Apollo Senior Floating Rate Fund

Apollo Senior Floating Rate Fund, Inc. operates as a closed-end investment management company. It seeks to achieve its investment objective by investing primarily in senior, secured loans made to companies whose debt is rated below investment grade, and investments with similar characteristics. The company was founded in 2011 and is headquartered in New York, NY.

Dates Announced for Special Cash Payment to Stockholders of Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Dates Announced for Special Cash Payment to Stockholders of Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc.

MidCap Financial Investment Corporation, Apollo Senior Floating Rate Fund Inc., and Apollo Tactical Income Fund Inc. Announce Expected Closing Date for Mergers

NEW YORK, July 01, 2024 (GLOBE NEWSWIRE) -- Apollo Senior Floating Rate Fund Inc. (NYSE: AFT) and Apollo Tactical Income Fund Inc. (NYSE: AIF) today declared pre-merger distributions to their respective stockholders. The specific distribution dates and amounts are detailed below. As previously announced, AFT and AIF received stockholder approval of the necessary proposals related to their mergers with and into MidCap Financial Investment Corporation (NASDAQ: MFIC), and the mergers are currently expected to close in late July, subject to the satisfaction of customary closing conditions. The pre-merger distributions are intended to fully distribute AFT's and AIF's accumulated undistributed net investment income prior to the closing of their mergers with and into MFIC, as required pursuant to the terms of the merger agreements previously signed by AFT and AIF.

Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. Declare Pre-Merger Distributions

Apollo Senior Floating Rate Fund is significantly up since the last rating, with total return exceeding 20%. MidCap Financial Investment Corporation is acquiring AFT and the Apollo Tactical Income Fund, leading to changes in the management platform and collateral pool. AFT will shift towards more illiquid middle market collateral post-merger, prompting a 'Sell' rating and suggesting investors explore alternative leveraged loan CEFs.

AFT: Time To Divest This CEF After The Acquisition (Rating Downgrade)

In the news release, “ Apollo Senior Floating Rate Fund Inc. Declares June 2024  Monthly Distribution of $0.140 Per Share,” issued 11-Jun-2024 by Apollo Senior Floating Rate Fund Inc. over GlobeNewswire, we are advised by the Fund that the third paragraph, first sentence reading “Ex-Date,” should read “June 21, 2024” rather than “June 20, 2024” as originally issued inadvertently. The complete, corrected release follows:

CORRECTION -- Apollo Senior Floating Rate Fund Inc. Declares June 2024 Monthly Distribution of $0.140 Per Share

NEW YORK, June 11, 2024 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of June 2024 of $0.140 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares June 2024 Monthly Distribution of $0.140 Per Share

NEW YORK, May 10, 2024 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of May 2024 of $0.140 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares May 2024 Monthly Distribution of $0.140 Per Share

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NEW YORK, April 12, 2024 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of April 2024 of $0.140 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares April 2024 Monthly Distribution of $0.140 Per Share

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NEW YORK, March 11, 2024 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of March 2024 of $0.137 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares March 2024 Monthly Distribution of $0.137 Per Share

We review CEF market valuation and performance through the first week of March and highlight recent market action. CEFs were mostly up on the week, driven by a decent PCE report. CEF investors have to contend with different levels of fund-level reporting, with semi-annual reports being particularly unhelpful.

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NEW YORK, Feb. 09, 2024 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of February 2024 of $0.137 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares February 2024 Monthly Distribution of $0.137 Per Share

In this article, we discuss why we recently rotated into the loan closed-end fund Apollo Senior Floating Rate Fund from its sister fund Apollo Tactical Income Fund Inc. The AFT CEF is trading at an 8.5% discount and a 12% current yield. AFT has outperformed the loan CEF sector in total NAV terms and has increased its distribution by 72% since 2022.

AFT: Why We Rotated Into This 12%-Yielding Loan CEF (Rating Upgrade)

AFT is an income fund that offers a high yield over time for income investors. While its assets are not considered investment grade, they are backed by collateral and supported by protective covenants. Dividend history has shown the durability of its portfolio, with cuts being short-lived and yields on cost remaining attractively high.

AFT: A Good Fund For Floating Income

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NEW YORK, Jan. 11, 2024 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of January 2024 of $0.137 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares January 2024 Monthly Distribution of $0.137 Per Share

NEW YORK, Dec. 11, 2023 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of December 2023 of $0.137 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares December 2023 Monthly Distribution of $0.137 Per Share

Apollo Senior Floating Rate Fund offers a high level of current income with a 12.36% yield, outperforming other debt funds. The AFT closed-end fund's focus on floating-rate securities allows it to avoid the impact of interest rate swings and maintain stable returns. The fund's holdings primarily consist of below-investment-grade securities, but the majority have a credit rating of B- or above, so we should not have default problems.

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NEW YORK, Nov. 10, 2023 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of November 2023 of $0.135 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares November 2023 Monthly Distribution of $0.135 Per Share

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Floating rate securities have strong yields, low duration, and have significantly outperformed YTD. There are several strong floating rate funds available to investors. Credit risk varies, but there are options with minimal risk and high yields in the floating rate space.

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NEW YORK, Oct. 12, 2023 (GLOBE NEWSWIRE) -- (NYSE: AFT) - Apollo Senior Floating Rate Fund Inc. (the “Fund”) today announced the declaration of its distribution for the month of October 2023 of $0.135 per common share, payable on the date noted below.

Apollo Senior Floating Rate Fund Inc. Declares October 2023 Monthly Distribution of $0.135 Per Share

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Interest rates are likely to remain elevated due to the strong U.S. economy, despite inflation concerns. The U.S. debt has reached a record high, and fears of a government shutdown are exacerbating market concerns. Investing in CEFs that hold floating rate senior loans can provide a high yield income stream that benefits from rising interest rates.

Rising Interest Rates Got You Down? Try Floating Above The Fear

Senior loans offer some of the highest yields in the market today. AFT is a particularly strong senior loan CEF, with a growing 11.5% yield, and large 11.3% discount. Both are strong on an absolute basis, and higher than average. An overview of the fund follows.

News for Apollo Senior Floating Rate Fund ETF (AFT)