Apollo Investment Corp. (NASDAQ:AINV)
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The Company is a closed-end, non-diversified management investment company which invest primarily in middle-market companies in the form of mezzanine and senior secured loans, as well as by making direct equity investments in companies.
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AINV looks extraordinarily cheap right now. Selling for less than 80% NAV and P/E of 6, while still sporting a 14% ROE, 8.8% ROI, and a nearly 15% dividend. RIC structure requires that they distribute 90% of earnings. The risk here is that they're inflating NAV by carrying their companies at overly high book values, but with past write-downs, this risk is lessened. They have a buyback program in place and the CFO bought a small slug of shares in August, so insider buying is favorable.