Fifth Street FinanceNYSE
Wed, Nov. 30, 7:31 AM
- CEO Todd Owens and CIO Ivelin Dimitrov will step down, effective January 2.
- Patrick Dalton has been selected to replace Owens. Dalton comes over from Gordon Brothers Finance, where he was CEO and chair of the Investment Committee from 2012-2016. Prior to that he was COO at Apollo Investment.
- Dalton will also join Fifth Street Asset Management (NASDAQ:FSAM) as co-president, also succeeding the exiting Owens.
- Fifth Street (NYSE:FSC) last night announced its FQ4, with inline NII of $0.18 per share. Net asset value of $7.97 per share slipped from $8.15 three months earlier.
- Shares are inactive premarket, but were down 1% after hours last night to $5.84.
Tue, Nov. 29, 4:33 PM
Mon, Oct. 24, 7:37 AM
- Fifth Street Finance (NYSE:FSC) declares $0.06/share monthly dividend, in line with previous.
- Forward yield 12.77%
- Payable Dec. 30; for shareholders of record Dec. 15; ex-div Dec. 13.
- Payable Jan. 31; for shareholders of record Jan. 13; ex-div Jan. 11.
- Payable Feb. 28; for shareholders of record Feb. 15; ex-div Feb. 13.
Wed, Oct. 12, 7:41 AM
Tue, Sep. 13, 11:26 AM
Mon, Sep. 12, 10:04 AM
- The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
- All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
- Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
- ETFs: BDCL, BDCS, BIZD, FGB, LBDC
Fri, Aug. 26, 5:35 PM
Tue, Aug. 9, 7:24 AM
- FQ3 net investment income of $29.1M or $0.20 per share vs. $26.5M and $0.18 in FQ2. Dividend run rate is $0.18.
- Net asset value per share of $8.15 slips from $8.33 three months earlier. Last night's close was $5.83.
- 1.9M shares repurchased during quarter for $10M.
- Dial-in CC at 10 ET.
- Previously: Fifth Street Finance beats by $0.02, beats on total investment income (Aug. 9)
- FSC +2% in very thin premarket action.
Tue, Aug. 9, 6:37 AM
Thu, Aug. 4, 9:08 AM
- Fifth Street Finance (NASDAQ:FSC), along with Fifth Street Asset Management (NASDAQ:FSAM) and Fifth Street Senior Floating Rate (NASDAQ:FSFR) in late March were subpoenaed by the SEC for production of documents relating to a variety of issues.
- Among the issues under investigation are the valuation of FSC's portfolio companies and investments, expenses allocated or charged to FSC and FSFR, and Fifth Street Opportunities Fund's trading in the securities of publicly-traded BDCs.
Fri, Jun. 3, 7:47 AM
Tue, May 24, 10:59 AM
- Zigging (modestly lower) while most of the rest of the BDC sector and the market in general heads higher is Fifth Street Finance (FSC -0.6%) as Maxim downgrades to Hold from Buy.
- The stock's down 22% this year, and 28% Y/Y.
Wed, May 11, 7:56 AM
- Fifth Street Asset Management (NASDAQ:FSAM) affiliate Fifth Street Management served as joint lead arranger and joint book manager for a first lien credit facility supporting GTCR's acquisition of Onvoy, LLC.
- The facility included investments from Fifth Street Finance (NASDAQ:FSC) and Fifth Street Senior Floating Rate (NASDAQ:FSFR).
- Private-equity firm GTCR is a longtime client of Fifth Street, and this their 11th deal together, including two acquisitions this year.
Tue, May 10, 7:17 AM
- FQ2 adjusted net investment income of $26.5M or $0.18 per share vs. $26.6M and $0.18 in FQ1. Dividend quarterly run rate is $0.18. This Q's adjusted NII excludes professional fees related to pending litigation and the now-resolved proxy contest.
- Net asset value per share of $8.33 falls from $8.41 three months ago. Last night's close was $5.10, a near-39% discount to book.
- 3.1M shares bought back during quarter, and another 1.9M repurchased since quarter's end - a total of 5M shares for $25.1M (average $5.02 each).
- The permanent reduction in base management fees (a cut of more than 10%) went into effect during FQ2.
- Conference call (dial-in) at 10 ET
- Previously: Fifth Street Finance NII in-line, misses on total investment income (May 10)
- FSC flat premarket
Tue, May 10, 6:34 AM
- Fifth Street Finance (NASDAQ:FSC): Q1 NII of $0.18 in-line.
- Total investment income of $59.56M (-10.4% Y/Y) misses by $4.2M.
Mon, May 9, 7:30 AM
- Fifth Street Finance (NASDAQ:FSC) portfolio company First Star Aviation sold one 2002 Airbus A320-200 airplane to Finnair Aircraft Finance, realizing an unlevered IRR of 19.1% from the combined rents collected and subsequent sale. First Star had originally purchased the plane in February 2014.
- Since its launch in 2013, First Star has invested in 11 mid-life aircraft and traded five of them.