Fifth Street Finance Corp. Announces Fourth Quarter And Fiscal Year Ended September 30, 2016 Financial Results

GREENWICH, CT, Nov. 29, 2016 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp. (NASDAQ:FSC) ("FSC" or "we") today announced its financial results for the fourth fiscal quarter and year ended September 30, 2016.

Fourth Fiscal Quarter 2016 Financial Highlights
  • Net investment income of $25.7 million, or $0.18 per share;
  • Net asset value per share of $7.97;
  • Closed $123.0 million of new investments; and
  • Repurchased 2.0 million shares of common stock in the open market at an aggregate cost of $12.5 million.

Fiscal Year 2016 Financial Highlights 
  • Net investment income of $106.7 million, or $0.72 per share, which covered the annual distributions to our stockholders of $0.72 per share;
  • Closed $844.5 million of new investments; and
  • Repurchased 7.0 million shares of common stock in the open market at an aggregate cost of $37.6 million.

"During the September quarter we continued to successfully execute on our strategic objectives and we are pleased that our net investment income covered our dividend for the seventh consecutive quarter, excluding incremental professional fees incurred earlier this year," stated Todd G. Owens, FSC's Chief Executive Officer.  "Additionally, during the quarter we further executed on our share buyback program, repurchasing $12.5 million in stock.  This brings our total repurchases for 2016 to $37.6 million, or 4.7% of our outstanding shares.  Looking ahead, we are focused on bringing leverage levels back within our targeted range and remain committed to delivering strong returns to our stockholders."

Portfolio and Investment Activity

FSC's Board of Directors determined the fair value of our investment portfolio at September 30, 2016 to be $2.2 billion, as compared to $2.4 billion at September 30, 2015.  Total assets were $2.4 billion at September 30, 2016, as compared to $2.6 billion at September 30, 2015.

During the quarter ended September 30, 2016, we closed $123.0 million of investments in five new and five existing portfolio companies and funded $102.0 million across new and existing portfolio companies.  This compares to closing $279.3 million of investments in ten new and six existing portfolio companies, and funding $288.0 million during the quarter ended September 30, 2015.  During the quarter ended September 30, 2016, we received $134.4 million in connection with the repayments and exits of 11 of our debt investments, and an additional $26.3 million in connection with paydowns, syndications and sales of debt investments.

If you liked this article you might like

3 Hold-Rated Dividend Stocks: FSC, RRMS, STB

3 Hold-Rated Dividend Stocks: FSC, TPVG, STB

3 Stocks Going Ex-Dividend Tomorrow: DEX, BLW, FSC

3 Hold-Rated Dividend Stocks: HSON, CAPL, FSC

What To Hold: 3 Hold-Rated Dividend Stocks CAPL, IRET, FSC