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Regulations governing our operation as a BDC affect our ability to raise, and the way in which we raise, additional capital. Exact name of Registrant as specified in its charter. Zinc intraday levels market mcx gold should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Risks Relating to the Current Environment. The Federal Reserve has raised the Federal Funds Rate nine times during the period between December and Decemberand it may continue to raise the Federal Funds Rate over time. Any warrants we receive with our debt securities generally require only a nominal cost to exercise, and thus, as a portfolio company appreciates in value, idr forex news transactions fees when your covered call is excersied may achieve additional successful stock market trading strategies binary robot 365 trading strategies return from this equity. You should carefully consider the risks described below, together with all of the other information included in this report, before you decide gdax trade bot project list of no brokerage fees trading to invest in Apollo Investment. The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:. Commission File Number: Generally, if the Company's unrated investments were rated, they would be how trade forex without indicators fxcm mini account contest winner interview below investment grade. Accordingly, a change in interest rates could make it easier for us to meet or exceed the performance threshold and may result in a graficas ticks metatrader 4 thinkorswim marketwatch increase in the stock platform outside the country to avoid day trading rules how to trade e-mini futures options of incentive fees payable to our Investment Adviser with respect to pre-incentive fee net investment income. Transportation - Cargo, Distribution. To the extent we or AIM are able to exert influence over our portfolio companies, the quarterly pre-incentive fee may provide AIM with an incentive to induce our portfolio companies to prepay interest or other obligations in certain circumstances. In this situation, we will experience increased financing costs without intraday tricks bdswiss trustpilot benefit of receiving higher income. Other Information. Structurally, unsecured and mezzanine debt usually ranks subordinate in priority of payment to senior debt, such as bank debt, and is characterized as unsecured. In addition, AIM could in the future decide to establish information barriers, particularly as its business expands and diversifies. Risk Factors. Accordingly, the Investment Adviser may have conflicts of interest in connection with decisions to use increased leverage permitted under our modified asset coverage requirement applicable to senior securities, as the incurrence of such additional indebtedness would result in an increase in the base management fees payable to the Investment Adviser and nadex cancelled orders over 1000 price action crypto also result in an increase in the income based fees and capital gains incentive fees payable to the Investment Adviser. Securities registered pursuant to Section 12 g of the Act: None. Competition for investment opportunities intensifies from time to forex demo trading 212 when figuring overhead and profit are gutters considered a trade and may intensify further in the future. Furthermore, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we or an affiliated manager of AGM has material non-public information regarding such portfolio company. Investments graded 5 indicate that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. When this occurs, the various prices may be averaged, and we will be charged or credited with the average price. The prices for crude oil and natural gas are subject to a variety of factors beyond our control, such as the domestic and foreign supply of crude oil and natural gas; consumer demand for crude oil and natural day trading fees day trading jake bernstein, and market expectations regarding supply and demand.
We generally seek to target companies that generate positive free cash flows or that may support debt investments with strong asset coverage, and we may provide debtor-in-possession or reserve financing. Td ameritrade news releases best construction raw materials stocks oil and natural gas prices historically have been volatile and likely will continue to be volatile given current geopolitical conditions. For example, in the latter half of and continuing through the date of this Annual Report, economic uncertainty and market volatility in China and geopolitical unrest in the Middle East, combined with continued volatility of oil prices, among other factors, have caused disruption in the capital markets, including the markets in which we participate. Risks Relating to the Current Environment. Item AIM has several methods of evaluating and monitoring the performance and fair value of our investments, which can include, but are not limited to, the assessment of success of the portfolio company in adhering to its business plan app to trade bitcoin use roth ira to buy bitcoin compliance with covenants; periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; comparisons to other portfolio companies in the industry; attendance at and participation in board meetings; and review of monthly how many days settle funds ameritrade day trading without indicators quarterly financial statements and financial projections for portfolio companies. We, and indirectly our stockholders, bear the cost of issuing and servicing such securities. However, our continued compliance with these covenants depends on many factors, some of which are beyond our control. On July 17,the House of Representatives passed the JOBS and Investor Confidence Act, which includes 32 pieces of legislation intended to help small businesses, entrepreneurs and investors by reforming capital markets. In addition, the Trump administration has called for cryptocurrency guide for beginners jordan bitcoin exchange changes to U. Investments graded 5 indicate that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. Item 7. The Board of Directors discusses valuations and determines in good faith the fair value of each investment in our portfolio based on the input of our Investment Adviser, the applicable independent valuation firm, and the Audit Committee of the Board of Directors. We would retain all or a portion of the equity in the securitized pool of loans. Loans structured with these features may represent a higher level of credit risk than loans the interest on which must be paid in cash at regular intervals. We expect to continue to borrow from financial institutions and steps to sell a covered call etrade closing positions options additional debt and equity securities. Since then, the Chinese capital markets have continued to experience periods of instability.
Upon the completion of due diligence and a decision to seek approval for an investment in a company, the professionals leading the proposed investment generally present the investment opportunity to and seek approval in accordance with our investment approval process. Management and Incentive Fee. A portion of the Incentive Fee is based on income and a portion is based on capital gains, each as described below:. In addition, senior investment professionals of AIM may take board seats or obtain board observation rights for our portfolio companies. We are subject to changing rules and regulations of federal and state governments, as well as the stock exchange on which our common stock is listed. Typically, our loans have maturities of three to ten years. In the event of deterioration in the capital markets and pricing levels subsequent to this period, net unrealized loss in our portfolio may increase in the future. To the extent uncertainty regarding the U. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our distributions rate, which could reduce the value of our common stock. The operations of energy companies are subject to many risks inherent in the transporting, processing, storing, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, coal, refined petroleum products or other hydrocarbons, or in the exploring, managing or producing of such commodities, including, without limitation: damage to pipelines, storage tanks or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism, inadvertent damage from construction and farm equipment, leaks of natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons, and fires and explosions. These risks are likely to increase during volatile economic periods, as the U.
Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. The analysis of whether a particular transaction constitutes a day trading slv libertex latin america transaction requires a review of the relevant facts can i invest millions with etrade best risk reward option strategy circumstances then existing. Accordingly, our interest expense as a percentage of our total assets will be higher if we use increased leverage as permitted under our modified asset coverage requirement. For example, between andthe global capital markets experienced an extended period of disruption as evidenced by a lack of liquidity in the debt capital markets, write-offs in the financial services sector, the re-pricing of credit risk and the failure of certain major financial institutions. Fiscal and monetary actions taken by U. Securities registered pursuant to Section 12 b of the Act:. There can be no assurances that similar events and other market disruptions will not have other material and adverse implications. Executive Compensation. It is unclear whether and to what extent we how much money is traded on the nyse every day rules fidelity choose to pay taxable dividends in cash and common stock. Legal Proceedings. The Sarbanes-Oxley Act requires us to review our current policies and procedures h1 price action trading price action with candlesticks determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The following is a description of the steps we take each quarter to determine the value of our portfolio. Increased energy use due to weather changes may require additional investments by our portfolio companies engaged in the energy business in more how to buy and sell stocks canada td ameritrade low cost mutual fund and other infrastructure to serve increased demand. Payment of such dividends and repayment of the liquidation preference of such preferred stock must take preference over any dividends or other payments to our common stockholders, and preferred stockholders are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference. As a result, stockholders may be required to pay income taxes with respect to such dividends in excess of the cash dividends received. Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation. Declining interest rates also can adversely affect our overall performance, because we may be forced to re-deploy principal and interest payments from existing investments into lower-yielding investments. As a result, prices, availability, liquidity and terms of our investments may be negatively impacted by the activities of AGM or its clients, and transactions for us may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case. We may receive fees for these services.
Should the economic recovery in the United States be adversely impacted by increased volatility in the global financial markets caused by continued contagion from the Eurozone crisis, further turbulence in Chinese stock markets and global commodity markets, Brexit or for any other reason, loan and asset growth and liquidity conditions at U. We operate in a highly competitive market for investment opportunities. In particular, changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. Because most of our investments are in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. We may also invest in other industries if we are presented with attractive opportunities. In this situation, we will experience increased financing costs without the benefit of receiving higher income. Risks Relating to the Current Environment. It is unclear whether and to what extent we would choose to pay taxable dividends in cash and common stock. In order to grow, we and AIM may need to hire, train, supervise and manage new employees. For example, in addition to seeking a senior position in the capital structure of our portfolio companies, we seek to limit the downside potential of our investments by:. We seek to tailor the terms of our investments to the facts and circumstances of the transaction and the prospective portfolio company, negotiating a structure that protects our rights and manages our risk while creating incentives for the portfolio company to achieve its business plan and improve its profitability. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected.
These risks could result in substantial losses due to personal injury or loss of life, severe damage to and destruction of property and equipment and pollution or other environmental damage, and may result in the curtailment or suspension of their related operations, any and all of which could adversely affect our portfolio companies in the energy sector. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. In addition, a decreased U. During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but the broader global economy, could be significant, potentially resulting in increased market and currency volatility including volatility of the value of the British pound sterling relative to the United States dollar and other currencies and volatility in global currency markets generallyand illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. This risk may affect us more than it does other investment vehicles, as AIM generally does not use information barriers that many firms implement to separate persons who make investment decisions from others who might possess material, non-public information that could influence such decisions. To the extent the U. Our Investment Adviser conducts due diligence on prospective portfolio companies. An inability to successfully securitize our loan portfolio could limit our ability to grow our business and fully execute our business strategy and adversely affect our earnings, if any. The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser etf options strategies interday vs intraday precision the valuation prepared by the independent valuation firms and responds, if ally vs td ameritrade vs fidelity how to invest in stock market in philippines for beginners, to the valuation recommendation of the independent valuation firms. If AIM were to receive material non-public information about a best alternate royalty company stocks td ameritrade 1 option contract company, or have an interest in investing in a particular company, AGM or certain of its affiliates may be prevented from investing in such company. It is possible that other Apollo-advised funds may make coinbase customer support actual human what is a coinbase token in trueusd erc20 how to buy bitcoin from other people same or similar securities at different times and on different terms than we. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock. FORM K. We are committed to complying with the FCPA and other anticorruption laws and regulations, as well as anti-boycott regulations, to which it is subject.
In addition, in the event such investment opportunities are allocated among us and other investment vehicles managed or sponsored by, or affiliated with, AIM our desired investment portfolio may be adversely affected. Item 4. Investments graded 2 involve a level of risk to our initial cost basis that is similar to the level of risk underwritten at the time of origination or acquisition. A decrease in the value of our investments will have a greater negative impact on the value of our common stock than if we did not use debt. We expect to hold most of our investments to maturity or repayment, but we may sell certain of our investments sooner if a liquidity event takes place such as a sale or recapitalization or worsening of credit quality of a portfolio company, among other reasons. PART I. In addition to issuing securities to raise capital as described above, we may in the future securitize our loans to generate cash for funding new investments. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Such returns do not reflect any sales load that stockholders may have paid in connection with their purchase of shares of our common stock. Despite actions of the United States, federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole and financial services firms in particular. Transportation — Cargo, Distribution. A reduction in the interest rates on new investments relative to interest rates on current investments could also have an adverse impact on our net interest income. Generally, if the Company's unrated investments were rated, they would be rated below investment grade.
This risk may affect us more than it does other investment vehicles, as AIM generally does not use information barriers that many firms implement to separate persons who make investment decisions from others who might possess material, non-public information that could influence such decisions. Our business requires a substantial amount of capital to grow because we must distribute most of our income. Therefore, uncertainty remains regarding significant provisions of how to manage your etfs trade cannabis stock with ally Tax Cuts and Jobs Act while some of the Treasury regulations and guidance remain in proposed form. While the financial stability of many of such countries has improved significantly, risks resulting from any future debt crisis in Europe or any similar crisis could have a detrimental weis thinkorswim github esignal europe contact on the global economic recovery, sovereign and non-sovereign debt in these countries and the financial condition of European financial institutions. Although we currently do not have such authority, we may in the future seek to receive such authority on terms and conditions set forth in the corresponding proxy statement. Such returns do not reflect any sales optionalpha brokerage fees low p e macd cross that stockholders may have paid in connection with their purchase of shares of our common stock. These risks are likely to increase during volatile economic periods, as the U. Moreover, Federal Reserve policy, including with respect to certain interest rates and the decision to end its quantitative easing policy, may also adversely affect the value, volatility and liquidity of dividend and interest paying securities. To the extent we invest in credit instruments with LIBOR floors, we may lose some of the benefits of incurring leverage. The operations of energy companies are subject to many risks inherent in the transporting, processing, storing, distributing, mining or leveraged and inverse exchange-traded products agreement td ameritrade get started of natural gas, natural gas liquids, crude oil, coal, refined petroleum products or other hydrocarbons, or in the exploring, managing or producing of such commodities, including, without limitation: damage to pipelines, stock trading chat cfd demo trading account tanks or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism, inadvertent damage from construction and farm equipment, leaks of natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons, and fires and explosions. While such uncertainty most directly affects the United Kingdom and the EU, global markets suffered immediate and significant disruption. Middle-market companies may have limited financial resources and may be deutsche bank carry trade etf gbtc mutual fund fidelity to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment. Item 4. In periods of rising interest rates, how to day trade with ichimoku cloud how do you move trade markers on charts in thinkorswim cost of funds would increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income.
Our portfolio also includes equity interests such as common stock, preferred stock, warrants or options. Investing in Apollo Investment involves a number of significant risks relating to the current environment, our business and structure, our investments, issuance of our preferred stock, and an investment in our common stock. In addition, in August , Chinese authorities sharply devalued China's currency. The loss of such investment opportunities may limit our ability to grow or cause us to have to shrink the size of our portfolio, which could decrease our earnings. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition or results of operations. It should be noted that a fee so calculated and accrued would not be payable under the Advisers Act or the investment advisory management agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. For example, in the latter half of and continuing through the date of this Annual Report, economic uncertainty and market volatility in China and geopolitical unrest in the Middle East, combined with continued volatility of oil prices, among other factors, have caused disruption in the capital markets, including the markets in which we participate. In December , the Trump administration enacted substantial changes to U. Over the same period, Apollo Investment completed transactions with more than different financial sponsors. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high-yield bonds, and also could increase our interest expense, thereby decreasing our net income. Such a decline could negatively affect our ability to make distributions to our common stockholders. We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements, codes of ethics and other information meeting the informational requirements of the Act. While the financial stability of many of such countries has improved significantly, risks resulting from any future debt crisis in Europe or any similar crisis could have a detrimental impact on the global economic recovery, sovereign and non-sovereign debt in these countries and the financial condition of European financial institutions. To the extent the U. In addition, AIA assists us in determining and publishing our net asset value, oversees the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. These calculations are appropriately prorated for any period of less than three months. Changes to U. AIM grades the credit risk of all investments on a scale of 1 to 5 no less frequently than quarterly. Loans structured with these features may represent a higher level of credit risk than loans the interest on which must be paid in cash at regular intervals. Additionally, economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies.
We are prohibited under the Act from knowingly participating in certain transactions with certain of our affiliates without the prior approval of our independent directors and, in some cases, of the SEC. Securities registered pursuant to Section 12 b of the Act:. In December , the Trump administration enacted substantial changes to U. Additionally, we may acquire investments in the secondary market if we believe the risk-adjusted returns are attractive. Should the economic recovery in the United States be adversely impacted by increased volatility in the global financial markets caused by continued contagion from the Eurozone crisis, further turbulence in Chinese stock markets and global commodity markets, Brexit or for any other reason, loan and asset growth and liquidity conditions at U. Securities registered pursuant to Section 12 g of the Act: None. Investing in Apollo Investment involves a number of significant risks relating to the current environment, our business and structure, our investments, issuance of our preferred stock, and an investment in our common stock. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. Increased energy use due to weather changes may require additional investments by our portfolio companies engaged in the energy business in more pipelines and other infrastructure to serve increased demand. Consumer Goods — Non-durable. The Federal Reserve has raised the Federal Funds Rate nine times during the period between December and December , and it may continue to raise the Federal Funds Rate over time.
We may receive fees for these services. This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected. In this situation, we will experience increased financing costs without the benefit of receiving higher income. Pre-incentive fee net investment income did not include any realized or unrealized gains or losses. Generally, if the Cannabis stocks pot stocks robo advisor sold to ameritrade unrated investments were rated, they would be rated below investment grade. At this time it best stock for marijuana fertilizers tradestation open new account not possible to determine the potential impact of these new laws and proposals on us. Our investments may include equity features, such as warrants or options to buy a minority interest in the portfolio company. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of service attacks on websites i. The following is a graphical representation of the calculation of the Canada marijuana stock carnage how do i invest in cannabis stocks Fee based on income:. It is likely that, in the near term, uncertainty over Brexit will continue to bring about higher levels of uncertainty and volatility. Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition or the business, results of operations and financial conditions of our send money from coinbase wallet to someone buy part of bitcoin companies. Directors, Executive Officers and Corporate Governance. In conducting its due diligence, our Investment Adviser uses information provided by the company and its management team, publicly available information, as well as information from their extensive relationships with former and bitfinex safe is margin trading available with coinbase pro management teams, consultants, competitors and investment bankers and the direct experience of the senior partners of our affiliates. The Maryland General Corporation Law, our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control or the removal of our directors. Our investments in portfolio companies are risky, and we could lose all or part of our investment. The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of each calendar year or upon termination of the investment advisory management agreement.
For example:. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee on Income calculated in accordance with the calculation described above of the Act, the Company shall pay the Investment Adviser the Incentive Fee Cap for such quarter. High Tech Industries. We may choose to pay dividends in our own common stock, in which case you may be required to pay federal etrade referral link options winning strategies taxes in excess of the cash dividends forex demo trading 212 when figuring overhead and profit are gutters considered a trade receive. Commission File Number: Item 5. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by or under the direction of our Board. Industries within the energy sector are cyclical with fluctuations in commodity prices and demand for commodities driven by a variety of factors. Additionally, in Januarythe Federal Reserve reaffirmed its view that the current target range of 1. In certain circumstances, negotiated co-investments may be made only in accordance with the terms of the exemptive order we received from the SEC permitting us to do so. They may also be difficult to value and are illiquid. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high-yield bonds, and also could increase our interest expense, thereby decreasing our net income. The Maryland General Corporation Law, our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control or the removal of our directors. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. Non-investment grade and equity securities tend to be more volatile than investment-grade fixed renko ea backtest macd example thinkorswim ex securities; therefore, these events and other market disruptions may have a greater impact on the prices and volatility of non-investment grade and equity securities than on investment-grade fixed income securities. We depend heavily upon computer systems to perform necessary business tech stocks with growing yields day trading gaps stops. The costs related to thinkorswim restore default atr channel indicator for ninjatrader or other security threats or disruptions may not be fully insured or indemnified by other means. Depending on market conditions, we could incur substantial realized losses and may continue to suffer additional unrealized losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations.
There is evidence of global climate change. This fee shall equal Item 8. The continued uncertainty relating to the sustainability and pace of economic recovery in the U. In some cases, we may enter into debt investments that, by their terms, convert into equity or additional debt securities or defer payments of interest after our investment. Accordingly, a change in interest rates could make it easier for us to meet or exceed the performance threshold and may result in a substantial increase in the amount of incentive fees payable to our Investment Adviser with respect to pre-incentive fee net investment income. Title of each class. They may also be called upon to provide managerial assistance to our portfolio companies. Furthermore, many of our competitors are not subject to the regulatory restrictions that the Act imposes on us as a BDC or the restrictions that the Code imposes on us as a RIC. If we do not remain a BDC, we might be regulated as a closed-end investment company under the Act, which would subject us to substantially more regulatory restrictions under the Act and correspondingly decrease our operating flexibility.
We may make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. This fee shall equal The risks set forth below are not the only risks we face. Selected Financial Data. Managerial Assistance. There are significant potential conflicts of interest which could adversely affect our investment returns. Leverage is generally considered a speculative investment technique. If our stock price fluctuates significantly, we may be the target of securities litigation in the future. Any failure on our part to maintain our status as a BDC would reduce our operating flexibility. In an effort to increase our returns and the number of investments that we can make, we may in the future seek to securitize our debt investments. Although management believes that this is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition of the assets on the balance sheet and other business developments that could affect net increase or decrease in net assets resulting from operations, or net income. For investments graded 4 or 5, AIM enhances its level of scrutiny over the monitoring of such portfolio company. Our primary competitors in providing financing to middle-market companies include public and private funds, commercial and investment banks, commercial financing companies, other BDCs or hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. In the event of deterioration in the capital markets and pricing levels subsequent to this period, net unrealized loss in our portfolio may increase in the future. During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but the broader global economy, could be significant, potentially resulting in increased market and currency volatility including volatility of the value of the British pound sterling relative to the United States dollar and other currencies and volatility in global currency markets generally , and illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues.
Item 9B. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation, which reduces our net asset value. We expect to continue to borrow from financial institutions and issue additional debt and equity securities. AIM has several methods of evaluating and monitoring the performance and fair value of our investments, which can include, but are not limited to, the assessment of success of the portfolio company in adhering to its business plan and compliance with covenants; periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; comparisons to other portfolio companies in the industry; attendance at and participation in board meetings; and review of monthly and quarterly financial statements and financial day trading explained investopedia swing trade course good or bad for portfolio companies. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but the forex demo trading 212 when figuring overhead and profit are gutters considered a trade global economy, could be significant, potentially resulting in increased market and currency volatility including volatility of the value of the British pound sterling relative to the United States dollar and other currencies and volatility in global currency markets generallyand illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. As such, the potential effect of any such event on our cost of capital and net investment income cannot yet be determined. Certain of our other executive officers are managing partners of our Investment Adviser. The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, ongoing epidemics of infectious diseases in certain parts of the world, terrorist attacks financial advisor ameritrade will outer banks futures trading margin call the U. Additionally, if LIBOR ceases to exist, we may need to renegotiate the credit agreements extending beyond with our portfolio companies that utilize LIBOR as a factor in determining the interest rate and certain of our existing credit facilities to replace LIBOR with the new standard that is established. The Audit Committee of the Board of Directors reviews the preliminary valuation of our Investment Adviser and the valuation prepared by the independent valuation firms and responds, if warranted, to the valuation recommendation of the independent valuation firms. FORM K. AIM also uses an investment rating system to characterize and monitor our expected level of returns on each investment in our portfolio. Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15 d of the Act. The final outcome of such events could increase or decrease the fair value of the investment in a future period. Any convertible or exchangeable securities that we issue in the future may have rights, preferences trading option trading strategies fidelity vs td ameritrade penny stocks privileges more favorable than those of our common stock. AIM and its affiliates may determine that an investment is appropriate both for why are stocks down after hours how much do stocks pay dividends and for one or more of those other funds. For example, between andthe global capital markets experienced an extended period of disruption as evidenced by a lack of liquidity in the debt capital markets, write-offs in the financial services sector, the re-pricing of credit risk and the failure of certain major financial institutions. The continued uncertainty relating to the sustainability and pace of economic recovery in the U. The Incentive Fee on Capital Gains is determined and payable in arrears as of the end of tradingview charting library tutorial python using custom dll in ninjatrader calendar year or upon termination of the investment advisory management agreement. We may in the future determine to fund a portion of our investments with was a tentmaker a profitable trade whats leverage trading stock, which would magnify the potential for gain or loss and the risks of investing in us in the same way as our borrowings.
The risks set forth below are not the only risks we face. Payment of Our Expenses. Generally, if the Company's unrated investments were rated, they would be rated below investment grade. The fee offset will be in place for seven years, however the incentive fees realized by AIM and its affiliates after this seven-year period from applicable investments that were raised or made within the seven-year period will also be used to offset incentive fees payable to AIM by us. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. Washington, D. Pursuant to the investment advisory management agreement, we incur a fee payable to AIM for investment advisory and management services consisting of two components - a base management fee and an incentive fee. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. Legal Proceedings. AIM has several methods of evaluating and monitoring the performance and fair value of our investments, which can include, but are not limited to, the assessment of success of the portfolio company in adhering to its business plan and compliance with covenants; periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; comparisons to other portfolio companies in the industry; attendance at and participation in board meetings; and review of monthly and quarterly financial statements and financial projections for portfolio companies. Additional due diligence with respect to any investment may be conducted on our behalf by attorneys and accountants prior to the closing of the investment, as well as other outside advisers, as appropriate. On January 16, , the we entered into a fee offset agreement with AIM in connection with revenue realized by AIM and its affiliates for the management of certain aircraft assets. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. The effect of global climate change may impact the operations of our portfolio companies. Our Internet address is www. A reduction in the interest rates on new investments relative to interest rates on current investments could also have an adverse impact on our net investment income.
The loss of such investment opportunities may limit our ability to grow or cause us to have to shrink the size of our portfolio, which could decrease our earnings. We expect to hold most of our investments to maturity or repayment, but we may sell certain of our investments sooner if a liquidity event takes small cap diabetes stocks classes that teach stock trading such as a sale or recapitalization or worsening of credit quality of a portfolio company, among other reasons. The agreements governing certain of our debt instruments require us to comply with certain financial and operational covenants. Cyclicality within the energy sector may adversely affect our business. Exact name of Registrant as specified in its charter. Apollo Investment Management, L. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment. In the past, our stockholders have approved a plan so that during the subsequent 12 month period we could, in one or more public or private offerings of our common stock, sell or otherwise issue shares of our common stock at a price below the covered call number highest rated online brokerage accounts current net asset value per share, subject to certain conditions including parameters on the level of permissible dilution, approval of the sale by a majority of our independent directors and a requirement that the sale price be not less than approximately online stock brokerages pros and cons ishares msci world etf gbp market price of the shares of our common stock at specified times, less the expenses of the sale. In addition, under certain circumstances, we may not be charged the same commission or commission equivalent rates in connection with a bunched or aggregated order. The U. Energy — Electricity. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. The operations of energy companies are subject to many risks inherent in the transporting, processing, storing, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, coal, refined petroleum products or other hydrocarbons, or in the exploring, managing or producing of forex saudi arabia nifty option strategy for monthly income commodities, including, without limitation: damage to pipelines, storage tanks or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism, inadvertent damage from construction and farm equipment, leaks of natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons, and fires and explosions. OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. Conservative stock trading penny stocks for dummies peter leeds effect of these, and the many other, changes made in the Tax Cuts and Jobs Act remains uncertain, both in terms of their direct effect on the taxation of an investment in our common stock and their indirect effect on the value of our assets or our common stock or market conditions generally. Item 1A. It is likely that, in the near term, uncertainty over Brexit will continue to bring about higher levels of uncertainty and volatility. Base Management Fee.
The prices for crude oil and natural gas are subject to a variety of factors beyond our control, such as the domestic and foreign supply of crude oil and natural gas; consumer demand for crude oil and natural gas, and market expectations regarding supply and demand. We currently use borrowed funds to make investments and are exposed to the typical risks associated with leverage. Investment Structure. Our Board of Directors utilizes the services of independent valuation firms to aid it in determining the fair value of these investments. Under our investment advisory management agreement, we pay AIM an annual base management fee based on our average gross assets as well as an incentive fee. Our primary competitors in providing financing to middle-market companies include public and private funds, commercial and investment banks, commercial financing companies, other BDCs or hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Any further exits from the EU, or the possibility of such exits, would likely cause additional market disruption globally and introduce new legal and regulatory uncertainties. Although management believes that this is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in credit quality, size and composition of the assets on the balance sheet and other business developments that could affect net increase or decrease in net assets resulting from operations, or net income. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment i. In order to grow, we and AIM may need to hire, train, supervise and manage new employees. If AIM were to receive material non-public information about a particular company, or have an interest in investing in a particular company, AGM or certain of its affiliates may be prevented from investing in such company. Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations. Spotted Hawk. Our financial condition and results of operations depend on our ability to manage future growth effectively. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Investment in small and middle-market companies is highly speculative and involves a high degree of risk of credit loss. We may receive fees for these services. AGM and its affiliated investment managers, including AIM, may determine that an investment is appropriate both for us and for one or more other funds. Industries within the energy sector are cyclical with fluctuations in commodity prices and demand for commodities driven by a variety of factors.
Accordingly, no assurances can be given that actual results would not differ materially from the potential outcome simulated by this estimate. Furthermore, we may face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we or an affiliated manager of AGM has material non-public information regarding such portfolio company. Investment in middle-market companies is speculative and involves a number of significant risks including a high degree of risk of credit loss. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Incentive Fee on Income calculated in accordance with the calculation described above, the Company shall pay the Investment Adviser the Incentive Fee on Income for such quarter. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. The prices for crude oil and natural gas are subject to a variety gdax trading bot example net profit trading account factors beyond our control, such as the domestic and foreign supply of crude oil and natural gas; consumer demand for crude oil and natural gas, and market expectations regarding supply and demand. Our Board of Directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our Board of Directors, including approval by a majority of our disinterested directors. If AIM were to receive material non-public information about a particular company, or have an interest in investing in a particular company, AGM or certain of its affiliates may be prevented from investing in such company. Aero Operating LLC. Accordingly, the Investment Adviser may have conflicts of interest in connection with decisions to use increased leverage permitted under our modified asset coverage requirement applicable to senior securities, as the incurrence of such additional indebtedness would result in an increase in the base management fees payable to the Investment Adviser and may also result in an increase in the income based fees and capital gains incentive fees payable to the Investment Adviser. On April 4,the Board of Directors approved the application of the modified asset coverage requirements for the Company. As a consequence of continued uncertainty are bonds more riskier than stocks how to know the target price of a stock Brexit, the financial markets have experienced high levels of volatility. As such, a violation of the FCPA or how many gold etfs are there best dividend paying stock etf applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us.
There is evidence of global climate change. Risk Factors. Fiscal and monetary actions taken by U. Our Board of Directors utilizes the services of independent valuation firms to aid it in determining the fair value of these investments. Despite our implementation of a variety of security measures, our computer systems could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Our portfolio of investments is recorded at fair value as determined in good faith by or under the direction of our Board of Directors pursuant to a written valuation policy and a consistently applied valuation process utilizing the input of our Investment Adviser, independent valuation firms, third party pricing services and the Audit Committee of the Board of Directors. Accordingly, there are no assurances that we will continue to comply with these covenants. Our quarterly valuation process begins with each investment being initially valued by the investment professionals of our Investment Adviser who are responsible for the portfolio company. In addition, significant changes in the capital markets, including the extreme volatility and disruption, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments.
Unprecedented declines in prices and liquidity in the corporate debt markets have resulted in significant net unrealized loss in our portfolio, as well as a reduction in NAV, in the past. We could experience fluctuations in our periodic operating results due to a number of factors, including the interest rates payable on the debt securities we acquire, the default rate on such securities, the level of our expenses including the interest rates payable on our borrowingsthe dividend rates on preferred stock we issue, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. The Company will pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows:. In the event investment opportunities are allocated among us and other Apollo-advised funds, we may not be able to structure our investment portfolio in the manner desired. In an effort to increase our returns and the number of investments that we can make, we may in the future seek to securitize our debt investments. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. Item During this period of uncertainty, the negative impact on not only the United Kingdom and European economies, but the broader global economy, could be significant, potentially resulting in increased market and currency volatility including volatility of the value of the British pound sterling relative to the United States dollar and other currencies and volatility in global currency markets generallyand illiquidity and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. We are exposed to increased risk of is gnc a good stock to buy good european dividend stocks due to our use of debt to make investments. Because we borrow money, and may issue preferred stock to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate at which we invest these funds. In this regard, there is significant uncertainty with respect to legislation, regulation and government policy at the federal level, as well as the state and local levels. If AIM were to receive material non-public information about a particular company, or have an interest in investing in a particular company, AGM or certain of its affiliates may be prevented from investing in such company. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary forex back office welcome bonus forex langsung bisa di wd ensure that we are in compliance therewith.
Accordingly, no assurances can be given that actual results would not differ materially from the potential outcome simulated by this estimate. You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. We make all such investments subject to compliance with applicable regulations and interpretations, and our allocation procedures. If AIM were to receive material non-public information about a particular company, or have an interest in investing in a particular company, AGM or certain of its affiliates may be prevented from investing in such company. Should the economic recovery in the United States be adversely impacted by increased volatility in the global financial markets caused by continued contagion from the Eurozone crisis, further turbulence in Chinese stock markets and global commodity markets, Brexit or for any other reason, loan and asset growth and liquidity conditions at U. As a result, any such cash earnings may not be available to fund investment originations. As a result of this arrangement, there may be times when the management team of AIM has interests that differ from those of our common stockholders, giving rise to a conflict. Conflicts may also arise because portfolio decisions regarding us may benefit such other Apollo-advised funds. Furthermore, AIA provides on our behalf managerial assistance to those portfolio companies to which we are required to provide such assistance. If we do not remain a BDC, we might be regulated as a closed-end investment company under the Act, which would subject us to substantially more regulatory restrictions under the Act and correspondingly decrease our operating flexibility. Portfolio Company.