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Fifth Street Finance Corp. Announces Quarter Ended December 31, 2012 Financial Results

During the quarter ended December 31, 2012, we closed $422.1 million of investments in 20 new and eight existing portfolio companies, and funded $398.8 million across new and existing portfolio companies. This compares to closing $95.3 million in seven new and one existing portfolio companies and funding $84.5 million during the quarter ended December 31, 2011. During the quarter ended December 31, 2012, we also received $49.8 million in connection with the exits of five of our debt investments, all of which were exited at par or above, and an additional $33.7 million in connection with partial sales of debt investments at an aggregate net price above par.

At December 31, 2012, our portfolio consisted of investments in 92 companies, 82 of which were completed in connection with investments by private equity sponsors and 10 of which were in private equity funds. At fair value, 96.4% of our portfolio consisted of debt investments (62.0% were first lien loans, 15.5% were second lien loans and the remainder were subordinated loans). Our average portfolio company debt investment size at fair value was $20.0 million at December 31, 2012, versus $19.7 million at September 30, 2012.

"We are pleased with our solid results for the December quarter, including a record $422 million in gross quarterly originations," stated our President, Bernard D. Berman, adding "We were well-positioned to handle the increased deal volume due to timely capital raises and the steps taken during the year to further institutionalize our platform, including achieving another important milestone by hiring our 50th employee."

Our weighted average yield on debt investments at December 31, 2012 was 11.99%, and included a cash component of 11.01%.

At December 31, 2012 and September 30, 2012, $1.08 billion and $869.9 million, respectively, of our debt investments at fair value were at floating rates, which represented 70.8% and 70.1%, respectively, of our total portfolio of debt investments at fair value.

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