N-2
N-2 - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cover [Abstract] | ||||||||||||||||||||||
Entity Central Index Key | 0001526697 | |||||||||||||||||||||
Amendment Flag | false | |||||||||||||||||||||
Document Type | N-CSR | |||||||||||||||||||||
Entity Registrant Name | Apollo Tactical Income Fund Inc. | |||||||||||||||||||||
Fee Table [Abstract] | ||||||||||||||||||||||
Shareholder Transaction Expenses [Table Text Block] | Apollo Tactical Income Fund Inc. Shareholder Transaction Expenses Percentage of Sales load paid by you (as a percentage of offering price) 1.00 % (1) Offering Expenses borne by Common Shareholders (as a percentage of offering price) 0.57 % (1) Dividend Reinvestment Plan Fees None (2) (1) If the Common Shares are sold to or through agents, a corresponding prospectus supplement will set forth any applicable sales load and the estimated offering expenses. Holders of Common Shares will pay all offering expenses involved with an offering. (2) There is no charge to participants for reinvesting dividends or capital gains distributions. Each Fund’s plan agent service fee for handling the reinvestment of such dividends and capital gains distributions will be paid by the Fund. Shareholders will bear a proportionate share of brokerage commissions on all open market purchases. | |||||||||||||||||||||
Sales Load [Percent] | [1] | 1% | ||||||||||||||||||||
Dividend Reinvestment and Cash Purchase Fees | [2] | $ 0 | ||||||||||||||||||||
Other Transaction Expenses [Abstract] | ||||||||||||||||||||||
Other Transaction Expenses [Percent] | [1] | 0.57% | ||||||||||||||||||||
Annual Expenses [Table Text Block] | Annual Expenses Percentage of (6) Investment management fee (3) 1.53 % Interest payments on borrowed funds (4) 3.02 % Other expenses (5) 1.00 % Total annual Fund operating expenses 5.55 % (3) The Adviser receives a monthly management fee for its advisory services equal to an effective annual rate of 1.0% of the average daily value of each Fund’s Managed Assets assuming that the amount of leverage of 33% of each Fund’s Managed Assets is used. The amount of leverage used by a Fund may change over time. Each Fund’s historical use of leverage for the past 10 fiscal periods in shown in the table titled “Senior Securities” below. (4) Interest expense assumes that leverage represents 33% of each Fund’s Managed Assets and is charged at an interest rate pursuant to the terms of each Fund’s credit agreement. The types of leverage and terms of the respective credit agreements are included in Note 8- (5) “Other expenses” are based upon estimated amounts for the current fiscal year. Other expenses include amortized offering costs. (6) For purposes of the Fee Table, each Fund’s net assets have been calculated as Managed Assets less the principal amount of borrowings under the Amended Credit Facility. As of the date of this prospectus, each Fund does not have any preferred shares outstanding. | |||||||||||||||||||||
Management Fees [Percent] | [3],[4] | 1.53% | ||||||||||||||||||||
Interest Expenses on Borrowings [Percent] | [3],[5] | 3.02% | ||||||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||||||||
Other Annual Expenses [Percent] | [3],[6] | 1% | ||||||||||||||||||||
Total Annual Expenses [Percent] | [3] | 5.55% | ||||||||||||||||||||
Expense Example [Table Text Block] | Example The following example illustrates the hypothetical expenses (including the sales load of $10.00, estimated offering expenses of this offering of $5.65 and the estimated costs of borrowings with the Fund utilizing leverage representing 33% of the Fund’s Managed Assets) that you would pay on a $1,000 investment in Common Shares, assuming (1) total net annual expenses of 5.55% of net assets attributable to Common Shares and (2) a 5% annual return: 1 Year 3 Years 5 Years 10 Years Apollo Tactical Income Fund Inc. $ 65 $ 174 $ 281 $ 545 | |||||||||||||||||||||
Expense Example, Year 01 | $ 65 | |||||||||||||||||||||
Expense Example, Years 1 to 3 | 174 | |||||||||||||||||||||
Expense Example, Years 1 to 5 | 281 | |||||||||||||||||||||
Expense Example, Years 1 to 10 | $ 545 | |||||||||||||||||||||
Purpose of Fee Table , Note [Text Block] | The purpose of the following table and example below is to help you understand the fees and expenses that you, as a holder of Common Shares, w | |||||||||||||||||||||
Basis of Transaction Fees, Note [Text Block] | as a percentage of offering price | |||||||||||||||||||||
Other Expenses, Note [Text Block] | “Other expenses” are based upon estimated amounts for the current fiscal year. Other expenses include amortized offering costs. | |||||||||||||||||||||
Management Fee not based on Net Assets, Note [Text Block] | The Adviser receives a monthly management fee for its advisory services equal to an effective annual rate of 1.0% of the average daily value of each Fund’s Managed Assets assuming that the amount of leverage of 33% of each Fund’s Managed Assets is used. The amount of leverage used by a Fund may change over time. Each Fund’s historical use of leverage for the past 10 fiscal periods in shown in the table titled “Senior Securities” below. | |||||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||||||
Senior Securities [Table Text Block] | Senior Securities The following tables set forth information regarding each Fund’s outstanding senior securities as of the end of the last ten fiscal periods, as applicable. Each Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act. The information in this table for the fiscal years ended 2023, 2022, 2021, 2020 and 2019 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm. Apollo Tactical Income Fund Inc. Year Ended Total Debt Asset Coverage per $1,000 (1) Asset Coverage (2) Average Market Value Type of Senior Security December 31, 2023 $121,000,000 $2,765 N/A N/A Loan December 31, 2022 $121,000,000 $2,656 N/A N/A Loan December 31, 2021 $121,000,000 $2,977 N/A N/A Loan December 31, 2020 $110,000,000 $3,139 N/A N/A Loan December 31, 2019 $126,500,000 $2,927 N/A N/A Loan December 31, 2018 $126,500,000 $2,837 N/A N/A Loan December 31, 2017 $138,000,000 $2,828 N/A N/A Loan December 31, 2016 $138,000,000 $2,800 N/A N/A Loan December 31, 2015 $138,000,000 $2,674 N/A N/A Loan December 31, 2014 $138,000,000 $2,909 N/A N/A Loan December 31, 2013 $138,000,000 $3,045 N/A N/A Loan (1) Calculated by subtracting the Fund’s total liabilities (not including the Preferred Shares (if applicable) and borrowings outstanding) from the Fund’s total assets, and dividing this by the amount of borrowings outstanding. (2) Calculated by subtracting the Fund’s total liabilities (not including the Preferred Shares (if applicable) and borrowings outstanding) from the Fund’s total assets, and dividing this by the number of Preferred Shares outstanding. | |||||||||||||||||||||
Senior Securities Amount | $ 121,000,000 | $ 121,000,000 | $ 121,000,000 | $ 110,000,000 | $ 121,000,000 | $ 126,500,000 | $ 126,500,000 | $ 138,000,000 | $ 138,000,000 | $ 138,000,000 | $ 138,000,000 | $ 138,000,000 | ||||||||||
Senior Securities Coverage per Unit | [7] | $ 2,765 | $ 2,656 | $ 2,977 | $ 3,139 | $ 2,765 | $ 2,927 | $ 2,837 | $ 2,828 | $ 2,800 | $ 2,674 | $ 2,909 | $ 3,045 | |||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Investment Objectives and Practices [Text Block] | AIF — Investment Objective and Policies: AIF’s primary investment objective is to seek current income with a secondary objective of preservation of capital. AIF seeks to achieve its investment objectives primarily by allocating its assets among different types of credit instruments based on absolute and relative value considerations and its analysis of the credit markets. This ability to dynamically allocate AIF’s assets may result in AIF’s portfolio becoming concentrated in a particular type of credit instrument (such as Senior Loans or high yield corporate bonds) and substantially less invested in other types of credit instruments. Under normal market conditions, at least 80% of AIF’s “managed assets” will be invested in credit instruments and investments with similar economic characteristics. For purposes of this policy, “credit instruments” include Senior Loans, subordinated loans, high yield corporate bonds, notes, bills, debentures, distressed securities, mezzanine securities, structured products (including, without limitation, collateralized debt obligations (“CDOs”), collateralized loan obligations (“CLOs”) and asset-backed securities), bank loans, corporate loans, convertible and preferred securities, government and municipal obligations, mortgage-backed securities, repurchase agreements, and other fixed-income instruments of a similar nature that may be represented by derivatives such as options, forwards, futures contracts or swap agreements. The Fund defines “managed assets” as the total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to money borrowed or notes issued by the Fund) minus the sum of the Fund’s accrued liabilities, including accrued interest and accumulated dividends (other than liabilities for money borrowed or notes issued and the liquidation preference of preferred shares). The 80% policy and AIF’s investment objectives are not fundamental and may be changed by the board of directors of AIF with at least 60 days’ prior written notice provided to shareholders. AIF will seek to preserve capital to the extent consistent with its primary investment objective. AIF’s ability to achieve capital preservation may be limited by its investment in credit instruments that have speculative characteristics. There can be no assurance that AIF will achieve its investment objectives. Securities Rated Below Caa or CCC Structured Products The Adviser seeks to achieve the Fund’s investment objectives primarily by allocating the Fund’s assets among different types of credit instruments based on absolute and relative value considerations and its analysis of the credit markets. The Fund’s investments consist primarily of Senior Loans and Corporate Bonds. The Fund, however, has provided the Adviser with the flexibility to invest in varying types of credit instruments based on its analysis of the credit markets. This ability to dynamically allocate the Fund’s assets may result in the Fund’s portfolio becoming concentrated in a particular type of credit instrument (such as Senior Loans or Corporate Bonds) and substantially less invested in other types of credit instruments. The Fund may invest in subordinated loans. The Fund may invest in distressed securities, including loans purchased in the secondary market, that are the subject of bankruptcy proceedings or otherwise in default or at risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund. The Fund may make investments in non-U.S. The Fund reserves the right to invest in credit instruments of any maturity. The Fund reserves the right to invest in credit instruments of any duration. It is anticipated that the duration of the Fund’s portfolio will be lower than that of the overall “junk bond” market. Duration is a measure of how sensitive a bond or the Fund’s portfolio may be to changes in interest rates. The Fund currently utilizes leverage from a credit facility in furtherance of this investment strategy. In seeking to achieve the Fund’s investment objectives, the Adviser will actively construct and manage a portfolio of credit instruments and other investments. The Adviser will periodically rebalance the Fund’s allocation of assets among different types of credit instruments based on absolute and relative value considerations and its analysis of the credit markets in order to seek to optimize the Fund’s allocation to credit instruments that the Adviser believes are positioned to contribute to the achievement of the Fund’s investment objectives under the market conditions existing at the time of investment. The Adviser’s investment process is rigorous, proactive and continuous. Close monitoring of each investment in the portfolio provides the basis for making buy, sell and hold decisions. The Adviser utilizes what it believes to be a conservative approach that focuses on credit fundamentals, collateral coverage and structural seniority. The Adviser may also employ a sector analysis to assess industry trends and characteristics that may impact an issuer’s potential future ability to generate cash, as well as profitability, asset values, financial needs and potential liabilities. The Adviser takes a disciplined approach to its credit investment selection process in which the credit ratings of an issuer are evaluated but are not considered to be the sole or determinative factor for selection. The criteria used by the Adviser in credit selection may include an evaluation of whether an issuer’s debts are adequately collateralized or over-collateralized and whether it has sufficient earnings and cash flow to service its indebtedness on a timely basis. The Adviser expects to gain exposure to issuers across a broad range of industries and of varying characteristics and return profiles. Similar to its investment in other credit instruments, the Adviser adheres to a disciplined approach with respect to the Fund’s investments in structured products. The Adviser will seek to select structured products which are well structured and collateralized by portfolios of credit instruments or other assets that the Adviser believes to be of sufficient quality, diversity and amount to support the structure and fully collateralize the instrument purchased by the Fund. Likewise, the Adviser will evaluate the creditworthiness of counterparties and the investment characteristics of reference assets when causing the Fund to enter into swaps or other derivative transactions. | |||||||||||||||||||||
Risk Factors [Table Text Block] | AIF Risk Factors General Risk Market Risk Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Actual and threatened responses to such military action may impact the markets for certain commodities and various issuers and may likely have collateral impacts on markets globally. The extent and duration of the military action, resulting sanctions imposed and other punitive action taken and resulting future market disruptions, including declines in European stock markets and the value of Russian sovereign debt, cannot be easily predicted, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including escalating and more widespread military conflict, purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks may impact global economies and the Fund’s investments in various markets. In March 2023, the financial distress of certain financial institutions raised economic concerns over disruption in the U.S. banking system and regarding the solvency of certain financial services firms. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. On August 1, 2023, Fitch Ratings, Inc. downgraded its U.S. debt rating from the highest AAA rating to AA+, citing “a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.” The impacts, if any, of the downgrade on financial markets are unknown at this time. The downgrade has potential market impacts, including but not limited to, steep stock market declines and rising bond yields. Below Investment Grade Instruments Risk. Default, or the market’s perception that an issuer is likely to default, could reduce the value and liquidity of instruments held by the Fund, which could have a material adverse impact on the Fund’s business, financial condition and results of operations. In addition, default may cause the Fund to incur expenses in seeking recovery of principal and/or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities or other instruments with a value less than its original investment and/or may be subject to restrictions on the sale of such securities or instruments. Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of the issuer. The Adviser’s judgment about the credit quality of an issuer and the relative value of its securities may prove to be wrong. Investments in below investment grade instruments may present special tax issues for the Fund to the extent that the issuers of these instruments default on the instruments, and the federal income tax consequences to the Fund as a holder of such instruments may not be clear. Covenant Lite Loan Risk Fixed Income Instrument Risk Issuer Risk Credit Risk Interest Rate Risk Reinvestment Risk Spread Risk Prepayment Risk is known as prepayment or “call” risk. Credit instruments frequently have call features that allow the issuer to redeem the instrument at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (“call protection”). An issuer may choose to redeem a fixed income instrument if, for example, the issuer can refinance the instrument at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be increased and may result in losses to the Fund. Senior Loans Risk There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the 1933 Act, or registered under the Securities Exchange Act of 1934. As a result, the Adviser will rely primarily on its own evaluation of a borrower’s credit quality rather than on any available independent sources. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In general, the secondary trading market for Senior Loans is not well developed. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Senior Loans and other variable rate debt instruments are subject to the risk of payment defaults of scheduled interest or principal. Such payment defaults would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the Fund. Similarly, a sudden and significant increase in market interest rates may increase the risk for payment defaults and cause a decline in the value of these investments and in the Fund’s net asset value. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of Senior Loans and other debt obligations, impairing the Fund’s net asset value. Senior Loans are subject to legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain issuers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements, this may cause financial institutions to dispose of Senior Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the Senior Loan may be adversely affected. The Fund may acquire Senior Loans through assignments or participations. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. In general, a participation is a contractual relationship only with the institution participating out the interest, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the borrower or the quality of the Senior Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the Senior Loan. The Fund may also engage in direct origination of loans. In originating loans, the Fund relies on the Adviser’s proprietary sourcing channels, which targets large corporate and private sponsor-backed issuers. In determining whether to originate a loan, the Fund relies on the Adviser’s analysis of the creditworthiness of a borrower and/or any collateral for payment of interest and repayment of principal. The level of analytical sophistication necessary for conducting this analysis is high and the Adviser must rely more significantly on its own resources to conduct due diligence on borrowers than for secondary market debt purchases. The loans the Fund originates are generally Senior Loans, however the Fund is not limited in the type, amount or size of loans it may originate nor to a particular type of borrower. The Fund will earn origination and other types of borrower fees in connection with originating and structuring loans. Direct loans are not publicly traded and may not have a secondary market. Direct loans are subject to heightened liquidity risk and interest rate risk, and some direct loans may be deemed illiquid. The Fund may also face heightened competition for direct origination, which may result in the Fund being required to make lower yielding investments. Subordinated Loans Risk Distressed and Defaulted Securities Risk. Leverage Risk Reference Rate Risk announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings ceased to be published or are no longer representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average, ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market and has been used increasingly on a voluntary basis in new instruments and transactions. On March 15, 2022, the Adjustable Interest Rate Act was signed into law, providing a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on the SOFR that replaced LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contract, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future. Closed-End closed-end | |||||||||||||||||||||
Share Price [Table Text Block] | Price Range of Common Shares The following tables set forth the high and low market prices for Common Shares of each Fund on the NYSE, for each full quarterly period within each Fund’s two most recent fiscal years, along with the corresponding NAV per share and discount or premium to NAV for each quotation. Apollo Tactical Income Fund Inc. Market Price NAV Premium/(Discount) Period Ended High Low High Low High Low December 31, 2023 $ 14.50 $ 12.51 $ 14.73 $ 14.42 (1.56 )% (13.25 )% September 30, 2023 $ 13.54 $ 12.63 $ 14.83 $ 14.45 (8.70 )% (12.60 )% June 30, 2023 $ 12.69 $ 12.00 $ 14.41 $ 14.09 (11.94 )% (14.38 )% March 31, 2023 $ 13.08 $ 11.78 $ 14.39 $ 13.92 (9.10 )% (15.37 )% December 31, 2022 $ 12.49 $ 11.78 $ 14.11 $ 13.86 (11.48 )% (15.01 )% September 30, 2022 $ 13.41 $ 11.78 $ 14.98 $ 13.85 (10.48 )% (14.95 )% June 30, 2022 $ 14.53 $ 12.04 $ 16.06 $ 14.09 (9.53 )% (14.55 )% March 31, 2022 $ 15.91 $ 13.91 $ 16.61 $ 15.75 (4.21 )% (11.68 )% December 31, 2021 $ 16.00 $ 15.29 $ 16.66 $ 16.44 (3.96 )% (7.00 )% September 30, 2021 $ 15.97 $ 15.22 $ 16.75 $ 16.73 (4.66 )% (9.03 )% June 30, 2021 $ 15.65 $ 14.87 $ 16.82 $ 16.43 (6.96 )% (9.49 )% March 31, 2021 $ 14.95 $ 14.24 $ 16.49 $ 16.33 (9.34 )% (12.80 )% December 31, 2020 $ 14.48 $ 12.51 $ 16.27 $ 15.34 (11.00 )% (18.45 )% | |||||||||||||||||||||
Lowest Price or Bid | 12.51 | $ 12.63 | $ 12 | $ 11.78 | 11.78 | $ 11.78 | $ 12.04 | $ 13.91 | 15.29 | $ 15.22 | $ 14.87 | $ 14.24 | 12.51 | |||||||||
Highest Price or Bid | 14.5 | 13.54 | 12.69 | 13.08 | 12.49 | 13.41 | 14.53 | 15.91 | 16 | 15.97 | 15.65 | 14.95 | 14.48 | |||||||||
Lowest Price or Bid, NAV | 14.42 | 14.45 | 14.09 | 13.92 | 13.86 | 13.85 | 14.09 | 15.75 | 16.44 | 16.73 | 16.43 | 16.33 | 15.34 | |||||||||
Highest Price or Bid, NAV | $ 14.73 | $ 14.83 | $ 14.41 | $ 14.39 | $ 14.11 | $ 14.98 | $ 16.06 | $ 16.61 | $ 16.66 | $ 16.75 | $ 16.82 | $ 16.49 | $ 16.27 | |||||||||
Highest Price or Bid, Premium (Discount) to NAV [Percent] | (1.56%) | (8.70%) | (11.94%) | (9.10%) | (11.48%) | (10.48%) | (9.53%) | (4.21%) | (3.96%) | (4.66%) | (6.96%) | (9.34%) | (11.00%) | |||||||||
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (13.25%) | (12.60%) | (14.38%) | (15.37%) | (15.01%) | (14.95%) | (14.55%) | (11.68%) | (7.00%) | (9.03%) | (9.49%) | (12.80%) | (18.45%) | |||||||||
Share Price | $ 13.96 | $ 13.96 | ||||||||||||||||||||
NAV Per Share | $ 14.77 | $ 14.77 | ||||||||||||||||||||
Latest Premium (Discount) to NAV [Percent] | (5.48%) | |||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||||||||
Capital Stock [Table Text Block] | Note 6. Common Shares Common share transactions were as follows: Apollo Tactical Income Fund Year Ended December 31, 2023 Year Ended Shares Amount Shares Amount Common shares outstanding, beginning of the year 14,464,026 $ 275,434,361 14,464,026 $ 275,434,361 Common shares issued as reinvestment of dividends — — — — Permanent difference reclassified (primarily non-deductible — (70,094 ) — — Return of Capital — — — — Common shares outstanding, end of the year 14,464,026 $ 275,364,267 14,464,026 $ 275,434,361 Dividends declared on common shares with a record date of January 1, 2023 or later through the date of this report were as follows: Apollo Tactical Income Fund Inc. Dividend Declaration Date Ex-Dividend Date Record Date Payment Date Per Share Amount Gross Distribution Cash Distribution Value of new Common Shares Issued January 11, 2023 January 20, 2023 January 23, 2023 January 31, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — February 9, 2023 February 17, 2023 February 21, 2023 February 28, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — March 13, 2023 March 23, 2023 March 24, 2023 March 31, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — April 10, 2023 April 20, 2023 April 21, 2023 April 28, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — May 11, 2023 May 22, 2023 May 23, 2023 May 31, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — June 12, 2023 June 22, 2023 June 23, 2023 June 30, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — July 14, 2023 July 21, 2023 July 24, 2023 July 31, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — August 11, 2023 August 23, 2023 August 24, 2023 August 31, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — September 11, 2023 September 21, 2023 September 22, 2023 September 29, 2023 $ 0.1220 $ 1,764,611 $ 1,764,611 — October 12, 2023 October 23, 2023 October 24, 2023 October 31, 2023 $ 0.1250 $ 1,808,003 $ 1,808,003 — November 10, 2023 November 21, 2023 November 22, 2023 November 30, 2023 $ 0.1250 $ 1,808,003 $ 1,808,003 — December 11, 2023 December 20, 2023 December 21, 2023 December 29, 2023 $ 0.1330 $ 1,923,715 $ 1,923,715 — January 11, 2024* January 23, 2024 January 24, 2024 January 31, 2024 $ 0.1330 $ 1,923,715 $ 1,923,715 — February 9, 2024* February 21, 2024 February 22, 2024 February 29, 2024 $ 0.1330 | |||||||||||||||||||||
Outstanding Security, Authorized [Shares] | 1,000,000,000 | |||||||||||||||||||||
General Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | General Risk | |||||||||||||||||||||
Market Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Market Risk Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Actual and threatened responses to such military action may impact the markets for certain commodities and various issuers and may likely have collateral impacts on markets globally. The extent and duration of the military action, resulting sanctions imposed and other punitive action taken and resulting future market disruptions, including declines in European stock markets and the value of Russian sovereign debt, cannot be easily predicted, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including escalating and more widespread military conflict, purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks may impact global economies and the Fund’s investments in various markets. In March 2023, the financial distress of certain financial institutions raised economic concerns over disruption in the U.S. banking system and regarding the solvency of certain financial services firms. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Raising the ceiling on U.S. government debt has become increasingly politicized. Any failure to increase the total amount that the U.S. government is authorized to borrow could lead to a default on U.S. government obligations, with unpredictable consequences for economies and markets in the U.S. and elsewhere. On August 1, 2023, Fitch Ratings, Inc. downgraded its U.S. debt rating from the highest AAA rating to AA+, citing “a high and growing general government debt burden, and the erosion of governance relative to ‘AA’ and ‘AAA’ rated peers over the last two decades that has manifested in repeated debt limit standoffs and last-minute resolutions.” The impacts, if any, of the downgrade on financial markets are unknown at this time. The downgrade has potential market impacts, including but not limited to, steep stock market declines and rising bond yields. | |||||||||||||||||||||
Below Investment Grade Instruments Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Below Investment Grade Instruments Risk. Default, or the market’s perception that an issuer is likely to default, could reduce the value and liquidity of instruments held by the Fund, which could have a material adverse impact on the Fund’s business, financial condition and results of operations. In addition, default may cause the Fund to incur expenses in seeking recovery of principal and/or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept cash or securities or other instruments with a value less than its original investment and/or may be subject to restrictions on the sale of such securities or instruments. Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of the issuer. The Adviser’s judgment about the credit quality of an issuer and the relative value of its securities may prove to be wrong. Investments in below investment grade instruments may present special tax issues for the Fund to the extent that the issuers of these instruments default on the instruments, and the federal income tax consequences to the Fund as a holder of such instruments may not be clear. | |||||||||||||||||||||
Covenant Lite Loan Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Covenant Lite Loan Risk | |||||||||||||||||||||
Fixed Income Instrument Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Fixed Income Instrument Risk | |||||||||||||||||||||
Issuer Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Issuer Risk | |||||||||||||||||||||
Credit Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Credit Risk | |||||||||||||||||||||
Reinvestment Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Reinvestment Risk | |||||||||||||||||||||
Spread Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Spread Risk | |||||||||||||||||||||
Prepayment Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Prepayment Risk is known as prepayment or “call” risk. Credit instruments frequently have call features that allow the issuer to redeem the instrument at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (“call protection”). An issuer may choose to redeem a fixed income instrument if, for example, the issuer can refinance the instrument at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be increased and may result in losses to the Fund. | |||||||||||||||||||||
Senior Loans Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Senior Loans Risk There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the 1933 Act, or registered under the Securities Exchange Act of 1934. As a result, the Adviser will rely primarily on its own evaluation of a borrower’s credit quality rather than on any available independent sources. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In general, the secondary trading market for Senior Loans is not well developed. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Senior Loans and other variable rate debt instruments are subject to the risk of payment defaults of scheduled interest or principal. Such payment defaults would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the Fund. Similarly, a sudden and significant increase in market interest rates may increase the risk for payment defaults and cause a decline in the value of these investments and in the Fund’s net asset value. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of Senior Loans and other debt obligations, impairing the Fund’s net asset value. | |||||||||||||||||||||
Senior Loans are subject to legislative risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Senior Loans are subject to legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain issuers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements, this may cause financial institutions to dispose of Senior Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the Senior Loan may be adversely affected. The Fund may acquire Senior Loans through assignments or participations. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. In general, a participation is a contractual relationship only with the institution participating out the interest, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the borrower or the quality of the Senior Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the Senior Loan. The Fund may also engage in direct origination of loans. In originating loans, the Fund relies on the Adviser’s proprietary sourcing channels, which targets large corporate and private sponsor-backed issuers. In determining whether to originate a loan, the Fund relies on the Adviser’s analysis of the creditworthiness of a borrower and/or any collateral for payment of interest and repayment of principal. The level of analytical sophistication necessary for conducting this analysis is high and the Adviser must rely more significantly on its own resources to conduct due diligence on borrowers than for secondary market debt purchases. The loans the Fund originates are generally Senior Loans, however the Fund is not limited in the type, amount or size of loans it may originate nor to a particular type of borrower. The Fund will earn origination and other types of borrower fees in connection with originating and structuring loans. Direct loans are not publicly traded and may not have a secondary market. Direct loans are subject to heightened liquidity risk and interest rate risk, and some direct loans may be deemed illiquid. The Fund may also face heightened competition for direct origination, which may result in the Fund being required to make lower yielding investments. | |||||||||||||||||||||
Subordinated Loans Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Subordinated Loans Risk | |||||||||||||||||||||
Distressed and Defaulted Securities Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Distressed and Defaulted Securities Risk. | |||||||||||||||||||||
Leverage Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Leverage Risk | |||||||||||||||||||||
Reference Rate Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Reference Rate Risk announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings ceased to be published or are no longer representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average, ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market and has been used increasingly on a voluntary basis in new instruments and transactions. On March 15, 2022, the Adjustable Interest Rate Act was signed into law, providing a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on the SOFR that replaced LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contract, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future. | |||||||||||||||||||||
Closed-End Structure [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Closed-End closed-end | |||||||||||||||||||||
Interest Rate Risk [Member] | ||||||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||||||
Risk [Text Block] | Interest Rate Risk | |||||||||||||||||||||
Common Shares [Member] | ||||||||||||||||||||||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||||||||||||||||||||
Outstanding Security, Title [Text Block] | Common Shares | |||||||||||||||||||||
Outstanding Security, Held [Shares] | 14,464,026 | |||||||||||||||||||||
Common Shareholders [Member] | ||||||||||||||||||||||
Other Annual Expenses [Abstract] | ||||||||||||||||||||||
Basis of Transaction Fees, Note [Text Block] | as a percentage of offering price | |||||||||||||||||||||
[1]If the Common Shares are sold to or through agents, a corresponding prospectus supplement will set forth any applicable sales load and the estimated offering expenses. Holders of Common Shares will pay all offering expenses involved with an offering.[2]There is no charge to participants for reinvesting dividends or capital gains distributions. Each Fund’s plan agent service fee for handling the reinvestment of such dividends and capital gains distributions will be paid by the Fund. Shareholders will bear a proportionate share of brokerage commissions on all open market purchases.[3]For purposes of the Fee Table, each Fund’s net assets have been calculated as Managed Assets less the principal amount of borrowings under the Amended Credit Facility. As of the date of this prospectus, each Fund does not have any preferred shares outstanding.[4]The Adviser receives a monthly management fee for its advisory services equal to an effective annual rate of 1.0% of the average daily value of each Fund’s Managed Assets assuming that the amount of leverage of 33% of each Fund’s Managed Assets is used. The amount of leverage used by a Fund may change over time. Each Fund’s historical use of leverage for the past 10 fiscal periods in shown in the table titled “Senior Securities” below.[5]Interest expense assumes that leverage represents 33% of each Fund’s Managed Assets and is charged at an interest rate pursuant to the terms of each Fund’s credit agreement. The types of leverage and terms of the respective credit agreements are included in Note 8- Credit Agreements and Preferred Shares of this annual report.[6]“Other expenses” are based upon estimated amounts for the current fiscal year. Other expenses include amortized offering costs.[7]Calculated by subtracting the Fund’s total liabilities (not including the Preferred Shares (if applicable) and borrowings outstanding) from the Fund’s total assets, and dividing this by the amount of borrowings outstanding. |