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

Stocks in this article: FSC

WHITE PLAINS, NY, Feb. 6, 2014 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NASDAQ:FSC) ("Fifth Street" or "we") announces its financial results for the first fiscal quarter ended December 31, 2013.

First Fiscal Quarter 2014 Financial Highlights

  • Net investment income for the quarter ended December 31, 2013 was $36.2 million or $0.26 per share, as compared to $28.7 million or $0.24 per share for the quarter ended September 30, 2013;
  • Net asset value per share was $9.85 as of December 31, 2013, unchanged from September 30, 2013;
  • Net realized and unrealized losses for the quarter ended December 31, 2013 were $2.5 million or $0.02 per share, as compared to $2.6 million or $0.02 per share for the quarter ended September 30, 2013;
  • We closed a record $912.7 million of new investments, $645.5 million of which were funded at close; and
  • No investments were on non-accrual status as of December 31, 2013.

Calendar Year 2014 Dividend Declarations

To date, our Board of Directors has declared monthly dividends, which reflect a $1.00 per share annual run rate, for calendar year 2014 as follows:

  • $0.0833 per share, which was paid on January 31, 2014 to stockholders of record on January 15, 2014;
  • $0.0833 per share, payable on February 28, 2014 to stockholders of record on February 14, 2014;
  • $0.0833 per share, payable on March 31, 2014 to stockholders of record on March 14, 2014;
  • $0.0833 per share, payable on April 30, 2014 to stockholders of record on April 15, 2014; and
  • $0.0833 per share, payable on May 30, 2014 to stockholders of record on May 15, 2014.

Portfolio and Investment Activity

Our Board of Directors determined the fair value of our portfolio at December 31, 2013 to be $2.4 billion, as compared to $1.9 billion at September 30, 2013. Total assets at December 31, 2013 were $2.5 billion, as compared to $2.1 billion at September 30, 2013.

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