This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Fifth Street Finance Corp. Announces Quarter Ended June 30, 2012 Financial Results

During the quarter ended June 30, 2012, we closed $220.6 million of investments in 10 new and six existing portfolio companies, and funded $203.5 million across new and existing portfolio companies. This compares to closing $120.1 million of new investments and funding $119.2 million during the quarter ended June 30, 2011.  During the quarter ended June 30, 2012, we also received $55.1 million in connection with the exits of three of our portfolio companies, all of which were exited at or above par.

At June 30, 2012, our portfolio consisted of investments in 76 companies, 67 of which were completed in connection with investments by private equity sponsors and nine of which were in private equity funds. At fair value, 97.5% of our portfolio consisted of debt investments (69.4% were first lien loans, 11.1% were second lien loans and 17.0% were subordinated loans). Our average portfolio company investment size at fair value (excluding equity-only investments) was $19.3 million at June 30, 2012, versus $20.4 million at September 30, 2011.

"Our deal activity continued to grow last quarter, with the number of transactions increasing over second quarter levels, which strengthens our platform as we head towards the end of our 2012 fiscal year," stated Fifth Street's President, Bernard D. Berman.

Our weighted average yield on debt investments at June 30, 2012 was 12.13%, and included a cash component of 10.92%.

At June 30, 2012 and September 30, 2011, $795.3 million and $739.8 million, respectively, of our portfolio of debt investments at fair value were at floating rates, which represented 68.1% and 67.3%, respectively, of our total portfolio of debt investments at fair value.

Results of Operations

Total investment income for the quarters ended June 30, 2012 and June 30, 2011 was $41.0 million and $32.4 million, respectively. For the quarter ended June 30, 2012, this amount primarily consisted of $32.6 million of interest income from portfolio investments (which included $3.9 million of PIK interest). For the quarter ended June 30, 2011, total investment income primarily consisted of $29.0 million of interest income from portfolio investments (which included $3.6 million of PIK interest).

2 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,887.85 -27.22 -0.16%
S&P 500 1,962.48 -2.20 -0.11%
NASDAQ 4,401.8160 +5.6120 0.13%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs