Mon, Feb. 9, 7:48 AM
- Q4 net investment income of $35.17M or $0.23 per share vs. $36.22M and $0.26 one year ago. Last quarter's distributions totaled $0.28.
- The monthly dividend is cut to $0.06 per share as part of new management's move "to a more conservative dividend policy" that aligns the payout with sustainable NII.
- Net decrease in net assets from operations of $30.66M vs. an increase of $33.71M a year ago.
- Net asset value per share of $9.17 down from $9.64 at the end of Q3.
- Fair value of investment portfolio of $2.7B up from $2.5B at end of Q3. $716.6M of new investments closed during quarter in 25 new and five existing portfolio companies vs. $912.7M one year ago.
- Previously: Fifth Street Finance misses by $0.03, misses on revenue (Feb. 9)
- FSC -0.7% premarket
- Previously: Len Tannenbaum out at Fifth Street Finance (Jan. 22)
Mon, Feb. 9, 6:17 AM| 10 Comments
Dec. 1, 2014, 7:34 AM
- FQ4 net investment income of $37.5M or $0.25 per share vs. $34.7M and $0.25 the previous quarter. Dividend is right about $0.25.
- Net asset value per share of $9.64 vs. $9.71 previously, and Friday's close of $8.87.
- $274.9M of investments funded during quarter. Weighted average yield on debt investments up 30 basis points to 11.1%.
- FSC +1.5% premarket
- Conference call at 11 ET
- Previously: Fifth Street Finance misses by $0.01, misses on revenue
Dec. 1, 2014, 6:37 AM| Comment!
Aug. 7, 2014, 7:42 AM
- Net investment income of $34.7M or $0.25 per share vs. $34.3M and $0.25 in Q1. Current dividend quarterly run rate is $0.275 per share.
- Net asset value of $9.71 slips from $9.81 at end of Q1. Last night's closing stock price was $9.64.
- $177.3M of investments closed in seven new and five existing portfolio companies in Q2, down from $266.3M closed in Q2 one year ago.
- $176.7M received in full repayments of five debt investments. Several prepayments in early Q3, including FSC's largest investment, Desert NDT, combines with recent capital raise to give company "significant dry powder."
- Weighted average yield on debt investments of 10.8%. 72.4% of debt investments are at floating rates.
- Previously: Fifth Street Finance misses by $0.01, misses on Investment Income
- Stock flat premarket
Aug. 7, 2014, 7:16 AM| Comment!
May. 8, 2014, 7:34 AM
- NII of $34.2M or $0.25 per share vs. $36.2M or $0.26 in Q4.
- Net asset value per share of $9.81 slips from $9.85 after payment of about a $0.25 dividend.
- Closed $466.6M of new investments in Q4 vs. $362.8M in year-ago quarter.
- Last night announces a JV with a subsidiary of Kemper Corporation (KMPR) to create Senior Loan Fund JV I, LLC to invest primarily in middle market and other corporate debt securities consistent with what Fifth Street (FSC) does now.
- Shares -0.5% premarket
- Source: Press Release
- Previously: Fifth Street Finance misses by $0.02, misses on revenues
Feb. 6, 2014, 7:15 AM
Nov. 27, 2013, 2:15 PM
- "It's been extremely frustrating," says Fifth Street Finance (FSC -1.4%) CEO Len Tannenbaum on the earnings call (transcript), as the company has struggled executing on its five-point plan and yesterday cut the dividend to be more in line with reduced earnings.
- He blames this FQ4's particularly weak result on prepayments being front-loaded coupled with a "lousy" origination number of $120M as several deal closing slipped into FQ1. "The board looked at $0.24 (NII) versus our dividend level, and said, all right, we just have not earned our dividend for several quarters and we have to put it at least temporarily in line with the current earnings level."
- Responding to a question about whether the board will consider cutting the fee structure in light of the company's move into first lien, safer, lower-yielding assets, President Bernard Berman dances around a bit, but does promise an improvement in general and administrative expenses next year.
- One thing investors don't have to worry about in the short-term is a stock offering as Fifth Street - given the tough deal environment - is sitting on plenty of excess capital (there was a secondary in September).
- Company specific? Thus far, the rest of the BDC sector is shrugging off FSC's weak results.
- BDC ETFs: BDCL, BDCS, BIZD
Nov. 26, 2013, 8:08 AM
- Fifth Street Finance (FSC) tumbles 6.5% in the premarket after slipping a dividend cut into last night's earnings release. The monthly payout falls to $0.05 per share in December from $0.0958 previously. For the first five months of 2014, the dividend will be $0.0833 per share.
- The board cancelled the $50M repurchase plan and replaced it with $100M program.
- Net asset value per share falls to $9.85 on September 30 from $9.90 at the end of Q2. NII of $0.24 per share fell from $0.27 in Q2.
- CC at 10 ET
- Press release
Nov. 25, 2013, 6:46 PM
Aug. 7, 2013, 9:23 PM
- June 30 net asset value per share of $9.90 unchanged from end of Q1.
- $266.3M of investments closed during quarter vs. $220.6M a year ago. $166.7M received in connection with exits of investments - all exited at par or above with average price of 102% of par.
- Weighted average yield on investments of 11.38% includes cash component of 10.22% - roughly the same as Q1.
- 69.8% of investments are at floating rates.
- Monthly dividends of $0.958/share declared through November 2013.
- Mid-July IPO of Fifth Street Senior Floating Rate Corp. (FSFR) raised $100M.
- Earnings call tomorrow at 10:30 ET. (PR)
- Q2 results.
- FSC -0.2% AH.
Aug. 7, 2013, 6:29 PM
May. 8, 2013, 6:19 PM
Nov. 29, 2012, 10:04 AMMore on Fifth Street Finance (FSC) FQ4 earnings: Net asset value/share of $9.92, up from $9.85 on June 30. Current price of $10.63 is a 7.2% premium. Net investment income of $0.27/share, down $0.01 from a year ago. Current rate of dividends - declared through Feb. 2013 - is $0.29/quarter. Weighted average yield on debt investments of 12.04% (including cash holdings of 11%), down 9 bps from Q2. (PR) | 5 Comments
Nov. 28, 2012, 5:12 PM
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