DDM Analysis: AIF

Valuation Snapshot

Stable Growth	$55.57 - $95.56	$72.83
Multi-Stage	$92.25 - $101.20	$96.64
Blended Fair Value	$84.74
Current Price	$13.96
Upside	507.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.35%	2.58%	1.48	1.18	1.10	0.96	1.24	1.32	1.29	1.52	1.56	1.65
YoY Growth	-	-	25.94%	6.91%	14.11%	-22.32%	-5.91%	2.34%	-15.07%	-2.99%	-5.32%	43.97%
Dividend Yield	-	-	10.61%	9.70%	7.18%	6.66%	8.22%	9.58%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.59
(-) Cash Dividends Paid (M)	38.43
(=) Cash Retained (M)	25.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.72	7.95	4.77
Cash Retained (M)	25.15	25.15	25.15
(-) Cash Required (M)	-12.72	-7.95	-4.77
(=) Excess Retained (M)	12.44	17.21	20.39
(/) Shares Outstanding (M)	14.46	14.46	14.46
(=) Excess Retained per Share	0.86	1.19	1.41
LTM Dividend per Share	2.66	2.66	2.66
(+) Excess Retained per Share	0.86	1.19	1.41
(=) Adjusted Dividend	3.52	3.85	4.07
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	0.58%	1.58%	2.58%
Fair Value	$55.57	$72.83	$95.56
Upside / Downside	298.10%	421.71%	584.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.59	64.59	65.62	66.65	67.71	68.78	70.85
Payout Ratio	60.44%	66.35%	72.26%	78.18%	84.09%	90.00%	92.50%
Projected Dividends (M)	38.43	42.86	47.42	52.11	56.94	61.90	65.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.95%	6.95%	6.95%
Growth Rate	0.58%	1.58%	2.58%
Year 1 PV (M)	39.68	40.07	40.47
Year 2 PV (M)	40.64	41.45	42.27
Year 3 PV (M)	41.35	42.60	43.87
Year 4 PV (M)	41.83	43.52	45.26
Year 5 PV (M)	42.11	44.24	46.46
PV of Terminal Value (M)	1,128.72	1,185.96	1,245.49
Equity Value (M)	1,334.33	1,397.84	1,463.82
Shares Outstanding (M)	14.46	14.46	14.46
Fair Value	$92.25	$96.64	$101.20
Upside / Downside	560.83%	592.28%	624.96%

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Apollo Tactical Income Fund Inc. (AIF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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