.75%, 12/07/23(c) | 2,669,693 | 2,369,139 | ||||||
Strategic Materials Holding Corp. | ||||||||
First Lien Term Loan, (3M LIBOR + 3.75%, 1.00% Floor), 4.75%, 11/01/24(c) | 1,994,845 | 1,775,412 | ||||||
4,144,551 | ||||||||
ENVIRONMENTAL INDUSTRIES - 1.9% | ||||||||
Dispatch Acquisition Holdings, LLC | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.25%, 0.75% Floor), 5.00%, 03/17/28(c) | 3,000,000 | 2,995,320 | ||||||
Trugreen Limited Partnership | ||||||||
First Lien Term Loan, (1M LIBOR + 4.00%, 0.75% Floor), 4.75%, 11/02/27(c) | 1,479,617 | 1,480,549 | ||||||
4,475,869 | ||||||||
FOREST PRODUCTS & PAPER - 1.1% | ||||||||
Spa US Holdco, Inc. | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.00%, 0.75% Floor), 4.75%, 03/10/28(b)(c) | 2,710,811 | 2,714,199 | ||||||
HEALTHCARE & PHARMACEUTICALS - 10.5% | ||||||||
Athenahealth, Inc. | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.25%, 0.00% Floor), 4.45%, 02/11/26(c) | 852,140 | 855,336 | ||||||
Bausch Health Companies Inc. | ||||||||
First Lien Term Loan B, (1M LIBOR + 3.00%, 0.00% Floor), 3.11%, 06/02/25(c) | 3,000,000 | 2,994,030 | ||||||
BioClinica Holding I, LP | ||||||||
First Lien Initial Term Loan, (1M LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/20/23(c) | 2,100,754 | 2,101,626 | ||||||
CCRR Parent, Inc. | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.25%, 0.75% Floor), 5.00%, 03/06/28(c) | 2,402,062 | 2,408,067 | ||||||
Endo International PLC | ||||||||
First Lien Term Loan, (1M LIBOR + 5.00%, 0.75% Floor), 5.75%, 03/27/28(b)(c) | 4,068,468 | 4,034,557 | ||||||
Gainwell Acquisition Corporation | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.00%, 0.75% Floor), 4.75%, 10/01/27(b)(c) | 8,703,787 | 8,682,027 | ||||||
Maravai Intermediate Holdings LLC | ||||||||
First Lien Term Loan B, (1M LIBOR + 4.25%, 1.00% Floor), 5.25%, 10/19/27(c) | 2,933,505 | 2,951,840 | ||||||
Women's Care Holdings, Inc. | ||||||||
First Lien Term Loan, (3M LIBOR + 4.50%, 0.75% Floor), 5.25%, 01/14/28(c) | 1,102,602 | 1,105,816 | ||||||
25,133,299 | ||||||||
HIGH TECH INDUSTRIES - 18.5% | ||||||||
Almonde, Inc. | ||||||||
First Lien Term Loan B, (6M LIBOR + 3.50%, 1.00% Floor), 4.50%, 06/13/24(b)(c) | 4,983,714 | 4,891,466 | ||||||
Aspect Software, Inc. | ||||||||
First Lien Term Loan, (3M LIBOR + 5.00%, 1.00% Floor), 6.00%, 01/15/24(c) | 2,756,983 | 2,757,673 | ||||||
DCert Buyer, Inc. | ||||||||
Second Lien Term Loan, (1M LIBOR + 7.00%, 0.00% Floor), 7.11%, 02/19/29(b)(c) | 3,045,858 | 3,074,429 | ||||||
Delta Topco, Inc. | ||||||||
First Lien Term Loan, (6M LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/01/27(c) | 3,800,712 | 3,801,396 | ||||||
Electronics for Imaging, Inc. | ||||||||
First Lien Term Loan, (1M LIBOR + 5.00%, 0.00% Floor), 5.11%, 07/23/26(c) | 4,879,060 | 4,607,223 | ||||||
Flexera Software LLC | ||||||||
First Lien Term Loan B, (3M LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/03/28(c) | 2,986,645 | 2,995,978 | ||||||
Greeneden U.S. Holdings II, LLC | ||||||||
First Lien Term Loan, (1M LIBOR + 4.00%, 0.75% Floor), 4.75%, 12/01/27(c) | 3,892,272 | 3,896,164 | ||||||
Imperva, Inc. | ||||||||
First Lien Term Loan, (3M LIBOR + 4.00%, 1.00% Floor), 5.00%, 01/12/26(c) | 3,361,673 | 3,365,606 | ||||||
ION Trading Technologies S.A.R.L (United Kingdom) | ||||||||
First Lien Term Loan, (1M LIBOR + 4.00%, 1.00% Floor), 5.00%, 11/21/24(c)(e) | 2,056,865 | 2,060,618 | ||||||
Ivanti Software, Inc. | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.75%, 1.00% Floor), 5.75%, 12/01/27(c) | 5,921,164 | 5,952,635 | ||||||
Riverbed Technology, Inc. | ||||||||
First Lien Term Loan, (2M/3M LIBOR + 6.00%, 1.00% Floor), 7.00%, 12/31/25(c) | 3,503,300 | 3,373,801 | ||||||
Second Lien Term Loan, (4.50% PIK), (3M LIBOR + 11.00%, 1.00% Floor), 12.00%, 12/31/26(c)(f) | 4,590,071 | 3,704,852 | ||||||
44,481,841 | ||||||||
HOTEL, GAMING & LEISURE - 3.1% | ||||||||
Alterra Mountain Company | ||||||||
First Lien Term Loan, (1M LIBOR + 4.50%, 1.00% Floor), 5.50%, 08/01/26(c) | 1,954,256 | 1,964,027 | ||||||
Caesars Resort Collection, LLC | ||||||||
First Lien Term Loan B1, (1M LIBOR + 4.50%, 0.00% Floor), 4.61%, 07/21/25(c) | 3,244,383 | 3,255,074 | ||||||
The Enterprise Development Authority | ||||||||
First Lien Term Loan, (LIBOR + 4.25%, 0.75% Floor), 5.00%, 02/18/28(b)(c) | 2,175,227 | 2,186,103 | ||||||
7,405,204 | ||||||||
Apollo Tactical Income Fund Inc. | ||||||||
Schedule of Investments | ||||||||
March 31, 2021 (unaudited) | ||||||||
Principal | ||||||||
Amount ($) | Value ($) | |||||||
Senior Loans(a) (continued) | ||||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 1.7% | ||||||||
Advantage Sales & Marketing Inc. | ||||||||
First Lien Term Loan, (3M LIBOR + 5.25%, 0.75% Floor), 6.00%, 10/28/27(c) | 1,929,995 | 1,930,168 | ||||||
F & W Media, Inc. | ||||||||
First Lien Term Loan B1, (LIBOR + 6.50%, 1.50% Floor), 0.00%, 05/24/22(c)(d)(g)(j) | 347,024 | – | ||||||
First Lien Term Loan B2, (LIBOR + 10.00%, 1.50% Floor), 0.00%, 05/24/22(c)(d)(g)(j) | 1,076,345 | – | ||||||
Gannett Holdings, LLC | ||||||||
First Lien Term Loan B, (3M LIBOR + 7.00%, 0.75% Floor), 7.75%, 01/29/26(b)(c) | 1,998,196 | 2,016,929 | ||||||
3,947,097 | ||||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 5.1% | ||||||||
GEE Acquisition Holdings Corp. | ||||||||
First Lien Term Loan, (3M LIBOR + 8.00%, 1.00% Floor), 9.00%, 03/24/25(b)(c) | 2,346,207 | 2,290,485 | ||||||
First Lien Term Loan, (6.75% PIK), (3M LIBOR + 8.25%, 1.00% Floor), 9.25%, 03/23/26(c)(f) | 1,744,343 | 1,626,600 | ||||||
First Lien Term Loan Delayed Draw, (LIBOR + 7.00%, 1.00% Floor), 8.00%, 09/25/23(b)(c)(d) | 67,400 | 66,052 | ||||||
Univision Communications, Inc. | ||||||||
First Lien Term Loan, (1M LIBOR + 2.75%, 1.00% Floor), 3.75%, 03/15/24(b)(c) | 1,973,675 | 1,962,711 | ||||||
WideOpenWest Finance, LLC | ||||||||
First Lien Term Loan B, (1M LIBOR + 3.25%, 1.00% Floor), 4.25%, 08/18/23(c) | 2,080,674 | 2,080,029 | ||||||
William Morris Endeavor Entertainment, LLC | ||||||||
First Lien Term Loan B, (3M LIBOR + 2.75%, 0.00% Floor), 2.90%, 05/18/25(c) | 4,520,563 | 4,283,866 | ||||||
12,309,743 | ||||||||
METALS & MINING - 1.0% | ||||||||
Time Manufacturing Acquisition, LLC | ||||||||
First Lien Term Loan, (6M LIBOR + 5.00%, 1.00% Floor), 6.00%, 02/03/23(c)(d) | 2,246,885 | 2,255,310 | ||||||
RETAIL - 4.7% | ||||||||
Charming Charlie, LLC | ||||||||
First Lien Delayed Draw Term Loan, 0.00%, 05/28/22(d)(g)(h)(j) | 59,069 | 8,269 | ||||||
First Lien Term Loan A, (LIBOR + 5.00%, 1.00% Floor), 0.00%, 04/24/23(c)(d)(g)(j) | 261,799 | – | ||||||
First Lien Term Loan B, (LIBOR + 1.00%, 1.00% Floor), 0.00%, 04/24/23(c)(d)(g)(j) | 320,539 | – | ||||||
First Lien Vendor Term Loan, 0.00%, 05/15/20(d)(g)(h)(j) | 10,627 | 1,488 | ||||||
EG America, LLC | ||||||||
First Lien Term Loan, (3M LIBOR + 4.00%, 0.00% Floor), 4.20%, 02/07/25(c) | 881,939 | 869,340 | ||||||
First Lien Term Loan B, (LIBOR + 4.25%, 0.50% Floor), 4.75%, 03/11/26(b)(c) | 940,178 | 931,952 | ||||||
Empire Today, LLC | ||||||||
First Lien Term Loan, (LIBOR + 5.00%, 0.75% Floor), 5.75%, 03/24/28(b)(c) | 2,195,875 | 2,195,875 | ||||||
Petco Health and Wellness Company, Inc. | ||||||||
First Lien Term Loan, (3M LIBOR + 3.25%, 0.75% Floor), 4.00%, 03/03/28(c) | 4,940,299 | 4,928,714 | ||||||
PetSmart, Inc. | ||||||||
First Lien Term Loan, (6M LIBOR + 3.75%, 0.75% Floor), 4.25%, 02/11/28(b)(c) | 2,409,303 | 2,408,942 | ||||||
11,344,580 | ||||||||
SERVICES: BUSINESS - 8.8% | ||||||||
CareStream Health, Inc. | ||||||||
First Lien Term Loan, (6M LIBOR + 6.75%, 1.00% Floor), 7.75%, 05/08/23(c) | 293,448 | 292,990 | ||||||
Second Lien Term Loan, (8.00% PIK), (3M LIBOR + 12.50%, 1.00% Floor), 13.50%, 08/08/23(c)(f) | 1,111,037 | 1,014,749 | ||||||
Convergint Technologies Holdings LLC | ||||||||
First Lien Term Loan, (LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/17/28(b)(c) | 2,012,832 | 2,005,918 | ||||||
First Lien Term Loan, (LIBOR + 3.75%, 0.75% Floor), 4.50%, 03/17/28(c) | 162,291 | 161,734 | ||||||
Deerfield Dakota Holding, LLC | ||||||||
First Lien Term Loan, (1M LIBOR + 3.75%, 1.00% Floor), 4.75%, 04/09/27(c) | 1,286,838 | 1,290,055 | ||||||
DTI Holdco, Inc. | ||||||||
First Lien Term Loan B, (3M LIBOR + 4.75%, 1.00% Floor), 5.75%, 09/29/23(b)(c) | 4,011,597 | 3,881,220 | ||||||
Endure Digital, Inc. | ||||||||
First Lien Term Loan B, (6M LIBOR + 3.50%, 0.75% Floor), 4.25%, 02/10/28(c) | 5,502,015 | 5,453,873 | ||||||
eResearchTechnology, Inc. | ||||||||
First Lien Term Loan B, (1M LIBOR + 4.50%, 1.00% Floor), 5.50%, 02/04/27(b)(c) | 1,134,688 | 1,137,525 | ||||||
Garda World Security Corporation (Canada) | ||||||||
First Lien Term Loan B2, (1M LIBOR + 4.25%, 0.00% Floor), 4.37%, 10/30/26(b)(c)(e) | 4,262,870 | 4,272,632 | ||||||
Software Luxembourg Acquisition S.A.R.L. (Luxembourg) | ||||||||
First Lien First Out Term Loan, (3M LIBOR + 7.50%, 1.00% Floor), 8.50%, 12/27/24(c)(e) | 270,138 | 277,567 | ||||||
First Lien Second Out Term Loan, (3M LIBOR + 7.50%, 1.00% Floor), 8.50%, 04/27/25(c)(e) | 559,700 | 559,464 | ||||||
Verscend Holding Corp. | ||||||||
First Lien Term Loan, (LIBOR + 4.00%, 0.00% Floor), 4.00%, 08/27/25(b)(c) | 705,179 | 706,159 | ||||||
21,053,886 | ||||||||
Apollo Tactical Income Fund Inc. | ||||||||
Schedule of Investments | ||||||||
March 31, 2021 (unaudited) | ||||||||
Principal | ||||||||
Amount ($) | Value ($) | |||||||
Senior Loans(a) (continued) | ||||||||
SERVICES: CONSUMER - 0.5% | ||||||||
USS Ultimate Holdings, Inc. | ||||||||
First Lien Term Loan, (1M LIBOR + 3.75%, 1.00% Floor), 4.75%, 08/25/24(c) | 1,227,735 | 1,230,946 | ||||||
TELECOMMUNICATIONS - 13.8% | ||||||||
Flight Bidco, Inc. | ||||||||
First Lien Term Loan, (1M LIBOR + 3.50%, 0.00% Floor), 3.61%, 07/23/25(c) | 4,471,238 | 4,447,496 | ||||||
Frontier Communications Corporation | ||||||||
First Lien Term Loan, (1M LIBOR + 4.75%, 1.00% Floor), 5.75%, 10/08/21(c) | 2,255,556 | 2,252,737 | ||||||
Intelsat Jackson Holdings S.A. (Luxembourg) | ||||||||
First Lien DIP Term Loan, (3M LIBOR + 5.50%, 1.00% Floor), 6.50%, 07/13/22(c)(e) | 3,511,365 | 3,562,279 | ||||||
First Lien Term Loan, (Prime + 5.50%), 8.75%, 01/02/24(c)(e)(g) | 5,735,607 | 5,868,243 | ||||||
First Lien Term Loan B, (Prime + 4.75%), 8.00%, 11/27/23(c)(e)(g) | 1,188,001 | 1,210,412 | ||||||
First Lien Term Loan B5, 8.63%, 01/02/24(e)(g)(h) | 5,056,202 | 5,172,722 | ||||||
Radiate Holdco, LLC | ||||||||
First Lien Term Loan, (1M LIBOR + 3.50%, 0.75% Floor), 4.25%, 09/25/26(c) | 3,147,571 | 3,150,074 | ||||||
U.S. TelePacific Corp. | ||||||||
First Lien Term Loan B, (6M LIBOR + 5.50%, 1.00% Floor), 6.50%, 05/02/23(c) | 5,555,947 | 5,159,419 | ||||||
Zacapa S.A.R.L. (Luxembourg) | ||||||||
First Lien Term Loan B, (6M LIBOR + 4.50%, 0.00% Floor), 4.70%, 07/02/25(c)(e) | 2,167,002 | 2,176,168 | ||||||
32,999,550 | ||||||||
TRANSPORTATION: CONSUMER - 2.5% | ||||||||
American Airlines, Inc. | ||||||||
First Lien Term Loan B, (1M LIBOR + 2.00%, 0.00% Floor), 2.11%, 04/28/23(b)(c) | 2,500,000 | 2,390,238 | ||||||
Delta Air Lines, Inc. | ||||||||
First Lien Term Loan B, (3M LIBOR + 3.75%, 1.00% Floor), 4.75%, 10/20/27(c) | 2,803,490 | 2,947,870 | ||||||
The Hertz Corporation | ||||||||
First Lien Term Loan, (LIBOR + 3.25%, 0.00% Floor), 3.25%, 06/30/21(b)(c) | 742,546 | 749,228 | ||||||
6,087,336 | ||||||||
UTILITIES: ELECTRIC - 1.2% | ||||||||
PG&E Corporation | ||||||||
First Lien Term Loan, (3M LIBOR + 3.00%, 0.50% Floor), 3.50%, 06/23/25(c) | 2,923,864 | 2,924,770 | ||||||
WHOLESALE - 0.7% | ||||||||
LBM Acquisition, LLC | ||||||||
First Lien Term Loan B, (3M LIBOR + 3.75%, 0.75% Floor), 4.50%, 12/17/27(c) | 1,716,377 | 1,712,034 | ||||||
Total Senior Loans | ||||||||
(Cost $225,940,424) | 223,937,777 | |||||||
Corporate Notes and Bonds - 42.0% | ||||||||
AEROSPACE & DEFENSE - 1.8% | ||||||||
Transdigm, Inc. | ||||||||
8.00%, 12/15/25(h)(i) | 1,068,000 | 1,164,120 | ||||||
6.25%, 03/15/26(h)(i) | 3,000,000 | 3,184,365 | ||||||
4,348,485 | ||||||||
AUTOMOTIVE - 1.7% | ||||||||
Lithia Motors, Inc. | ||||||||
4.38%, 01/15/31(h)(i) | 3,929,000 | 4,085,453 | ||||||
BEVERAGE, FOOD & TOBACCO - 3.6% | ||||||||
JBS, S.A. | ||||||||
6.75%, 02/15/28(h)(i) | 1,000,000 | 1,097,500 | ||||||
6.50%, 04/15/29(h)(i) | 2,847,000 | 3,221,523 | ||||||
5.50%, 01/15/30(h)(i) | 2,000,000 | 2,217,500 | ||||||
Restaurant Brands International, Inc. (Canada) | ||||||||
5.75%, 04/15/25(e)(h)(i) | 2,000,000 | 2,128,140 | ||||||
8,664,663 | ||||||||
CAPITAL EQUIPMENT - 0.9% | ||||||||
Clark Equipment Company (Republic of Korea) | ||||||||
5.88%, 06/01/25(e)(h)(i) | 2,000,000 | 2,121,250 | ||||||
CHEMICALS, PLASTICS, & RUBBER - 2.2% | ||||||||
Trinseo S.A. | ||||||||
5.13%, 04/01/29(h)(i) | 3,000,000 | 3,097,500 | ||||||
W.R. Grace & Co. | ||||||||
4.88%, 06/15/27(h)(i) | 2,000,000 | 2,072,900 | ||||||
5,170,400 | ||||||||
CONSTRUCTION & BUILDING - 0.4% | ||||||||
Forterra, Inc. | ||||||||
6.50%, 07/15/25(h)(i) | 1,000,000 | 1,076,875 | ||||||
Apollo Tactical Income Fund Inc. | ||||||||
Schedule of Investments | ||||||||
March 31, 2021 (unaudited) | ||||||||
Principal | ||||||||
Amount ($) | Value ($) | |||||||
Corporate Notes and Bonds (continued) | ||||||||
CONSUMER GOODS: DURABLE - 1.7% | ||||||||
Edgewell Personal Care Company | ||||||||
4.13%, 04/01/29(h)(i) | 4,000,000 | 3,984,300 | ||||||
CONSUMER GOODS: NON-DURABLE - 0.6% | ||||||||
Prestige Brands, Inc. | ||||||||
5.13%, 01/15/28(h)(i) | 1,429,000 | 1,501,114 | ||||||
CONTAINERS, PACKAGING & GLASS - 0.9% | ||||||||
Ardagh Packaging Finance PLC | ||||||||
5.25%, 04/30/25(h)(i) | 2,000,000 | 2,104,660 | ||||||
ENERGY: OIL & GAS - 2.7% | ||||||||
Ferrellgas Escrow LLC | ||||||||
5.38%, 04/01/26(h)(i) | 3,000,000 | 2,987,400 | ||||||
Moss Creek Resources Holdings, Inc. | ||||||||
7.50%, 01/15/26(h)(i) | 3,635,000 | 2,933,718 | ||||||
10.50%, 05/15/27(h)(i) | 553,000 | 478,345 | ||||||
6,399,463 | ||||||||
HEALTHCARE & PHARMACEUTICALS - 7.3% | ||||||||
Bausch Health Companies, Inc. | ||||||||
7.00%, 01/15/28(h)(i) | 2,000,000 | 2,174,480 | ||||||
6.25%, 02/15/29(h)(i) | 2,000,000 | 2,128,802 | ||||||
5.00%, 02/15/29(h)(i) | 1,000,000 | 995,000 | ||||||
5.25%, 02/15/31(h)(i) | 3,000,000 | 2,991,285 | ||||||
Encompass Health Corp. | ||||||||
4.63%, 04/01/31(h) | 3,996,000 | 4,140,855 | ||||||
Endo International PLC | ||||||||
6.13%, 04/01/29(h)(i) | 2,062,000 | 2,082,620 | ||||||
Par Pharmaceutical, Inc. | ||||||||
7.50%, 04/01/27(h)(i) | 1,407,000 | 1,494,178 | ||||||
RP Escrow Issuer, LLC | ||||||||
5.25%, 12/15/25(h)(i) | 1,463,000 | 1,517,862 | ||||||
17,525,082 | ||||||||
HIGH TECH INDUSTRIES - 2.1% | ||||||||
Playtika Holding Corp. | ||||||||
4.25%, 03/15/29(h)(i) | 3,000,000 | 2,961,225 | ||||||
SS&C Technologies, Inc. | ||||||||
5.50%, 09/30/27(h)(i) | 2,000,000 | 2,132,600 | ||||||
5,093,825 | ||||||||
HOTEL, GAMING & LEISURE - 1.7% | ||||||||
Churchill Downs, Inc. | ||||||||
5.50%, 04/01/27(h)(i) | 2,000,000 | 2,095,030 | ||||||
Life Time, Inc. | ||||||||
5.75%, 01/15/26(h)(i) | 2,000,000 | 2,060,100 | ||||||
4,155,130 | ||||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 1.8% | ||||||||
Advantage Sales & Marketing Inc. | ||||||||
6.50%, 11/15/28(h)(i) | 2,121,000 | 2,209,817 | ||||||
Outfront Media Capital, LLC | ||||||||
5.00%, 08/15/27(h)(i) | 2,000,000 | 2,023,380 | ||||||
4,233,197 | ||||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 4.2% | ||||||||
Charter Communications, Inc. | ||||||||
4.50%, 08/15/30(h)(i) | 2,286,000 | 2,332,760 | ||||||
CSC Holdings, LLC | ||||||||
4.63%, 12/01/30(h)(i) | 1,000,000 | 985,000 | ||||||
Nexstar Escrow Corp. | ||||||||
5.63%, 07/15/27(h)(i) | 2,000,000 | 2,099,370 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | ||||||||
4.50%, 08/15/30(e)(h)(i) | 3,987,000 | 4,025,873 | ||||||
Ziggo B.V. (Netherlands) | ||||||||
4.88%, 01/15/30(e)(h)(i) | 750,000 | 768,008 | ||||||
10,211,011 | ||||||||
METALS & MINING - 0.0% | ||||||||
ERP Iron Ore, LLC | ||||||||
LIBOR + 8.00%, 0.00% 12/31/19(d)(g)(j) | 86,775 | – | ||||||
Magnetation, LLC / Mag Finance Corp. | ||||||||
0.00%, 05/15/18(d)(g)(h)(i)(j) | 2,937,000 | – | ||||||
– | ||||||||
Apollo Tactical Income Fund Inc. | ||||||||
Schedule of Investments | ||||||||
March 31, 2021 (unaudited) | ||||||||
Principal | ||||||||
Amount ($) | Value ($) | |||||||
Corporate Notes and Bonds (continued) | ||||||||
TELECOMMUNICATIONS - 5.7% | ||||||||
CenturyLink, Inc. | ||||||||
4.00%, 02/15/27(h)(i) | 3,000,000 | 3,068,400 | ||||||
4.25%, 07/01/28(h)(i) | 3,000,000 | 3,036,930 | ||||||
Consolidated Communications, Inc. | ||||||||
5.00%, 10/01/28(h)(i) | 2,500,000 | 2,525,750 | ||||||
Frontier Communications Corporation | ||||||||
5.00%, 05/01/28(h)(i) | 3,000,000 | 3,060,765 | ||||||
Radiate Holdco, LLC | ||||||||
4.50%, 09/15/26(h)(i) | 2,000,000 | 2,027,500 | ||||||
13,719,345 | ||||||||
TRANSPORTATION: CONSUMER - 1.8% | ||||||||
United Airlines Holdings, Inc. | ||||||||
5.88%, 10/15/27(h) | 3,903,300 | 4,336,091 | ||||||
WHOLESALE - 0.9% | ||||||||
LBM Acquisition, LLC | ||||||||
6.25%, 01/15/29(h)(i) | 2,000,000 | 2,062,500 | ||||||
Total Corporate Notes and Bonds | ||||||||
(Cost $98,553,672) | 100,792,844 | |||||||
Structured Products - 8.0%(m) | ||||||||
Anchorage Capital CLO, Ltd. (Cayman Islands) | ||||||||
2015-6A, Class ER, 6.35%, 07/15/30(e)(i)(n) | 4,400,000 | 4,290,651 | ||||||
Fortress Credit Opportunities CLO, Ltd. (Cayman Islands) | ||||||||
2018-11A, Class E, 7.15%, 04/15/31(e)(i)(n) | 4,000,000 | 3,799,796 | ||||||
OZLM, Ltd. (Cayman Islands) | ||||||||
2014-8A, Class DRR, 6.08%, 10/17/29(d)(e)(i)(n) | 2,500,000 | 2,338,408 | ||||||
TIAA Churchill Middle Market CLO, Ltd. (Cayman Islands) | ||||||||
2016-1A, Class ER, 7.97%, 10/20/30(e)(i)(n) | 5,000,000 | 4,981,180 | ||||||
2017-1A, Class E, 7.30%, 01/24/30(e)(i)(n) | 4,000,000 | 3,924,128 | ||||||
Total Structured Products | ||||||||
(Cost $19,369,151) | 19,334,163 | |||||||
Common Stocks - 3.7% | Quantity | Value ($) | ||||||
AUTOMOTIVE - 0.1% | ||||||||
APC Parent, Inc.(d)(j) | 241,972 | 153,168 | ||||||
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.9% | ||||||||
Medical Card System, Inc.(d) | 914,981 | 4,460,706 | ||||||
ENERGY: OIL & GAS - 0.0% | ||||||||
HGIM Corp.(d)(j) | 1,463 | 549 | ||||||
RDV Resources, Inc.(d)(j) | 7,743 | – | ||||||
549 | ||||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0% | ||||||||
Acosta, Inc.(d)(j) | 3,133 | 23,905 | ||||||
F & W Media, Inc.(d)(j) | 9,511 | – | ||||||
23,905 | ||||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 1.1% | ||||||||
GEE Acquisition Holdings Corp.(d)(j) | 102,608 | 2,744,764 | ||||||
RETAIL - 0.0% | ||||||||
Charming Charlie, LLC(d)(j) | 2,679,190 | – | ||||||
SERVICES: BUSINESS - 0.6% | ||||||||
Software Luxembourg Holding S.A. Class A (Luxembourg)(d)(e)(j) | 8,359 | 1,462,825 | ||||||
Software Luxembourg Holding S.A. Class B (Luxembourg)(d)(e)(j) | 239 | 51,385 | ||||||
1,514,210 | ||||||||
Total Common Stocks | ||||||||
(Cost $3,593,643) | 8,897,302 | |||||||
Preferred Stocks - 0.5% | ||||||||
BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.4% | ||||||||
Watford Holdings, Ltd. (Bermuda) (LIBOR + 6.68%, 1.00% Floor), 7.68%(e) | 37,863 | 957,177 | ||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.1% | ||||||||
Acosta, Inc., (14.50% PIK)(d)(f)(h) | 2,914 | 146,807 | ||||||
Total Preferred Stocks | ||||||||
(Cost $1,098,068) | 1,103,984 | |||||||
Apollo Tactical Income Fund Inc. | ||||||||
Schedule of Investments | ||||||||
March 31, 2021 (unaudited) | ||||||||
Quantity | Value ($) | |||||||
Warrants - 0.0% | ||||||||
SERVICES: BUSINESS - 0.0% | ||||||||
CareStream Health, Inc.(d)(j) | 22 | 23,780 | ||||||
Software Luxembourg Holding S.A. Class A (Luxembourg)(d)(e)(j) | 351 | 2,854 | ||||||
Software Luxembourg Holding S.A. Class B (Luxembourg)(d)(e)(j) | 702 | 8,396 | ||||||
35,030 | ||||||||
Total Warrants | ||||||||
(Cost $42,618) | 35,030 | |||||||
Total Investments - 147.5% | ||||||||
(Cost of $348,597,576) | 354,101,100 | |||||||
Other Assets & Liabilities, Net - (1.7)% | (4,214,619 | ) | ||||||
Loan Outstanding - (45.8%)(k)(l) | (109,855,618 | ) | ||||||
Net Assets (Applicable to Common Shares) - 100.0% | 240,030,863 |
(a) | “Senior Loans” are senior, secured loans made to companies whose debt is below investment grade as well as investments with similar economic characteristics. Senior Loans typically hold a first lien priority and, unless otherwise indicated, are required to pay interest at floating rates that are periodically reset by reference to a base lending rate plus a spread. In some instances, the rates shown represent the weighted average rate as of March 31, 2021. Senior Loans are generally not registered under the Securities Act of 1933 (the “1933 Act”) and often incorporate certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity. | ||||
(b) | All or a portion of this Senior Loan position has not settled. Full contract rates do not take effect until settlement date and therefore are subject to change. | ||||
(c) | The interest rate on this Senior Loan is subject to a base lending rate plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily the prime rate offered by one or more major U.S. banks (“Prime”). The interest rate is subject to a minimum floor, which may be less than or greater than the prevailing period end LIBOR/Prime rate. As of March 31, 2021, the 1, 2, 3 and 6 month LIBOR rates were 0.11%, 0.13%, 0.19% and 0.21%, respectively, and the Prime lending rate was 3.25%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of both LIBOR and Prime (“Variable”) in addition to the stated spread. | ||||
(d) | Fair Value Level 3 security. | ||||
(e) | Foreign issuer traded in U.S. dollars. | ||||
(f) | Represents a payment-in-kind (“PIK”) security, which may pay interest in additional principal amount/share quantity. | ||||
(g) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | ||||
(h) | Fixed rate asset. | ||||
(i) | Securities exempt from registration pursuant to Rule 144A under the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. At March 31, 2021, these securities amounted to $111,650,061, or 46.51% of net assets. | ||||
(j) | Non-income producing asset. | ||||
(k) | The Fund has granted a security interest in substantially all of its assets in the event of default under the credit facility. | ||||
(l) | Principal of $110,000,000 less unamortized deferred financing costs of $144,382. | ||||
(m) | Structured Products include collateralized loan obligations (“CLOs”). A CLO typically takes the form of a financing company (generally called a special purpose vehicle or “SPV”), created to reapportion the risk and return characteristics of a pool of assets. While the assets underlying CLOs are often Senior Loans or corporate notes and bonds, the assets may also include (i) subordinated loans; (ii) debt tranches of other CLOs; and (iii) equity securities incidental to investments in Senior Loans. The Fund may invest in lower tranches of CLOs, which typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior tranches of the CLO. A key feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company founded for the purpose of securitizing payment claims arising out of this asset pool. On this basis, marketable securities are issued by the SPV and the redemption of these securities typically takes place at maturity out of the cash flow generated by the collected claims. | ||||
(n) | Floating rate asset. The interest rate shown reflects the rate in effect at March 31, 2021. |
Apollo Tactical Income Fund Inc.
Notes to Schedule of Investments
March 31, 2021 (unaudited)
Security Valuation
Apollo Tactical Income Fund Inc. (the “Fund”) values its investments primarily using the mean of the bid and ask prices provided by a nationally recognized security pricing service or broker. Senior Loans, corporate notes and bonds, common stock, structured products, preferred stock and warrants are priced based on valuations provided by an approved independent pricing service or broker, if available. If market or broker quotations are not available, or a price is not available from an independent pricing service or broker, or if the price provided by the independent pricing service or broker is believed to be unreliable, the security will be fair valued pursuant to procedures adopted by the Fund’s board of directors (the “Board”). In general, the fair value of a security is the amount that the Fund might reasonably expect to receive upon the sale of an asset or pay to transfer a liability in an orderly transaction between willing market participants at the reporting date. Fair value procedures generally take into account any factors deemed relevant, which may include, among others, (i) the nature and pricing history of the security, (ii) the liquidity or illiquidity of the market for the particular security, (iii) recent purchases or sales transactions for the particular security or similar securities and (iv) press releases and other information published about the issuer. In these cases, the Fund’s net asset value (“NAV”) will reflect the affected portfolio securities’ fair value as determined in the judgment of the Board or its designee instead of being determined by the market. Using a fair value pricing methodology to value securities may result in a value that is different from a security’s most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund’s valuation of a security will not differ from the amount that it realizes upon the sale of such security.
Fair Value Measurements
The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. The levels of fair value inputs used to measure the Fund’s investments are characterized into a fair value hierarchy. The three levels of the fair value hierarchy are described below:
Level 1 — Quoted unadjusted prices for identical assets and liabilities in active markets to which the Fund has access at the date of measurement;
Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, but are valued based on executed trades, broker quotations that constitute an executable price, and alternative pricing sources supported by observable inputs which, in each case, are either directly or indirectly observable for the asset in connection with market data at the measurement date; and
Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. In certain cases, investments classified within Level 3 may include securities for which the Fund has obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on, as such quotes can be subject to material management judgment. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.
At the end of each reporting period, management evaluates the Level 2 and Level 3 assets, if any, for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from independent pricing services, and the existence of contemporaneous, observable trades in the market.
The valuation techniques used by the Fund to measure fair value at March 31, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the Fund’s investments categorized in the fair value hierarchy as of March 31, 2021 is as follows:
Apollo Tactical Income Fund Inc.
Notes to Schedule of Investments
March 31, 2021 (unaudited)
Apollo Tactical Income Fund Inc. | ||||||||||||||||
Total Fair Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||
Assets: | ||||||||||||||||
Cash and Cash Equivalents | $ | 6,859,036 | $ | 6,859,036 | $ | - | $ | - | ||||||||
Senior Loans | 223,937,777 | - | 221,606,658 | 2,331,119 | ||||||||||||
Corporate Notes and Bonds | 100,792,844 | - | 100,792,844 | - | ||||||||||||
Structured Products | 19,334,163 | - | 16,995,755 | 2,338,408 | ||||||||||||
Common Stocks | 8,897,302 | - | - | 8,897,302 | ||||||||||||
Preferred Stocks | 1,103,984 | - | 957,177 | 146,807 | ||||||||||||
Warrants | 35,030 | - | - | 35,030 | ||||||||||||
Unrealized appreciation on Unfunded Loan Commitments | 34,917 | - | 30,910 | 4,007 | ||||||||||||
Total Assets | $ | 360,995,053 | $ | 6,859,036 | $ | 340,383,344 | $ | 13,752,673 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on Unfunded Loan Commitments | (891 | ) | - | (891 | ) | - | ||||||||||
Total Liabilities | (891 | ) | - | (891 | ) | - | ||||||||||
$ | 360,994,162 | $ | 6,859,036 | $ | 340,382,453 | $ | 13,752,673 |
The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining fair value for the period January 1, 2021 through March 31, 2021:
Apollo Tactical Income Fund Inc. | ||||||||||||||||||||||||||||
Total | Senior Loans | Structured Product | Common Stocks | Preferred Stock | Warrants | Unfunded Loan Commitments | ||||||||||||||||||||||
Total Fair Value, beginning of period | $ | 16,676,751 | $ | 9,221,275 | $ | 2,329,420 | $ | 4,966,102 | $ | 136,991 | $ | 22,963 | $ | - | ||||||||||||||
Purchases, including capitalized PIK | 4,557,061 | 2,376,642 | - | 2,180,419 | - | - | - | |||||||||||||||||||||
Sales/Paydowns | (8,054,568 | ) | (7,955,176 | ) | - | (99,392 | ) | - | - | - | ||||||||||||||||||
Accretion/(amortization) of discounts/(premiums) | 17,801 | 16,813 | 988 | - | - | - | - | |||||||||||||||||||||
Net realized gain/(loss) | (2,361,229 | ) | (1,924,169 | ) | - | (432,771 | ) | - | �� | (4,289 | ) | - | ||||||||||||||||
Change in net unrealized appreciation/(depreciation) | 3,931,606 | 1,610,483 | 8,000 | 2,282,944 | 9,816 | 16,356 | 4,007 | |||||||||||||||||||||
Transfers into Level 3 | - | - | - | - | - | - | - | |||||||||||||||||||||
Transfers out of Level 3 | (1,014,749 | ) | (1,014,749 | ) | - | - | - | - | - | |||||||||||||||||||
Total Fair Value, end of period | $ | 13,752,673 | $ | 2,331,119 | $ | 2,338,408 | $ | 8,897,302 | $ | 146,807 | $ | 35,030 | $ | 4,007 |
Assets were transferred from Level 2 to Level 3 or from Level 3 to Level 2 as a result of changes in levels of liquid market observability when subject to various criteria as discussed above. The net change in unrealized appreciation/(depreciation) attributable to Level 3 investments still held at March 31, 2021 was $1,892,808.
Apollo Tactical Income Fund Inc.
Notes to Schedule of Investments
March 31, 2021 (unaudited)
The following table provides quantitative measures used to determine the fair values of the Level 3 investments as of March 31, 2021:
Assets | Fair Value at March 31, 2021 | Valuation Technique(s)(a) | Unobservable Input(s) | Range of Unobservable Input(s) Utilized | Weighted Average Unobservable Input(s) | ||||||
Senior Loans | $ 2,255,310 | Independent pricing service and/or broker quotes | Vendor and/or broker quotes | N/A | N/A | ||||||
9,757 | Recoverability (b) | Estimated Proceeds (b) | $843k | $843k | |||||||
- | Recoverability (b) | Estimated Proceeds (b) | $- | $- | |||||||
66,052 | Discounted Cash Flow (c) | Discount Rate (c) | 8.90% - 9.90% | 9.40% | |||||||
Corporate Notes and Bonds | - | Recoverability (b) | Estimated Proceeds (b) | $- | $- | ||||||
Structured Products | 2,338,408 | Independent pricing service and/or broker quotes | Vendor and/or broker quotes | N/A | N/A | ||||||
Common Stocks | 23,905 | Guideline Public Company (d) | TEV | EBITDA Multiple (d) | 6.0x | 6.0x | ||||||
- | Recoverability (b) | Estimated Proceeds (b) | $843k | $843k | |||||||
- | Recoverability (b) | Estimated Proceeds (b) | $- | $- | |||||||
4,460,706 | Guideline Public Company (d) Transaction Approach (e) | TEV | EBITDA Multiple (d) TEV | EBITDA Multiple (e) | 6.3x N/A | 6.3x N/A | |||||||
- | Recoverability (b) | Estimated Proceeds (b) | $- | $- | |||||||
153,168 | Recoverability (b) | Estimated Proceeds (b) | $0.63 | $0.63 | |||||||
549 | Recoverability (b) | Estimated Proceeds (b) | $0.38 | $0.38 | |||||||
2,744,764 | Guideline Public Company (d) | TEV | EBITDA Multiple (d) | 5.25x - 5.75x | 5.5x | |||||||
1,514,210 | Independent pricing service and/or broker quotes | Vendor and/or broker quotes | N/A | N/A | |||||||
Preferred Stock | 146,807 | Guideline Public Company (d) | TEV | EBITDA Multiple (d) | 6.0x | 6.0x | ||||||
Warrants | 23,780 | Guideline Public Company (d) | TEV | EBITDA Multiple (d) | 3.5x - 4.5x | 4.0x | ||||||
11,250 | Option Model (f) | Volatility (f) | 55.0% | 55.0% | |||||||
Unfunded Loan Commitments | 4,007 | Discounted Cash Flow (c) | Discount Rate (c) | 8.90% - 9.90% | 9.40% | ||||||
Total Fair Value | $ 13,752,673 |
(a) | For the assets which have multiple valuation techniques, the Fund may rely on the techniques individually or in aggregate based on a weight ranging from 0-100%. | ||
(b) | The Fund utilized a recoverability approach to fair value these securities, specifically a liquidation analysis. There are various, company specific inputs used in the valuation analysis that relate to the liquidation value of a company’s assets. The significant unobservable inputs used in the valuation model were estimated proceeds. Significant increases or decreases in the input in isolation may result in a significantly higher or lower fair value measurement. | ||
(c) | The Fund utilized a discounted cash flow model to fair value this security. The significant unobservable input used in the valuation model was the discount rate, which was determined based on the market rates an investor would expect for a similar investment with similar risks. The discount rate was applied to present value the projected cash flows in the valuation model. Significant increases in the discount rate may significantly lower the fair value of an investment; conversely, significant decreases in the discount rate may significantly increase the fair value of an investment. | ||
(d) | The Fund utilized a guideline public company method to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value ("TEV") and earnings before interest, taxes, depreciation and amortization (“EBITDA”) based on comparable multiples for a similar investment with similar risks. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement. | ||
(e) | The Fund utilized a transaction approach to fair value this security. The significant unobservable inputs used in the valuation model were TEV and EBITDA. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement. | ||
(f) | The Fund utilized an options pricing model to fair value this security. The significant unobservable input used in the valuation model was volatility. Significant increases or decreases in the input in isolation may result in a significantly higher or lower fair value measurement. |
Apollo Tactical Income Fund Inc.
Notes to Schedule of Investments
March 31, 2021 (unaudited)
General Commitments and Contingencies
As of March 31, 2021, the Fund had unfunded loan commitments outstanding, which could be extended at the option of the borrower, as detailed below:
Borrower | Unfunded Loan Commitments | |||
Convergint Technologies Holdings, LLC Delayed Draw Term Loan* | $ | 259,244 | ||
GEE Acquisition Holdings Corp. Delayed Draw Term Loan | 116,210 | |||
LBM Acquisition LLC Delayed Draw Term Loan* | 381,417 | |||
Peraton Corp. Delayed Draw Term Loan* | 2,787,004 | |||
The Hertz Corporation Revolving Term Loan* | 590,788 | |||
Total unfunded loan commitments | $ | 4,134,663 |
*Subsequent to March 31, 2021, all or a portion of the outstanding loan commitment was funded.
For more information with regard to significant accounting policies, see the Fund’s most recent annual report filed with the Securities and Exchange Commission.