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Full Circle Capital Corporation (Nasdaq: FULL) (the “Company”) today announced its financial results for the third quarter of fiscal 2014 ended March 31, 2014.
Financial Highlights for the Third Quarter of Fiscal 2014
Total investment income was $3.2 million, an increase of 14.3% compared to $2.8 million for the three months ended March 31, 2013.
Net investment income was $1.4 million, or $0.15 per share, compared to $1.3 million, or $0.18 per share, for the three months ended March 31, 2013.
Net realized and unrealized gains were $2.0 million, or $0.21 per share. Unrealized gains on investments were $1.8 million, or $0.18 per share. Realized gains were $0.2 million, or $0.02 per share.
The above resulted in a net increase in net assets from operations of $3.4 million, or $0.36 per share.
Net asset value was $7.20 per share at March 31, 2014.
Per share amounts are based on approximately 9.4 million weighted average shares outstanding compared to 7.6 million weighted average shares outstanding for the third quarter of 2013, reflecting the common equity offerings completed in January and February, 2014.
Total portfolio investments at March 31, 2014 were $90.1 million compared to $88.1 million at March 31, 2013 and $75.9 million at December 31, 2013.
Weighted average portfolio interest rate was 11.41% at March 31, 2014.
New originations and expansion of facilities to existing borrowers totaled $25.9 million, including five new portfolio companies, during the three months ended March 31, 2014. Repayments and realizations totaled $9.3 million.
At March 31, 2014, 86% of portfolio company investments were first lien senior secured loans.
On May 2, 2014, the Board of Directors declared monthly distributions for the first quarter of fiscal 2015 as follows:
Per Share Amount
July 31, 2014
August 15, 2014
August 29, 2014
September 15, 2014
September 30, 2014
October 15, 2014
These distributions equate to a $0.804 annualized distribution rate, or a current annualized yield of 10.65%, based on the closing price of the Company’s common stock of $7.55 per share on May 7, 2014.