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Fifth Street Finance Corp. Announces Quarter Ended March 31, 2013 Financial Results

Stocks in this article: FSC

WHITE PLAINS, N.Y., May 8, 2013 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (Nasdaq:FSC) ("Fifth Street" or "we") announces its financial results for the second fiscal quarter ended March 31, 2013.

Second Fiscal Quarter 2013 Financial Highlights

  • Net investment income for the quarter ended March 31, 2013 was $29.3 million or $0.28 per share, as compared to $22.8 million or $0.29 per share for the quarter ended March 31, 2012;  
  • Net asset value per share was $9.90 as of March 31, 2013, as compared to $9.88 as of December 31, 2012;  
  • Net unrealized appreciation for the quarter ended March 31, 2013 was $2.7 million (including $1.4 million of net reclassifications to realized gains) or $0.02 per share, as compared to net unrealized appreciation of $8.0 million (including $10.6 million of net reclassifications to realized losses) or $0.10 per share for the quarter ended March 31, 2012;  
  • Net realized losses for the quarter ended March 31, 2013 were $0.1 million or $0.00 per share, as compared to $10.8 million or $0.14 per share for the quarter ended March 31, 2012; and  
  • Net increase in net assets resulting from operations for the quarter ended March 31, 2013 was $31.8 million or $0.30 per share, as compared to $20.1 million or $0.25 per share for the quarter ended March 31, 2012.

Third and Fourth Fiscal Quarter 2013 Dividend Declarations

To date, our Board of Directors has declared monthly dividends for the third and fourth fiscal quarters of 2013 as follows:

  • $0.0958 per share, which was paid on April 30, 2013 to stockholders of record on April 15, 2013;
  • $0.0958 per share, payable on May 31, 2013 to stockholders of record on May 15, 2013;
  • $0.0958 per share, payable on June 28, 2013 to stockholders of record on June 14, 2013;
  • $0.0958 per share, payable on July 31, 2013 to stockholders of record on July 15, 2013; and
  • $0.0958 per share, payable on August 30, 2013 to stockholders of record on August 15, 2013.

Portfolio and Investment Activity

Our Board of Directors determined the fair value of our portfolio at March 31, 2013 to be $1.75 billion, as compared to $1.29 billion at September 30, 2012. Total assets at March 31, 2013 were $1.82 billion, as compared to $1.39 billion at September 30, 2012.

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