Updated: Jan 23, 2017 @ 11:40 am

The chart below shows Apollo Investment Corp’s net investment income (NII) per share since its IPO.

Net investment income is a GAAP measure of earnings that includes everything except for capital gains and losses. BDC investors use NII as a measure of a BDC’s steady state earnings power, as it is typically generated by repeatable sources of income like interest, dividend, and fee income rather than capital gains or losses. In general, BDCs usually aim to roughly match their routine dividend payouts with net investment income.